How Long Does It Take To Sell A House?

According to new research, many people underestimate the length of time it takes to sell their house.

48% of those surveyed thought that they would be able to sell their house relatively quickly – within three months.

The reality is different though, according to the National Association of Estate Agents. Its figures show that a fast house sale is not always possible through an estate agent, with the average time taken to sell your house around 16 weeks.

This has improved recently though – six months ago, the average house sale took 17 weeks from instruction to completion.

The national average is skewed slightly by the figures from the London area and the South East – in both areas people are able to sell their houses quickly due to the huge demand for property.

This means that property sales outside these areas aren’t so quick, and may often take longer than the 16 week average.

According to NAEA statistics for 2007, on average 43% of house sales are agreed relatively quickly, within one month of the property being put on sale. However, there is often a delay in completion of the sale, with 48% of completions taking a further two or three months.

For 13% of house sellers, the process is even more drawn out – taking between three and four months to complete after the initial agreement. This can be stressful for sellers as, until the deal is complete, the buyer could pull out at any time and leave them back at square one.

The NAEA stats revealed that nearly 9% of sales fell through in November 2006, and 7% for December.

Achieving a Quick Home Sale by Appealing to a Buyer’s Emotions

When you are after a quick home sale one of the most important things to realize about any future buyer, is that for them the decision to buy your home is more of an emotional decision than it is a logical one. Naturally the future buyers won’t throw out logic altogether, but it does mean that they will allow their emotion’s to influence the final decision making process more so than their logic. Therefore your home must appeal effectively to the buyer’s emotions as well as simply to their practical side. But how do you start to make your property appeal to the emotions of your potential buyers?

You’ll have heard the expression “the first impression is a lasting impression” – it’s true — therefore the first thing your future buyers are going to see is the front yard and the front of the home. So, the first big emotional ploy is to “give your front some grunt”. Realtor-speak for getting your first impression right is “creating curb appeal”. Great curb appeal gets your selling opportunity off to a flying start. If you can create the ‘wow factor’ from the outset, so that folks really start to anticipate that they are going to like your house you are already on a winning ticket. Right from the moment they first drive up to your home they will be hooked. Having a high curb appeal means that selling your home becomes a lot easier as buyers tend to overlook small things (their ‘emotions’ start to take over and resolve minor niggles that could otherwise have become potential ‘objections’ to purchase). The good news is that creating curb appeal is not all that hard:

First off, make sure your yard is kept ‘well manicured’ and appears tidy, clean and cared for. Neat edging of the driveway and sidewalks carries your prospect’s eyes right on up to the front door of your home. The front exterior walls of the home then become the next major focal point for your potential buyer..

Typically the buyers will be checking out the exterior walls and whether or not the place looks in good order. Therefore you need to ensure that the exterior walls, at least, have been power washed and if necessary given a fresh coat of paint. In fact color is high on the list of “key emotional triggers” and a major factor in creating great curb appeal. Choose colors with care for any repainting as it can make or break the “curb appeal” of your home.

Remember that you will be repainting for the future buyers not yourself. You will have to set aside your own personal taste and think in terms of what will appeal to a buyer. However, since you don’t know what any one prospect will like it is safest to choose what is known as a “universal color”. The color should blend well with the other homes in the neighborhood. It may be that the color that appealed to you when you bought the home was just perfect (it may even have been the trigger that led YOU to buy!). If you have been a bit ‘indulgent’ with any repaint in the interim, be prepared to go back to safe, sound, basic, light and simple colors that harmonize with the surroundings rather than fight against it, for a more certain positive appeal.

A simple way to help you select the right base colors and accent colors, for maximum “curb appeal” is to use a color matching chart. You can pick up a selection of such charts from most good paint or DIY stores. You could also take a sample of the original colors of your home down to your local paint store and, if they are worth their salt, they should also be able to advise you about the best contemporary colors and also help you to choose matching colors perfectly.

It is critical to maximize the “curb appeal” of your home as it is the first emotional trigger, or hot-button, that your prospect will be turned on by. Getting this right, like successful foreplay, will start to get your buyer panting for more, and if the interior of your property also continues to tickle-their-fancy in the right way, you could soon be en route to achieving that satisfying climax of a quick home sale.

