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CREIG'S WEEKLY BLOG
Wednesday, November 21, 2007
"LITTLE ROOM FOR ERROR."
Pricing a property correctly has always been a key factor in making a sale. In today’s market, proper pricing is more critical than ever. While sellers may understandably harbor subjective feelings that may get in the way of setting a realistic asking price, their Agents know that pure objectivity is what is needed. In fact, experience and objectivity are two of the most important elements that Agents bring to the table when it comes to selling a home. Experienced Agents know that if a seller overprices his or her home when it first comes onto the market, this could result in the seller eventually selling their property for under its market value.
It's important for sellers to have an expert opinion about their home's value before moving forward with a certain asking price. Real Estate professionals value properties daily with complete, firsthand knowledge. When you are ready to buy or list a home, call CREIG NORTHROP at 800-831-SOLD or contact us today. When you buy or sell with us, you can use our moving truck FREE for local moves.
TIP: If a house is put on the market at too high a price, it will sit. At this point, sellers have squandered their best opportunity to sell their home quickly for fair market value, thus eating into the maximum profit they could potentially receive.
Friday, November 9, 2007
"ACTING IN YOUR BEST INTERESTS."
To be successful, Real Estate Agents must invest considerable time and energy. Thus, sellers will want to engage the services of an Agent who will take an active interest in their properties. Agents of this type are quick to see and evaluate newly listed properties that their clients may find appealing. They are well integrated with other brokers, have considerable field knowledge, and make themselves readily available to respond to inquiries with pertinent information and qualifying questions. Real Estate Agents such as these are likely to have enviable track records that reflect their dedication and thorough enjoyment of their work. The more faith you place in an Agent, the better job he or she can do for you.
Our Real Estate office is committed to providing the finest in personalized service. We understand the subtleties of the tastes and needs of our clients, and handle all the technical aspects of each transaction. By establishing a solid relationship with our clients, we are able to match lifestyle, with an exciting, comfortable home, that is also a good investment. To schedule an appointment, call CREIG NORTHROP at 800-831-SOLD or contact us today! When you buy or sell with us, you can use our moving truck FREE for local moves. Why hire an expert when you can hire a team of experts?
TIP: Most sellers select Real Estate Agents on the basis of referrals they get from friends and family, who usually say that they would use this Agent again themselves.
Monday, November 5, 2007
"SWEATING THE BIG STUFF."
If you are looking for an increasingly scarce bargain in the housing market, consider the time-honored tradition of using your own “sweat equity.” By purchasing a property that needs some repairs and renovations that you can handle on your own, you can have a finished product that has your own personal touch for less than the cost of a home that is already similarly finished. As always, make sure that the location of your fixer-upper is good. Remodeling a bad house in a good neighborhood is preferable to fixing a relatively good property in an undesirable neighborhood. After that, make sure that your intended improvements are appropriate to the neighborhood. Never over-improve unless you are willing to absorb the cost.
One of our specialties is representing the best interests of Maryland area buyers throughout the home buying process. Our comprehensive, high-quality services can save you time and money, as well as make the experience more enjoyable and less stressful. When you require the assistance of a real estate professional, call CREIG NORTHROP at 800-831-SOLD or contact us today!
TIP: It is critically important to figure out, to the penny, what it will cost you to buy a home in need of repair at the right price and fix it up.
Friday, October 26, 2007
"A CLAUSE OF YOUR OWN."
If you are selling a home in today’s market, you will likely be presented with offers that have contingencies. One contingency typically tacked on by buyers is the one that makes the sale contingent on the buyers selling their current home. There is also a financing contingency, which allows buyers a certain amount of time to get a loan commitment. During this time, the seller has to take his or her home off the market. While these contingencies are perfectly proper, seller’s agents may suggest strategies for protecting their clients’ best interests. For instance, experienced agents know that sellers may counter with a kick-out clause, which allows them to continue showing the home and consider other offers.
