In all my years in real estate, I haven’t met one seller who wants to give their home away. They want every single dollar they can possibly get for their home, and you can’t blame them! What if I told you you might be leaving money on the table? If your agent isn’t doing this one thing, you are pretty much guaranteed not to get top dollar for your home. You would want to know what that one thing was, right?

The Austin Real Estate Market is HOT!

If you’ve been following the Austin real estate market, you’ve seen a steady increase in Austin home values and increasing buyer demand. Homes are listed for sale and often less than a few days later, they are under contract. In extreme seller’s markets like we are seeing in Austin, some sellers and agents think it doesn’t matter what they do to market their home. There are enough buyers that it will still sell quickly and it will sell for top dollar. I argue they are wrong.

Homes that Sell for Top Dollar Show Well

Homes that are the most shown, the most talked about and receive the highest offers present themselves as a value. Remember, buyers are monitoring everything that comes up in the areas they want to live. And, everyone is using the internet as their first scouting of each home. What the seller and their agent show online matters. As a seller, you want to make your home so appealing, buyers are waiting in line to get inside. How do you do that?

Prepare Your Home to Meet the Market

Selling your biggest asset takes preparation. If you were to sell your car, you’d certainly clean it out and probably get it detailed, even though a car is worth only a fraction of what your home is worth. Take the time necessary to make your home appealing from the minute a buyer pulls up. Improve the curb appeal, declutter and clean are some basics. Here are 88 more low or no cost ideas to sell your home for more money. That’s still not the 1 thing, but it helps make that 1 thing more powerful.

Secret Weapon of Home Selling: Photos

Once you’ve prepared your home to meet it’s new owner, you want the first thing a potential buyer sees to be appealing. 98% of Austin home buyers are internet buyers. When new homes are listed for sale, they immediately get an email alert with the listing info. What’s the first thing they look at? Photos and a virtual home tour!

Make Sure Your Agent Hires a Professional Photographer

When we sell a home in Austin, no matter what the price point is, we always hire a professional photographer. Professional real estate photographers know about lighting, angles and have the equipment to capture your home in the most appealing way. We realize we know how to help people buy and sell homes, but we are far from experts at photography, so we leave that to the professionals. Why? Because we’ve seen it work time and time again.

Photos Can Make or Break a Sale

I can’t tell you how many times I’ve sent buyers a property that has a photo of half of the exterior, one of the front door, the kitchen table, toilet and outdoor patio set and they say they really aren’t interested in looking at it. Why? Because the photos are unappealing and look like something you’d find on a Craigslist yard sale page! Because I know how many times it’s usually just the case of a listing agent taking photos with their cell phone, I go and check it out for myself. When I report back the home is nothing like the photos and suggest they see it, sometimes they agree to go, but they won’t have high hopes when they get there. Many buyer’s agents who aren’t as diligent and professional as we are, won’t even go and look at the house. When their buyer tells them they don’t want to see it, they say ok and wait for the next one. Sellers lose out on qualified buyers when they don’t have great photos.

Case Study: The Inexpensive Condo

A few years back, when the market was much softer than it is today, we had an inexpensive condo for sale. It was 1 of about 10 similar condos in the same complex. It was priced on the high side and wasn’t even the nicest condo in the complex. We brought a professional photographer out and they took great photos. Not only did that unit sell for nearly list price in a market where buyers negotiated hard, but it sold faster than a couple of the other units we had been inside that were clearly nicer. The difference? Great photos!

Case Study: Dark Pictures in a Desirable Neighborhood

Not too long ago, a home came on the market in a desirable neighborhood. There were 6 dark pictures and you couldn’t see too much detail about the house. Because it was priced well based on the comps, we decided to take a look at it in spite of the awful photos. When we got there, the house was 100% nicer than the pictures showed. The floor plan was open and bright and the kitchens and baths were updated (all items that drive up values). Ultimately, the property did have multiple offers, but $500 over list price got it in a market where they probably should have gotten at least a few thousand over given the asking price and condition. This seller definitely left money on the table and I am sure it was due to the pictures. The pictures did not generate enough interest to get qualified, interested buyers out to see it and drive up the price.

Case Study: The Golf Course Home

A few years back we had a client who was considering relocating to Austin and wanted a golf course home. When we were preparing to meet with them, we checked out several homes and found one that was priced well but wasn’t selling. The pictures were marginal at best. But, knowing they would like the location, we checked it out anyway. When we got there, we were pleasantly surprised. It was 150% nicer than what the pictures showed and it was priced right. Our clients thought the same. Ultimately, the client did not get the job transfer, so they didn’t buy the house and the house did not sell. Coincidentally, we were called by the home owner a couple of months later to discuss selling their home. We showed them how their home had been marketed before and told them the story of this buyer. They agreed the photos were of the worst possible places in the house and did not show their home as they saw it. If the agent had spent the money to bring out a professional photographer, that house would have sold long before we ever saw it.

Examples are Endless

I could go on and on with story after story about how agents have done their sellers a huge disservice by not hiring a great, professional real estate photographer. Many of them don’t want to spend the couple hundred bucks it costs and decide they can shoot a few pictures with their cell phone for free. Next time you are bored at home, take a look through MLS and see what types of photos you see. I guarantee you will find your own long list of examples.

Is Selling Your Home for Top Dollar Important to You?

It sure would be important to me! Take the time to interview agents and find one that knows how to make your home the best value on the market. We have a pretty unique home selling program that is designed to sell your home for top dollar. We even create a custom for sale sign for your home that shows the best interior pictures of your home, not our faces. 100% of our program is designed to promote your home, not our brand. Read more about our home selling system on our Austin Home Sellers page. Then, call us at (512) 827-8323, email us at info@11OaksRealty.com, or fill out our Home Seller Intake Survey to get started.

How Much is My Austin Home Worth?

Our Market Snapshot tool can help you estimate what your Austin home might be worth. Unlike most other online home value estimators that base their estimates on unreliable public records, our Market Snapshot tool bases the analysis on the same data Realtors use, making the value much more accurate. If you’re curious to find out how much your Austin home is worth, all we need is your address and your email. Simply fill out the form below and we’ll get the Market Snapshot for your home sent to you right away. Need a more detailed analysis? Try our Qualified Home Evaluation.

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For decades real estate agents have been holding public open houses to display homes listed for sale. The effectiveness of open houses as a marketing vehicle has been debated by agents and consumers almost interminably, however several points must be considered. Sellers should be informed about the truths and risks of open houses before they agree to invite strangers into their homes just because their Realtor wants them to.

Realtors Use Open Houses as Bait for New Business

Clearly, there are pro’s and con’s about just who benefits from holding a home open. Make no mistake about it: Realtors use open houses to troll for buyers, but not necessarily a buyer for the specific home being held open. In fact, it’s highly unlikely that a prospective home buyer will spontaneously stumble upon the perfect home as a result of an afternoon drive. That means very often your home is used as bait for the Realtor to find his or her next client. Home buyers who tour open houses are at the beginning stages of their home search and haven’t hired a Realtor yet. These home buyers are at least 30-60 days out at best and in this booming Austin real estate market, your home will already be sold when they are ready.

Mostly Nosey Neighbors Looking for Decorating Ideas

Most visitors are nosey neighbors curious about how your home is decorated. They want to go through every room and see the type of furniture the seller has and how they’ve used the space. They might be in the market to sell their home and are looking for what their competition might be. Either way, these people are not prospective buyers for your home and have no business being there.

