New Construction vs. Resale Homes, The Best Raleigh NC Real Estate

When you are buying a home, it can sometimes be a tough decision whether to buy a new Raleigh NC Real Estate property or a resale home. Typically, the price difference will lean towards the new home costing more. So, when buying a home, if you are trying to get the most bang for the buck, you may want to make sure you really investigate the resale homes on the market. On the other hand, if it means a lot to you to have a new home, there are plenty of advantages and there are always some  Raleigh NC Real Estate properties in your price range.

The Advantages of Buying a New Raleigh NC Real Estate property

There are really two types of homes when it comes to buying a new Raleigh NC Real Estate property. There is the new home that has been built and is ready to be moved into, and the home that hasn’t been built  yet and will be built to suit you. Obviously there are advantages both ways.

The advantages of the new Raleigh NC Real Estate property that has already been completed

A new Raleigh NC Real Estate property that is ready to move in has the great advantage of time on it’s side. If you are ready to move now, this is your best choice because it can take a while to have a home built for you. You will be able to move in as quickly as you can get your loan secured or if it’s a cash deal it will simply be a matter of having a real estate lawyer run a title search to make sure there are no liens on the home.

Another advantage of buying a completely finished new Raleigh NC Real Estate property is the fact that many experienced builders will have the best choices already made for the neighborhood. That means when it comes time for resale, the products chosen as features of the home and color schemes will be the most popular and will appeal to the widest range of people for each specific neighborhood and price range.

When it is up to a Raleigh NC Real Estate property buyer to choose the colors of the carpets, appliances, tile, vinyl floors, interior trim, walls, siding, exterior trim, etc… they may only go by personal choice and not have a clue what the best colors are for resale.

Resale of the Raleigh NC Real Estate property is really a big consideration because most people will move every 5 to 7 years and it will be easier to sell your home if it is in a desirable location and  all the colors  chosen are neutral. Neutral colors may not be as exciting but they are more likely to go with many other colors of home furnishings and will appeal to a wider variety of people.

The advantages of the new Raleigh NC Real Estate property that has yet to be built.

The most obvious advantage of having a new Raleigh NC Real Estate property built is that you get to choose everything about it. From the lot to the floor plan and the type exterior, whether it is brick, siding, or stone and the types of flooring  inside and everything else about the home.

Every little thing about your new Raleigh NC Real Estate property can be your personal choice and if you have plenty of time and are good with design and choosing colors, this is something that you can really be proud of. Of course you will want to set a budget from the beginning but you can still make a lot of choices on a tight budget if you want to. You can be as plain and neutral or as ornate and elaborate as you want to.

The advantages of buying a Raleigh NC Real Estate property resale.

Maybe the biggest advantage of buying a resale  Raleigh NC Real Estate property is the price will be a bit lower than for a new home. One of the biggest reasons for this is the price of the land, materials, and labor that went into the construction. All of those things were probably less when the home was built than the current prices.

Another advantage is that when you buy a brand new home, there may be construction going on in the neighborhood and you will have noise and construction traffic to deal with. So buying a resale Raleigh NC Real Estate property can mean you are moving into a quieter and safer neighborhood.

Many times an existing home will also have a much nicer landscaping design because most new homes will have either nothing planted but some grass that will take a while to come in or if there are trees and shrubs planted, they will be very young and small. So if you buy an existing Raleigh NC Real Estate property, the previous homeowner may have done a lot of work outside and the landscaping design work will already be taken care of.

An existing resale Raleigh NC Real Estate property many times will also have a lot of little things already added too. There may be window treatments, decks, walkways and exterior lighting, fencing, etc… that really add a lot but you may not be able to afford to do on a new Raleigh NC Real Estate property. These things can make your home a lot more comfortable from the start.

Whether you want to buy a new Raleigh NC Real Estate property or a resale, there are some great advantages either way. One huge thing to keep in mind though is, it is a lot easier to find what you are looking for in a Raleigh NC Real Estate property if you find a Realtor in Raleigh NC first. You simply tell your personal real estate agent what you want in a home and they will do the searching for you.

