What Will You Receive From Selling Your Sarasota Home?

May 21st, 2015

What Will You Receive From Selling Your Sarasota Home?

Utilize this guide to guesstimate how much you will be able to pocket after selling your Sarasota home.

While you’re more than ready to tally up your money after selling your Sarasota home, you may be questioning how much cash you’ll make on the sale. Odds are, your profit will be a main factor in the amount of cash you can put down on your next home.

It’s not as straightforward as you may think to calculate your net profit after selling — there are agent’s commissions to consider, potential repair expenses, and other different factors that can impact on your net profit.

Utilize this guide to help calculate your net profit.

Loan fees

You will owe a fee to your mortgage lender or bank if there was a prepayment penalty connected with your loan.

Commissions

When you have paid off your mortgage and whatever other loans on the property, real estate agent sales commissions are your next greatest expense. These can extend from 4% to 8% of the price tag.

Repairs

Any repairs that were consented to and composed into the agreement after the buyer’s inspection will be subtracted from your total profit as well.

Taxes

The exact amount of taxes due relies on your state’s tax cycle and when you sold your home. Moreover, a few states have an excise or stamp tax, which is the seller’s obligation and evaluated as a percentage of the purchase price.

Escrow/settlement fees

You’re in charge of expenses related to your closing agent, whether they are a real estate attorney or an escrow agent. Likewise calculate any courier or wiring fees, and administrative expenses and subtract that from your total profit.

Buyer’s credit

On the off chance that there was an agreement to offer the buyers a credit, subtract this from your total profit as well.

After you have estimated what your net profit will be, use this information to talk to your real estate agent so that they can give you more details on what your take-home is going to be from selling your Sarasota home.

Rising Sarasota Home Prices and Wealth Building

May 14th, 2015

Rising Sarasota Home Prices and Wealth Building

 

The National Association of Realtors (NAR) recently sent out a report revealing that the growing wealth gap in this country has been affected by the recent increases in Sarasota home prices combined with the decrease in homeownership rates. The report discloses:

 

“Over 90 percent of metro areas have experienced declining homeownership rates at a time when home values have risen and incomes have remained flat.”

 

Increasing home values in many parts of the country have helped homeowners build housing wealth in recent years. However, the continued decline in homeownership means few people share this increase in wealth. This likely leads to worsening wealth inequality in the U.S.

Bottom Line:

If the experts are correct, and a homeowner really will have an average of 40 times the wealth of a renter by the end of this year, it makes sense to evaluate a potential purchase that could be in your favor. It may be time to meet with Teamworks Real Estate to discuss the Sarasota home prices and how building your wealth can help your family for years to come.  To schedule a no obligation consultation, please feel free to contact us at any time by going to www.TeamWorksRealEstate.com.

5 Tech Questions To Ask A Sarasota Realtor

May 7th, 2015

5 Tech Questions To Ask A Sarasota Realtor

In the event that you have not purchased or sold a home in a couple of years, it is likely that there are more than a couple of new trends in real estate that you will experience as you start to meet with real estate agents.

One specific pattern now normal among numerous real estate brokerage firms is known as the act of “going paperless.” This can be terrifying for a few individuals, particularly seniors who are not accustomed to using computers as a part of their own lives or professional lives.

In this article we have provided some fundamental information about the paperless method and some key things to ask your Sarasota realtor. How your Sarasota realtor handles your inquiries might help you figure out whether she or he is the right real estate agent for you!

Here are 5 basic inquiries you ought to ask before you ‘sign on the dotted line’

1. How would you regularly communicate with your clients (telephone, email, instant messaging, texting, etc.)?

Great agents know that the best method of communication is the one that best serves the customers. So coming to an agreement of the best method is vital for both parties. Be sure to agree on the specifics such as what hours of the day works best for both parties.