For many people, their home is their largest financial asset, and deciding to sell involves a lot of preparation and work. When you are ready to put your property on the market, it's important to have an experienced real estate professional handle the details involved for a successful transaction. For help with all your real estate needs, call CREIG NORTHROP at 800-831-SOLD or contact us today!
TIP: If a kick-out clause is in effect and a seller is presented with a better offer, he or she can notify the first buyers that they have a set period of time to back out and get their deposit back or drop their contingencies and get on with the sale.
Friday, October 19, 2007
"DESIRE FOR BIGGER HOUSES GROW."
While the size of the average American family is shrinking, the desire for larger homes to accommodate them is growing. In fact, nationally, the average household size has shrunk to about 2.6 people since 1990, whereas the size of the average house grew by nearly 400 square feet (to 2,434 square feet) during the same time period. One in five American houses now has at least five bedrooms, while only one house in six had five bedrooms, in 1990. What is driving this space race is not so much the number of people in the home, as the utility of these rooms. Today, fueled by technology, extra rooms are used as media rooms, offices, and dens.
Your real estate professional is more than just a representative. He or she has to know both how to market and sell the home for its owner as well as be a valuable asset to the party who buys the home. Both buyers and sellers should take advantage of the depth and breadth of agents’ expertise to make the transaction run smoothly and without unexpected hitches.
When you are ready to buy or list a home, call CREIG NORTHROP at 800-831-SOLD or contact us today! When you buy or sell with us, you can use our moving truck FREE for local moves.
TIP: Most buyers prefer homes with at least two-and-a-half bathrooms, if not three.
Friday, October 12, 2007
"SELL PEACE OF MIND."
If sellers want to dramatically increase their chances of selling their homes by eliminating much of the doubt and worry in prospective buyers’ minds, they should consider offering a home warranty. Savvy real estate agents know that this is one of the many strategies that may be employed to give their clients a competitive edge. A home warranty is a service contract that protects homeowners against unexpected repairs and replacement of their homes’ major systems and appliances. This relatively inexpensive form of insurance usually offers a coverage period of one year and may be renewed. A home warranty ensures that buyers have a direct means of addressing unforeseeable problems. It also creates a comfort level in the minds of buyers that will facilitate the sale.
First impressions are important, especially in the world of real estate. There are several options available that help to smooth the progress of the sale of your home. At our office, we will provide the information you need to know for a successful transaction. For further information about today’s topic call CREIG NORTHROP at 800-831-SOLD or contact us today! When you buy or sell with us, you can use our moving truck FREE for local moves. Why hire an expert when you can hire a team of experts?
TIP: Current market conditions call for sellers to utilize the services of an agent who knows how to separate his or her clients from the rest of the crowd.
Friday, October 5, 2007
"REST INSURED!"
If you are thinking about buying a home, one of the many factors that you must take into consideration is the cost of insurance. If there is one thing that hurricanes like Katrina have taught us, it is that the cost of homeowner's insurance is rising in coastal communities nationwide. In some cases, insurance companies are also either declining to renew policies or turning down new ones. As computer models change, insurers may cast their eyes on areas that were once thought to be relatively impervious to such natural disasters. Part of the buying process is a review of a home’s insurability, whether it lies in or near a flood plain, near a geological fault line, or in a tornado alley.
The real estate industry is becoming more sophisticated every day. When choosing the right agent, you need a professional that understands the industry and keeps abreast of current market values and goes the extra mile to make the process of buying or selling a home as trouble free as possible.
When you require the assistance of a real estate professional, contact us today!
TIP: Ask your real estate agent for suggestions on how to assess the availability and cost of homeowner's insurance for the property in which you are interested.
Thursday, October 4, 2007
"THE WOMAN OF THE HOUSE."
If you are in the process of selling your home, don’t be surprised if a single woman turns out to be the buyer. According to the National Association of Realtors, single women purchased about one of every five homes sold, which is twice as many as single men purchase. This is a significant statistic in that a little over 25 years ago, the number of single men and women buyers was virtually the same. Since then, the number of single women who are buyers has nearly doubled while the percentage of single men buyers has slipped one percentage point. With this in mind, sellers and their agents are increasingly gearing their marketing to women’s needs, desires, and concerns.
