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Who pays the realtor? This is a question that many people often ask when looking to sell their home. Selling your house on your own can be quite stressful and time consuming, and you may not be able to list your home quickly in order to take advantage of all the potential home selling prices. On top of listing and selling your home yourself, you have to pay for the real estate commission, attorney fees, realty consultation fees, taxes, etc. If you are selling your home by yourself, who pays the realtor?
The fees that are paid to the real estate agent are referred to as “grounds charges” by the FHA. In most states, a seller pays these fees regardless of whether they intend to list the property or if they are listing it with an agent. However, the majority of realtors agree that a buyer’s agent is entitled to a portion of the “grounds charges” each month. This is typically a percentage of the listing price, which means that if your property is sold for less than what you are charging for it, you can expect to pay the realtor for their services.
A real estate commission is an annual fee paid to a realtor to sell a realty property to another person. The realtor’s fee is paid to the realtors by the home seller and this fee usually varies between six to ten percent. The commission rate paid by the realtor depends on the size of his or her home business. It is also dependent on the realtor’s knowledge of the local realty market in the areas where he or she serves as a listing agent.
The commission rate that you will receive can vary significantly from seller to seller. The average commission rate usually lands at between 5-6% of the sale price. A seller who wants to split the commission rate will typically consult with a real estate lawyer to get an accurate figure. It will be in the seller’s best interest to try to get as high a commission rate as possible. The reason is that this portion of the transaction is usually the largest expense for a seller. If he gets a high commission rate then he will be able to relieve a lot of his financial obligations associated with the home selling process.
Real estate commissions can be in one of two forms, a fixed fee or a percentage of the sales price. There are many different ways that a realtor can make their money. Some brokers earn their fees by doing joint ventures with other real estate agents and some brokers make their money solely by closing a sale. Most real estate agents do not charge a fixed fee, however, there are some brokers who do. These agents are generally found online or in the yellow pages of your telephone book.
The way that the commission is split in these transactions is very important. If a listing agent only earns one percent of a house selling price, does this mean that they will get one-fifth of the commission on each sale? No, it does not mean anything. The buyer, who pays a fixed fee to the listing agent will split that fee equally between the buyer and the seller. A buyer paying a listing commission does not have to do his or her research; the agent simply tells the potential buyer what the commission is.
Another aspect of commission splitting that is important to know is that it is impossible for a realtor to get all of the commission money. A portion has to be paid to the commission-only broker. Now, the closing costs are not refundable and they cannot be altered in any way during the transaction. However, part of the commission will be put into a savings account which the seller will be able to access throughout the life of the contract. This is a wonderful idea because it allows the you to have a bit of security in the future when selling your home. It also makes it easy for an agent to access the savings as needed throughout the life of the contract.
There are several different ways in which real estate agents can split the commission costs of a house sale. They can give the buyer a break on one or both parts of the purchase price and they can split the cost between the two parties. However, the person who is listed as the seller has the final say in all matters concerning the price that is set by the buyer. This price will include any mortgage rates or insurance and/or down payment money that is paid by the buyer. If the seller agrees to the price then the buyer should feel comfortable with the price that has been offered.
Retiring along the picturesque Atlantic coast would be a dream come true for many. We have come up with a short list of four potential locations to consider if you want to realize that dream. Days relaxing on the beach sipping on margaritas can be in your future!
Savannah GA is a beautiful southern Georgia city separated from South Carolina by the Savannah River; it is known for its historic, scenic, and cultural flair. Its historic district features historic churches, theaters, museums, and public parks. It is one of the most visited cities in Georgia with thousands of tourists and visitors passing through each day. Savannah tops our list because despite how desirable it has become, Savannah Georgia real estate remains affordable.
Savannah is home to some of the most thriving restaurants, cafes, bars, spas, lounges, bistros, and much more. Savannah has also established itself as an information and technology hub as it provides online universities, colleges, and technical schools. It is also a great place to live as it boasts a low cost of living that makes it a desirable place to purchase real estate and property. It is also host to a number of exciting activities such as golfing, boat tours, paragliding, fishing, and water sports.