Serious Buyers Visit an Open House on Occasion

Occasionally, agents will suggest that a buyer look at a home on their own, but that situation is usually predicated on scheduling conflicts. Most conscientious agents will want to accompany their clients to offer guidance and insights. Serious buyers visit a house with their agent to determine if the house is suitable and whether a meeting of the minds is possible. Serious buyers are not out purposelessly driving on a Sunday afternoon. They have email alerts set up and know exactly which homes are on the market in the area they’re looking.

When Are Open Houses Effective?

In some cases, having an open house may be a good idea. When your home is first listed on the market, it might make sense to have an open house and introduce it to the market. Though the neighbors aren’t in the market to buy a home, they might know someone who is. If they get inside and it looks like something their friend or family member might like, they might call them and get them over to see it. The chances the open house will sell your home is likely next to nothing, so know if you decide you’d rather not allow unaccompanied strangers to troll through your home, you won’t miss out on the best buyers.

How to Make an Open House Most Successful

If you decide an open house is right for you, here are several ideas that will help make it most successful

• Prepare the house like you did when you had the photography shoot
• Put the house in impeccable showing condition
• Open the drapes, set a comfortable temperature and enhance the home’s aroma
• Turn on all the lights
• Leave the house
• Remove all your valuables – this includes prescription medication

How Your Realtor Can Help Make the Open House Most Successful

Here are a few tips you can ask your Realtor to do to help make the open house most successful.

• On the Wednesday before the open house, distribute flyers to surrounding homes in the neighborhood announcing the open house
• Verify that the MLS has the correct date and time of the open house
• Place as many open house signs around the neighborhood as the law allows
• Don’t ask visitors to sign-in as it is off putting

Serious Buyers Use the Internet to Find Homes in Austin

Almost all buyers today shop online especially for homes. So it’s no secret that your home is for sale. If your MLS listing has loads of great photographs and an accurate, detailed description of your home’s features and amenities, interested buyers will schedule an appointment with their buyer’s agent. However, a home unrealistically priced with poor or no photos and inaccurate details will be ignored, even if the house down the street is open as well.

Do You Really Want Unaccompanied Strangers in Your Home?

If you are selling, consider whether having unaccompanied strangers in your home is worth the risk. Remember the agent holding the home open is physically incapable of being with every buyer all the time. The MLS was created so professional agents can bring their clients to view your home. Their identity is recorded and access is time noted. Many people feel that open houses are an invasion of privacy to some degree and studies show that open houses are relatively ineffective as a marketing tool as compared to the MLS and the Internet.

Considering Selling Your Home in Austin?

Thinking about selling your home in Austin? Looking for a Realtor who will tell you the truth about selling and the Austin real estate market? Someone who won’t use your home to get our next client and knows how to expose your home to the most number of qualified buyers? Check out our Austin Home Sellers page to learn about our unique home selling system designed to get sellers the highest price in the shortest time. Then, call us at (512) 827-8323 or email us at info@11OaksRealty.com to schedule a no obligation consultation.

How Much is My Home Worth?

To help give you an idea of what your home could sell for, check out our Market Snapshot Tool. With just your zip code, we can give you detailed info about recent sales in your neighborhood – including sold prices. Need a more qualified range of what your home is worth in today’s market? Try our Qualified Home Evaluation where one of our home selling specialists will prepare a more detailed analysis with the upper limit of your home’s value.

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The right list price will attract able buyers who make solid offers, getting you every dollar your home is worth. Getting it right from the start is an art form and also the key to creating an appearance of value to more than one buyer. When your home catches the eye of more than one buyer, you have a chance to have multiple bidders, which will drive up the price. Will setting the right price from the beginning ensure multiple offers? No. But setting a price that is too high will ensure you have no interested buyers.

Factors that Shouldn’t Influence List Price

When setting a list price for your home, you’ll want to recognize the factors that may prompt you to raise your asking price too much when it isn’t warranted. Some of those factors include:

• Upgrades that don’t translate dollar for dollar
• Your need for money
• You’re moving to a higher-priced area
• Your original purchase price was too high
• You lack factual comparable sales to demonstrate your home’s market value
• You want bargaining room
• Your motivations; Do you really need to make the move?

What IS Your Home Worth?

Your home is worth only what a buyer will pay at this time in this market. Setting a price based only on your needs and wants without regard to the motivations of buyers will be counter-productive and enormously frustrating.

Establish a Priority List

You’ll want to establish your priority list: Are you more concerned with selling quickly or getting the most money possible for your Austin home? You’ll also want to contemplate whether you think the real estate agent’s suggested price is reasonable – can it be defended? Would you pay that amount if you were a buyer?

Thinking of Selling? Get a Professional Opinion

Austin homes in some neighborhoods are selling quickly right now and there is something of a shortage in the most highly desirable neighborhoods. But things always change – such is the nature of the real estate market – remember 2008? If you are thinking of selling your Austin home, get a professional opinion of what your home could sell for in this market at this time.

How We Approach Pricing a Home in Austin

We approach pricing a bit differently. This unique approach helps us help you set a market appropriate price from the very beginning and is one of the reason’s homes we list sell faster and for more money. Check out our article, Pricing a Home in Austin to learn more.

Ready to Sell Your Austin Home?

If you need to sell your home faster and for more money, you owe it to yourself to check out the best Home Selling System in Austin. We have a combined 55+ years experience selling homes in all price ranges and can sell yours too. Call us at (512) 827-8323, email us at info@11OaksRealty, or fill out our Seller Survey to schedule a no obligation consultation.

How Much is My Austin Home Worth?

Our Market Snapshot tool can help you estimate what your Austin home might be worth. Unlike most other online home value estimators that base their estimates on unreliable public records, our Market Snapshot tool bases the analysis on the same data Realtors use, making the value much more accurate. If you’re curious to find out how much your Austin home is worth, all we need is your address and your email. Simply fill out the form below and we’ll get the Market Snapshot for your home sent to you right away. Need a more detailed analysis? Try our Qualified Home Evaluation.

The post Setting the Right List Price When Selling Your Home appeared first on Austin Neighborhoods | Austin Home Buyer Representation | Selling.

When you’ve decided it’s time to sell, you want your home to be as appealing to potential buyers as possible. If you’re like most, you’re willing to spend a little money on improvements, but you don’t want to waste money on upgrades that won’t see a return on investment. We’ve worked with hundreds of buyers over the years and have noticed it isn’t always the most expensive remodels that make them choose a house. In fact, unless the house has the design selections a buyer would have made (which happens less often than you think), they often tell me they would prefer a house that wasn’t upgraded so they don’t have to pay for upgrades they will eventually redo. Expensive remodels, though appealing to the right buyer, may not always be the best way to maximize your return on investment when it comes time to sell. Focus on these 7 inexpensive upgrades if you want to maximize your ROI and make your home more appealing to buyers without breaking the bank.

7 Inexpensive Upgrades to Maximize ROI for Sellers

Below we’ve put together a list of 7 inexpensive upgrades for sellers looking to get the most bang for their buck. Most of these improvements are under a few hundred bucks (some even less) and are all upgrades that create excitement with potential buyers.