2. What method(s) do you use for getting customer signatures?

The objective here is to figure out your alternatives. Some agents may still be in the process of going paperless while other agents may be required to use only paperless methods. In the event that this is the situation, request that the agent show you examples of the sorts of things that may be asked of you during the time you will be working together.

3. Can you assess my devices to insure they are compatible with the systems you utilize?

Even if you’re ready to enter the paperless world, it can only be done if you have the right kind of gear. Before consenting to a paperless procedure, request that the agents do a “test run” utilizing a non-official document on your system to guarantee that it is functional.

4. Will you provide technical support in the event that I am not “techy” and require some assistance?

If you don’t have a trusted advisor who can help you with potential technology issues, make sure that your agent or their staff is capable, patient, and willing to walk you through the steps.

5. Are you flexible if I decide to utilize telephone and paper over electronic correspondence and documentation?

Choices are the key. While a few agents might be flexible, others may be set on a particular process or style. Insure that the agent you are considering is eager and ready to do what’s right for you.

Bottom Line

It is critical to have the discussion on paperless methods and communication methods with your Sarasota realtor so they can serve you to their fullest potential.

Why You Should Own A Bradenton Home

April 30th, 2015

Why You Should Own A Bradenton Home

In our previous blogs, we have reported on the money-related reasons buying a home in today’s market is a smart move. The Joint Center for Housing Studies at Harvard University conducts a study every year surveying participants for the most important reasons why owning a home is advantageous.

The top 4 reasons to own a Bradenton home stated by respondents were not financial.

1. It means having a positive place to raise children.

From the best school districts to the best neighborhoods, owning a home means you can choose a flourishing area to raise your children.

2. You have a safe, physical structure to house your family.

Owning a home provides comfort and security.

3. It provides space for your family.

Whether you’re thinking about having children or having an in-law move in, owning a home provides efficient space for your family.

4. You’re able to make renovations and updates.

In a rented space, you don’t have the freedom to make renovations. If you own a home, you can make any updates you want!

5. Owning a home is a good way to build up wealth.

Paying a mortgage is a great investment for the future.

Bottom Line

Whether you’re looking to buy your first home or simply looking for a new space, now is a great time to think about every advantage you will receive when you own a Bradenton home.

How To Relist Your Sarasota Home To Sell!

April 23rd, 2015

How To Relist Your Sarasota Home To Sell!

If your Sarasota home has been on the market for too long, buyers might be finding some flaws with it or think it’s overpriced. It might be time to pull the listing from the market, reevaluate it and then relist it. Although depending on your local multiple listing service, relisting your Sarasota home doesn’t mean it will appear as a new listing.

Rhonda Duffy, broker and owner of a brokerage states that while a lingering listing might give you a bad rep, she thinks getting your Sarasota home sold comes down to marketing.

Sometimes it could be the price that keeps away buyers, but most of the time, the listing is lacking the right kind of marketing. Here are 3 things that could make a difference when listing your home:

  • Make sure that you have updated pictures of your home with enough lighting and the right kind of staging to draw in buyers. Also remember to stick to the current season, if it’s spring try not to post pictures of your home with piles of snow around it.
  • A small price change could also attract buyers who are searching for homes in a certain price range. For example, if your home is priced at $355,000, you won’t be able to attract buyers who are searching for homes between $300,000 and $350,000. By reducing the price of your home to $349,000, you will be able to draw attention to buyers that haven’t previously seen your listing.
  • Staging is also an important part of the process. Something as simple as replacing antique furniture with modern furniture could help you sell your home quicker.

Whether it’s updating your pictures, changing the price or staging your home, making these changes could potentially help you to relist your Sarasota home and finally sell it!

Are Your Ready For The Sarasota Buyer’s Market?

April 16th, 2015

Are Your Ready For The Sarasota Buyer’s Market?

When there are more homes available than there are buyers, sellers may be eager to negotiate on the cost of their home and offer concessions to wrap everything up. Yet potential buyers would be wrong to expect they’ll have the capacity to discover bargain-basement costs.