There are several historical attractions as mentioned above as well as other fun places to visit including the Georgia Aquarium, Atlanta History Center, and the Wax Museum of America. The Georgia Aquarium houses over 400 tropical fish and displays them in their natural habitat. The Georgia Aquarium is considered one of the top five public aquariums in the country. The Georgia Aquarium and is a member of the National Trust for the Arts, one of the nation’s leading arts organizations.
Downtown Savannah is host to some of the most notable historic landmarks in the country. The Historic District of Savannah is comprised of a variety of buildings dating back to the mid nineteenth century. These buildings include such notable names as the Peabody Opera House, the Peabody Woods historic plantation home, and the National Historic Landmark The Architecture Center. The Historic District is a great place to explore because it features a variety of activities and shows. If you love to shop, The Historic District is a great place to visit. There are several restaurants and boutiques within walking distance and you can wander the streets of the Historic District taking in all of its many cultural activities.
Virginia Beach, a popular coastal town in southern Virginia, lies along the edge of the Chesapeake Bay. A 3-mile long boardwalk along its ocean-front beach promotes its beautiful beach-front view. The Virginia Aquarium and Marine Science Center display sea life in environmentally themed habitats. The Virginia Beach police and fire departments provide a safety and security environment to the community. The city hosts numerous festivals and events, many of which draw a sizable number of tourists.
One of the most popular things to do in Virginia Beach is to go shopping. There are several local favorites that have been established as popular tourist destinations for years. There are also some wonderful second hand stores, boutiques, and restaurants that offer a variety of unique clothing, jewelry, and gift items. The Crystal Caverns and Sea World are also popular attractions for those who live in the area. While you are in the area, you might even want to check out the beautiful Virginia Beach National Park, which is about thirty minutes from the area.
The cost of living in Virginia Beach is also among the most expensive in the area. Gas prices are high, which drives up the cost of living. The city’s tax burden is also a factor in its high cost of living. A recent study showed that Virginia Beach ranks eighteenth out of the twenty largest cities in the United States in terms of total taxes required to support the economy.
Wilmington NC is the second largest port in North Carolina. It is known as a gateway into scenic coastal communities such as Wrightsville Beach, with its amazing surf and beautiful beaches, and Carolina, with it long boardwalk. Part of downtown Wilmington’s Historic District, the Riverwalk connects to the Cape Fear River. It explores WWII naval combat history, where artifacts on the ship to touch upon WWII. It also includes a walking path along the boardwalk, which meanders along the beaches and includes restaurants, galleries and stores.
Wilmington NC has lots of family-oriented activities. In addition to the wide variety of entertainment venues, there are parks and preserves where people can spend time with nature and take in the scenery. In addition to the activities, Wilmington NC has some of the best schools in the state. Facedownood College is located on 33 acres in New Hanley and offers a liberal arts degree. Wilmington NC is very safe, even though crime rates and property crimes have risen in some areas.
The economy of Wilmington NC is based around its food, tourism and business industries. Lots of people visit Wilmington NC for business and pleasure. In addition, the booming leisure and tourism business are very popular with visitors from out of town. Lots of visitors stay in hotels, bed and breakfasts and serviced apartments. They use the amenities of these accommodations for visiting friends and family and for stays in the Wilmington NC area. Visitors can enjoy fine dining and shopping at any of the area’s malls and downtown shops.
Charleston SC has a population of more than five hundred thousand people. The cost of living in Charleston is the eighth lowest in the United States. This means that your money goes a long way when living here. If you are planning to move to Charleston or live here already, here are some interesting facts about this place.
In terms of tourism, there is a wide range of attractions, which Charleston SC has to offer. There are several outdoor activities in Charleston, which can give families, singles, couples and other visitors an unforgettable experience. Families may enjoy the Charleston waterfront, while single people and couples can enjoy a range of various activities in the downtown area. You can also go for adventure sports in the mountains and other exciting activities in the beach areas. Overall, the cost of living in Charleston is pretty good. This makes it a popular place for families and retirees to live. The number of jobs, the number of homes and the number of employees in Charleston make it a good place for retirees to move to. When comparing the cost of living in Charleston with the national average, Charleston comes out as a better option. It offers both an affordable cost of living, as compared to the national average. Other advantages of living in Charleston include having access to excellent schools, shopping malls, excellent public transportation and a safe and secure neighborhood.