Your personal agent can do a daily search and send you the homes that fit what you want straight to your email inbox. That way, all you have to do to see what is on the market is check your email. When you find some Raleigh NC Real Estate properties that you are interested in, just let your agent know and they will set up appointments for you to view the homes.

If the homes are currently occupied, the home owners will leave and if the Raleigh NC Real Estate property is unoccupied, your Raleigh Realtor will get the code to open the door for you.

Tips for Choosing Raleigh NC Real Estate Listings with Good Resale Value

Raleigh NC real estate listings are properties that are classified as fixed assets. Most other assets will lose value over time but Raleigh NC Real Estate listings will grow in value over time. That is one reason it is a wise decision and a great investment to buy a home. Almost no one lives in the same home for their whole life. That means there usually comes a point when you want to buy a different home.

Reasons for Buying a Different Raleigh NC Real Estate Listing

Life is full of change and that is really the only thing that doesn’t change. Life’s changes from time to time mean you need to start shopping through Raleigh NC real estate listings. Some of the more common reasons for doing this are; Your company has decided to relocate either the whole company or just you, you may have received a nice raise and want to get a bigger home, you may have a child on the way and need more rooms in your home, you may have recently had children move out and want to downsize, or you may just be ready for a change. Some people just have it in their blood like gypsies.

Either way, you will want to get the best price possible for your current home since it has become a part of your life and you will want to find another Raleigh NC real estate listing that will have a good resale value in the future. It just makes good sense to spend a little more time to make sure there will be no trouble with selling a home in the future before you even buy one. You never know when life’s changes will cause you to move again. It may take a little more effort but it is time well spent because it is another investment in your future finances.

These 5 Tips Will Help You Find That Raleigh NC Real Estate Listing with Great Resale Value

1.       Location – It is the best place to start because if you choose a Raleigh NC real estate listing that is in a location that others will want to be moving to, you will have a lot more prospective buyers when you decide to sell. Homes situated in high demand areas like top choice subdivisions or in growing towns will definitely be easy to sell. Another plus is they will very likely grow more in value than other areas.

2.       Sometimes you not only have to know what to look for but also what to avoid. A Raleigh NC real estate listing with outdated features is something to avoid. If the heating systems, bathrooms, kitchens, paint, ceilings, etc… are all in need of upgrading you may want to keep looking. Chances are the other houses in the neighborhood are all in similar shape and there will not be a huge percentage of people who want to move there.

3.       Make sure you are well versed on the available Raleigh NC real estate listings. It is important to know what the prime home buyers will be looking for in each area and knowing which features will be in demand. Families will see more value in houses on cul-de-sacs or no outlet streets because that means there will be less traffic and senior citizens will be focused on finding single level homes.

4.       Homes that only need cosmetic updates are often priced below market value and they can be great deals. It could very well be worth your money to invest in a Raleigh NC real estate listing that only needs some paint, carpet, appliances, and a few fixtures. These types of upgrades can give a home a brand new look and enhance the appeal. Just make sure you use high quality products and professional workmanship.

5.       Find a good experienced real estate agent who is familiar with the area so it will be easier to find Raleigh NC real estate listings that will be in demand. Some things to keep in mind are that closets, natural lighting, nice landscaping, and a scenic view always gets buyers attention. Considering a home’s resale value before you buy just makes good business sense. You don’t have to sacrifice your needs though. Prioritize what you need in a home and consider its resale value, and don’t hesitate to consult your Raleigh Realtor because they know what buyers want in any given area and they are the professionals.

Your best course of action for finding a Raleigh NC real estate listing with a high resale value is to choose a real estate agent and let them do the searching for you. They can do searches every day and send you the Raleigh NC real estate listings that fit with what you are looking for so all you need to do to see what is now available is check your email in-box.

When you are buying or selling real estate, you need to have a Realtor who is a good negotiator. That is a great reason for choosing one that is experienced. An experienced Raleigh Realtor will understand that to be successful with negotiating, there are three keys to success that will always help: preparation, preparation, and preparation.

If you fail to build a strategy up front, you will only be able to take stabs at getting a good deal. If you want to set yourself up for a win – win situation, you will need to prepare in advance and formulate a fall back plan. This is the key to any deal.

