Laura Kubicki Realty | Lauras Choice

Fall Is In The Air!

September 1, 2016 by Laura Kubicki Leave a Comment

Our House

STILL A GREAT TIME TO SELL – OR TO BUY!

Here’s why.

FALL LAURA

In the Triad, home inventories remain historically low – down 25% from this time last year! That means, if you’re wanting to put your home up for sale, buyers out there would love the chance to see it (perhaps jazzed up a bit with some fun fall decor?) and make an offer!

And for folks looking to buy, there’s good news for you too – interest rates are still low! Not to mention cooler temperatures and fall’s beautiful color are heading our way, making it such an enjoyable time of year to look for your new home.

So if you’re ready to go, so am I! Give me a call or text at 336-413-9197 or click here to get started.

And if not…please keep me in mind for any friends or family who may be “on the move”! I’d love to help them too!

Thank you!

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My Advice to Sellers: Don’t Overprice Your Home

August 27, 2016 by Laura Kubicki Leave a Comment

Hi there! Here’s another tip for you when you’re thinking of selling your house…

One of the most well-known real estate mantras your real estate professional should tell you is this: “If you overprice your home, it will take longer to sell and it will sell for less money.” Yet, many sellers continue to believe their homes can defy market physics. I understand. You have a lot of great memories and have put a lot into your home and you want it paid back.

But the real truth is, if you really want to sell, overpricing seldom works because buyers search for homes online according to their loan qualifications. If their ceiling is $500,000, they’re not going to search for more expensive homes (in this case over $500,000), and if your home is priced at $505,000, it won’t be found by the buyers who are most qualified to buy it. And remember, when buyers can afford more, they’ll compare your home to other homes in the same price range and your home may fall short in features, location or condition.

Also, remember search price increments vary depending on scale. Buyers use $10,000 increments for $100,000 homes and $100,000 increments for million-dollar homes. Pricing just over a logical range end point like $255,000 or $505,000 will exclude that home from some search results. If you price just under a range end point, like $498,000, your home will be seen by the buyers who are most likely and able to buy your home.

And, while some buyers’ search in higher price ranges than their rounded end point, their intention is to offer less, so that makes setting a higher price for your home counterproductive. And buyers like to feel they’re getting a ‘deal’, so pricing it a little lower, could help generate the attention of multiple buyers and get the price bid up.

Your best chance of selling your home quickly for the highest price possible is to attract buyers who see your home as well priced. You’ll attract more serious buyers who make higher offers with fewer negotiations. And that my friends is what all sellers really want!

I hope this is helpful – remember for tips and other up to date real estate information – “like” me on Facebook at Laura’s Choice Realty! And don’t forget to enter your email and subscribe to Laura’s Choice!

Thanks for visiting the blog today! Come back soon…

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Earnest Money – How Much Do You Need?

July 28, 2016 by Laura Kubicki Leave a Comment

Hi Everybody!

If you’re considering buying a home (before interest rates begin to rise), thought it might be helpful to give you some basic information on earnest money, so you have a better understanding of how much cash on hand you can plan on needing when getting ready to start your property search!

Most buyers today understand they need a sizeable down payment and a strong credit score to secure a conforming home loan. But you don’t want to forget to have enough cash on hand for your earnest money deposit when making an offer on a property.

Earnest money is usually handed over to the seller’s agent, to place into an escrow account for saving until the closing date, when your transaction is completed with your closing attorney. This demonstrates to the seller that you are a serious buyer and are backing your intentions to purchase with cash.

Without this, buyers could simply make offers on many homes, essentially taking them off the market, until they chose a favorite. This of course would not be good for sellers! So, sellers rarely accept offers without some early skin in the game so to speak.

There is no set amount for an earnest money deposit – it’s negotiable. Around Winston-Salem and the Triad the average amount is around the .7% of sales price amount. That means if you and the seller agree to a contracted price of $200,000, the average amount of cash you’d need for your earnest money payment would be about $1,400. However, if there are multiple bidders, the seller may ask for up to 3% of the asking price as earnest money – it varies from sale to sale. Then, assuming the sales contract goes through settlement (or closing), that $1,400 earnest money would go towards your down payment and closing costs. If the transaction does not close, there may be a nominal transaction cancellation fee or you may get it all back.

So, I encourage you to be sure your purchase agreement clearly defines the earnest money and refund process, so you know exactly what you’re getting into and there are no surprises. Remember, you can lose earnest money through default, which would happen if you did not perform according to the terms stipulated in your specific purchase and sale agreement. Make sure that you have a clear understanding of all terms and obligations before you sign, which will make for a less stressful and happier house hunting experience!

I hope you found this information helpful and thanks for stopping by Laura’s Choice! And for more tips and information, and to join the real estate conversation be sure to “Like” Laura Kubicki Realty on Facebook! Look forward to seeing you there!

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203k Mortgages – Great Financial Tool When Buying A Home To Renovate!

July 14, 2016 by Laura Kubicki Leave a Comment

This is not Jason...:o) — This is not Jason…:o)

Hi Friends! Are you thinking of buying a property to renovate into your dream home? If so, this may be of interest to you!

Consumers often find ample value in what I’ll call distressed homes – properties that are under a foreclosure order or up for short sale. In many cases, “distressed” speaks more to the condition of the home than their recent financial histories. They may have been empty for extended periods and/or subject to vandalism and theft. But they can be a great way to get a fantastic property for a good price, while delivering you the opportunity to create your own unique dream home…think “Fixer Upper” on HGTV!

If you are considering a home in need of renovation, you should consider a 203k mortgage. It would allow you to finance both the acquisition and rehabilitation with a single loan. NICE!

There are two types of 203k loans:

203k Streamline: This is the most popular. The maximum allowable in repairs is $35,000 and does not allow any structural repairs to be done to the home (unless they’re a result of an unforeseen circumstance).

Full 203k: Allows for structural repairs and can exceed the $35,000 in home repairs. Both types allow up to $1,500 in swimming pool repairs.

Here are some other key 203k facts you’ll want to know:

Since it is based on the home’s potential value after repairs (not its existing value), you can be approved for a higher loan amount.
They carry long-term-fixed rates.
They’re insured as soon as they fund.
They include escrow accounts for the scheduled repairs.
Loan amounts are capped according to local FHA limits.
Only owner-occupied properties of one to four units qualify.
The home must be at least one year old.

You can click here for more information on 203k mortgages. Hope you find this information useful! Don’t forget to like me at Laura Kubicki Realty on Facebook too for even more great real estate information and ideas. I’m always just a couple clicks away!

Happy house hunting!

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