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Buying Land
There has been a lot of activity in the land market lately. Lots of folks are buying 4 acre parcels to install a manufactured home or build on, and other folks are buying larger parcels of land to split up and make those 4 acre parcels. The main reason that there are 4 acre parcels is that most of the residential land in the county is zoned RU-4 (Rural Use- One residence per 4 acres). There is also RU-2, and TR 36 (Transitional ' One residence per 36,000 SQ Ft- .82 acre).
Things to look out for when you are buying land: water availability, access, underlying liens, flood zone requirements, septic issues, availability of electricity, easements, use and zoning of adjacent properties, building codes and restrictions, deed restrictions imposed by previous owners, archeological sites, mineral rights, surveys, road maintenance agreements, etc.
I could write a chapter on each of those issues, and the teaching point is: It's more complex than you might think!
Home Warranty
If you are buying or selling a home, the issues of a Home Warranty may be a factor in the transaction. The warranty usually covers items like heating and cooling equipment, plumbing, appliances, hot water heaters and electrical systems. If anything goes wrong with the covered items during the first year of ownership, all the new buyer has to pay is a small service fee per call, and the warranty pays the balance.
I recommend the warranty coverage for mature homes, it is a good marketing move for the seller, and a certain amount of comfort for the buyer. Either party may pay for the warranty ($325-$400), or the cost may be split among the parties. Some companies offer renewable coverage for the mechanically challenged.
Pricing Your Home
The other day I read about how the real estate salespeople in Sierra Vista were causing prices to escalate by overpricing homes. This is like saying the windmills are causing the breezy day. The home market is driven by the laws of supply and demand, and prices are set by the sellers, not real estate practitioners.
In order to give sellers some guidance concerning pricing, they are furnished with a Comparative Market Analysis of sales of similar homes in the neighborhood. This is the best indicator of Market Value, and provides the seller with a range of value for the area. It is rare for a seller to price the home at less than market, and common to go slightly over Market Value. You can always lower the price if necessary. If the home is priced significantly over the market, the salesperson may not take the listing because of unrealistic expectations of the seller. The prospective buyer can also request a Market Analysis to check the values in a target neighborhood. Prices have gone up because of unprecedented demand and historically low interest rates.
Finding the right home
When we list a home for sale, we get a page full of information concerning the property, and when the listing is submitted to the Multiple Listing Service, those features are included as descriptors for that property. Thus when you are searching for a particular type of home, your Realtor can ask the computer for specific features and a specific price range and the properties matching those specifications will magically appear. (Or not, if nothing matches.) Of course, the more detailed buyers are with specifications for the dream home, the lower the chance that there is an exact match, so the parameters have to have some flexibility. Sometimes a home that good on paper is lacking in the reality, and sometimes it is difficult for buyers to visualize or articulate what they are looking for in a home.
The art of home selling is the translation of buyers' reaction to each property to the ultimate target, the dream home that they have been trying to describe. I can usually tell within 30 seconds whether or not buyers will purchase a home, based on their body language. Homes feel like Home!
Selling Your Home
If you are thinking of selling your home, there are some relatively simple things that you can do to increase its sales appeal.
Look at your home with 'Buyers Eyes' '
Clean-up, fix-up, paint, and do all of the honey do's that you have been putting off for awhile. This can really make your property stand out amongst the competition.
Increase Your Curb Appeal -
Remember that the walk between the curb to your front door is the critical time when a potential buyer is forming an opinion about the home.
Replace Worn Carpet and Tile -
If your budget can stand it, replace worn carpet and tile. This is the most significant thing that you can do to improve the appeal and value of your home. Some floor covering stores will agree to a partial payment up front with the balance due at closing.
You don't have to remodel your home to make it attractive to a buyer. Some common sense, do-it-yourself tasks can make all the difference.
What is a Realtor?
The term Realtor is a copywrited term that refers to a person who is a member of an Association of Realtors. The Association prescribes a code of ethics and an educational and professional framework for the Real Estate industry, and acts at the State and National level to promote a collective philosophy for the benefit of the membership and the consumer. Not all real estate salespersons are affiliated with the Realtor Association.
You may benefit from dealing with a Realtor in many ways. There is an emphasis on continuing education, ethical treatment of buyers and sellers, networking for the benefit of clientele, and vast resources of information and expertise. Additionally, the organization is self-policing, and the consumer may file a complaint against any member that they believe acted against their best interests. These are just a few advantages of dealing with a Realtor.
We are fortunate to have an exceptionally proactive Association of Realtors in this area, the Southeastern Arizona Association of Realtors. I have been a member for 28 years, and was just designated as a lifetime members, for which I am deeply honored.
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