If you require the assistance of a real estate professional, either as a buyer or seller, please contact our office. For several years, we've provided tremendous service to our clients looking to buy or sell property in our community. With our broad base of business experience, friends and family, and history in the area, we can help find the perfect home for you, whether you're a first-time buyer, raising a family, downsizing, investing or looking for a second home.
For assistance with your real estate transaction, contact us today!
DID YOU KNOW: Prior to 1974, when Congress amended the Fair Housing Act to stop sex discrimination, it was difficult for single women to get mortgages in their own names.
Friday, September 21, 2007
"IS SELLING A JOB FOR SELLERS?"
If you are thinking about selling your home without an agent, consider that only 12 percent of home sellers successfully did so last year. Moreover, 40 percent of those FSBO (For Sale By Owner) properties went to family members or acquaintances of the sellers. Surely, if selling a home were so easy that anyone could do it, nearly everyone would. Bear in mind that selling a home involves analyzing sales of nearby comparable homes, setting a home’s price, writing and placing ads in newspapers and online, meeting with potential buyers (many of whom are neither serious or financially able), negotiating a price and contract terms, and closing the deal with all the necessary paperwork. Are you ready for all that?
At my real estate office, we will assist you with your transaction from beginning to end, monitoring the process and overcoming the obstacles. We're here to help the transaction run smoothly and answer all questions and concerns, whether it's your first home or your last. For assistance with your real estate transaction, contact us today!
TIP: Real estate agents have professional contacts and connections that they have built up over many years, which the average person simply cannot match.
Monday, September 17, 2007
"SOLD ON THE IDEA."
The most common type of listing agreement, known as “the exclusive right to sell,” is also likely to be the most effective. It entitles the listing agent to a commission regardless of who sells the property. If another agent comes up with a buyer, he or she splits the commission with the listing broker. As far as the seller is concerned, this type of agreement assures that the agent (who is guaranteed a commission) will make a diligent effort on his or her behalf to find a buyer. Full service of this type involves analysis/research, advertising/marketing, displaying, counseling, and negotiating. The reward for both seller and agent is a sale within a reasonable period at the best possible price.
Whether you are buying or selling a home in today’s market, we can provide a level of attentive, one-on-one service to you that is second to none. By focusing on the specific needs of the home buyers and home sellers with whom we work, we are able to build the trust that is so necessary in such an important transaction.
Why hire an expert when you can hire a team of experts? For assistance with your real estate transaction, contact us today!
TIP: With an exclusive right to sell, the owners cannot sell the property themselves without paying a commission unless an exception is noted in the contract.
Friday, August 24, 2007
"SELLERS SHOULD THINK LIKE BUYERS."
If you’re thinking of selling your house and moving into your dream home, sell your own home first. That way, even though there is a lot of enticing inventory out there, you will not place yourself in the potentially difficult situation of owning two homes simultaneously. Since you are going to be a buyer once you sell your own home, think like a buyer now. If you are going to expect a good deal when you enter the market as a buyer, make your home similarly attractive to potential buyers of your home. If that means reducing your price, take a good look around at comparable homes for sale in your area, and adjust your price accordingly if necessary.
If you're eager to have some of the financial benefits of homeownership, and ready to make the investment, contact our office. It would be our pleasure to help you find that perfect home and we have listings to cater to a variety of lifestyles and budget.
For assistance with your real estate transaction, contact us today!
TIP: To sell their own homes, sellers may have to allow buyers more time to sell theirs.
Friday, August 10, 2007
"GETTING REAL!"
