Sellers, Price It Right The First Time!

In and around the Bay Area, it appears Listing Calls are on the rise. Anytime calls from one side of a real estate transaction begin to pick up we begin to perk up.

National lending reports suggest interest rate averages are reported to rise from 4.5% to 5% in 2014. With a rise in lending interest rates buying power begins to diminish among the existing buyers out searching for homes. A buyer that was once approved for a home with a sales price of $300,000, for example, now can only afford a home for $275,000.

This information is very important to consider if you’re now looking to list your home for sale. We found a great article on CNN, which offers advice when deciding your sales price and pricing your home right the first time it’s uploaded onto the MLS.

“Price it right the first time. Don’t waste your time by listing too high only to have to wait and lower the price. “Buyers are smart these days — they know where the market is, and now that rates are higher, they aren’t going to bite on a list price above recent comparables,” says Sara Fischer, an agent with Redfin based in San Diego. The real estate site Zillow reports that about one-third of listed homes in August had a price drop, up from 26% earlier this year.

Play tour guide for the appraiser. If your buyer’s lender gets an appraisal that comes in lower than the agreed-upon price, you’re in for plenty of headaches — even in an improving market. You’ll have to lower the price, the buyer will have to cough up a bigger down payment, or worst case, the deal might collapse, sending you back to square one.
Fischer recommends that sellers be present when appraisers come by. “They don’t want to listen to the agent,” she says. “But if you’re the owner and can walk them through all the improvements, that can help the appraiser better understand what has gone into the home.” She recommends handing the appraiser a spreadsheet of all upgrades, listing when they were done and the scope of each project.”

For more on this article, visit http://money.cnn.com/2013/12/09/real_estate/housing-outlook-2014.moneymag/index.html

If you or someone you know needs real estate assistance, call Christi and Steve Durflinger at 925-708-0006 or visit us at www.teamdurf.com.

Does the perfect credit score exist?

Pursuit of excellence is often wise, but does “perfect” exist? Yes, says Craig Watts, the public affairs director for Fair Isaac. “Several thousand consumers do, in fact, have the highest possible FICO score.”

Though most people won’t reach the credit score apex, you can get close by consistently following three simple guidelines:

  • Pay all bills on time.

 

  • Keep credit card balances low.

 

  • Take on new credit only when you really need it.

 

Don’t obsess over small credit score variations. “Lenders decide what score they will accept for their best-interest-rate product,” assures Watts. “They genuinely don’t care if your score is 50 or 100 points higher than that.”

Clearly, A-plus credit has its advantages, but there is no reason to go overboard. Find a balance between attentiveness and fixation by understanding what those numbers can do for you and knowing how you can improve them. And remember: Credit scores gauge your borrowing history, not your value as a person.

This article was reported by Erica Sandberg for CreditCards.com

For more on this article, visit http://articles.moneycentral.msn.com/Banking/YourCreditRating/meet-the-credit-score-perfectionists.aspx?page=1.

If you would like to reach Christi Durflinger or Steve Durflinger, visit our website at www.TeamDurf.com.  You can also call us at 925-708-0006.