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Wednesday, May 28, 2014
FOR SALE: Virtual Tour for 10169 Tamarack Street NW
Monday, May 26, 2014
Are you "one of those" home sellers?
For some home sellers, they can get in their own way and prevent themselves from selling for the highest amount of money in the least amount of time... or even selling their house at all. Are you one of them? Read on and find out!
Virtually every seller — every human, even — can fall victim to what behavioral economists call “endowment bias”: the belief that something you own is worth more than the value you would place on it if it belonged to someone else.
The same goes for overconfidence: Due to the emotional attachments and the money, time, sweat and energy many sellers have invested in their homes, it’s not at all bizarre for them to start out being overly confident in how their home will stack up against the competition, how much they will get for it, or how rapidly it will fly off the market.
Your home is only worth what the market dictates. It's not personal. Can you accept the market price? If not, you are the highest bidder for you home and you should not waste your time (or anyone else's) listing your home for sale.
Some people approach everything in the world with endowment bias. They simply, as a rule, cannot see the other side of any argument or understand why everyone in the world doesn’t hold their same positions and views.
2. “Cling-ons”
Some people are clinging to their home or are not ready or willing to move on to the next phase of their lives. These sellers may simply be going through the motions of listing at the urging of family members, their real therapist or their financial advisers, but are subconsciously sabotaging their own sale with their rigid, counterproductive behavior.
If you are having a severe internal conflict about moving on, it might be your sign to hold off until you are more accepting of the change.
3. Self-sabatogers
A sure-fire sign of the self-sabotagers are sellers who’ve already listed with half the agents in the market and have failed to sell their home.
It's time to meet with an agent that is straight forward and not offering cut-rate commission. Take their advice and hire them. If you don't like their advice, it's probably the honesty you neglected to get from your previous agents. If you can't handle their advice, it's not the right time for you to sell.
4. Advice-a-phobes
If you are not interested in the feedback of the market on your home, or hearing the hard truth about the price or condition of your home, you will have a hard time selling.
Consider negotiating an inspection, staging and a price reduction timeline at the time of signing the listing agreement. This way, you will know what's coming and it will be easier to stay on the same page with your agent and prevent having to make changes during the listing that may cost you the sale.
5. Gotcha! types.
Gotcha types are the types who are constantly looking for a way to trip up their agent — constantly asking you questions, not because they want the answers, but because they want to catch a mistake, start an argument or debate, or otherwise make the point that they are smarter and wiser. Gotcha types are often the sellers who don’t believe that agents deserve to make the commissions they get paid, and spend more of their time trying to prove that you don’t deserve it or that they could do a better job (even with zero professional experience or training).
Many smart, sensible, sane sellers will actually interview the agent at the listing appointment or later inquire about your thoughts on market dynamics and how they should factor them into their personal decision-making and selling strategy. If they decide the agent is competent to sell their home, they will actually value and want to know their agent's opinion and factor it in, even if they don’t follow your advice verbatim.
If you are the Gotcha type, there’s simply no way to win. If your home sells quickly for the price they got, they will be upset they didn't set the price higher. If it lags on the market because they overpriced it or didn't get it "showing perfect", they will fault the agent for not being a good enough marketer, smart enough strategist or persuasive enough negotiator to lure some poor sucker into paying tens of thousands of dollars more than the place is worth.
If you think you could do a better job selling your home than an agent, try it.
6. Finger-pointers.
Finger-pointers are the sellers who are constantly looking outside of themselves for the reasons their transactions will not work, are not working or didn’t work. These folks view themselves as victims of the crazy market, nefarious agents, unscrupulous mortgage lenders, lowballing buyers, and the list goes on.
As a result, finger pointers fail to appreciate and use the very significant power every seller has over their transaction. They refuse to understand the critical nature of their own pricing decision. They are passive in the way they select agents in the first place, almost setting themselves up to be able to blame the agent when they run into problems down the road (“I loved your marketing plan, but I have to work with my hairdresser’s babysitter’s cousin, because of the relationships involved. Sigh, I just have no choice.”)
These are the sellers who will insist they are simply unable to proactively set a smart listing price, and are forced to overprice, powerless as they are against the market, the fact that they are upside-down, the fact that they need a certain amount of cash to move, and the fact that they took out a bunch of cash against their home at the top of the market — these are the sellers who will simply refuse to understand that none of these items have a thing to do with the value of their home or the dollar amount a buyer will pay for it.
