THE VIEW FROM OAK PARK
The Official Krisztina Blogsite
My “Krisztina’s 1 Minute Home Tips” Series will be continuing into the foreseeable future, and my latest instalment tackles buying and selling in today’s market. As we all know, the market is slowing and properties are taking a little bit longer to sell. So, make sure you SELL FIRST, ask for a longer closing and then go find that dream home! That is, of course, unless you can afford to carry 2 properties simultaneously. (And if that’s you, you’re probably not even reading this particular Blog!!) It is particularly important that you choose an Agent that is looking out for your best interests. The Agent relationship is short but intense, so make sure you have both a comfort level and a confidence level with that person. Especially in this market, I don’t recommend using the Listing Agent of the home you may have found through an Open House as their interests lay primarily with the Seller. You want an Agent who is knowledgeable, understands the area and is up to date on the local market trends. Find the right Agent and they WILL save you money!! Whether you are selling or buying, demand to see the latest market trends, area comparables and most recent local sales. This will help you in determining your list price or your offer. And finally, I want to emphasize, DO NOT ASSUME EVERY PROPERTY IS OVERPRICED! A good Listing Agent will set the listing price at Fair Market Value. Listen to your own Agent to set your offer. Despite a slow market, depending on the knowledge (and persuasiveness with the homeowner!!) of the Listing Agent, Fair Market Value might just be the Asking Price. And about “Fair Market Value”…keep in mind this is like taking the current temperature of the area. It’s NOT about what you originally paid for your property. It’s not about how much you’ve invested into your property. It’s about the CURRENT VALUE!! Fair Market Value can swing $50,000 up or down within months depending on external factors – interest rates, employment rates, recent sales etc. And on that note, BEWARE OF OVER-IMPROVEMENTS. Just because you want certain upgrades to your home does not necessarily mean they will add to the market value of your property. In fact, if you’re thinking of making improvements, talk to an expert about the best places in your home to invest…and where you want to keep the expenses down. I’m always happy to talk to homeowners about upgrades – whether they’re my clients or potential future clients. So, don’t hesitate to call, and good luck on your Housing Quest!!
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