Real Estate Negotiating Tip:  Have a Fall Back Plan

When negotiating a real estate deal you should never get to the place where you just have to take a deal. The downfall of many negotiators is caused by having unrealistic expectations going in. It is very likely your first proposal will never be accepted and an experienced and realistic negotiator will prepare for that in advance. In fact, they may even count on that and use that opening salvo as a feeling out process.

A very important step in the preparation of any real estate negotiation is to have a scaled back position that is perfectly acceptable and is very likely to meet with the opponent’s approval. Having this thought out up front can save a lot of time and anxiety for the customer. There is nothing worse than to keep on trying to make a deal work that will make nobody happy.

Know When to Walk Away From a Real Estate Deal

A realistic negotiator will always take the fall back one step further in advance. It is very important to know what the limits are and to have an exit strategy or what some would call the ‘walk away’ position. When a  deal gets to this point, where the opponent is asking for more than your client is prepared to give, or wanting your client to make too large of a concession, it is important to have an exit strategy.

If you are getting limited results and you are frustrated with what you are achieving for your clients in your real estate negotiations, the answer for you is to spend more time in preparation and think about the possible responses your opponents will have in advance.

A good real estate negotiator should establish three positions

1.    Best case scenario, or what does the  client really, really want the deal to be.
2.    Have a position that is perfectly acceptable, if not ideal, but very realistic from the opponent’s point of view.
3.    Know what the breaking point or the “walk away’ position is so you can end negotiations and move on which saves a lot of time.

You can add confidence and power to all your words and negotiations when you practice these three positions. By anticipating and preparing exactly where your negotiations can go up front you will not have to waste time on any deal by wondering if your real estate client will accept the current proposal.

Contingency – This is a contract with a provision that outlines certain conditions of the contract. It simply means that the agreement is not fully and legally binding unless certain conditions are met. For example: a buyer may have a contingency agreement that the contract is not legally binding until there has been a home inspection and any repairs over an agreed upon cost are taken care of by the seller.

4B/2B - This stands for 4 bedrooms and 2 bathrooms. Usually a bedroom is defined as a room with a window and a closet but this definition will vary in some regions. A half bath usually means it has only a toilet and a sink and is sometimes called a powder room. A three quarter bath usually means there is a toilet, sink, and a shower. A full bathroom means there is a toilet, sink, and a bathtub.

Assum Fin – this term usually means assumable financing.

CMA – This stands for comparative or competitive market analysis. It is a report showing the prices of homes of comparative value that were closed recently or are still on the market.

Closing costs – Generally, closing costs are paid through escrow. When a real estate deal closes, there is an entire package of miscellaneous expenses that are paid by the buyer and the seller including: title transfer taxes, brokerage commissions, mortgage-related fees, recording fees, title insurance, escrow or attorney’s settlement fees, etc…Your real estate agent should explain this up front. It is up to the buyers agent to suggest using and explain this to the buyer and it is up to the listing agent to explain and clarify this to the seller.

Expansion pot’l -  This means there is the potential for expansion. Whether the lot has room for additions on the ground floor or the zoning codes have no restrictions of adding a an upper level.

Dk – This stands for deck or sun deck.

Fab pentrm – This stands for fabulous pentroom and simply means there is a room under the roof but on the top floor that has great views from more than one wall.

Frplc, fplc, FP – All these stand for fireplace.

FDR – This one means formal dining room.

Gar – This one is for garage and if you see gard. – that is for garden.

Fixture – If there is something of value and it is permanently  attached to the property, it is classified as a fixture. Typically, if something is movable it is personal property and if it is attached it is part of the property. Some examples are carpeting, light fixtures, window coverings, landscaping and so on. Since these things are typically the cause of disputes it is always best to put it in writing as part of the offer to purchase.

Large E-2 plan – This usually means the floor plan is one of several available units in a specific building.

Grmet kit – Gourmet kitchen.

Hi ceils – high ceilings.

HDW, HWF, Hdwd – hardwood floors.

Lsd pkg – leased parking.