Lighting Fixtures

You’d be surprised how changing lighting fixtures can completely change the look of a house. You can transform a dated, tired home into a nearly new looking home with just light fixtures. Whether the fixtures in your home are dated or are cheap looking, they are worth upgrading.

Consider installing lighted ceiling fans in bedrooms and public rooms to show energy efficiency. Modern looking fixtures in bathrooms are essential as they give the appearance of an upgraded bathroom. Kitchen lighting is the same. Replace those cheap looking fluorescent tube lights that you’ll find in most apartments with a more modern fixture. There are even some that simulate track lighting, which will give the appearance of an upgraded kitchen.

Changing out fixtures can be a do it yourself job or a simple handyman job – no need to hire an electrician. Most handymen are comfortable changing fixtures and will charge you a fraction of what an electrician will.

Door Hardware

Door hardware is another inexpensive upgrade that really dates a house. Changing out those gold or bronze handles for a polished or satin nickel will instantly make your house appear newer than it really is. Door hardware is typically a less than $10 per door fix and can easily be changed out with a power screw driver. No handyman necessary for this fix.

Kitchen and Bath Faucets

A fancy kitchen faucet is another way to make your kitchen look like it’s gotten a fresh makeover. This is one item you can splurge a little on. The faucets that turn on by motion or the pull down faucets you find in most higher end kitchens are getting less expensive and buyers will be impressed. For some reason, the kitchen sink is one spot most buyers make a point to explore.

Bathroom faucets are another easy upgrade to draw attention away from the dated color of the bathroom cabinets. These don’t have to be too fancy, but need to be an appealing color (like nickel) that today’s buyers are looking for. Don’t buy the bottom of the line faucet, one level above basic is fine.

Faucets can be a do it yourself thing, but if you don’t have the right tools, it can be a frustrating process. A handyman usually doesn’t charge too much to switch those out (we paid $25 a faucet) and if you aren’t experienced, this is well worth the money.

Master Bathroom Shower Head

Master bathroom showers are one place where most buyers spend extra time exploring. Showers are a big deal for most buyers. You don’t have to have the biggest or most luxurious looking shower to get their attention. Install a great shower head and they will focus on that instead of the dated shower door.

Fresh Paint

A fresh coat of paint can also transform space, especially if your walls are dirty, or if you have off putting wall colors or large murals. We helped a buyer find a house and it had a huge mural painted on the living room wall. The mural was mostly black and though I’m sure it meant something to the current owner, it was very overwhelming to a new buyer and this house sat on the market. Our buyer could see through the mural and bought the house, but told me it took six coats of paint and primer to erase it.

Another example is a house that has unusually dirty walls – say from pets or kids. The rest of the house could be immaculate, but buyers will focus on the tired walls. Help buyers focus on the other upgrades you installed by painting the walls a neutral color. And – don’t forget to pain the front door!

Home Automation

Home automation has gotten quite a bit of attention from buyers lately. The home automation companies have done a great job promoting the benefits of energy efficiency and the “coolness factor” of being able to change the temperature of their house from their iPhone. Whether or not a buyer needs this technology, they want it and are willing to pay more to get it. Things like Nest Thermostats, security systems monitored on your phone and key code front door locks are hugely popular. These are under $300 each and can easily be installed yourself.

Stainless Steel Color Appliances

Many appliance makers are now making stainless steel color appliances, which are a lot less expensive than their stainless steel counterparts. Most buyers are only looking for the appearance of stainless steel and some won’t even know the difference, so why spend the extra money if you are upgrading to sell? Stainless steel color appliances are something most every buyer will want when they upgrade. Don’t spend the money on design choices – like granite, cabinets, backsplashes – that might not match the buyers taste. Instead, spend the money on the appliances and buyers will make it worth your while.

Want a More Personalized List of Inexpensive Upgrades for Your Home?

Selling your home isn’t plug and play. Though we can make these generalized lists of things you can do to make your home appealing to buyers, it helps to have a more targeted list specific to your home. If you’re considering selling, have one of our home selling specialists come out to your house and help you make a targeted list of things you can do to maximize your return on investment. Simply fill out our Seller Survey and one of our home selling specialists will contact you to schedule an in-home consultation.

Thinking About Selling Your Home in Austin?

We can help! We have a combined 58+ years experience in real estate, we know the Austin real estate market and have undoubtedly the best home marketing plan in Austin. If you’re looking for someone who will market your house, not use your house to get their next buyer client, call us at (512) 827-8323, email us at info@11OaksRealty.com or fill out our Seller Survey to schedule a time to talk. Not convinced we’re the right people yet? Check out our Austin Home Sellers section for more info about our proven home selling system guaranteed to get you the most money in the shortest time.

How Much is My Austin Home Worth?

Our Market Snapshot tool can help you estimate what your Austin home might be worth. Unlike most other online home value estimators that base their estimates on unreliable public records, our Market Snapshot tool bases the analysis on the same data Realtors use, making the value much more accurate. If you’re curious to find out how much your Austin home is worth, all we need is your address and your email. Simply fill out the form below and we’ll get the Market Snapshot for your home sent to you right away. Need a more detailed analysis? Try our Qualified Home Evaluation.

The post 7 Inexpensive Upgrades to Maximize ROI for Sellers appeared first on Austin Neighborhoods | Austin Home Buyer Representation | Selling.

Several major studies on the effect of language in real estate marketing descriptions have revealed using certain words can result in a lower sales price and longer marketing time. How your home, or your situation, is described may unintentionally imply a sense of desperation, the need for extensive renovations, or that you would accept a low ball offer. If you don’t want home buyers drawing the wrong conclusions, you might want to take a second look at how your home is being described. Here are the 6 words or phrases that you want to make sure to avoid.

Motivated Seller

While you may genuinely want to sell your home, you’re probably not interested in giving it away. According to the studies, the word “motivated” implies a sense of desperation and invites an opportunity to lowball. Instead of undermining your bargaining position from the get-go, use emotionally charged words that emphasize the merits of the house, rather than your motivation.

Handyman’s Special

There seems to be a lot of baggage associated with using this phase. It makes buyers question. What’s wrong with the house? How much work is needed to make the house suitable? Will a lender make a loan on the property? “Handyman’s special” rules out buyers who are insecure about their ability to make even simplest repairs. The buyers it doesn’t scare off will discount their offers according to their estimate of repair costs. Then, negotiate further after the inspection.

Good Buy

Who determines whether a house is a good buy? In reality, the buyer does. If you are told something is a good buy, don’t you immediately want to ask “why?” Most buyers would, and then would dig deeper, finding more reasons not to buy your home. Using “good buy” in the description leads to more aggressive negotiations and lower sales prices. Instead, describe the merits of the home and let buyers determine whether or not it is a good buy for them.

Vacant

Feedback from the studies indicate that buyers reading the term “vacant” assumed the seller was financially distressed, struggling to pay two mortgages. Though the buyer will be able to see the house is vacant in photos, use your home’s marketing description to help them focus on the merits of the property rather than its present occupancy. Create a blank slate where they can envision themselves living there.

Extensive Renovations and Repairs

Studies showed using the phrases “extensive renovations,” “recent repairs” or “major repairs” carried a widespread, negative connotation for buyers. Even describing repairs in the agent’s remarks portion of the MLS (not visible to buyers) was damaging to the seller’s negotiating strength and the ultimate sales price. The focus on repairs caused buyers to ask many more questions about the quality and workmanship of the repairs.