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Why Market Your Home on the Internet

Selling Your Home Online

The world used to seem like a much larger place before the internet. It was not until the 1990’s the internet began to really gain momentum and break down national and international barriers. Technology, hard work, and initiative have revolutionized how we communicate, learn, and even shop. Thanks to the internet we can find out almost anything and connecting people has never been easier and more affordable. So when it comes to selling your home there is no better media to use than the world wide web.

Why Use the Internet?

The majority of United States households have a personal computer with internet access. When it comes to looking for a home over 70% of potential homebuyers will begin their search online. Not only can they look for potential homes but they can get preapproved for a home loan and even find a local real estate agent to help with the transaction. If the buyer is relocating from another state the internet becomes even more valuable because it allows for easy access to resources that are hard to obtain otherwise. So when it comes to selling your home, doing it online is a great place to start.

Advertise Your Home Online

There are plenty of resources to begin marketing your home online. Local newspapers and publications are a good starting place. If you plan on using a real estate agent they should also be able to assist in this area when selling your home. One of the main advantages of marketing your home online is the ability to advertise your home using colorful and informative pictures. Compared to print media the internet is cheap and you can put together a great slideshow that gives potential homebuyers a good impression and a detailed view of what your home looks like. A picture is worth a thousand words and you should always include the best ones. The biggest waste of time is coming across a home ad that doesn’t’ t have a picture. The picture says much more than the description ever does and it is the first thing to catch the eye of the buyer. Selling your home can be difficult at times but the internet can get help considerably if you use it to its fullest.

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How to Sell in a Slow Market

There are times when selling a real property home can be hard for many sellers. Some properties for sale can have a possibility of staying in the market for even more than 90 days, sometimes selling can also be hard even with a lower selling price had already been offered for the real estate property. The reason for this is because of the domino effect of the rate market and sub-prime rate being adjustable on the housing industry.

The lower rate of the housing sale causes the flooding of the available housing inventory pool but with declined values. This can be an advantage for the home buyers to choose what they want. Moreover, there will be more negotiating power for the buyer since more and more sellers want to dispose their homes even with the cheaper price. Sometimes the strain on more expenses caused by the increase in the number of home properties in the market available for sale, selling can be hard for the seller but easier for the buyer.

At this kind of selling scenario, a seller needs to learn other conventional way of selling the property they have up for sale to be bale to compete with the good price that can provide enough profit from the sale. A seller needs to approach the situation in a different way. Thinking out of the box will be the best way to come up with the creativity on selling of the real estate property.
These suggestions may help in your goal of making a sale in a very slow market situation.

- Property Staging

Try to make the home you are selling to look like it is occupied with the right furniture. This is the best way to stage your property for sale and provide a stage wherein the buyer can imagine how the home will look like when they finally move in. This can give better style and advantage in the way the buyer will be looking at your home. In addition, the impression of the property will surely be left on those prospective buyers who came and visit your property.

- Commission on sale for the sales agents.

Offering some percentage of the total sale amount of 7% or 10% will be a good idea for the sales agent to sell your property higher. This means higher commission for them for higher selling price deal they get for you. Moreover, they will be looking for real qualified buyers. The motivation will work wonders in the search for the right buyer.

- Selling financing offer will be a good way to encourage higher selling price for your home.
With a higher selling price for your home, you will be able to sell it in faster when you offer and compromise some financing offer for the buyer. The assistance you can offer in the terms will eliminate doubts in pushing through with the sale.

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8 different reasons people move home.

It has been said that people on average move every five to seven years but on the other hand you find people who stay in the same house all their life. These people tend to find it hard to understand why people would want to move so much, in this article we will list some of the main reasons people decide to move homes.

1. Size. People tend to buy smaller properties when they first join the property ladder as it is adequate for what they need and what they can afford. They then tend to upgrade to bigger accommodation as they start a family or their income increases.

2. Upgrade. It is human nature to want to progress and upgrade as you go through life. Many people do not actually need to move into a nicer home, but it is something that happens in life, as people don’t always appreciate what they have. It is not always based on greed though as many people do up their house and then sell it on for a profit, meaning they can move into a bigger house.

3. Job Promotion / Transfer – You can’t always have the ideal situation of living close by your work and you may even be transferred at some point in your career, meaning you will need to relocate. People value time with their families, so if that means selling up and moving closer to their place of work, then that’s what it takes.

