Reasons to hire a real estate agent by Carrie Colby

With so much information readily available online, clients sometimes ask me, “Why should we hire real estate agent?” They wonder, and rightfully so if they couldn’t buy or sell a home through the internet or regular marketing and advertising channels without representation, without a real estate agent.

Some do okay choosing that route, but many don’t. If you’ve wondered the same thing, here are a few reasons why you might want to consider hiring a professional real estate agent:

Education and experience

You don’t need to know everything about buying and selling real estate if you hire a real estate professional who does. Henry Ford once said that when you hire people who are smarter than you are, it proves you are smarter than they are. The trick is to find the right person. Why not hire a person with more education and experience than you? We’re all looking for more precious time in our lives, and hiring pros gives us that time.

Agents are buffers

Agents take the spam out of your property showings and visits. If you’re a buyer of new homes, your agent will whip out her sword and keep the builder’s agents at bay, preventing them from biting or nipping at your heels. If you’re a seller, your agent will filter all those phone calls that lead to nowhere from “lookie loos” and try to induce serious buyers to write an offer immediately.

Neighborhood knowledge

Agents either possess intimate knowledge or they know where to find the industry buzz about your neighborhood. They can identify comparable sales and hand these facts to you, in addition to pointing you in the direction where you can find more data on schools, crime or demographics. For example, you may know that a home down the street was on the market for $350,000, but an agent will know it had upgrades and sold at $285,000 after 65 days on the market and after twice falling out of escrow.

Market conditions information

Real estate agents can disclose market conditions, which will govern your selling or buying process. Many factors determine how you will proceed. Data such as the average per square foot cost of similar homes, median and average sales prices, average days on market and ratios of list-to-sold prices, among other criteria, will have a huge bearing on what you ultimately decide to do.

Professional networking

Real estate agents network with other professionals, many of whom provide services that you will need to buy or sell. Agents can give you a list of references with whom they have worked and provide background information to help you make a wise selection.

Negotiation skills and confidentiality

Top producing agents negotiate well because, unlike most buyers and sellers, they can remove themselves from the emotional aspects of the transaction and because they are skilled. It’s part of their job description. Good agents are not messengers, delivering buyer’s offers to sellers and vice versa. They are professionals who are trained to present their client’s case in the best light and agree to hold client information confidential from competing interests.

Handling volumes of paperwork

Today’s purchase agreements run ten pages or more. That does not include the federal and state mandated disclosures nor disclosures dictated by local custom. Most real estate files average thicknesses from one to three inches of paper. One tiny mistake or omission could land you in court or cost you thousands. In some states, lawyers handle the disclosures, thank goodness!

Answer questions after closing

Even the smoothest transactions that close without complications can come back to haunt. For example, taxing authorities that collect property tax assessments, doc stamps or transfer tax can fall months behind and mix up invoices, but one call to your agent can straighten out the confusion. Many questions can pop up that were overlooked in the excitement of closing. Good agents stand by ready to assist. Worthy and honest agents don’t leave you in the dust to fend for yourself.

Develop relationships for future business

The basis for an agent’s success and continued career in real estate is referrals. Few agents would survive if their livelihood was dependent on consistently drumming up new business. This emphasis gives agents strong incentives to make certain clients are happy and satisfied. It also means that an agent who stays in the business will be there for you when you need to hire an agent again. Many will periodically mail market updates to you to keep you informed and to stay in touch.

Should I sell my home now or wait until spring by Richie Vraux

Now that you have spruced up your home and made it look the best it can, should you list with the agent you have selected, or should you wait until spring- when all the other properties get listed?

The answer to those questions is clear and simple: List it now

There are several factors why. First, the competition is much less and most of the tire kickers, those who appear to be interested in purchasing a home but have no intention of doing so, lose interest in the fall. But most importantly, most of the homes have sold during the summer and people are beginning to get busy with fall and preparing themselves for holiday activities.

With a shortage of homes to sell in our area, you have a better chance to sell before the snow flies and everyone hunkers down for the long winters months. Because the market has been so saturated during the summer, now it’s been easier to show, and the buyers now are more serious. Sellers may consider more reasonable offers because the market is more flexible, and you will be more empowered to make the decision in the selling process with offers you may get with selling your home.

As the cooler season sets in, I always recommend starting a fire in the fireplace to set the tone for buyers walking into your home, getting that warm and fuzzy feeling stepping out from the cold. The ambiance of a warm fire does something for the soul. There is something about the fall that makes one feel alive and knowing you are coming home to a warm fire.

Also, there are great tax breaks to the buyers purchasing a home now. If you close before the end of the year you can write off your mortgage interest. You won't believe how much those monies add up. Since lending institutions take most of their interest within the first 5 years, you won't believe the benefits you will reap. Get ready for a windfall.

So, if you are considering selling- list it now and make your future plans while interest rates are still reasonably low, and our economy is still strong. You never know what the future will bring.

Richie Vraux is a Realtor/ Broker with RE/MAX with more than 20 years’ experience. If you need advice either to buying or selling- Call Richie @ 317 1297

Is it time to consider a condominium? By Kevin Ronan

As inventory for residential properties in Cumberland and York Counties continues to be low, a condominium or townhouse may be a good alternative to a single-family home. Local purchase prices for a condominium may be lower than a single-family home and as an owner you enjoy the added benefit of having external repairs and maintenance taken care of by the homeowners association (HOA). 

If you are exploring a condominium, it is important to be familiar with

some relevant terms and language. Please be aware that the rules and regulations may be different in different states. With the help of a local Realtor® you can access the information you need to make an informed decision. Let's start with some of the following basics. 

The Homeowners Association (HOA) refers to a group of owners. If you purchase a property in the condominium complex, you automatically become a member of the HOA with voting rights on all HOA topics.