Great Location

If the property is, in fact, in a great location, every buyer knows it. If it is not, it’s a lie, and every buyer will wonder what else you are fudging. Consider using the quality of the school district as a direct influence on the home’s value and identify the school. For most home buyers, school quality is their top priority.

How Should Your Home Be Described?

Sell the benefits of your home, not the facts and features. Facts don’t sell homes, feelings do. Buyers want to know what it might be like to live in your home and neighborhood. What have you liked most about living there? What will you miss when you leave? Buying a home for top dollar is about buying a lifestyle. Tell the buyer, in emotional terms, how your home will enhance their lifestyle. Buyers will pay more for the intangibles they can only get with your home.

Looking for a Realtor Who Understands How to Sell to Today’s Buyer?

Today’s buyers are willing to pay more for homes in Austin, especially if they can convince themselves your home is special and not a commodity. We understand how today’s buyers think and can help you market your home in a way that attracts more showings and more money in your pocket. Check out our Austin Home Sellers section for more about our proven home selling system. Then, call us at (512) 827-8323, email us at info@11OaksRealty.com or fill out our Seller Survey to schedule a consultation.

How Much is Your Home Worth?

Let our Market Snapshot help you get a good idea – instantly – without speaking to a Realtor. Our Market Snapshot tool will break down market activity, reveal recent sold prices and help you evaluate what your home might be worth in today’s market. Need a more qualified range of what your home is worth in today’s market? Try our Qualified Home Evaluation where one of our home selling specialists will prepare a more detailed analysis for your home’s value.

The post 6 Words You Never Want to See in Your Home’s Description appeared first on Austin Neighborhoods | Austin Home Buyer Representation | Selling.

Just like buying a home, selling a home is a process. To be successful and net the most money, you don’t just wake up one day, decide to sell your house and put a sign in the yard. Selling takes proper preparation, a strategic game plan and dynamic marketing. If you’re considering selling your home in Austin, here are 18 things every first time home seller needs to know.

Spend a Considerable Amount of Time Preparing Your House to Meet It’s New Owners

Surprisingly, many homeowners spend more time preparing their cars to sell then they do preparing their homes. When selling your biggest asset, you want to make it look as appealing to as many buyers as you can. The way to do that is preparing your home to sell before you put it on the market. Things like decluttering, deep cleaning and paint can go a long way to turning your average looking house into the best value on the market. Even if you don’t have unlimited funds, there are still many things you can do to prepare to sell your home on a limited budget. Here are 7 inexpensive upgrades to maximize a seller’s ROI.

Complete as Many Homeowner Maintenance Tasks as You Can

Basic homeowner maintenance issues are 80% of most home inspection reports. Things like missing caulk, exposed wood and trees growing too close to the house are inexpensive fixes most homeowners can complete themselves. Though they are not usually serious issues, buyers often want these items addressed before they move-in. Unless stated otherwise, repairs negotiated during the transaction must be done by licensed professionals, which turns a $4 caulking job into a $300 expense. The more tasks you can complete before a buyer sees your house, the less you’ll spend on repairs.

Get a Your House Inspected Before You Put it on the Market

Pre-inspections haven’t caught on in Austin the way they have in other parts of the country. In many areas, every home seller gets their home inspected before they list it. They use it as a marketing tool and also as a way to disclose as much as they can about the condition of their home. As you’ll see below in the disclosure section, disclosure is a risk reduction tool for a seller and money well spent.

Pre-inspections allow a seller to find out what’s wrong with their home before they are blind sided by a buyer during their option period. Buyers use the inspection to renegotiate the terms of their deal and often they are successful at getting sellers to kick in money or make repairs. Getting a pre-inspection before you list your home will allow you to see what a buyer might call out and get it taken care of. If you are handy, a pre-inspection is a big money saver as it allows you to make repairs for the cost of materials only.

Hire an Experienced Realtor

An experienced Realtor is invaluable in the transaction. They’ll help you paperwork is done right, which reduces a seller’s risk. When you get an offer, they’ll tell you what aspects of the offer are customary and what aspects of the offer you should counter. They’ll also work hard to fight for your price and keep as many dollars on your side of the table as possible. Remember, not all Realtors are created equal. Here are a list of
questions to ask Realtors you’re interviewing to sell your home. This will help you hire the best possible Realtor for the job.

Insist on Professional Photos

Experienced sellers know professional photos are the secret weapon of home selling and have been proven to be worth $1,000 or more to a seller’s bottom line. Your first showing is what a buyer sees online. If they aren’t compelled to see your home in person by the pictures shown online, they won’t take the time to see it. We hire a professional photographer to shoot every single home we list – at no cost to the seller. You should insist your Realtor do the same. Here are some tips on preparing your home for a professional photographer.

Set the Right Price from Day 1 to Ensure You Get Top Dollar

The first 12 days your home is on the market is when interest is at it’s highest level. You might see increased interest after a price reduction, but it will never be as high as it was during the first twelve days. Homes that stand out to potential buyers as a value are the most talked about, first to get offers and first to sell. Position your home as a value by setting the right list price from day 1 and you’ll attract more buyers and maybe even a multiple offer situation, which is the best way to get top dollar for your home. Pricing right does not mean pricing low. Work with an experienced Realtor who knows the market and can help you set the right list price so you net the highest return.

Ensure You are Adequately Insured and You’ve Removed Trip Hazards

There are going to be quite a few people going in and out of your house. The last thing you want is someone to get hurt and find out you have inadequate insurance coverage. The first step is to check for potential trip hazards and dangers to someone who isn’t familiar with your house. Next, check with your homeowner’s insurance provider to make sure you’re adequately insured.

Consider Including Some Difficult to Move Items

If you’re planning on getting a new refrigerator, washer and dryer, or TV when you move to your new home, consider offering these items as part of the purchase. Moving heavy items can get pretty expensive and if you are planning to replace them anyway, you may as well use them to attract buyers. Remember, many buyers are spending a great deal of their savings for down payment, closing costs and moving expenses. Buying a refrigerator, washer and dryer and TV might be a stretch for them. If they are comparing your house with similar homes that don’t include these items, you’re home will likely be worth more to them. You can use the extra money (plus the money you saved moving these items) to buy new stuff that fits your new house.

Disclose All Known Defects

In Texas, a seller is required to disclose what he/she knows about the property. Completing the seller’s disclosure properly and completely is also a risk reduction tool. Several courts have held sellers responsible for damages for not disclosing what they know about the property, which can be costly. Bottom line – if there’s something you know about your home, even if the issue has been remedied, disclose it.

Consider Adding Stainless Steel Appliances and Quartz Countertops

Buyers are all looking for stainless steel appliances and Quartz countertops and many check for them before they explore the rest of the house. If they see stainless steel appliances and Quartz counters, it gets them excited about the rest of the house. If not, they judge the rest of the house more harshly than they would have if the kitchen had Quartz and stainless appliances. Though I wouldn’t recommend a total kitchen remodel to sell your home, I would recommend appliances and counters, especially in kitchens that are 10-15 years old. These two changes can make a decade old kitchen look brand new. If you have a 50-60 year old kitchen, this strategy probably won’t get you a return on your investment as a buyer is still going to see the need for an entire remodel. Our recommendation in that case would be to simply leave it as is.

