Washington DC housing market surge

http://www.housingwire.com/content/washington-housing-resurgence

Important tips for buying a home

Buying a home is an important decision and that step should not be taken without doing your research. An educated buyer is in the best position to make the right decision about this major purchase. If you are knowledgeable about the housing market and procedures your transaction will go much smoother. The best advice for prospective home buyers is to hire a real estate broker. Again, research the brokers in your area. Talk to several and go with one you feel has a grasp of what you are really looking for in a home. Three items to look for are; an understanding of the market, knowing their client’s needs and finding properties that are great investments. A good broker will take the guesswork out of purchasing a home. Value The value of a home is different for each buyer based on how they are planning to use it. Herman states that lifestyle, transportation needs and schools. This value will be different for a family with children or a family with no children. The value in their eyes will be different. Cost Herman states that many sellers believe the cost of the house is what they paid for it plus improvements and renovations made during their tenure. By improving the home they are increasing the value of the home even though the cost of the home may remain the same. Herman emphasizes, “Cost and value are not what the price of the home should be or shouldn’t be.” Price/Fair Market Value The fair market value price is what the property is worth at today’s financial level. Fair market value may be determined by looking at other properties similar sold in the last six months. She goes on to warn that Comparative Market Analysis will not tell you everything you need to know. There are a few things that CMA will not be able to help you in some areas. A house built in the same neighborhood, by the same builder and at the same time will look totally different from one another in ten years. Looks and market value will depend on the condition of the property inside and out and such things as cleanliness and general upkeep. Another item that can affect the value of the property is the view. If the view is a beautiful lake, mountain, or stunning forest people will pay a premium for the view. School districts can also determine the fair market value of a property. A buyer needs to do some online research will tell you what the schools are like, crime statistics and other important information about the location. Neighbors might also be a consideration when looking at the fair market value of the home. If the house you are looking at is immaculate and well maintained, neighbors who are not tending to their lawn and the upkeep on their home may decrease the value of the property you are looking at. Once you have all the information, ask your broker to give you all the information on the homes you have selected to look at as a possible new home. Nothing takes the place of actually looking at the property. Appraising a house is an estimate and Herman states, “there is no exact science to pricing.”

Making sure you have everything in writing in your Real Estate contract

One reason sellers prepare and stage their homes for sale is so buyers can imagine themselves living there. It can be difficult for buyers who are emotionally involved with the home to picture what the place will look like after the sellers move out. To avoid after-closing problems, make sure that your purchase contract is clear about what stays with the house and what does not. Real estate law and custom vary from one area to the next. Ask your agent for help if you have any question about what's included in the sale and what is not. The multiple listing service can provide some information. For instance, if there are washer and dryer hookups only, then the washer and dryer are not included in the sale unless otherwise specified in writing in the purchase agreement. To be enforceable, real estate contracts must be in writing. Verbal agreements to sell real estate aren't binding. The MLS is the REALTORS®' listings of homes for sale and an offer to cooperate with other agents in finding a buyer. It is not a contract between the buyers and seller. So, even if the MLS information on a listing says the washer and dryer are included, you should write this into the contract so there's not confusion when the sellers move out. HOUSE HUNTING TIP: Typically, items that are permanently attached to the property, such as built-in appliances, tacked-down floor coverings, window coverings, light fixtures and bookcases, are included in the sale unless they are specifically excluded in writing by the sellers. For example, the dining room chandelier might have been in the sellers' family for years. It has sentimental value. The best approach would be for the sellers to remove and replace the fixture before the home goes on the market. Otherwise, ask the sellers to replace the fixture before they leave so that you're not left without light if this is the only source of light in the room. Satellite dishes and wall mounts for flat-screen TVs can create ambiguity. In some contracts, they are included. If you don't want them to be included, ask the sellers in writing to remove the wall mount and satellite dish and to make necessary repairs before they leave. If the sellers are taking these items with them, be sure to require in writing that they make necessary repairs. Special attention should be paid to the roof covering where a satellite dish is removed to avoid leakage into the home. Buyers are often taken by items of personal property that belongs to the sellers. They are a perfect fit for the house, like a fountain in the front courtyard, outdoor furniture or potted plants that enhance the garden, or a table that fits the breakfast nook perfectly. These items, unless permanently attached, are usually not included in the sale. Just because the sellers haven't offered to include a piece of personal property you covet doesn't mean you can't ask for them. Again, to ensure that they are included, write it into the contract, or an addendum to the contract. When should you ask for personal property that's not included in the sale? If you're in competition, postpone the request until the sellers accept your offer. When you remove contingencies might be a good time to bring up the subject. If the sellers can't part with the item you want, ask where they bought it. Even if the sellers have specifically said they are not leaving items like the washer and dryer, they might be willing to do so if your offer is good enough.

Has the housing market hit bottom?

http://online.wsj.com/article/SB10001424052702303644004577520414196790098.html

What do you as a seller if your neighbor is scaring buyers away..

http://lowes.inman.com/newsletter/2012/07/02/news/192590