Archive for June, 2009
Seven Money-Saving Tips for Moving
June 25th, 2009 Categories: Moving Tips & Advice, Relocation Information
You are planning a move. Maybe it’s voluntary; maybe not. Nevertheless, you are planning to move and you need to sell your present home. You want a fair profit. Your goal is to get as much money out of the sale of your home as you can, to recoup some of the time and investment you’ve put into it over the years. But you also realize you don’t have a lot of time. You need a relatively quick sale.
That’s the dilemma. 
How do you decide how much to ask for your house in order to secure a fair profit and generate a quick sale at the same time – with the least amount of headache and hassle?
Take heart. It’s possible.
Regardless of the market – be it hot or cold; regardless of the season – be it summer or winter; and regardless of the fact the house down the street has been sitting on the market forever without any takers – you can accomplish the goal of selling your home fast and at a fair price if you follow a few simple principles.
1. Think of the building you are preparing to sell as a house – not your home. You must detach yourself emotionally from the sale of your property and view it as just another commodity for sale on the open market. It is no more and no less a residential property for sale to a buyer who is ready, willing, and able to purchase it.
2. Realize what you think your house is worth has absolutely no merit. Being a commodity on the open market, a house is only worth what other people are willing to pay for that particular style of house, in that particular area, and at this particular time.
3. Determine prices of comparable houses. A lender always hires a professional appraiser to evaluate the value of a house before underwriting a loan. The most important factor an appraiser uses in determining the value of a house is the reliable data gathered from comparing the selling price of similar properties in style, size, location, and relative time frame – usually 30 to 60 days.
4. Hire an appraiser to give you a documented opinion as to your house’s value. Realize, however, the appraisal you receive is only the appraiser’s professional opinion based on reliable market data – but it is only an opinion. Only a buyer willing to put money in your pocket can tell you what your house is actually worth. And be aware that appraisals are often too high – appraisers are more likely to overstate the value of a house rather than understate it.
5. Ask a broker for help. Another way to help determine what your house is fairly worth is to ask a real estate agent. Many agents offer a free “comparative market analysis” in the hope you will list your house with them. Get the broker’s opinions in writing and obtain at least three appraisals from different brokers. This will protect you from a common but tragic practice of telling you what you want to hear. In the trade it is called “buying the listing” and it happens with appalling frequency.
6. Learn the asking prices of similar houses for sale. While actual sales prices of recently sold houses are the best source of information, knowing the asking prices of houses still on the market will give an idea of the top range of market values in your area.
7. Gain an overall view of the local housing market. Is the market hot or cold? Is it a buyer’s market or seller’s market? It is also helpful to know the total inventory of houses currently on the market in relation to the number of houses currently pending sale. For instance if 356 houses are for sale and 42 houses are pending sale, the ratio is 1:8. This means there is one buyer per eight houses for sale. Called a “Total Market Analysis,” this data can be the most powerful information you can gather to best position your house for a fast, profitable sale.
(Bonus) Price your own home. Given all the above data you should now be in a position to determine an asking price for your house which will ensure a fair profit and a fast sale. The trick is to price your home a little below current asking prices and a little higher than actual selling prices. The actual price you choose would best be determined by a total market analysis and would ensure a lot of buyer activity as well as providing you a fair, over market profit. It’s like having your cake and eating it too! 
With the right information, you can price your house to sell for the most money, in the shortest amount of time, and with the least amount of hassle. Simply follow the seven basic principles and you are well on your way to a fast, profitable sale.
If you would like in depth information on how to best price your home for a quick, profitable sale as well as receive a free, complimentary “Total Market Analysis” - contact the HotOnRealEstate Team at 877-571-2289 or, if you prefer to receive more information by mail, just drop us an email at suejohnson@windermere.com 24 hours, day or night!
| Currently 1 Comment »
What If Your Chimney Fell On Your Neighbor? Cover Yourself With An Umbrella!
June 8th, 2009 Categories: Escondido, Insurance Services, Moving Tips & Advice, Rancho Bernardo
What if your chimney fell on your neighbor, injuring him and ruining his expensive sports car, and you wind up facing a $500,000 judgment? If your homeowner’s policy pays a maximum $300,000 for liability, you would be in a tight spot. Where will the rest come from – future earnings, selling your home, forfeiting an inheritance? 
One way to help protect your assets from settlements that exceed the coverage limits of your homeowner’s and auto policies is to purchase personal umbrella liability insurance.
An umbrella policy gets its name because it provides an extra layer of protection in the event you exceed the maximum limits of your other liability insurance. Umbrella policies are usually sold in increments of $1 million, and they typically require deductibles equal to the coverage limits on your homeowner’s and auto policies.
Not Just for the Rich
Juries typically don’t take into account a defendant’s ability to pay when deciding the amount of an award, so exposure to risk can affect people at all income levels. Just having a swimming pool or a teenager could expose you to additional risk. If you don’t have enough liability coverage to resolve a claim or a lawsuit, the plaintiff could go after your house or other assets.
Not Just for Home or Auto
Many umbrella policies include coverage for things excluded on standard auto, renter’s, and homeowner’s policies such as libel, slander, invasion of privacy, defamation of character, or other personal injuries. Some umbrella policies also provide coverage if you face personal liability arising from your service as a board member of a civic, charitable, or religious organization.
When you review your insurance coverage, consider the added protection an umbrella liability policy can offer. A policy can be designed to fit your particular situation and potentially grow with you and your family.
If you would like additional information on umbrella coverage and to get a free no obligation quote, please call me at 760-466-1588. I’m available to discuss your situation and help you get the coverage right. You can also email me at jdobson@jblpremier.com.
| Currently No Comments »