Just because the heady days of double-digit real-estate gains may be over doesn’t mean the end of the world. The fact is that nearly six-and-a-half million homes and condominiums were sold nationwide last year, and according to the National Association of Realtors®, sellers can expect about the same level of activity this year. All it takes to sell a home successfully during this transitional period is an adjustment to new realities. As an experienced agent will point out, sellers who have lived in their homes for a few years can still realize a profit. The key issue now is that sellers ally themselves with savvy agents, who know how to formulate intelligent strategies for selling properties in tougher market conditions.
When choosing the right agent, you need a professional that understands the industry and keeps abreast of current market values and goes the extra mile to make the process of buying or selling a home as trouble free as possible. At our office, we can help you in that endeavor.
For assistance with your real estate transaction, contact us today!
TIP: By investing in some minor but meaningful and visible upgrades, sellers can make their homes stand out from the crowd.
Friday, August 3, 2007
"PRICE IS RIGHT!"
It is critically important the sellers price their homes well in a shifting market. Even a search of the sale prices of comparable homes in the area may not be sufficiently specific if the data is more than a few weeks old. In a market of this type, sellers need a professional evaluation that takes into account the specific location and condition of a particular property. It is this timely attention to detail that helps separate a seller’s property from others. Even if a similar house next door sold for a certain dollar amount yesterday, a home could sell for more if it has an updated kitchen, more favorable lot, a better view, certain upgrades, or it is better maintained.
It’s important for sellers to have an expert opinion about their home’s value before moving forward with a certain asking price.
To determine the proper pricing for your home, contact us today!
TIP: In a tight market, sellers need a committed, hands-on agent who knows an area well and can tout its benefits.
Friday, July 27, 2007
"Why this is the BEST weekend in real estate."
The driving reason for the economic importance of this weekend in real estate is the area’s public schools start in less than 30 days. That means buyers are motivated to get to the closing table quickly and settle into their new homes before school begins--which in turn encourages sellers to realize the market is hot and agree on fair sales prices.
Creig Northrop & The Northrop Team are holding more than 50 fine homes open this Saturday and Sunday in anticipation of the increase in home-buying activity. Be sure to tour our website for photos and visit our open houses this weekend from 1-3PM.
For your convenience, here is a listing of the area’s school start dates by county:
Anne Arundel: 8/27, 8/28
Baltimore County: 8/27
Baltimore City: 8/27
Carroll County: 8/27
Howard County: 8/27
Frederick County: 8/27
Prince George’s: 8/20
Montgomery County: 8/27
INTEREST RATES AND LOCAL ECONOMY KEEPS BUYER’S MARKET STRONG
Mortgage loan applications have risen 10% since this time last year as buyers move to lock in historically low rates. Mortgage interest rates for the 30 year fixed rate are still at record lows in the mid 6s. A year ago interest rates stood at 6.8% for a 30 year fixed mortgage, and this week, interest rates are at 6.73% for the week ending July 19th. Economists predict interest rates may climb to 7% in 2008.
Home price appreciation in our region is ahead of the national average. The latest report on housing prices from the Federal Government reveals that the Maryland, Virginia, and DC areas have drastically outpaced the rest of the country. The Office of Federal Housing Enterprise Oversight said North East region prices in the first quarter were up an average of 4.3%, as opposed to a slight downturn nationally. Maryland, the District, and Virginia boasted 6.37%, 5.91%, and 5.42% price appreciation in the last 12 months. This makes them the 18th, 20th, and 24th highest appreciation rates nationally.
More good news is on the horizon about the economy. Economic growth is predicted to continue at about 3% in 2007 and incomes are predicted to increase at 5 to 6%. Some see the combination of income and economic growth, combined with pent up demand and rising rents, improving the housing market before 2008.
Friday, July 20, 2007
"HELPING YOU MAKE THE SALE."
Today’s sellers have more reasons than ever to enlist the services of an agent. There are various strategies that Realtors can offer to assist buyers and sellers to come together. One such strategy is an interest rate buy down. With a 2/1 buy down, the buyer gets a rate that is two percentage points below the market rate for the first year of the loan. During the second year, the rate is one point lower. After that, the rate reverts to the market rate in effect at the time of settlement. This way, the seller can help the buyer better afford his or her home for less than it would cost to reduce the property’s price.
