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Real Estate Survival Guide

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1. Gauge your need to sell. Define your goals for the next 5-10 years. Weigh the pros and cons of selling your house. Figure out if you can afford to sell, move and buy a new home. Calculate your home equity. Research the local housing market. Consider remodeling the home to fit your needs. Weigh the pros and cons of renting out your home. 2. Calculate your selling expenses. List the repairs and projects you'll have to do to get your home in selling condition and estimate the costs of hiring supplies and contractors. See what projects you can afford and adjust how much you expect to get for selling your home. To get top dollar, consider remodeling projects and green upgrades that increase your home value. Expect to pay about 7 percent to 10 percent of the home's sale price in closing costs, including real estate agent commissions, transfer taxes and prorated property taxes. And factor in these costs: Professional home inspection Capital gains t...
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7 Negotiating Tips for Homebuyers

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7 Negotiating Tips for Homebuyers Remember these tips during the deal-making process of your home purchase. #1: BE QUICK ON THE UPTAKE  It is critical to respond to counteroffers as soon as possible and to avoid making a counteroffer with any term that is not truly a deal breaker. Delays in responding leave space open for another buyer to step in and create a bidding war, or even more likely, for the seller to perceive that other serious buyers might be out there. A seller's mere perception of a hint of a whiff of the scent of a potential bidding war is a homebuyer's number one nemesis, ratcheting up the possible sales price in the seller's head on an exponential basis. #2: CUT IN THE MIDDLE (WO)MAN  When you want to ask or tell the seller something, always always always go through your real estate agent, who will communicate your request or concern to the seller's agent. I know it seems inefficient, but it is truly a rookie move to contact the seller di...
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