Finger-pointers commonly do the very minimum they must to move a transaction forward, and are also prone to be lackadaisical with disclosures. Of course, if and when the buyer sues two, five or 10 years down the road, the finger-pointing seller blames the buyer, the inspectors and even their own agent for not somehow divining the fact that the sewer has backed up three times in the year prior to listing and making sure that made it into the disclosures.
These are the sorts of sellers who, even when they are selling multimillion-dollar properties, will commonly demand their agent dip into their commission to resolve bargaining impasses with would-be buyers, or to resolve repair issues that surface during inspections.
If you are not ready to take responsibility for the condition of your home, doing your part to protect your own butt, understanding the market and working cooperatively to sell your home, selling will be a painful, angry process for you.
Need help working through your selling anxieties or the complexities of the local market? Schedule a confidential appointment today and get honest advice.
Living in a Staged Home
What home selling tips are the most important for sellers to know?
Housing Market Updates
Sunday, May 18, 2014
Housing Forecast through 2015 by the National Association of REALTORS®
Housing Market and Economic Outlook 5/15/2014
These slides are extracted from the presentation given by Lawrence Yun, Ph.D., NAR Chief Economist, to the Residential Real Estate Forum at the 2014 REALTORS® Party Convention & Trade Expo in Washington, DC on May 15, 2014.
Recent Home Sales Slowdown Causes
- Bad winter
- Lack of Inventory
- Fast Rising Home Prices
- Mortgage Difficulties
- Mortgage Rate Increases
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| Monetary Policy |
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| Economic Forecast |
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| Pent Up Housing Demand |
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| Housing Forecast - 2014 existing home sales lower than 2013 and 2015 |
Get started with your local home search here: http://sarahmarrinan.kwrealty.com/search/
Ready to sell? Get your information here:
http://callsarahfirst.yourkwagent.com/atj/user/SellerResourceGetAction.do
Friday, May 16, 2014
Mortgages: Types of loan products are available
So, You Need To Get A Home Loan
If you want to buy a house and you don't have enough cash in the bank, you'll need to get a home loan. In addition to comparing mortgage lenders, you'll have three main considerations when choosing your loan.
1) Government-Insured vs. Conventional Loans
So you'll have to choose between a fixed and adjustable-rate type of mortgage, as explained in the previous section. But there are other choices as well. You'll also have to decide whether you want to use a government-insured home loan (such as FHA or VA), or a conventional "regular" type of loan. The differences between these two mortgage types are covered below.Government-Insured vs. Conventional Loans
A conventional home loan is one that is not insured or guaranteed by the federal government in any way. This distinguishes it from the three government-backed mortgage types explained below (FHA, VA and USDA).Government-insured home loans include the following:
FHA Loans
The Federal Housing Administration (FHA) mortgage insurance program is managed by the Department of Housing and Urban Development (HUD), which is a department of the federal government. FHA loans are available to all types of borrowers, not just first-time buyers. The government insures the lender against losses that might result from borrower default. Advantage: This program allows you to make a down payment as low as 3.5% of the purchase price. Disadvantage: You'll have to pay for mortgage insurance, which will increase the size of your monthly payments. See also: Pros and Cons of First-Time Homebuyer Loans on Realtor.com
VA Loans
The U.S. Department of Veterans Affairs (VA) offers a loan program to military service members and their families. Similar to the FHA program, these types of mortgages are guaranteed by the federal government. This means the VA will reimburse the lender for any losses that may result from borrower default. The primary advantage of this program (and it's a big one) is that borrowers can receive 100% financing for the purchase of a home. That means no down payment whatsoever.
Learn more: VA loan eligibility requirements
USDA / RD Loans
The United States Department of Agriculture (USDA) offers a loan program for rural borrowers who meet certain income requirements. This is sometimes referred to as an "RD loan" or "Rural Development loan." The program is managed by the Rural Housing Service (RHS), which is part of the Department of Agriculture. This type of mortgage loan is offered to "rural residents who have a steady, low or modest income, and yet are unable to obtain adequate housing through conventional financing." Income must be no higher than 115% of the adjusted area median income [AMI]. The AMI varies by county.