4. Relationships – When relationships turn serious through marriage or just moving in together, one of the parties will usually sell their current property. But on the other hand a marriage coming to an end may cause a couple to sell a property so they can split the value of it.

5. Family – Reasons for selling your house can often be linked with family. These can include empty nest syndrome which is when your big house feels empty after children have grown up and left. Many people find this depressing and prefer to move into a smaller property. People also tend to move property to be closer to family, this usually happens when children move back closer to their parents if they need assisted help with living.

6. Changes in the area – It’s a part of modern life that areas you live in will change as time goes on. Whether these changes are positive is another thing. Quite often areas will change and become a bad that you do not wish to live in any more.

7. Retirement – Many older property owners who have reached retirement are deciding to sell their property and move to communities. These retirement communities are great for providing activities for older people who are looking for things to do since leaving work maybe even to keep themselves busy if their partner has died.

8. Equity in Property – If someone’s property is worth a lot of money but they would like some extra cash for themselves, they sometimes will use a sell and rent back services so they can get access to the equity locked away in their property.

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Real Estate Investing – How to Earn 21% Each Year, With Very Little Risk

Investing in private or hard money trust deeds returns in excess of 12%, year after year, with monthly interest checks, with limited risk.

Many people have heard of hard or private money trust deeds, but, they do not know how to participate in these lucrative investments. Let me explain how simple is is for almost any investor to invest in high-yielding trust deeds.

An investor needs to realize that a private or hard money loans is lent only to property owners with sufficient equity. This is what makes the investment low-risk for the investor. Normally, a private money loan is made only when the property has in excess of 35% or more. Example: a property owner owns a 5 unit multi-family complex, the value is $1,000,000, and he currently owes $300,000. He has 70% equity. In this case, we would lend a maximum of $300,000, or a new loan to value of 60%. We would make sure the property cash flows, thus easily paying all debt and expenses before we would make this loan.

In this scenario, we would offer the borrower a new 1st trust deed of $600,000, for a term of 3 years, with an interest rate of approximately 12%. We would also offer another option on a 2nd trust deed, as the borrower may have a low interest rate in the first, and he may want to keep that loan. We would offer a $300,000 2nd trust deed, with an interest rate of 14%, interest only, with a term of 3 years.

Now comes the more tricky part…who services the loan? This is where newcomers need to be careful. Why? well, if a new 2nd trust deed were offered, the investor needs to make sure the 1st trust deed is paid every month, otherwise,it could go into foreclosure. A good private equity company would offer this service, wherein they service the loan, and make sure the 1st trust deed is paid on time.

A good private money company sees hundreds of deals each month, and they turn away most deals. In today’s market, there are more deals that there is money to fund the deals. In my case, i personally see over 50 deals each week, and only accept 5-10 of these deals. I am always looking-out for the safety of my investors capital.

The bottom line, is that investing in private or hard money trust deeds is a great investment because:

*Your investment is secured against real estate, perhaps the most stable investment in the world.

* It is an investment that is easy to understand. No need to study financials, stock charts, or listen to some analyst on a new channel.

* You know your return on investment upfront, when the deal is structured. You know the amount of the check each month that you will receive in your mailbox.

* Your investment can be completely passive. A good private equity firm does all the work for you.

* This method of investing is proven. Some of the wealthiest people in America only invest in high-yielding trust deeds.

The real beauty of investing in trust deeds, is that this investment can be used through a retirement account. So, even small investors can benefit from investing in high-yielding and safe trust deeds.

Article Source: http://EzineArticles.com/?expert=Donald_Glen_Timms

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Bridging Loans – Buy Property Instantly Without Selling Old One

If you are thinking of buying a residential or commercial property but you have no sufficient funds. Or if you are waiting for your property to sell or any asset required to buy the new property. To help you combat a scenario such as this, lenders have designed especial loans called bridging loans.

Bridging loans are interim financial short term arrangements for the borrower to buy a property just in time. These loans bridge the gap in selling old property and buying the new one. Clearly this allows the borrower to have the sufficient loan amount to own a property instantly without having to sell old one.