Don’t Sell During Winter Unless You Have To

Winter is the slowest time of year to sell a home in Austin. People get distracted with sports, Holidays, work and the weather. Spring is the busiest home selling season in Austin and we always see higher demand. Sellers who sell during the peak Spring home buying season usually get more than those that sell during other times of the year. That being said, you might not always get a choice for when you have to sell your home. If you have to sell during winter, here are some tips for how to sell your home faster in Winter.

Leave Your House for Buyer Showings

The fastest way to encourage a buyer to leave your home before they’re ready is to hover over them while they’re looking at your house. It is awkward enough for a buyer to tour your home without feeling like they’re snooping. You being there just makes them nervous and doesn’t allow them to envision themselves living there. I know it’s tough to live in a home while you’re trying to sell it, but, discouraging buyers from falling in love with your house will only prolong your inconvenience. Make a plan to get out of the house when you have a showing scheduled, even if that means walking to the park or driving around the neighborhood.

Don’t Turn Down Showings

If a Realtor with a buyer wants to show your house and they give you adequate notice, don’t turn down a showing because it is inconvenient thinking they’ll just reschedule. Often times buyers come from out of the area and have limited time to see homes. Other times buyers find something else they like before they can schedule a showing of your house and move forward with it instead. Either way, turning down a showing is a missed opportunity for a qualified buyer to see your home. I know it is inconvenient, but it will be more inconvenient when the home selling process goes on for longer than it has to. Make a game plan to prepare your home for showings, so you and your family can quickly get out of the house if necessary.

Don’t Take Anything Personally

Whether it be because of some negative feedback you got, a low ball offer, a buyer who doesn’t like your choice of counters or an agent who is rude on the phone, don’t take anything personally. This is probably the hardest part of the process because it’s hard not to take an insult about your house personally. But, if you can set your emotions aside and understand some buyers go about negotiating the wrong way and others are just plain rude, you’ll have a lot less stressful home selling experience.

Respond to all “Low Ball” Offers

Sellers who don’t respond to all offers, no matter what they start at, are missing out on a huge opportunity. Most buyers who make low offers would be willing to come up, and some will come up substantially. They want to test your motivation and the market before they tell you what they’re really willing to pay for your house. Sellers who don’t respond cause buyers act emotionally and stop the negotiation process. I know you will also feel emotional and insulted when you receive a low ball offer. But, if you act emotionally as well, you might lose a buyer who was willing to pay what you’re asking. Our recommendation is to respond to all offers and continue the conversation until you agree or can’t find common ground.

Expect a Buyer to Ask for Every Repair on the Home Inspection – and Maybe Some of Your Furniture

All buyers feel they overpaid for your house, especially in a competitive market. Instead of simply backing out, they’ll use the repair addendum to “stick it” to a “greedy” seller. They’ll ask for everything on the inspection report to be repaired and sometimes ask for personal items – like furniture or storage buildings that weren’t negotiated during the contract. This is yet another time where unemotional sellers can get more of what they want by simply acting rationally. Don’t come back with a counter amendment that is equally as infuriating to a buyer (I’ve seen a seller come back and propose to increase the price by $10k) as that will just escalate the situation. As with the strategy for responding to a low ball offer, treat this the same way. Respond with what repairs you will make and then say no if the buyer comes back with another unrealistic request. 95% of the time buyer and seller are able to come to some sort of common ground if they set their emotions aside. If you can start the negotiation process professionally, you’ll have a better chance to diffuse the situation and come to an agreement.

Expecting Buyers to Complete Inspections and Secure Financing in Unrealistic Timeframes only Sets You up for Disappointment

During the busy home buying season, we started to see sellers demanding short option periods, minimal financing contingencies and quick closes. Frustrated buyers agreed with these terms and then found they didn’t have time to do what needed to be done. Inspectors were booked up over a week in advance and lenders couldn’t process the paperwork that quickly. So, what did they do? Asked for an extension. Sellers were furious, but most agreed because they didn’t want to start all over again with another buyer. Do yourself a favor and set realistic timeframes for a buyer to complete their inspections and get financing. Or, if you want to set a short timeframe, understand a buyer will likely ask for an extension and have a plan to deal with delays.

Make Sure the Buyer is Qualified Before you Accept a Contract

When you accept a contract, you are essentially taking your home off the market. Should the house come back on the market after it was marked as “pending”, buyers are going to question what’s wrong with the house, even if it was simply a case of a buyer changing their mind. To minimize the chances of a buyer canceling for a reason you could have uncovered before you accepted an offer (i.e. not pre-approved and can’t qualify for a loan), here are 10 questions you should ask before accepting an offer.

Have Questions About Home Selling?

Have a question about home selling that wasn’t covered here? Check out our Frequent Seller Questions section or email us at info@11OaksRealty.com. We’ll get you an answer as quickly as we can!

Considering Selling Your Home in Austin?

We have a combined 60+ years of experience in residential real estate and know the Austin real estate market. We will help you make a game plan that will net the highest return on your home and fight for your price in negotiations. Even if you’re not sure you’re ready to sell, we are happy to help you evaluate your options. Check out our Austin Home Sellers page to learn why our home selling system is the best in Austin. Then, fill out our Seller Survey, email us at info@11OaksRealty.com or call us at (512) 827-8323 to schedule a no obligation consultation.

How Much is My Austin Home Worth?

Our Market Snapshot tool can help you estimate what your Austin home might be worth. Unlike most other online home value estimators that base their estimates on unreliable public records, our Market Snapshot tool bases the analysis on the same data Realtors use, making the value much more accurate. If you’re curious to find out how much your Austin home is worth, all we need is your address and your email. Simply fill out the form below and we’ll get the Market Snapshot for your home sent to you right away.

The post 18 Things Every First Time Home Seller Needs to Know appeared first on Austin Neighborhoods | Austin Home Buyer Representation | Selling.

It’s amazing how the simplest things can have such a huge impact on a home seller’s net proceeds. The old saying “it’s the little things that count” aptly applies to home selling. If you have decided to sell your Austin home you have made one of the biggest decisions in your life. However, before you call a Realtor to list your home for sale, there are several things that you’ll need to consider. Getting your home ready for sale can take as long as six months to prepare depending on the condition, age of the house and how long you’ve lived there. Here are three focal points to keep in mind that will help maximize your net return.

Clutter Consumes Equity

Buyers cannot see through your stuff. Start packing and get rid of everything you don’t need. Why take the chance that the best buyer can’t ignore your décor, furnishings and personal things. Studies show that buyers unconsciously think that they will have to deal with your stuff and the mess you leave. My guideline is that 50% of the “stuff” in your home needs to be removed before you list it for sale. Consider renting a storage unit. For about $100.00/month you can give the buyer a clear, un-fettered and un-cluttered field of view.

Cleanliness Builds Equity

A dirty house will cost YOU MONEY. Did you read that? A dirty house will cost you MONEY! If your house is not white glove, curb to closet, gutter to garage clean, it will have an adverse effect on what your house will sell for. Buyers do not like offensive odors, cobwebs, dust, dirt, dirty dishes, dirty clothes, trash, litter boxes, smelly pets, cigarette/cigar smoke, littered yards, un-mowed lawns, over-grown shrubbery, shabby front doors and just about anything else that detracts from your home’s appearance.