In-law potential – This means there is the potential for a separate apartment  for an in-law or renter to live in.

Lo dues – Some neighborhoods have a homeowners association with annual or monthly dues and this means the dues ar in the low range.

MLS – Multiple Listing Service is an organization where information about all properties is collected and organized . These are open for the public to view but you have to be a licensed real estate agent, broker, or realtor to place a listing and they are for regional coverage. They do not cover the whole nation.

Listing – This is an agreement between a home owner and a real estate agent or broker for the agent to arrange the marketing and the sale of a real estate property. The term can also refer to the property itself when a real estate agent is used to sell the property. For example, ” This great real estate agent has sold 3 listings on one street in the last month.”

Nr bst schls – Near the best schools.

Pvt – private.

Pot’l – potential.

Lock box – This is a device that real estate agents typically attach to a door with a combination lock so a key can be stored inside. That way a buyers agent can show a house to a potential buyer while no one is home and without the listing agent‘s presence.

Vw, vu, vus, vws – View(s)

Pwdr rm – powder room

Upr – upper room

Title insurance – This is an insurance policy that protects the interests of the owner or lender from assorted types of fraudulent claims or unexpected claims of ownership. This is to protect the buyer and it is customary for the buyer to pay for this policy as part of the mortgage.

REALTOR® – Real estate agent or broker who is a member of the National Association of Realtors. Not all real estate agents are Realtors.

When you use a professional real estate agent that is truly looking out for your best interests, you will know that there is no question they will not answer for you so if you don’t know – ASK! Don’t hesitate to ask whatever you want to know about your Realtor in Raleigh NC.

]]> http://realtorinraleighnc.com/real-estate-lingo-and-acronyms-explained/feed/ 0 http://realtorinraleighnc.com/7-steps-to-finding-the-right-realtor-in-raleigh-nc-2/ http://realtorinraleighnc.com/7-steps-to-finding-the-right-realtor-in-raleigh-nc-2/#comments Sun, 17 Oct 2010 18:11:40 +0000 carolina http://realtorinraleighnc.com/?p=63 Have you ever heard of the 80/20 rule and wondered if it applies to a Realtor in Raleigh NC? It applies to most things in life. You earn 80% of your money from 20% of your efforts. 20% of the pros make 80% of the money. It holds true for Realtors also. 20% of Realtors wind up doing 80% of the business. So how do you find the best real estate agent for you? The best agent for you is not the one that has the most listings, works at the largest brokerages, or does the most advertising. The best agent for you is the one that listens to your needs and wants, has the time to spend with you, and that you like well enough to trust and confide in.

Here are seven things to look for when choosing the right Realtor in Raleigh NC.

1. Realtors and real estate agents:

In North Carolina you have to have your broker’s license to be a real estate agent. But you do not have to be a Realtor to be an agent. Realtors belong to the National Association of Realtors and pledge to follow the Realtors Code of Ethics , which are a comprehensive list containing 17 articles and standards of practice. This code establishes higher levels of conduct than ordinary business practices and less than half of all agents are Realtors.

2. Referrals:

Real estate agents stay in business because they get referrals and satisfied customers who return. You should always ask around to see if any of your friends or family knows of any good agents. Successful agents make it a point to make sure their clients are satisfied and happy. The agent that your friends proclaim the loudest as being great will probably be the one the goes out of the way to help you.

3. Find agents online:

There are plenty of agents to be found online but that doesn’t mean a lot. They may be the ones paying the most money for web designs and SEO (search engine optimization). Find an agent near you and interview them and see if it is a good fit. You cannot like everyone and all agents will not fit your personality style. Find one you like!

4. Open Houses:

You can meet some agents at open houses and have a chance to interact with them. You will also be able to ask questions and collect business cards. Get the cards, ask questions, and take notes. Pat attention to how the agent treats you and others. Does he/she talk on the phone the whole time, sit and read a book, or greet each person and ask what they are looking for in a house.

5. Results:

The agent with the most signs may be the one with trouble selling them. Check out when a sign goes up in the neighborhood. Keep track of how long before a sold sign goes up. A lot of times a quick turnaround means the agent is good for that area.