Bridging loans are secured loans, provided against the borrower’s home or any valued asset. The loan amount depends on the value of the property given as collateral. Lenders usually approve bridging loan amount that is up to a certain percentage of total value of collateral. Each lender has a different loan to value ratio in determining the loan amount.

One characteristic of all bridging loans is that lenders charge a high interest rate. The high rate of interest is because bridging loans have risks for the lenders despite being a secured one. For example if the project funded from the bridging loan may not take off successfully. The other reason for the high rate of interest is because it is short term.

All bridging loans are approved for 2 weeks to 3-4 years as this enables you to sell the old property or get the finance to repay the bridging loan from any other source. What is more, you can pay the whole amount of the money borrowed from the lender once your old property has been sold. Otherwise you can pay interest per month to the lender.

One advantage of a bridging loan, is its easy approval for bad credit people as lenders do not take into account the borrower’s bad credit. So, the short term loan is useful in improving your credit score shortly as you can pay the loan off in time. You can locate numbers of bridging loan lenders on internet, searching for a lender will give you the opportunity to compare rates before you apply to one.

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6 tips to preparing for a house sale

Here are some tips that will, if used, help you increase your chances of selling your property quicker:

Preparing for your house sale

1. Detach yourself from your house
Even though selling your house can be emotional turmoil, the key is to take the emotion out of the
equation otherwise you can unconsciously hinder the process. Ensure that you can envision your property as a ‘house’ before you potential buyers round to view.

2. Turn your home into a showroom
Do some research in your area to find a new homes showroom; this is a great way to see examples of how to make your property look like a ‘home’ with no personal possessions. Take out all personal photos and remove all clutter from the house, leaving the rooms with the bare necessities and looking more spacious. This will enable the potential buyer to view your property as their ‘home’.

3. The heart of the home- the kitchen
The kitchen is usually the heart of the home, so making it look spacious and inviting is very important. When selling your house, ensure that all your draws and cupboards are organised, as potential buyers will open them to have a look at the space that your kitchen can hold. If they are full of clutter and unorganised this will hide the potential space that the cupboards have, and could put someone off. It is also a good idea to leave your side’s clear, removing toasters and any clutter that may be on the sides. This will give the potential buyer a better opportunity to view it with their belongings in.

4. The remainder of the house
Remove all things that are not needed for everyday living- be minimalistic. Again it’s all about the potential buyer being able to envision their belongings in the property!

5. House Interior
To make a house more sellable, you do not have to spend lot’s of money; the most important thing is that everything looks fresh. Ensure that you give all chrome and silver appliances a good polish, fix any leaky taps, and replace any faulty light switches and so on. It is important that all paint is touched up; no-one wants to see cream patches on what is meant to be a white ceiling. If you smoke or have pets, you may want to purchase some odoriser to ensure that the smells are not obvious when the potential buyers come round.
Have a walk round your house as if you were a buyer, check everything that you would consider yourself, and be critical and truthful.

6. Last but not least, the gardens
The front garden is very important as this is the first thing that the potential buyer will see, it is known as ‘curb appeal’. Take time to de-weed the garden, if you have grass make sure it is mowed, remove any dead plants and most importantly make sure that it looks neat and tidy. The same rules apply to the back garden!

Once these 6 tips are followed your house will be ready to go on the market…. good luck selling your house!

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How Should I Sell My Home – Privately Or Using An Estate Agent?

Your decision is set in stone; you are going to sell your house. Your secondary decision is not as certain; will you sell privately, or will you use an estate agent?

There are advantages and disadvantages with either route. You have to look at your personal situation and the market you will operate in to make your decision. Your personal situation will involve your financial status.

The market you operate in may mean you will require the expertise of an estate agent. If you are unfamiliar with the nuances of your specific market then you will not understand what its buyers want and demand. That’s why it’s so important to make the right choice about whether to go it alone or acquire the services of an estate agent.

Benefits of Selling Your Home Yourself

* All the profit from the sale is yours. You do not have to pay commissions.

* You get to set your own price without influence or pressure from an estate agent. Of course, you must do the necessary research to come up with a marketable price. Still, you can go a little higher or lower than the market without having to justify your decision to someone else.

* You will devote all your time to selling your house. An estate agent devotes ’some’ of his or her time to selling your house.

* You will set the viewing schedule to sell your home. You will not have to work around an estate agent’s schedule. Remember, you are not their only client. With an agent, there will be compromise on a time when viewings can take place.