Hire a Professional Cleaning Crew

Consider hiring a professional cleaning crew to do a thorough, deep cleaning of your home…..and then keep it that way – yes, I know that’s inconvenient. I once had a crew clean my home and it took them 10 hours. Now I know my home was pretty clean. You might ask what they did for 10 hours? Well, they cleaned everything from the light bulbs –yes, they unscrewed each one – to the window sills. Trust me when I tell you, my house smelled and felt much sweeter when they finished.

Paint Costs Much Less than Your First Price Reduction

I cannot stress the importance of a freshly painted, neutral color home. Yes, your daughter may love the enchanted painted forest theme in her bedroom. However, buyers have a very personal opinion of what is attractive and almost no sense of humor. In today’s market, you want your home to be Neat, Clean & Neutral. You want potential buyers to imagine they are living in your home. If you painted your home to conform to your unique sense of taste, they probably cannot imagine what it would look like if painted another color.

Focus on the Front Door and Entrance

While you are painting, take the time spruce up the main entrance to your house particularly the front door and trim. I can’t count the number of times I have stood on a front porch amid peeling paint on the door trim & railings…what a poor first impression. A $15 can of paint and a couple of hours of your time can bolster a buyer’s first take on your home.

Looking for More Value Added Improvements?

Check out Best DIY Home Improvements that Add Value for more inexpensive improvements you can do yourself to add value.

Need to Sell Your Home?

Check out our Austin Home Sellers page to learn how our home selling program is designed to sell your Austin home faster and for more money than any other agent. Call us at (512) 827-8323 or email us at info@11OaksRealty.com to schedule a no obligation consultation.

How Much is My Austin Home Worth?

Our Market Snapshot tool can help you estimate what your Austin home might be worth. Unlike most other online home value estimators that base their estimates on unreliable public records, our Market Snapshot tool bases the analysis on the same data Realtors use, making the value much more accurate. If you’re curious to find out how much your Austin home is worth, all we need is your address and your email. Simply fill out the form below and we’ll get the Market Snapshot for your home sent to you right away. Need a more detailed analysis? Try our Qualified Home Evaluation.

The post 3 Things Could Mean Thousands – Declutter, Clean & Paint appeared first on Austin Neighborhoods | Austin Home Buyer Representation | Selling.

If you’re looking to sell your home in Austin, you probably have heard stories of multiple offers and fast sales. The problem with these stories is that they let Austin sellers think that selling their home will be easy. But even in a seller’s market, you have to take advantage of the market to sell your home quickly and for top dollar. Here are our top 3 strategies for selling your home in a seller’s market.

Make the WWW Your Best Friend

With so many people using the web to research, the first showing of your home will be online. This first impression will be the single greatest influence in determining whether a prospective buyer will even see your home in-person. Studies show that buyers will rule-out your home within the first 20 seconds of viewing, so you must make these seconds count.

Showcasing your home with beautiful photography, complete & correct information and different types of content (photo, video, blog posts, social media, etc.) is the best way to make your house stand out from the others. Buyers should be in love with your home before they even schedule a showing.

Generate Buzz

One of the best product marketers in the world, Apple, uses this strategy to their advantage at every product launch. Even in a seller’s market, if you want your home sold quickly and for top dollar, it’s important that you get buyers excited for your home before it hits the market. Tease your home as “coming soon” in all social media and syndication channels. Get it out there, and people talking, as soon as your photography is ready.

These first two strategies are why all of Eleven Oaks Realty’s listings have professional photography, videos and 3D tours to help buyers visualize themselves in your home. We also have a full-time marketing staff that makes sure your listing is everywhere on the web – even before it hits the MLS. Make sure you hire an agent who understands how important professional marketing really is during a home sale.

Pricing Is Everything

Today’s buyers are well educated on the real estate market and use the internet to comparison shop. When a home hits the market, they want to know one thing: how much is it listed for? Price helps them anchor to a specific value in the market. They’ll use price to compare your home to others they can get before they even set an appointment to go inside. If it is vastly overpriced, they might not even get in their car to come see it. Though Austin is a strong seller’s market, it is also a price sensitive market.

Are we saying price your home at a rock bottom price to sell it quickly for less than market? Absolutely not.

What we are saying is set a well researched price so buyers are excited to see your home when it is listed. When we counsel our sellers on price, we show them closed sales, active homes and help them gauge market activity. All three are important. We help them show buyers that they’ve done your research and know where their home fits in the market. A reasonable, well-researched list price is the best way to generate the most offers possible. More offers generally improves a seller’s chances of selling for above list price. You can’t generate more offers by setting a price that’s too high.

Ready to Sell Your Home?

Check out our Austin Home Sellers page to learn how our home selling program is designed to maximize your leverage in a seller’s market better than any other agent. Call us at (512) 827-8323 or email us at info@11OaksRealty.com to schedule a no obligation consultation.

How Much is My Austin Home Worth?

Our Market Snapshot tool can help you estimate what your Austin home might be worth. Unlike most other online home value estimators that base their estimates on unreliable public records, our Market Snapshot tool bases the analysis on the same data Realtors use, making the value much more accurate. If you’re curious to find out how much your Austin home is worth, all we need is your address and your email. Simply fill out the form below and we’ll get the Market Snapshot for your home sent to you right away. Need a more detailed analysis? Try our Qualified Home Evaluation.

The post Selling a Home in Austin’s Hot Real Estate Market appeared first on Austin Neighborhoods | Austin Home Buyer Representation | Selling.

FOR IMMEDIATE RELEASE

AUSTIN, Texas (May 1, 2017): Eleven Oaks Realty announced today that Chris Williamson has been promoted to EVP of Sales. In his new role, Chris will be responsible for building an award-winning team of dedicated sales agents at Eleven Oaks Realty, in addition to his current responsibilities.

Chris joined Eleven Oaks Realty in 2010 as the Vice President of Sales. Since then, he has been responsible for driving the strategy surrounding Eleven Oaks Realty’s innovative home sales program.

“Our program works harder than any other program in Austin,” Chris says, “and is designed to showcase your house above all else. We don’t waste time with headshots or extra-large logos, because our brand doesn’t sell your home.”

Managing Broker, Raymond Stoklosa, highlighted Chris’ diligence as the reason for his promotion. “If you are looking to sell your home, there are few REALTORS® more conscientious and diligent than Chris. We’ve been truly impressed by how thoroughly he embraces our commitment to concierge-level service. His promotion is well-deserved.”

About Eleven Oaks Realty

Eleven Oaks Realty is a family owned and operated brokerage firm based in Austin, Texas. A team of neighborhood experts who pride themselves on delivering concierge-level service, they boast a total of $200MM in closed sales and over 60 years of combined experience.

Eleven Oaks Realty has specialists in luxury real estate, first time home buyers, strategic sales and marketing. Learn more at www.AustinRealEstateHomesBlog.com and www.ElevenOaksRealty.com.

The post Eleven Oaks Realty Names Chris Williamson EVP of Sales appeared first on Austin Neighborhoods | Austin Home Buyer Representation | Selling.

Considering Selling a Home in Austin?

With our combined 58+ years of experience, there isn’t much we haven’t seen. We can help you navigate the home selling process like a pro and with minimal stress! We have, hands down, the best home marketing program in Austin and know how to sell homes faster and for more money. To learn more about our home selling system, check out our Austin Home Sellers page. Then, fill out our Seller Survey, call us at (512) 827-8323 or email us at info@11OaksRealty.com to schedule a no obligation consultation.

