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Below, you'll find extensive information on leading
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Selling Your Home - Alone Or With A Broker?
By Raynor James, Fri Dec 9th
How do you decide whether to sell your home (or land, farm,ranch, etc.) on your own or use a real estate broker? There are pluses and minuses to each approach. Let's look at some of the key ups and downs. Only you can decide which approach has the most pluses in your situation.
Why go FSBO?
"FSBO" stands for "for sale by owner" and tells buyers you are not using a realtor to represent you. The biggest upside togoing FSBO is you save thousands of dollars in broker commissions when you sell the property. This may seem obvious, but the savings are very real.
The downside to going FSBO is it takes your time to market and show the property. (You'll need to prepare your property for sale in either case, but that's a whole separate topic.) You also need to be familiar with how the real estate sales process works in your part of the country. It isn't necessary to be an expert; just make sure you understand what things one must generally deal with in a real estate sales transaction.
Also, it's important to have access to the helpers you need. Examples include a lender who is willing to qualify your prospective buyers, someone qualified and willing to draw the sales contract and a person or firm qualified to close your sales transaction. Fortunately, there are many lenders and settlement offices willing to work directly with the principals to a transaction. And, for the brave and hopefully, very experienced, there are on-line, fill in the blank, sales contracts.
Why
NYC Coop Sales Price Now Public Information
It's an old axiom that, despite increasing numbers of condos, coops still account for around 80% of NYC's apartment inventory.
Yet, until recently, the sales figures were shrowded in mystery. No more. A recently passed law allows access to these figures through use of the City's ACRIS system. While the link may not be up for long, you can find a pdf guide to how the system works at NYC.gov/html/dof/html/jump/acris.shtm.
Noah's Ark 2006
In the year 2006, the Lord came unto Noah, who was now living in the United States, and said, "Once again, the earth has become wicked and over-populated, and I see the end of all flesh before me.
Build another Ark and save 2 of every living thing along with a Few good humans."
He gave Noah the blueprints, saying, "You have 6 months to build the Ark before I will start the unending rain for 40 days and 40 nights."
Six months later, the Lord looked down and...
Commercial Rent Prices Up - Square Footage Down?
A recent article in Business Week suggests that the open space model of the dot com era may, actually be a paradigm to enable businesses to reduce one of their largest expenses, namely, commercial office rent.
Yet, the position of the author is hardly universally shared, eliciting a number of rejections and criticisms in the posted comments following the article.
From my own experience, there is no doubt that, technologically, more and more things can be done in more and more places....
Bubble Metrics
I came across a very interesting website, that of the Center for Economic Policy Research, an organization that's done alot of looking into the housing bubble issue and that has alot of articles that you'll find interesting and informative.
What's really noteworthy, though, is a unique bubble calculator that seeks to measure whether you'd be better off renting or buying by plugging in the price, mortgage terms, location and projected hold time into the fields, which then takes into...
Expected Report of Year Over Year 2nd Qtr Condo Price Declines
Today's NY Sun reports that an expected industry report on condo prices will show softening on a year over year basis for the second quarter.
As the article recites, industry analysts opine on whether they foresee a repeat of the coop collapse of the late 1980's when oversupply combined with softening demand and tax reform to cause a sharp drop in prices.
Some, according to the article, feel the City's overall healthy economy will prevent this recurrence in the case of...
Worried about Interest Rates? Tell that to the Rent Guidelines Board
In an unusually raucus session of the Rent Guidelines Board's annual spectacle on guidlines increases for rent stabilized apartments in NYC, the Board members could hardly hear themselves over incessant drum beats from Tenant activists, yet still managed to outrage them, while disappointing landlords in the process.
Read about the meeting and the increases at <a...
Problems When the 1031 Tail Wags the Dog
Here's an interesting article about what happens when investors, in their zeal to meet the stringent time requirements of a 1031 exchange, invest in properties in areas they're unfamiliar with and do so without their usual degree of due diligence.
<a href="http://www.realestatejournal.com/buysell/markettrends/20060615-hagerty.html?refresh=on" >http://www.realestatejournal.com/buysell/markettrends/20060615-hagerty.html?refresh=on</a>
Everybody into the Pool!
When it comes to Terrorism Insurance, the government's days as a reinsurer of last resort are numbered, ending in 2007 following one extension of a temporary act intended to restore confidence among the Nation's insurers and reinsurers following the huge losses suffered as a result of the 9/11 attacks.
A lobbying group called the Real Estate Roundtable, <a href="http://www.rer.org/," >http://www.rer.org/,</a> recently proposed modeling a future system after that...
Taxes and Commercial Real Estate Activity in NY
Today's NY Sun has an interesting article sure to reinvigorate the timeless intellectual arm wrestling about whether booms and busts in real estate are primarily driven by tax policy or the business cycle.
This article focuses on the infamous "Cuomo Tax", formally known as the Real Property Gains Tax, enacted in the '80's by then Governor Mario Cuomo. In short, the tax that excluded townhouses and one and two family houses, surcharged capital gains on most other...
Another View on the Bubble-No Bubble Coin Toss
Glenn Roberts, Jr. of Inman News today quotes from findings of the Anderson Forecast, an economic report out of UCLA.
According to the report, housing is more likely to head for a crash rather than the gradually deflating balloon we've all be hearing about lately.
For more, check out the article ( subscription required) at <a href="http://www.inman.com/hstory.aspx?ID=53488" >http://www.inman.com/hstory.aspx?ID=53488</a>
use a broker?
Does the above discussion leave you feeling insecure instead of alert, thoughtful, and excited? If so, you probably want a real estate broker to sell your home for you.
Other instances when you may want to use a broker include:
1. Inexperience - If you have not had much experience buying and selling homes, a broker may be the answer.
2. Local Conditions - Are you aware of the unique issues of the geographic location? If you have bought and sold in Virginia (where termites and radon are concerns) and you are now planning to sell the one home you've owned in Colorado (where water and mineral rights might be on the discussion table), it's possible you may want a broker.
3. Time, Time, Time - If your profession provides for you and your family very well, but takes up enormous amounts of your time, ditto.
4. If you have no notions about how you'd go about marketing your home using the Internet, magazines, newspapers, bulletin boards, brochures, signs, word-of-mouth, etc., a broker can get you the marketing exposure you need.
The Right Choice?
There is no one right choice. Only you can decide what's bestfor you. Hopefully, this look at the pros and cons will get your mental juices flowing nicely. I hope your sale goes smoothly.
About the author:Raynor James is with http://www.fsboamerica.org - providing FSBOhomes for sale by owner. Visit our "sell my home" page athttp://www.fsboamerica.org/seller.cfm to list and sell your homefor free for one month. Visithttp://www.fsboamerica.org/buyer.cfm to see homes for sale byowner.
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