Here are five tips to make sure you don’t commit any errors when attempting to take advantage of a Sarasota buyer’s market.

1. Be knowledgeable of the market

Gary Lucido, president of Lucid Realty in Chicago, says its essential to comprehend what is being offered by the market you’re interested in.

If you think everything is expensive, now is the ideal time to proceed onward to another neighborhood. Attempting to make offers considerably below market value is usually a waste of time.

If you’re searching for a great deal, do your research and look for a property that has been on the market for a long time. Sometimes, a seller will be more willing to make a deal when the house or apartment has been on the market for a long period of time.

2. Lowball the right way

It’s normal for buyers to make a lowball offer in a buyer’s market—in fact, it’s a decent method. But make sure to have reasonable expectations. Lucido recollects a time in which a buyer offered $500,000 less than what was being asked in Oak Brook, IL which was listed at $2 million.

Lucido said that the buyer got mad when he told him it would sell much higher than that and within days it sold for $1.9 million.

Pay attention to the appraiser’s evaluation of the houses being sold in the area you are interested in.

3. Know when to ask for upgrades and discounts

It’s a buyer’s market, so you’ll have more leverage to ask for things you want.  But do you ask the seller to make the repairs, or deduct those repairs from the asking price to shape your offer?

Lucido says to keep it straightforward.

“Take the property as is and markdown all the issues you have,” he said. “The seller simply wants to leave the property and on the off chance that you start complicating things, you may end up paying more than you would in the event that you just tended to those issues yourself.” Also you may not like the way that the seller fixes those issues.

Remember this strategy might not work for some loans, for example, those offered by FHA, which can have stricter qualifying requirements than other loans.

4. Show you’re serious

When you’re considering the cost of repairs into the expense of the home, don’t talk in simplifications.

“Be specific. This helps everybody know that you are not kidding around and are serious,” says Glenn Phillips, CEO of the multistate business Lake Homes Realty.

Discuss with your Realtor or developer how much certain projects will cost to fix or redesign and utilize those numbers. In the event that you can give a quote, that is even better.

5. Talk closing costs

Closing costs ordinarily add up to around 1% to 2% of the sale price. At the same time when its a buyer’s market, you may have the capacity to get those expenses down. You may request that your loan specialist reduce costs that appear to be too expensive, and you may approach the seller and ask them to pay for certain home-selling fees.

Main concern: Don’t be reluctant to negotiate. Furthermore, don’t be afraid to drop the whole deal.

“Be willing to truly leave,” Phillips said. “When you emotionally get attached to the house, the seller has extra leverage.”

A Sarasota Buyer’s Market is on it’s way with inventory set to sky rocket soon. The faster you are prepared for this the better!

Get Your Palmetto Home Open House Ready

April 9th, 2015

Get Your Palmetto Home Open House Ready

Holding an open house in your Palmetto home is not only an invitation to enter your home to a potential buyer but it can also be an invitation to strangers. There are major security concerns, for both agents and homeowners when it comes to this.

The National Association of Realtors® for its 2015 Member Safety Report says that at least 40% of the agents surveyed experienced a situation that made them fear for their personal safety such as vacant houses, model homes, properties in remote areas, and open houses. The study also found that most of these intruders now carry weapons causing more agents to be killed in the past.

Homeowners can start taking precautions long before strangers show up at the door. You might know to keep your valuables locked away, but here are a few more things to remember when you are hosting an open house in your Palmetto Home:

Say ‘No’ to drugs

If you have prescription drugs in your medicine cabinet, be sure to remove them all even the ones that you think could be harmless. There are many stories out there of open house strangers that have taken a few pills or even whole bottles! These strangers could be looking for “abusable” drugs or  your house can become an easy picking for a drug addict or dealer.