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The post Infographic: 6 Steps to Selling a Home in Austin appeared first on Austin Neighborhoods | Austin Home Buyer Representation | Selling.

We understand how frustrating it can be to search for a home in Austin. Half the battle is learning the key terms and what they mean in regards to Texas real estate. So each week we bring you Key Term Tuesday – our way of helping you decode the industry jargon that keeps you from owning your home search.

For those relocating to Austin from another part of the country, the idea of getting a survey is probably unfamiliar. So this week we’ll talk about what a survey is and why it’s important.

A property survey is a sketch map of a specific property showing its boundaries and other physical features like easements, potential encroachments and property setbacks. A residential property survey report also shows the relative location of a house, out-buildings, swimming pools, decks and fences on the property, and it usually includes the position of any public or municipal easements.

Do I Really Need a Survey?

The short answer is ‘yes.’ Property surveys are performed for a variety of reasons, but usually because the buyer’s lender requires it before making a loan and many title insurers as well. They may be required by local law or ordinance whenever property changes ownership.

Let’s take a practical example though. Say you are buying the house and planning to add something – even as simple as a deck or pool. If the old survey does not show the correct property setback lines, or if there has been a new utility easement recorded, you might not be able to make your improvement. To us, that’s not a risk worth taking.

Looking for a Real Estate Expert?

Our team has a combined 55+ years of experience helping home buyers understand the r. Check out our approach to Buying a Home in Austin to learn more about our team and how we work. Then, call us at (512) 827-8323 or email us at info@11OaksRealty.com to schedule a no obligation consultation.

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The post Key Term Tuesday: Survey appeared first on Austin Neighborhoods | Austin Home Buyer Representation | Selling.

We understand how frustrating it can be to search for a home in Austin. Half the battle is learning the key terms and what they mean in regards to Texas real estate. So each week we bring you Key Term Tuesday – our way of helping you decode the industry jargon that keeps you from owning your home search.

Today’s key term Tuesday is actually a double bonus. The assessed value and appraised value are often confused so we are explaining the difference to help you understand what they mean for you.

What is Assessed Value?

The assessed value is the value associated with your house for property tax purposes. This value is determined by the appraisal district and, because Texas is a non-disclosure state, the number is the best guess by that office of what they think your property is worth. Values are assessed once per year and are used to calculate the amount of property taxes due.

What is Appraised Value?

The appraised value of a property is based on current market conditions and recent sales data and is what a residential appraiser deems the property to be worth on the day of the appraisal. It is generally used for real estate sale purposes, usually to justify the agreed upon contract price. A lender will lend a certain percentage of the contract price or the appraised value, whichever is less. Lenders do not look at assessed value to determine value, only appraised value.

What’s the Bottom Line?

Ideally you want a home that has a low assessed value (for property tax purposes) and a high appraised value. That would be the combination that is most financially beneficial to a home buyer.

Looking for a Real Estate Expert?

Our team has a combined 55+ years of experience helping home buyers understand the r. Check out our approach to Buying a Home in Austin to learn more about our team and how we work. Then, call us at (512) 827-8323 or email us at info@11OaksRealty.com to schedule a no obligation consultation.

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The post Key Term Tuesday: Assessed Value vs. Appraised Value appeared first on Austin Neighborhoods | Austin Home Buyer Representation | Selling.

We understand how frustrating it can be to search for a home in Austin. Half the battle is learning the key terms and what they mean in regards to Texas real estate. So each week we bring you Key Term Tuesday – our way of helping you decode the industry jargon that keeps you from owning your home search.

This week’s key term Tuesday is another double bonus and focuses on two of the most commonly misunderstood expressions in the mortgage business: Pre-Qualified and Pre-Approved. These terms have distinctively different meanings and the difference could make or break your deal.

Pre-Qualified for a Mortgage

Being pre-qualified means that you have a non-binding opinion by a loan officer of how much you might be able to borrow buy a home. Interest rate and terms are not locked-in. It is a brief, informal process usually conducted over the phone in which a prospective borrower summarizes his or her employment, income, debt and cash position to a loan officer. No credit check is performed, the prospect does not provide any documentation or paperwork and it is free of charge. Essentially, the loan officer is taking at face value the borrowers’ word about their financial position. With that information, the loan officer usually provides a verbal opinion of how much money the home buyer might expect to borrow. First-time home buyers sometimes seek out a pre-qualification is get a “ball park” idea of how much they might be able to borrow, but it does not guarantee anything.

Pre-Approved for a Mortgage

Being pre-approved means you have a binding, written commitment to loan you a certain amount of money to buy a home. Interest rate and terms are stipulated. The process starts when you submit to a loan officer a written application to obtain a home purchase loan. The lender will order a credit report, determine your FICO score and you’ll need to provide tax returns, bank statements, proof of identity and other documentation as required. Once all of the documentation has been verified, a written commitment letter will be issued. You now are officially pre-approved for the loan stipulated. More importantly, this process allows the seller to be assured that you have the money to complete the purchase. Now you have a leg-up over other buyers who are only pre-qualified.

Looking for a Real Estate Expert?

Our team has a combined 55+ years of experience helping home buyers understand the r. Check out our approach to Buying a Home in Austin to learn more about our team and how we work. Then, call us at (512) 827-8323 or email us at info@11OaksRealty.com to schedule a no obligation consultation.

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The post Key Term Tuesday: Pre-Qualified vs. Pre-Approved appeared first on Austin Neighborhoods | Austin Home Buyer Representation | Selling.

We understand how frustrating it can be to search for a home in Austin. Half the battle is learning the key terms and what they mean in regards to Texas real estate. So each week we bring you Key Term Tuesday – our way of helping you decode the industry jargon that keeps you from owning your home search.

This week’s key term Tuesday is a term that is often overlooked: Master Planned Community. Buyers usually equate it to being a subdivision, but what makes it different?

What is a Master Planned Community?

A master planned community is a residential subdivision that has an abnormal amount of recreational amenities like expansive parks, recreational centers, library, community pools, biking and jogging paths, golf courses, even a grocery store in addition to a variety of housing styles on beautifully landscaped grounds. It is much larger in scope and scale than a typical subdivision. Some developers even seek to integrate office parks, commercial centers and business malls around residential development to capture the benefits of living close to work. They are specially designed to afford home owners convenience, enjoyment and comfort in entirely new, relatively autonomous communities controlled by a governing association.

Looking for a Real Estate Expert?

Our team has a combined 55+ years of experience helping home buyers understand the r. Check out our approach to Buying a Home in Austin to learn more about our team and how we work. Then, call us at (512) 827-8323 or email us at info@11OaksRealty.com to schedule a no obligation consultation.

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The post Key Term Tuesday: Master Planned Community appeared first on Austin Neighborhoods | Austin Home Buyer Representation | Selling.

We understand how frustrating it can be to search for a home in Austin. Half the battle is learning the key terms and what they mean in regards to Texas real estate. So each week we bring you Key Term Tuesday – our way of helping you decode the industry jargon that keeps you from owning your home search.

What Does As-Is Mean?