* You can obtain a free valuation of your home from estate agents, but still perform the selling function yourself. Therefore, you get an expert valuation but still control the actual sale all alone.

Benefits of Selling Your Home Using an Estate Agent

* They do the work. You do not have to make a huge time commitment to marketing, valuation, and viewings.

* Estate agents make the entire home selling process, if you use a true professional, stress-free. They guide you through the whole process; good ones keep you constantly informed as well.

* They use their experience and market knowledge to value your home wisely.

* They provide you with relevant information to help you sell your home faster. This is information they garnered while ‘in the trenches’ of the marketplace. They know what is selling and why it is selling. They can offer you recommendations for upgrading so your home can sell fast. They know what buyers are looking for.

* They have the resources to market your home to a wide audience. This speeds up the process so those looking to buy your home come to you faster.

* They know when an offer is a bad one and when you should pass it up. You may desire a quick sale and may take an offer to end the process so you can take the money and run. A smart estate agent will discourage you from doing so. You do not have this support from a professional when you go it alone.

Selling your property involves making a smart decision on whether to go solo or use an agent. When considering what to do, look at how long you can afford your home to be on the market. Do you require a quick sale? Do you have the resources to facilitate this? Will selling your home privately hinder the pace of the selling process?

Look at the time commitment involved in marketing your home to buyers. Time truly is money; you may be better off letting an agent handle the sale. You can spend your time making money while they work on selling your house. Look at the cost of advertising and marketing compared to the estate agent’s fees. Look at carrying costs for your home if it sits on the market to long.

Alternatively, look at what you can do with the money you save in commission fees. That money may pay for a nice vacation. It may pay for that new home theatre package you desire. Whatever, it’s something to consider before you make a final decision.

If you decide to sell your house privately, there are many free resources available to help you. In the end, careful consideration of all the advantages and disadvantages will arm you with the information you need to make the right decision for your situation.

Article Source: http://EzineArticles.com/?expert=Robert_X_Clark

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10 Reasons to Sell and Rent Back Your Property

There are many reasons that can bring a person to want to sell their home. Many people do not realise that they have the option to sell their home and then rent it back. This is an option that works well for many single people as well as families. Often people want to keep their financial problems confidential and this is a good way to do just that.

Below are the top 10 reasons to sell and rent back your property.

1. One of the top reasons people may sell their home and rent it back would be to avoid a bankruptcy on their record. With the way the economy is today worldwide, and it is no wonder that people are falling deeper in debt, with no way out except to file bankruptcy.
2. People may sell their home and decide to rent it back to avoid being evicted. They may have fallen behind on their payments and are finding it hard to catch up with these payments.
3. There are also people who wish to be able to stay in their home after they’ve gone through tough divorce. This can be achieved by selling the property and then renting it back. Your basic tenet rules may be a little stricter but it all depends on what companies you go with.
4. Some people wish to sell their home as they cannot do the upkeep on the property but they do not want to leave it, only to have to find another home to live in.
5. Another common reason that people may want to sell their home and rent it back is to avoid the bank from repossessing the home.
6. If you find yourself in debt way over your head, rather than getting rid of your home all together, you can choose to sell it. You can get the equity out of it and then rent it back. This way it is a win-win situation, you clear your debt and get to keep the home you have come to love so much.
7. With our economy getting harder and harder to deal with, it is no wonder that people can no longer afford the taxes on their homes. This could be a reason why people may want to sell their home but not necessarily leave it all together.
8. With the fall of more and more natural disasters on our economy, homeowner’s insurance premiums are on the rise. This makes it so homeowners can no longer afford to pay the insurance as well as taxes on their homes.
9. Many people have built up a great deal of equity in their home but the only way to get the equity out would be to take a loan out on a house or to sell it. Most often people do not want to leave their home but would like to have the money they built up in equity. Thankfully, there is the option to sell their home and then rent it back so they get the equity as well get to stay in the home.
10. Sometimes people no longer want the responsibility of being a homeowner. The economy being as tight as it is today, more and more people are walking away from their homes. The rate of bankruptcy and foreclosures are on a world record high. This can be a solution to the problem that way the homeowner can keep their credit in good standing and the bank doesn’t have an unwanted home on their hands.

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