Tag Archives: real estate

SO YOU WANT TO FSBO?  WHAT’S A FSBO (pronounced Fizzbo)? REASONS WHY YOU SHOULD NOT TRY FOR SALE BY OWNER

Fsbo is the real estate lingo for For Sale By Owner.

Homeowners who try to sell their home on their own should know this may not be a good idea.

Studies Show You NET More Money with a Realtor.

Homeowners believe that they will save the real estate commission by selling on their own.  The Buyer knows that the Seller is trying to save money by FSBOing thus the Buyer off the bat offers an additional 3% less off the sales price.  Statistics show a medium home sold by owner sells for $218K while a home SOLD by a Realtor sells for $246K.  Listing with a Realtor may not get you $28K more for your home, however, it does show that selling on your own can cost you more Dollars.

 

FSBOing is More Difficult than ever Before to Sell Your Home

It is amazing how much paper work is involved to close a transaction in the real estate industry.  When I first started selling it was 2 pages now it’s 20-25 pages to close a deal.  The reason is because of Agency, Disclaimers, and Disclosures, which have become mandatory in most states through out the country.  The number of FSBOs has decreased approximately 10% over the last 15+ years.

 

Exposure to Find Buyer’s on the Internet

Buyers search the internet more than ever to find a home.  A few years ago it was 70% of Buyer’s search the internet to find information now it is more likely 90%.  What kind of strategy would a FSBO have to find a Buyer on the internet?  Not much.  Some platforms on the internet do not allow FSBOs to be advertised.  A strong internet marketing plan is important.

 

It’s Not Just the Realtor You Have to Negotiate With

The Buyer’s Agent, the one who negotiates from beginning to closing wants to receive a fee.  The Title Company wants a fee including the Attorney not to mention title search problems that may arise.  How about the Appraiser, who is scrutinized more than ever for their work by the government and banks.  Home Inspector who works for the Buyer’s always finds something wrong with the home.

 

Remember Friends don’t let Friends try it on their own hire a Professional Realtor. Call, email, or text Jennifer and Frank Goswitz, The Goswitz Team at 865-806-3238 or 865-218-1159

Knoxville Market Update for June 2013

Here is the MLS Market Trend Report for June 2013.

 

Scroll down to view the Market Trend Reports from the previous months.

Knoxville’s Real Estate Market Update

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Since January of 2013 homes for sale in the Knoxville area in the price range from $400,000 or less have improved considerably over the past few years. Homes priced between $400,000 and $500,000 are selling however the home must be in great condition with plenty of upgrades and exceptional landscaping.  The upper priced bracket home over $500,000 has decreased considerably from what was selling in 2004 – 2006.  The reason is the economy and fewer Buyers are not willing to spend that kind of money for a home because of uncertainty.

The good news for homes in the upper price range is HAFA and HAMP have extended the expiration date for homes “underwater” until December 31, 2015 according to CDPE.  This program offers assistance to homeowners through Fannie Mae and Freddie Mac who have completed over 2.6 million foreclosure prevention actions.   Currently we do not see this happening in the market.

 

                                                                        STATISTICS FROM MLS

                                                                                    PRICE RANGE

                                                <$400,000     $400,000 -500,000  $500,000+

Active Listings                           2,392                       142                          341

Under Contract                          1,090                          37                           52

SOLD   (since 1/1/13+)              1,943                            90                          69

The above stats include the entire Knoxville area.   Look for next month’s blog as we will cover certain areas, North, South, East and West.

Until we read again … May the Frank Be With You.  If you know of any one thinking of Buying or Selling Real Estate in the Knoxville area please let us know.  All The Best!

 

 

Deal of the Month!!

HELPFUL TIPS IN PREPARING FOR SALE & HOME INSPECTION

 

HERE ARE 20 HELPFUL TIPS IN PREPARING YOUR HOME FOR SALE AND FOR A HOME INSPECTION

  1. Remove boxes, storage items, materials and tools from attic and crawl space openings.
  2. Clean the roof & gutters, remove leaves and sticks, etc. from the valleys.
  3. Direct all roof rain-water from down spouts away from foundation of the house.
  4. Verify that window and doors (interior/exterior) will open and close smoothly.
  5. Replace all burned-out light bulbs and test smoke detectors.
  6. Remove wood contacting the ground in the crawl space or any rotting wood or firewood that is next to the house (this will attract termites).
  7. Make sure all toilets are properly secured to the floor and repair any water leaks.
  8. Move items away from HVAC unit (inside and outside) & away from water heater.
  9. Clean or replace dirty HVAC unit filters, fireplace, chimney and/or wood stove.
  10. Cut limbs and branches which are or may contact the roof or exterior of the house.
  11. Remove any vines growing into the siding or soffits.
  12. Verify operability or exterior lighting & sprinkler system and make repairs as necessary.
  13. Caulk or patch cracking in concrete driveway & seal cracking asphalt driveways.
  14. Verify soundness of exterior & interior steps & security of guard rails/railings.
  15. Paint and caulk any weathered siding, and trim and replace any wood rot.
  16. Check automatic garage door opener to reverse during closing when contacting an object.
  17. Remove dirt and mulch that is contacts the exterior wood siding.
  18. Caulk open joints around bath tub and showers.
  19. Repair plumbing leaks in drains & fixtures (tub, shower, toilet & sink) in bathroom(s) so they are operable and functional.
  20. Verify the crawl space is dry and that a vapor barrier is installed.

 

This will be a great start to trying to sell your home as buyers will notice the maintenance you have done to the property and will also insure a smooth home inspection unless there are underlying problems that you are unaware of.

Call Jennifer & Frank Goswitz 865-218-1159  RE/MAX Preferred Properties

Boost Your Home’s Value part 1

With the real estate market being competitive, you want to make sure YOUR home stands out to any buyer that walks through the door.  Here are a few TIPS to

“Modernize Living Areas”

  • Try a fresh coat of paint.  You would be amazed at how fresh and clean your home will feel with new wall color.  Try to stay neutral but that doesn’t mean go boring white or beige!  Try the taupes and light grays, they are great for living areas and bedrooms.  It seems for kitchens, buyers prefer more “cheery” colors, such as pale yellow or soft greens!
  • Change hardware and switch plates.  I’m sure you have heard that changing hardware on your cabinetry can make a world of difference, and it truly can…but take it one step further and replace the outlet & switch covers.  Depending on the feel you want through your home, you may want to try the satin nickel or the oil-rubbed bronze.  It makes your rooms look more fresh and new.
  • Clutter-be-gone.  Probably the most important item to achieve when selling your home is to get rid of clutter.  You may have to rent a storage unit but having the clutter gone will make the rooms appear move spacious and larger.  Buyers like open floor plans but this helps even with an older home that do not have them.

One thing you want to do when you are selling your home is walk up the driveway and to your front door.  The way a potential buyer would walk to your door.  Notice the landscaping, curb appeal and how the front porch and front door looks as you approach it.  A fresh coat of paint on the front door can do wonders and conceal scratches and fading from the sun.  The most popular colors that appeal to buyers are black and red (as long as it matches your homes color), but don’t go overboard with the color.  A little goes a long way!