When used in residential sales, the expression “as-is” is a contractual provision that signifies the property is being conveyed (transferred) in its existing physical condition as disclosed on the date of the contact. No guarantees of condition or warranties of operation are made by the seller. To put it in the simplest terms, what you see is what you get. Let’s take a practical example: the seller discloses that the roof leaks and offers the property as-is. If the buyer elects to complete the purchase, the seller has no obligation to repair, and the buyer will receive the property with this known defect. An As-Is provision does not negate the sellers’ legal duty to disclose all material defects of which they are aware. The Texas disclosure requirements remain applicable. We always recommend that a buyer have the property thoroughly inspected by licensed specialists before committing to the purchase.

Looking for a Real Estate Expert?

Our team has a combined 55+ years of experience helping home buyers understand the r. Check out our approach to Buying a Home in Austin to learn more about our team and how we work. Then, call us at (512) 827-8323 or email us at info@11OaksRealty.com to schedule a no obligation consultation.

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The post Key Term Tuesday: As-Is appeared first on Austin Neighborhoods | Austin Home Buyer Representation | Selling.

We understand how frustrating it can be to search for a home in Austin. Half the battle is learning the key terms and what they mean in regards to Texas real estate. So each week we bring you Key Term Tuesday – our way of helping you decode the industry jargon that keeps you from owning your home search.

What is an Option?

Plain and simple: an option is the buyer’s right to cancel the contract for any reason during a specified time period. A buyer pays the seller for this flexibility via their option fee, a non-refundable negotiable amount (usually between $100-$500 in Texas). Typically the option period lasts 5-14 days, but the time frame is negotiable.

During the option period the buyer will complete inspections and negotiate repairs. If the buyer uncovers some defect, can’t come to agreement on repairs, or just changes their mind, they may terminate the contract and get their earnest money back. When the buyer cancels, the seller keeps the option money. If the buyer completes the sale, the option money is typically applied to their down payment.

Options are a straight-forward method that allows the buyer the time to make a thoughtful, informed purchase decision. There are strict time limitations when using an option and missing a deadline can be costly. Work with an agent who pays attention to all the details, big and small, and respects how important your purchase is to you.

Looking for a Real Estate Expert?

Our team has a combined 55+ years of experience helping home buyers understand the r. Check out our approach to Buying a Home in Austin to learn more about our team and how we work. Then, call us at (512) 827-8323 or email us at info@11OaksRealty.com to schedule a no obligation consultation.

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The post Key Term Tuesday: Option appeared first on Austin Neighborhoods | Austin Home Buyer Representation | Selling.

We understand how frustrating it can be to search for a home in Austin. Half the battle is learning the key terms and what they mean in regards to Texas real estate. So each week we bring you Key Term Tuesday – our way of helping you decode the industry jargon that keeps you from owning your home search.

What is a Financing Contingency?

Very simply a financing contingency makes the contract for sale conditional on the buyer’s loan approval. So if the buyer is unable to get a loan, they are no longer obligated to purchase the property under the terms of the contract.

If the buyer is unable to get financing during the time frame negotiated, they may cancel the contract and get their earnest money deposit back. Most commonly, we see this contingency used when credit approval is denied by the underwriter.

Obviously, financing is a key part of any non-cash transaction so including a financing contingency is essential. We also recommend that all of our buyers receive pre-approval from a local lender to demonstrate to the seller that they are serious about buying a home.

Looking for a Real Estate Expert?

Our team has a combined 55+ years of experience helping home buyers understand the r. Check out our approach to Buying a Home in Austin to learn more about our team and how we work. Then, call us at (512) 827-8323 or email us at info@11OaksRealty.com to schedule a no obligation consultation.

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The post Key Term Tuesday: Financing Contingency appeared first on Austin Neighborhoods | Austin Home Buyer Representation | Selling.

We understand how frustrating it can be to search for a home in Austin. Half the battle is learning the key terms and what they mean in regards to Texas real estate. So each week we bring you Key Term Tuesday – our way of helping you decode the industry jargon that keeps you from owning your home search.

What Is Earnest Money?

When an offer is accepted, a buyer deposits earnest money with the title company to demonstrate good faith and confirm their intention to buy a property. The title company holds the funds while the contract is in place. If the transaction closes, earnest money is credited towards the purchase price, so you can think of it as a pre-paid portion of your down payment. The earnest money typically ranges between $500 and 1% of the purchase price, but is negotiable.

In contracts that use the Texas termination option, the earnest money is fully refunded if the buyer cancels the contract within the option period. If the buyer cancels after the option period and outside the other cancellation contingencies, the earnest money is typically kept by the seller.

Looking for a Real Estate Expert?

Our team has a combined 55+ years of experience helping home buyers understand the r. Check out our approach to Buying a Home in Austin to learn more about our team and how we work. Then, call us at (512) 827-8323 or email us at info@11OaksRealty.com to schedule a no obligation consultation.

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The post Key Term Tuesday: Earnest Money appeared first on Austin Neighborhoods | Austin Home Buyer Representation | Selling.

We understand how frustrating it can be to search for a home in Austin. Half the battle is learning the key terms and what they mean in regards to Texas real estate. So each week we bring you Key Term Tuesday – our way of helping you decode the industry jargon that keeps you from owning your home search.

What is a HOA?

HOA stands for Homeowner’s Association; a homeowner’s association is the governing body of a subdivision. They are responsible for creating, policing and enforcing the rules, restrictions and bylaws that determine what an individual home owner can do with their property.

In Texas, participation is almost always mandatory. HOAs require that dues be paid and go toward the ongoing operational expenses of the common property. The HOA has a board of directors that is elected by the membership.

Want to Lean More About HOAs?

Read our related post: Understanding HOAs in Austin

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Our team has a combined 55+ years of experience helping home buyers understand the r. Check out our approach to Buying a Home in Austin to learn more about our team and how we work. Then, call us at (512) 827-8323 or email us at info@11OaksRealty.com to schedule a no obligation consultation.

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The post Key Term Tuesday: HOA appeared first on Austin Neighborhoods | Austin Home Buyer Representation | Selling.

We understand how frustrating it can be to search for a home in Austin. Half the battle is learning the key terms and what they mean in regards to Texas real estate. So each week we bring you Key Term Tuesday – our way of helping you decode the industry jargon that keeps you from owning your home search.

What is a Home Inspection?

A home inspection is a visual, non-invasive, non-destructive examination of the physical components of a house usually including the appliances. The output of the inspection is a written report reflecting the inspector’s findings.

Inspectors note those things they can see in accessible areas. Inspectors go places you normally would not go, such as, crawl spaces and attics, and look for things you normally would not see, such as, discolorations and early signs of settling. They do not tear down the structure to the studs. They don’t move furniture and refrigerators, roll up rugs, pull up flooring or cut out sheet rock.

Home inspectors in Texas are licensed by the Texas Real Estate Commission (TREC). Pest inspections (i.e. termites, dry rot & wood destroying organisms) require a different license and not included in a standard home inspection. Though some home inspectors carry both licenses.

Want to Lean More About the Benefits of a Home Inspection

Read our related post: Why Get a Home Inspection

Looking for a Real Estate Expert?

Our team has a combined 55+ years of experience helping home buyers understand the r. Check out our approach to Buying a Home in Austin to learn more about our team and how we work. Then, call us at (512) 827-8323 or email us at info@11OaksRealty.com to schedule a no obligation consultation.

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The post Key Term Tuesday: Home Inspection appeared first on Austin Neighborhoods | Austin Home Buyer Representation | Selling.