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December 2008

How to Tell if Your Dream Home's Price is Right

When it comes to evaluating the value of a San Antonio home for sale, there are more ways than meet the eye; like beauty, the value of a property is often in the eye of the beholder. Savvy buyers and investors use several of the following methods to determine if the price is right:

Comps: Comparing a property to others is the most commonly method of establishing price and value. Age, size, location and amenities are compared to other properties in the area. Unfortunately, this method doesn't work well for unique homes or those lacking nearby comparisons.

Income Potential: Another popular method is to determine the amount of income the property would generate if rented or used in another endeavor like a small business or hobby.

Return on Investment: Calculating the ROI is a good measure especially for those buying income producing property or 'fixers' in need of extensive renovation or repair. The ratio between money invested into the property versus the anticipated return (often using leveraged funds) is particularly useful for those who purchase real estate as an investment. For example, if your cash outlay was $10,000 and you made $2,000 your ROI would be a whopping 20%.

Replacement Cost: Inflation, taxes, permits and other costs tend to rise over time making it more costly to build a home. For example, 25 years ago many homes could be built for less than $40 per square foot while today it is difficult to find a home for less than $100 per square foot.

Tips to Sell Your Home in a Down Market

Selling a home in a down market takes more planning and preparation but with a little know-how it's still possible to get a great response with these quick tips:

Price Matters: Without a doubt, the most important consideration is to price the house right…especially if you want a quick sale. When the market was red-hot homes sold fast so it is easy to forget that historically homes are on the market an average of six months before selling. Be realistic and work with your agent to price right.

Staging & Updating: Make sure your home looks its best by updating paint, making small repairs and taking the time to properly stage your home for online and in-person viewing.

Pre-Qualify: Window-shopping is a popular past-time even when it comes to real estate. One of the benefits of working with an agent is the ability to preserve your valuable time and only entertain serious offers from qualified potential buyers.

Reach Out: Reaching the best potential buyers isn't always easy especially in a down market. It takes experience, objectivity and great marketing skills to know how to position your home to reach the right buyer. Does your home have a great view? It might be perfect as a vacation get-away. Is it located near a major International airport or business center? International buyers could be searching for a second home due to the favorable exchange rate.

Offer Incentives: Get noticed by offering buyer incentives. Buyer incentives are a welcome addition to any deal and include things like gift cards, LCD televisions or new appliances. Find out what tops the local "wish list" when it comes to amenities then calculate the cost of offering an incentive. They are an easy and effective way to capture the attention of potential buyers in a crowded market.

News You Can Use is brought to you free by:

Randy Elgin
10999 IH10W; Ste 175
San Antonio, TX, 78230
210-232-2310
SaRealtyWatch.com

Thanks for reading! If you'd like to tell me what you think about this newsletter, or if you're thinking of buying or selling real estate, please get in touch.

This newsletter and any information contained herein is intended for informational purposes only and should not be construed as legal advice. The publisher takes great efforts to ensure the accuracy of information contained in this newsletter. However, we will not be responsible for errors or omissions or any damages, howsoever caused, which result from its use. Seek competent legal counsel for advice on any legal matter. This newsletter is not intended to solicit properties currently for sale.
 
3 Useful Tips to Help You Find the Perfect Gift

Here are some tips and suggestions to spark the imagination.

The Best Gift

The best gift affirms the recipient. It doesn't have to be expensive or unusual. On The Waltons, Pa brought tears to the eyes of John Boy, an aspiring writer, with the gift of a Big Chief scribbler.

People's conversations, emails and behavior are full of clues to what affirms them and makes an inspired gift. Almost anything conceivable can be purchased online.

The Unusual

The internet is a great place to get suggestions for unusual presents. For example, try Googling a friend's hobby plus the word gift, e.g., golf gift. Dig into the results until you find something different, like a golf drink caddy that dispenses cold and hot drinks and looks like a driver ($50 - $100). Also consider:

  • Something handmade, by you, a craftsperson or an artist
  • A service rather than a thing, e.g., massage, pet sitting/grooming, catering
  • Something from a vacation to an exotic locale
Gag Gifts

Starting a gag gift tradition is a good way to make the holidays fun. For example:

  • caricature or personalized cartoon ($20 - $200)
  • A Pimp My Cubicle Kit that adds mojo to a bland workspace ($15)
  • A dog's automatic water bowl shaped like a toilet ($25)

Wondering How Much Your Home is Worth?

If you're wondering what's happening to prices in your area, or you're thinking about selling your house, I'll be able to help.

Just give my office a call for a no-fuss, professional evaluation.

I won't try to push you into listing with me or waste your time.

I'll just give you the honest facts about your home and its value.

And maybe I'll also give you the "inside scoop" on what's happening in the housing market near where you live!

Just give my office a call at 210-232-2310 to arrange an appointment.

 

Putting Your House Up For Sale? Get These Essential Tips

If you want to get the best price for your house, it's essential to prepare it for sale. Homes that have been "staged" go for a lot more money… and sell much more quickly, too.

To give you a head start, get my free guide, "50 Essential Tips to Prepare Your Home for a Speedy, Top-Price Sale."

Just call me at 210-232-2310 and I'll send it right out to you. 

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