If you are thinking of selling your home there are quite a few things to do. This includes hiring an experienced, local real estate agent to list your home and work with you from listing all the way through closing. You need to price the home correctly and pay a decent real estate commission to the buyers agent to incentivise Realtors to show your home. There are a few things you shouldn’t do, however.
Many sellers do a few things to get their homes ready to list for sale. If you have colors on your walls that are not neutral, it’s a good idea to paint them a neutral color. Making a few repairs are a good idea if you know of any defects or safety hazards. Changing a few rooms of carpeting is a good investment if the carpeting is old, worn or stained. Just don’t do any improvements that are expensive and specific to your tastes and colors.
Your real estate agent can guide you on what is important to update or change. You want to do things that will get you your money back and then some. You don’t want to spend an excessive amount of money on updates or upgrades that won’t get you your money back.
The rule of thumb is “less is more” when it comes to staging and decorating a home when you list it for sale. It’s always a smart idea to start packing by putting away some of the knickknacks and photos on your tables, shelves, and walls. Be sure your kitchen counters show that they are spacious by putting away some of your small appliances and decorations you have on them. If you have collections that you display, it’s a good idea to pack those before listing your home. Put away your toiletries and whatever other personal items you keep on your bathroom vanities.
If your rooms have too much furniture in them and it makes them look crowded, store them during showings. The less you have in a room, the larger it will look. You want to show your prospective buyers as much open space as you can so they can imagine their furnishings in the home. Vacant houses give buyers a blank space to envision themselves in. If you want to stage your home, do it minimally. Talking to a professional staging company will help give you ideas.
It’s best to leave your house during showings. Buyers and their real estate agents don’t want you hanging around and following them during the showings. Some sellers like to be there in case the agent or buyers have questions. This is one of the reasons you hire your real estate agent. If they have questions they can call or email your agent. Buyers like to talk freely with their agents about things they like about the house and things that don’t suit them. If you are there, they won’t feel comfortable talking among themselves or with their agent. If you have a pet in your home and have to stay home because of your pet, it’s best to take your pet out of the house for showings. Take them for a walk or a ride in the car. If a showing is inconvenient because you have children napping, ask the buyers agent ahead of time to reschedule.
Don’t take things personally when you receive negative feedback. Your buyer is out there somewhere. Some people get very upset and defensive if some of the buyers don’t like their home. A home is very personal. Also, don’t get too upset if you receive a low-ball offer on your home. It is a buyer’s agent’s job to help their buyers get a deal on a house. Just negotiate the offer until it’s a win-win and you can agree on a price. If you cannot get to a price point where you and the buyers agree, then move on to the next showings and offer.
Listing and selling a home can be stressful at times. Try to stay positive and think about the wonderful future ahead of you in your new home. Listen to your real estate professionals. They do this for a living and the advice they give will benefit you.
Getting a home mortgage is not as easy as you think. In fact, this is a vital step in the home buying experience, and can literally determine if you are able to close or not. Traditionally, mortgage rates were considered too high for income-sensitive families to afford home ownership. The process of getting your home mortgage is the #1 pitfall for first time home buyers. Understanding the most critical aspects of successfully closing on a good rate, with minimal disruptions, is a critical part of the home buying process.
Getting the right mortgage rights is even more important than the price of the home in question.
As is the case with most home buying ventures, you need the right lenders to meet your needs across the board. These should be licensed mortgage lenders who have access to low-mortgage rates and affordable loans through a variety of lending institutions. The latter should also have convenient and flexible repayment terms, while helping you effectively make ends meet.
While there are countless lenders on the market, which ones should you consider for your first home? According to industry experts, there is no one answer to this question – and you may need to shop around to find a good lender with access to cost-affordable home loans and mortgages. Here are some of the home mortgage loans currently on the market that you should consider.
FHA Loans are some of the most common loans in the mortgage and home financing industry. These loans are governed and mandated by the Federal Housing Administration. These loans are primarily designed to help low-to-middle-income families’ secure timely and affordable mortgages.
FHA loans also help families take advantage of down payment benefits, as well as low closing costs and related expenditures. FHA loans, however, can only be approved if the home in question falls within a certain price range of category. These prices tend to differ – based on the current mortgage rates. Therefore, it is best to consult with an FHA loan specialist or mortgage adviser to understand your options.