Learn more about using a USDA loan in Minnesota: USDA borrower eligibility website
Combining: It's important to note that borrowers can combine the types of mortgage types explained above. For example, you might choose an FHA loan with a fixed interest rate, or a conventional home loan with an adjustable rate (ARM).
(It's more than just getting a loan. Find more home buying help!)
2) Jumbo vs. Conforming Loan
There is another distinction that needs to be made, and it's based on the size of the loan. Depending on the amount you are trying to borrow, you might fall into either the jumbo or conforming category.Here's the difference between these two mortgage types.
A conforming loan is one that meets the underwriting guidelines of Fannie Mae or Freddie Mac, particularly where size is concerned. Fannie and Freddie are the two government-controlled corporations that purchase and sell mortgage-backed securities (MBS). Simply put, they buy loans from the lenders who generate them, and then sell them to investors via Wall Street. A conforming loan falls within their maximum size limits, and otherwise "conforms" to pre-established criteria.
A jumbo loan, on the other hand, exceeds the conforming loan limits established by Fannie Mae and Freddie Mac. This type of mortgage represents a higher risk for the lender, mainly due to its size. As a result, jumbo borrowers typically must have excellent credit and larger down payments, when compared to conforming loans. Interest rates are generally higher with the jumbo products, as well.
3) Adjustable vs. Fixed Rate
All loans fit into one of these two categories (or a combination "hybrid" category). Do you want a fixed-rate or an adjustable-rate mortgage loan? Both of these types of mortgages have certain pros and cons associated with them.Here are the pros and cons in a nutshell: The ARM loan starts off with a lower rate than the fixed type of loan, but it has the uncertainty of adjustments later on. With an adjustable mortgage product, the rate and monthly payments can rise over time. The primary benefit of a fixed loan is that the rate and monthly payments never change. But you will pay for that stability through higher interest charges, when compared to the initial rate of an ARM.
To further explain, here's the primary difference between the two types:
Adjustable-rate mortgage loans (ARMs) have an interest rate that will change or "adjust" from time to time. Typically, the rate on an ARM will change every year after an initial period of remaining fixed. It is therefore referred to as a "hybrid" product. A hybrid ARM loan is one that starts off with a fixed or unchanging interest rate, before switching over to an adjustable rate. For instance, the 5/1 ARM loan carries a fixed rate of interest for the first five years, after which it begins to adjust every one year, or annually. That's what the 5 and the 1 signify in the name.
Fixed-rate mortgage loans have the same interest rate for the entire repayment term. Because of this, the size of your monthly payment will stay the same, month after month, and year after year. It will never change. This is true even for long-term financing options, such as the 30-year fixed-rate loan. It has the same interest rate, and the same monthly payment, for the entire term.
Looking for more information on getting a mortgage in MN? Contact me and I will be glad to refer you to great Twin Cities lenders.
Other article sources: http://www.homebuyinginstitute.com/mortgagetypes.php#ixzz3NI6VcPF5
Sunday, May 11, 2014
Friday, May 9, 2014
Home For Sale: 1616 Wexford Way, Woodbury, MN 55125
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Sarah Marrinan | Keller Williams Premier Realty | 651-964-0289
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1616 Wexford Way, Woodbury, MN
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Wednesday, May 7, 2014
VIDEO Homes for sale - 9104 Altman Court, Inver Grove Heights, MN 55077
Homes for sale - 9104 Altman Court, Inver Grove Heights, MN 55077
Property Site: http://ift.tt/1Fn8Xov
This well appointed home in an exclusive neighborhood of estate homes boasts all the space and amenities you desire.
See the virtual tour and property details!
Close to all the local amenities with easy freeway access. Rosemount-Apple Valley-Eagan schools Bedrooms: 4 Bathrooms: 2 full, 1 three-quarter and 1 half bathrooms Square Feet: 4800 Price: $650,000 MLS ID: 4476897
For more information about this property, please contact Sarah Marrinan at or SarahMarrinan@KW.com.
You can also text 2009110 to 67299.
Thursday, May 1, 2014
Sold before it hit the MLS!
This seller has accepted an offer on her Hugo townhome before we even had a chance to get the photographer out! Your home could be next! Contact me today!
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