6. Advertising:

Realtors get two benefits from advertising. The first benefit is to showcase the specific property. But they also get to advertise themselves. Find agents who are advertising property in your area and ask them about their experience.

7. Recommendations from other professionals:

Get referrals from other agents. Agent will refer buyers to buyer’s agents and buyer’s agents will refer clients to listing agents. Many will do both but some will only do one or the other and there are some who only do commercial work. Call a broker and ask for a recommendation. Pros will recommend other Pros.

If you are serious about buying a house, you need to get someone who is a good fit, very experienced, ans has plenty of time to work with you. If you keep use one or more of these seven tips or insights you will be able to choose a great Realtor in Raleigh NC.

You need to understand the loyalties and duties of a Realtor in Raleigh NC before you start talking to one. Then you will know the types of questions that will help you choose the right real estate agent for your needs.
Common misconceptions about buying a home.

• I’ll get the best price if I find my own house and call the number on the sign in the yard. – This is a tricky one. It depends on how you approach the discussion with the listing agent. The agent on the sign is a listing agent and their loyalty lies with the seller. Their job is to try to get the most money for the house they can. A seller’s agent can work with the buyer as a dual agent but you need to be careful about what you say to the agent until you have signed a Buyer Agency Agreement. If there is no agreement, it is the agents’ duty to tell the seller anything you say including if you say what the top dollar you would pay is. A dual agent cannot do that but you should learn exactly what the laws in your state are as they differ in each state.
• I was told I had to sign a Buyer Agency agreement before the agent would work with me and now I do not want to work with that person. – Most of the time you will know if you want to work with someone before it gets that far but if you are unsure there are some options if you know about them. You could ask them to make the agreement for a short time period like a few days or a week. You could ask them to work on a verbal agreement. You could ask if they have a non-exclusive agreement that would not tie you exclusively to them. Or you could just not disclose and confidential information to them. If all of those options do not work you probably would be better off finding your own agent to work with them.
• If I call lots of agents I will be able to find more homes to look at. – This can actually work against you. You may forget what you said to one agent or what you sent to them. All houses for sale go to Multiple Listing Services so every agent has the same resources. Some agents may know some areas better than others but their license covers the whole state so it is in your best interests to find a buyers agent you like and stick with them.
• The best agent in town is the one with the most listings. – That agent may be good at getting listings but how busy are they going to be? If you are looking to buy a house do you think that agent is going to show you every house available to start with or maybe just the ones they have listed? If an agent can sell their own listing they stand to make more money because the commission is not split with another agent. A lot of top agents have gone to the team system and if you sign with them they may assign your case to a junior member whom you did not choose. Where is the control in that? There are some top agents that will do a great job for you but there are other agents that may have more time to spend with you. Above everything else you should interview an agent to find out if you think you can trust them.

Some things to understand about real estate agents.