We pride ourselves on being experts in bringing sellers and buyers together in our community. Whether you are a first time home buyer or a seller ready to move, we understand your needs.
For further information about today’s blog, contact us today!
TIP: A seller can also offer closing cost assistance as a further inducement to buy his or her home.
Monday, July 16, 2007
"COMPARATIVELY SPEAKING."
Some homeowners arrive at a selling price in their minds by beginning with the amount that they paid for their homes, then adding what they paid for improvements. This amount is what they would like to see as their profit. Needless to say, this fairly arbitrary evaluation is not likely to be as valid as the Comparative Market Analysis (CMA), which compares their home to others of similar size, configuration, condition and location. It should include details such as square footage, number and size of rooms, number of bathrooms, lot size, garage and special amenities. By comparing and analyzing the recent selling prices of comparable homes, agents arrive at an asking price based on reason, not emotion.
At our office, we are happy to bring you the latest information about real estate and ways to help facilitate the sale of your home. For 20 years, we have been providing quality real
estate services to the citizens of our community and the surrounding areas. Whether you are looking to purchase a new home or sell a piece of property, we are here to help. When you buy or sell with us, you can use our moving truck FREE for local moves.
For further information about today’s blog, contact us today!
TIP: One of the very few home improvements that can bring a 100% return on the original investment at the time of sale is a major kitchen renovation/update.
Friday, July 6, 2007
"HAVE YOUR MORTGAGE PAY FOR YOUR ENERGY COSTS."
Buyers in the market for pre-existing homes may be happy to know that the U.S. Department of Housing and Urban Development’s Energy Efficiency Mortgage (EEM) enables home buyers to receive larger loans than they normally would qualify for if they agree to make energy-efficient upgrades with the extra funds. Eligibility for the EEM, which can be applied to existing one-to four unit residences, involves laying out at least a 3% down payment. Borrowers must also have good credit and provide the lender with a Home Energy Rating System (HERS) report, which rates the home’s present and potential energy efficiency. If the lender approves the EEM, a loan covering the cost of the upgrades is added to the regular mortgage.
There are many mortgage options on the market, so it is important to do your homework to determine which type is best for you. The Creig Northrop Team and its in-house lender Prosperity Mortgage can provide a wide variety of financing options tailored to fit your needs.
For further information about today’s blog, contact us today!
TIP: The improvements financed by an Energy Efficient Mortgage must be completed within 90 days of the EEM’s closing, and they must be verified by an inspector.
Friday June 29, 2007
"PRESENTING YOUR HOME TO BUYERS."
In competitive markets, savvy real estate agents are quick to point out to sellers that
presentation is nearly as important as price. Sellers can work this to their advantage by cleaning their homes, removing clutter and repositioning furniture. This is known as “staging.” Whether sellers hire professionals or do this work on their own, the idea is to remove all the unnecessary personal items from walls, shelves and floors that make a home seem less than roomy. In addition, professionals know how to position furniture in rooms to improve appearance and traffic flow. In a sense, by removing half the clutter from a home, it can be made to appear twice as large.
The Northrop Team provides complimentary staging for all of our listings. In many cases, staging your home will attract more buyers and it will increase your selling price. In fact, research has shown that a staged home will sell an average of 50% faster and sell for an average of 6.9% more than non-staged homes.
For further information about today’s blog, contact us today!
TIP: One of the first places from which sellers should remove clutter is closets, which buyers closely inspect for storage possibilities.
Friday June 22, 2007
"SINK OR SWIM!"
If you’re thinking of installing an in-ground swimming pool in your yard, or if you already have one, you should have realistic expectations about how this feature will affect the sale of your home. In areas in which a pool is regarded as something of a necessity, it is likely to increase the value of a home. In fact, according to the National Association of Realtors, a pool increases the value of a home in the Southwest by 11% on average. Elsewhere, the returns are mixed. If a prospective buyer is a fitness devotee, a pool may be an attractive feature that helps sell a house. In other cases, prospective buyers may be put off by maintenance and insurance costs.