The loans are designed for homeowners that plan to stay in their homes for a few years. This ensures your mortgage rate stays the same throughout the payment period. Adjustable rate loans (ARMS)also allow short-term home owners to save time and money on payments. However, the rates do change based on industry spikes or market fluctuations. The latter is perfect for homeowners that require steady payments each month.
with industry-low mortgage rates, you need to find the right loan to tap into these savings. Again, it is best to consult with a home mortgage or financial specialist to make a worthwhile and informed decision.
Getting a home mortgage can be a tumultuous process. However, you can ease the task by understanding all your available options. You can also check the Internet to review the current mortgage and financing – refinancing rates. This is truly a great time to invest in a home with industry-low mortgage rates across the industry and country.
Real estate business in the Greater Boston Area, is undoubtedly on the rise. Actually, it is booming more than any other place throughout America. With Amazon potentially looking at Boston as one of the locations to place their massive secondary home base – we anticipate a rise in demand for Boston and the suburbs of Boston. The demand for condos, homes, Brownstones and apartments is anticipated to hit its record high in the coming years.
But whether you are keen on selling or purchasing any property in South Boston or one of the many surrounding cities around Boston, there are some important real estate trends that you ought to be conversant with. Understanding these Boston real estate trends is crucial for both sellers and buyers. For sellers, these trends can help them know the perfect time to sell their property so as to get the highest value possible for their properties. For buyers, these trends are vital to helping them know the best time to purchase property, in order to get the best deal at the most affordable price. In addition, with the homes of Boston having some of the highest prices in the nation, we are seeing many people avoid the bidding wars of Boston and look to the surrounding cities such as Hingham MA, Quincy and Cohasset.
Property buyers are not just looking for ordinary property. Instead, they are keen on purchasing properties located within safe neighborhoods since security and safety is paramount to today’s average property buyer. Property developers, therefore, need to ensure their property is within safe neighborhood. On the other hand, property buyers are keen on knowing about crime activity in Boston, as a way of enabling them decide the safest location to purchase property.
Home buyers in Boston are using renovation as a decision making factor while purchasing homes. In fact, buyers are turning away from homes that are listed for sale yet they aren’t renovated. That means home renovation is no longer a luxury, but a necessity for home sellers. As such, sellers are left with absolutely no choice but to ensure their homes are properly renovated before listing them for sale with Realtors.
Again, home renovation in Boston is increasingly been perceived as the ultimate way of increasing the overall value of a home, meaning that sellers can expect to get more from their home sales in the future by renovating their homes prior to listing them for sale.
Property buyers and sellers alike are increasingly using real estate agents, thus making Boston real estate agents an integral part of real estate business. Real estate agents help buyers locate the property of their choice conveniently, while sellers are listing their properties with popular real estate agents to find ready buyers quickly and conveniently.
Even though real estate business in Boston is expected to boom in the future, it is important for both property buyers to understand the top real estate trends nationwide. This is crucial to enabling them figure out how they can benefit from these trends.
Buying a home is a dream for many people – they want to own a property that they can retire in. Buying a second home, however, is not something that many do. A second home comes with many advantages, and so long as you can afford it you should do it.
• It provides your family with a home away from home. The typically second home buyer is in their 40s or 50s, and by this time their parents have passed on and their children have flown the coop. A second home is a great way to keep family traditions alive – during the holidays everyone can gather there and get a much needed break.
• A second home is an excellent place to retire. If there is somewhere you have always wanted to live but haven’t been able to do so you should consider buying a home there. Once you retire it becomes easier to transition, and before retirement you have the opportunity to establish roots in the community.
• Buying a home also has financial advantages – over time property values increase, and many people use second homes to finance their children’s university education. If you buy a house and rent if you can also make money every month – just make sure that it is empty during the holidays so that your family can still gather there.
• Buying a second home is a great way to increase your financial portfolio. For many people, their home is the most important asset that they have. If you buy a second home you will increase the value of your real estate portfolio and give you financial stability.
• Buying a home in an exotic location is a good way to learn about the way of life of people from another part of the world. You may find that many of the exotic locations end up being the more affordable places to live also. Many people, for example, buy a home in South American countries because it gives them the chance to enjoy the rich culture of the people and learn the language.