1. Real Estate Agents work on a commission based pay structure. That means they only get paid when the deal is closed. They are not public servants and they do not work for free and you should not work an agent if you plan on cutting them out of the deal and using a different agent.
2. You should always keep your appointments and be on time. Use common courtesy and be respectful. Don’t think you can get an agent to drop everything they are doing and run to show you a home. You should make an appointment and then either show up or call and cancel ahead of time. There is nothing worse than driving across town and waiting for a no show.
3. Choose your own buyers agent. – If you want to work without representation (NOT recommended) and only deal with listing agents, that is your choice. But choosing and hiring your own agent can save you a lot of time and trouble. You should interview several agents and pick one you like that you think you can trust. Their loyalty will be with you, protecting your rights, and getting the best possible price on your purchase.
4. If you have an agent, DO NOT call the listing agent if you see a house you want to check out. – If you ask the listing agent to show you the house they will expect to represent you as a dual agent. A listing agent doesn’t want to do the buyers agents job so you should let the buyer’s agent do the job. Also if your buyer’s agent has already been working with you it isn’t right to cut them out of their pay.
5. There is protocol for open house. – If you go to an open house without your agent you should tell the agent on duty you have representation. A lot of times they are looking for unrepresented buyers. Make sure not to ask that agent about the seller because it is your buyer’s agent’s job to do that.
6. Sign a buyer’s agreement with your agent. – Expect to sign this agreement because it explains the agent’s duties and your rights up front. You can also ask the agent if they will release you from that agreement if you change your mind. If they refuse you should find someone who is willing.
7. You should always ask for and sign an agency agreement. – Agents are required by law to give buyers an agency disclosure. – You should read it because it is not an agreement to agency it is your proof of receipt and it is a disclosure. It simply means you have you own agent who will represent you and who owes you a fiduciary responsibility.
8. Be sure to make your expectations known. – If you want your agent to pick you up at your door or hotel then tell them. If they do not provide that they may ask you to meet at their office. Just make sure to let them know what you expect, how you will want to communicate and set some goals.
9. Do not sign any forms you have not read and completely understand. – It is your agent’s duty to explain any and all forms to you. They deal with these forms all the time but you don’t and shouldn’t be expected to know what they mean. If you have an attorney, get them to explain them to you.
10. Make sure you are ready to buy before you hire an agent. – You don’t need a buyers  agent if you aren’t ready to buy. You can go to open houses and get listing agents to show you houses but tell them up front you are just shopping around. But be honest and don’t waste an agent’s time if you are not ready to buy. If you are ready to buy take your checkbook with you because you will be expected to write an earnest money check to go with any offer you submit.

Your home buying experience will go a lot better for you if you know what real estate agents are expected to do and what your rights are. Make sure you know what you are looking for when you pick a Realtor in Raleigh NC.

• You may have to work with your Realtor for a while so it is important to keep interviewing Raleigh real estate agents until you find one you really like. Let’s face it, you can’t like everyone and it’s important to find someone you like since you will be spending time with them.
• Make sure your Raleigh Realtor has plenty of experience. There are many different ways a deal can go sour and an experienced agent can nip a lot of things in the bud to save you a lot of headaches.
• You should find out what type of schedule your Realtor in Raleigh NC works with. If they do not work evenings or on weekends and that is your only time, it will never work.
• Find out if the potential real estate agent even knows about the specific neighborhood or area where you are buying or selling. That is very important when it comes to directions, schools, parks, shopping, routes to work, and even pulling up accurate comps.
• Check with friends, family, and coworkers to see if they can refer you to someone they worked with that did a good job.

]]> http://realtorinraleighnc.com/tips-for-choosing-a-realtor-in-raleigh-nc/feed/ 0 http://realtorinraleighnc.com/why-you-need-a-realtor-in-raleigh-nc/ http://realtorinraleighnc.com/why-you-need-a-realtor-in-raleigh-nc/#comments Sat, 02 Oct 2010 17:12:47 +0000 carolina http://realtorinraleighnc.com/?p=22 You need a Realtor in Raleigh NC whether you are buying or selling a house in the area. Buying a house could very well be the biggest decision of your life and there is a lot of peace of mind that comes with having an experienced professional Raleigh real estate agent to guide you through the many pitfalls and hazards that are potentially in your path. Most people live in a house for 5 to 7 years and then they upgrade so each time they do that they are spending more money than ever before.

Even when you are downgrading in house size it can be a big decision because you are limited in your income by then. The more money your Raleigh real estate agent can save you the more comfortably you can live. It is also important to have a Realtor because of the resources they can provide. Every closing needs a trusted attorney to do a title search and determine what is really owed on a home before the deal can be finalized. Your real estate agent in Raleigh will have trusted contacts for this.

Unfortunately, disasters do happen when certain legal processes are not followed. The last thing you need is to have your home or your money tied up in limbo waiting for the courts to decide what to do. There are also things like land surveys, termite and home inspections, septic tank inspections, well water tests, appraisals, home repairs, painters, landscapers, etc… that all come into play and your Raleigh real estate agent will have trusted contacts for those people.

A real estate agent will also have a list of trusted and reliable lenders because they have to work with them every day and they know who is doing a good job and who to avoid. The lender you use can make a big difference because they will have to work with the attorney to make sure that every obligation is met when a house is sold. You just never know what liens or other problems can arise when your interests are not looked after by an experienced professional.