Whether you’re looking to purchase a traditional home or looking for a piece of property to build the house of your dreams, if it’s out there we will help you find it. At our team, we have listings to suit a variety of tastes and styles. Additionally, we can supply you with all the information you need to help you find that perfect home including community information. Why hire an expert when you can hire a TEAM of experts?
For further information about today’s blog, contact us today!
TIP: When deciding to whom to trust your backyard’s fate, seek the services of an authorized pool dealer.
Friday June 15, 2007
"AN OPEN DOOR POLICY"
One of the best ways for sellers to allay potential buyer concerns is to show them that they will get what they are paying for. Part of any smart home-selling strategy calls for sellers and their agents to anticipate the concerns of potential buyers. A main concern for buyers is that they might be purchasing a home with defects. The best way to defuse this concern is to have the sellers have their home inspected by a professional property inspector prior to placing the house on the market. This will help uncover problems that were not previously known to the sellers, so that they can address them and thereby remove them as potential obstacles to a sale.
A thorough home inspection includes an examination of all the functional systems, including heating, air conditioning, plumbing and electrical. The inspector also evaluates the condition of the roof, gutters, siding, interior walls, ceilings, floors, doors and windows. The foundation and basement are checked for cracks and signs of leaks. When you buy or sell with us, you can use our moving truck FREE for local moves.
For further information about today’s blog, contact us today!
TIP: If a home inspection does uncover a problem, sellers should be ready with estimates of the cost to remedy it, which can be used to expedite negotiations with potential buyers.
Friday June 8, 2007
"COLD FEET?"
It is not unusual for first-time buyers,especially, to view the house buying process as a nerve-wracking one. Understandably, some buyers have second thoughts as they review their decisions to buy. “Buyer’s remorse” is an emotional response that some people have to a real estate transaction. Forsome homebuyers, these feelings are probably related to the uncertainty that results from relinquishing control. Other buyers’ feelings of uncertainty are coupled with the fear of making long-term commitments. Whatever the reason, buyers should address any remorseful feelings they might have with their agents, who can reiterate the good reasons they had for buying in the first place. If you predicated your decision on solid reasoning, it should stand up to scrutiny.
Utilizing the services of a real estate agent in your home search will reduce the chance of suffering from buyer’s remorse. Your agent can help you evaluate your needs and make sure the home you’ve chosen will be a good investment. With over 20 years of experience, we will help you with your real estate transaction from start to finish. We will sell your home for the highest price during the shortest time on the market.
For further information about today’s blog, contact us today!
TIP: Ask if your agent is an “Accredited Buyer Representative” (ABR® ). An ABR® will represent your interests and help you write an offer with the best price and terms for you.
Friday June 1, 2007
"HOME SWEET HOME!"
At the heart of the American Dream, home ownership represents both the largest financial investment most of us will ever make and a significant lifestyle choice. Thus, whether you are selling or contemplating the purchase of a home, you have a vested interest in being well informed about the wide range of issues surrounding home ownership. Market conditions, lifestyle considerations, legal and tax issues, buying and selling strategies, financing and the various structural, mechanical and cosmetic aspects of the property are all important. Whether you are a seller, buyer, landlord or renter, dealing in single-family homes, condominiums, townhouses or apartments, this blog will provide you with useful real estate information in the weeks that follow.
Welcome to my new weekly blog. We intend to use this space in the coming months to bring you articles of interest about the field of real estate and familiarize you with our team. With over 20 years of experience, our real estate firm offers a wide range of services. We are comprised of 30+ full time agents who are available to you at any time and our website features virtual tours of each property listed with us.
For further information about today’s blog, contact us today!
TIP: A real estate professional can provide clients with accurate and up-do-date pricing information in order to set realistic purchase and sale limits.
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