Archive for the 'Real Estate News' Category

Ways to Sweeten the Deal

Kathy Riggs July 25th, 2010

It’s no secret that today’s real estate market is a buyer’s market. And if you are about to put your house on the market, or if the For Sale sign is already up, here are a few ways to sweeten the deal.
If a buyer has made an offer on your house you shouldn’t be surprised to find requests that will make it easier for the buyer to buyer to close on the transaction. Sellers need to keep an open mind about concessions that will lure a buyer away from another house and into theirs.
First, be open-minded about paying some of the closing costs. Not only do buyers need to bring anywhere from 5 to 20 percent of the sales price as a down payment, but there is another three to six percent called closing costs. These costs include, but are not limited to, loan origination fee, appraisals, credit reports and flood certification fee and a year of homeowners insurance paid in advance. I tell my buyers that if they are considering a $100,000 house, they will need approximately $103,000 to $106,000 to make and offer and walk away with the keys. If the seller agrees to pay some of the closing costs, the actual dollars are deducted from the seller’s gross proceeds at the closing table.
Second, have a pre-inspection or be receptive to making some repairs. I’ve seen many houses listed as “move in” condition that had $500 to $2,000 in needed repairs discovered through an inspection. Even after the price has been negotiated, a seller’s refusal to make necessary repairs will give a buyer a legitimate out. And if the buyer walks because the seller refuses to make repairs they leave the problems with the seller.
Finally, offer a home warranty or a cosmetic allowance. Home warranties give buyers a feeling a security and a cosmetic allowance offers the buyer a way to change colors or carpet. Cosmetic allowances also give the seller a method to ensure buyers get a more updated house with less money out of pocket.
Today’s market is definitely a buyer’s market. If your house is about to have a For Sale sign go up, discuss any or all of the above concessions with your Realtor. Remember everything is negotiable, and just a little sweetener may seal the deal.
On the Lighter Side…
Note to Landlord: I request your permission to remove my drawers in the kitchen.
SHAMELESS PLUG
I have the perfect property for a trendy or quaint dining establishment just waiting for a new owner. Property is in the middle block of a downtown section undergoing a rebirth. Neighborhing businesses include gift shops, hardware stores, specialty restaurants and a brewery. Call me at 252-939-2432 or email me at kriggs@kathyriggs.com for more information

Keeping the Real Estate Cool

Kathy Riggs July 10th, 2010

Just a few months ago we were declaring we would not complain about the heat if it ever warmed up. If you are reading this from some distance understand Kinston had a very cold winter 2010. Now we are racing to break the record for a very hot summer.
Which brings up the question how are we going to combat this sweltering heat?
There are many simple ways to make your house feel cooler this summer. And if you are house hunting be on the lookout for proper insulation in attics, deciduous trees planted near the air conditioner (but not too close) and rooms with ceiling fans.
Proper insulation can cut cooling costs by 10 percent. If the seller of a home you are considering has planted deciduous trees on the south and west side of the house, the trees will shade the house in the summer and allow sunlight to warm the house in cooler seasons. If your home or the house you are considering doesn’t have shrubbery on the south and west sides, a trip to the garden section of your home improvement store may be in order.
Ceiling fans are another simple way to help prevent you from losing your cool in the hot summer. Whenever air is moving you will feel cooler. The most energy-grabbing fan will cost less than $10 a month to run if is operates10 to 12 hours a day. Make sure the fan is set for summer forcing the air downward and don’t forget to change it when the weather turns cooler. A note to the house hunters – ceiling fans are fixtures and if not exempted on the seller’s listing contract they should remain intact.
Looking for the best reason to get yourself out of the kitchen and your husband to light up the grill? Cooking uses a lot of energy and adds to the heat and the humidity in the house therefore making it hotter. (Ladies, you already knew that didn’t you!) So close the kitchen and send the chef outdoors.
Although today’s decorating trend is lighter and brighter, if you live in an older home keep drapes closed during the hottest part of the day. Also, remember to minimize household chores such as washing and drying clothes in the middle of the day and remember not to place televisions and lamps close to your thermostat. The thermostat will be fooled, causing the unit to work harder.
on the lighter side…
Real Estate Lingo Definitions: “A Maintenance Free House” Translation: There hasn’t been any maintenance in 10 years.
SHAMELESS PLUGS
Call me at 252-939-2432 or email me at kriggs@kathyriggs.com for more information about a downtown property I have listed. Once the flagship of revitalization in the Herritage Street area of Kinston, this property is waiting for a new owner to bring it up to its full potential

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