Control your remotes

You might not think about the extra garage remote you have lying around in the open but they are small and easy to slip into a pocket, so make sure to take any extra keys you have lying around with you. You don’t want to come back home after an open house to a missing car or missing valuables!

File this under ‘Lock & Key’

Make sure that your file cabinets are the non-rolling commercial-grade heavy filing cabinets that lock. You will want to lock up all of your important documents such as birth and marriage certificates, financial statements, basically any legal, medical, or any personal information if you are not taking them with you. Identity theft could happen to you if you do not take the right precaution.

It ain’t over till you check your doors & windows

While a real estate agent may go through the house and turn off all the lights after an open house, they might forget to check the doors and windows. There are people who may unlock a window or basement door with the thought of returning to the house later. After every open house, remember to check every single window and door to make sure that everything is locked.

In the end, an open house is a great way to get people in to your Palmetto home to preview the property, but safety is a must. Having this home secure will only help you in the long run and will teach you how to keep your property safe from harm.

Why Baby Boomers Are Choosing Bradenton Homes

April 2nd, 2015

Why Baby Boomers Are Choosing Bradenton Homes

Within the next five years, Baby Boomers are expected to have the largest household growth of any other generation during that same time period, according to the Joint Center for Housing Studies of Harvard. Let’s take a look at why…

In Merrill Lynch’s latest study, “Home in Retirement: More Freedom, New Choices” they surveyed almost 6,000 adults ages 21 and older about housing.

Crossing the “Freedom Threshold”

Throughout our lives, there are often responsibilities that decide where we live. Whether being in the best school district or being close to our jobs is preventing a move, the study found that there is a substantial shift that takes place in your early 60s. Choosing to live in Bradenton homes just happens to be a life decision that they prefer.

The study refers to this change as “Crossing the Freedom Threshold”. When where you live is no longer determined by responsibilities. You now have the freedom to choose.

As one participant in the study stated:

“In retirement, you have the chance to live anywhere you want. Or you can just stay where you are. There hasn’t been another time in life when we’ve had that kind of freedom.” 

On the Move

According to the study, “an estimated 4.2 million retirees moved into a new home last year.” Two-thirds of retirees say that they are likely to move at least once during retirement.

The main reason to relocate cited was “wanting to be closer to family” at 29%. A close second was “wanting to reduce home expenses”.

Not Every Baby Boomer Downsizes

There is a common misconception that as retirees find themselves with less children at home, that they will instantly try to downsize. While that may be the case for half of those surveyed, the study found that three in ten decide to actually upsize!

Some decide to buying Bradenton homes in a desirable destination with extra space for large family vacations or reunions.

“Retirees often find their homes become places for family to come together and reconnect, particularly during holidays or summer vacations.”

Bottom Line

If your housing needs have changed, meet with a local real estate professional in your area who can help with your next step. It looks like people will be purchasing Bradenton Homes soon enough.

Sarasota Home Prices for The Past 30 Years

March 26th, 2015

Home-Prices-over-30-Years

Location is Key For Sarasota Real Estate

March 19th, 2015

Location is Key For Sarasota Real Estate

A recent Demand Institute report stated “almost half of all American households plan to move at some point in the future.”

Seventy-five percent of those surveyed in the report mention location-related reasons for their intent to move. Here are the top 5 reasons to move to new Sarasota Real Estate:

  1. Safer Neighborhood – 30%
  2. Closer to Family – 27%
  3. Change of Climate – 26%
  4. Closer to Work – 25%
  5. For a New Job – 23%

While most Americans (74%) will move within their home state, for those planning to move to a new state, it’s important to know that prices in each state are appreciating at different rates. Waiting to buy or sell your home could have different results in the long run. When looking to sell your Sarasota real estate or when looking to move in to a new home, these statistics may show you exactly why you could be moving. When you move though, you will want to make sure that you are in the right hands. That is where we can help out. Contact one of our experienced agents today and see just how we can help make the moving or selling experience pain free.