A Board of Directors composed of condominium homeowners are elected to represent the members of the association. The Board is there to enforce rules, access financing, change bylaws, establish capital reserves and work with the property management company. 

The association is required to generate meeting minutes which highlight all board and association discussions. As a potential buyer, you may request meeting minutes. Common topics include elections, length of service and member voting guidelines. You may hear the term proxy which simply refers to a document that allows members of the homeowners association to vote in the event that they cannot attend any scheduled homeowners meeting. The bylaws will define the rules which governs the operations of the Board of Directors.

Most HOAs have a budget outlining routine expense line items such as landscaping and plowing. The budget also should include any out of the ordinary project expenses planned in the near future. 

Look out for any planned special assessments that require owners to pay in addition to normal monthly fees. Special assessments can be for anything including roof replacement, chimney repairs, exterior painting or replacing exterior siding. These special assessments can be quite significant and needs to be factored into your purchase decision.

Common areas are shared areas available to owners and their guests. 

Shared areas are paid for by the HOA as part of the monthly charges.  Examples of this may be a community pool, parking lots, tennis courts and the property grounds.

In the State of Maine, a buyer can expect the present condominium owner to provide to you, the buyer, a resale certificate. The resale certificate will include any restrictions on conveyance or sale of the unit, monthly expenses, anticipated capital expenditure, a recent balance sheet and expense statement, association bylaws and rules and regulations.

You may hear the term proxy which simply refers to a document that allows members of the homeowners association to vote in the event that they cannot attend any scheduled homeowners meeting.

I hope this information assists you in your residential property search. At the time of this article there were 256 condominium or townhouses for sale or sale pending in Cumberland County alone, at some price points greatly increasing the inventory available. You can anticipate list prices ranging from $145k- 1.5 million, with condominiums offering many of the same features of  single-family houses. Buyers, enjoy your search!

Kevin Ronan, Associate Broker affiliated with Alliance Realty, 290 Bridgeton Road, Westbrook brought this article to you. Kronan388@gmail.com, 207-838-4855

Price sells homes by Nicole Foster

You only get one chance to hit the market. The single most important step in listing your home

is choosing the right sale price. It serves as the monument which indicates to buyers and agents your motivation and how reasonable you will be for them to deal with.

Work closely with a seasoned Realtor® who knows your particular market to determine a

range of value for your home. Together you can review comparable properties which have sold

in the past 180 days, monitor pending or under contract listings and see how your own

property will stack up against the current competition.

Your Realtor® can assist you by providing market data and information, but the decision is yours. As the saying goes: “We provide….you decide.” So, it is critical to give some real honest consideration to how you will achieve your desired outcome.

Variables such as what you paid for the property, how much you currently owe on it, or what

you would like to net after expenses do not impact the value of your home or influence how

much a buyer will pay for it.

When creating a pricing strategy, it is important to know that the longer a home sits on the

market the more likely you are to get offers less than your asking price or have buyers try to

negotiate with you by asking for seller concessions.

You may be tempted to place a high price point on the upper end of the established range of value,
thinking that you can just make price adjustments as necessary. However, by using this approach you can lose out on the initial excitement of being a new listing to the market and all too soon your listing will be viewed as stale instead of fresh. If you do not get showing requests immediately, that is an indication that your home is overpriced.

Selecting a price which is on the lower end of the range of value will help to generate activity and drive more traffic to your new listing. If buyers perceive your home to be an opportunity, they will want to get your home off the market to not be in competition with other offers. Buyers will understand that your listing has not yet had market exposure so will be far less likely to try and negotiate with you on the terms and price.

Making sure that your home is priced well ensures you will get the greatest number of showings

within the first two weeks of being on the market. If you are thinking about selling and want the

highest list price possible, it will be important for you to get your property on the market before

the next mortgage rate increase while we are in this same seller’s market as rates are

anticipated to reach 5.00% by January of 2019.

Nicole Foster is a Broker/ Realtor® at Locations Real Estate Group with 12 years’ experience. She is a Windham resident. Contact her at nicole@locationsinmaine.com.

Should I list my home in the fall? By Lisa DiBiase

The answer is YES! A resounding YES! While springtime might be the best time to put your home

on the market, it is not always possible for everyone to coordinate that timing. No need to worry, you can still sell your home for a good price in the fall and even the winter. Here are a few tips to consider when listing in the fall/winter.

Photos: This is your first impression online and it is recommended to keep some photos of how the property looks in the spring time when the greens are lush. You want to impress the buyer and showcase the beauty it has, not just the dead grass and trees with no leaves. You can't force the leaves to stay on the trees, but it is recommended to rake them and keep the yard as tidy as possible.

Before the weather turns cold: Make sure you have your heating system serviced and cleaned so you don't run into any problems going into the colder months. You don't want to have a furnace quit on you when you have a buyer ready to see your property.

Fewer showings: The market is hottest in the springtime, we know that. However, that does not mean there are not ready and willing buyers ready to buy! These buyers in the fall tend to be very serious and motivated. Be ready to sell

Expectations: As a seller you shouldn't have to settle for less than the home is worth just because you are selling in the fall but do be prepared for a little less fire in the belly behind the offers. Some buyers think they can make a low-ball offer looking for the “killer deal”.

To capitalize on the sellers’ market, take these points into consideration and contact a Realtor®. As I have said before, please call a local Realtor® for all your real estate needs no matter how big or small. We are trained professionals here to make your life easier. It's best to surround yourself with the right team of professionals that can continuously give you the right advice for all your circumstances.

Lisa DiBiase is a Broker/Owner. She and her company represent buyers and sellers in the Greater Portland Area. For all your real estate needs contact lisa@landinghomesmaine.com.