These are not the only benefits of buying a second home – there are significant tax advantages as well.
The biggest obstacle to buying a second home is that it is harder to get a mortgage – you will need a bigger down payment, a good credit score and the lender will charge higher interest rates. You should not let these things stop you – people buy second homes all the time and so long as you are working with the right real estate agent they can help you buy your second home. A second home will also require maintenance, so don’t foregt to factor that in as a long term cost.
Selling a home is a daunting task but it can be exciting and rewarding if you get certain things right. Even if you are in a super competitive real estate market, where the homes go under contract the moment they get listed and there are only 7 homes for sale – there are still major downfalls to not getting everything right.
Here are the tips for selling your home fast;
First impressions are important and that is what curb appeal helps you with. Ensure that the exterior of your home is as attractive as possible. Wash the walkways and siding with a power hose, mow the lawns, plant fresh grass and flowers, wash the windows, and stain or repaint the porch floor. You can also repaint the front door if it looks outdated. Investments into the curb appeal will insure that the first look of your home, by a potential buyer, sees a well kept, property.
A kitchen is an important part of any house. It can either make or break a sale. You want to ensure that it appeals to the buyers. A kitchen remodel can be one of the most cost effective home improvements when selling your home. Once recent study had shown up to a 182 percent return on investment from a kitchen remodel. The most crucial renovations are to replace the counter-tops, repair the plumbing system, and buy new faucets and cabinet doors.
Do not over spend when doing the renovations because you might not recover the money from the sale. Over upgrading can potentially loose you money. Only do the renovations that are extremely necessary such as repairing leaking pipes, repainting the walls, buying new curtains, cleaning the house thoroughly among other things.
Having a home that is full of clutter can quickly remove your house from the homes a buyer wants to write an offer on. A cluttered home seems smaller and not as well maintained. Remove as much of your belonging from the house as possible. This is crucial because it will create the illusion of space. Remove half the clothes in your closet and put away your children’s toys.
Pricing plays a key role in ensuring a fast sale of a house. Most homes that get sold, sell within the first 45 days after they get listed. If your home has not sold within the first 60 days, you have a good chance of your listing expiring without a sale. Many people attempt to overprice a home at listing, with the intent of reducing the price later. This is terrible strategy as most active homebuyers – are desperately seeking out the newest listings. A home gets the most buyer attention the first 2 weeks it is listed. It is critical that your home is NOT overpriced during this critical time.
Research around and find out the market value of houses that are similar to yours and cut of about 15% when pricing your house. This strategy will make buyers to come running and they will end up biding for your home and eventually you will sell it at a higher price than you could have imagined. All in all you should avoid over pricing the house because it might end up stalling in the market which could send a wrong message to buyers because they will start to think that there is something wrong with it.
Agents are helpful especially if you are selling a house for the first time. Find a real estate agent who is technology savvy and will have the mind to scour the internet and keep track of the MLS or the multiple listing service and the market value of houses. A Realtor will come in handy also when it comes to pricing the house because they have a lot of experience in the industry.
Find out the correct value of your house on your own. You can go the extra mile and get a pre-listing appraisal. There are several sites online where you can get that information. Also find out how much it will cost you to sell the house.
With the recent winter storms hitting the US, many states not used to living in frigid temperatures are dealing with extended periods of extreme cold weather. Unlike residents of the Northern cities such as Boston, many people in the south are scrambling to keep warm. With energy cost soaring, and winter blowing in on North Carolina and even the most southern states, homeowners are looking for ways to save on their heating and cooling bills.
Although most real estate sales take place in the warmer months, people are still purchasing homes in the Winter. If your home is on the market during the winter months, its important that all of your systems be up to par and functioning well. If you are selling your home – it is best practices AS THE SELLER – to get a home inspection BEFORE your home is put on the market.
Weather is a funny thing and you never really know what Mother Nature is going to do. As a homeowner, you want to be sure that you are prepared for anything from a hot summer sun to an unexpected snow storm.
Many of these tips were taken from the Consumer Guide to Home Energy Savings. For additional information on home energy conservation/efficiency measures, visit the Consumer Energy Center and the Home Energy Saver Answer Desk