Treasure Coast Real Estate Blog

When it comes to selling your home, your agent is required to bring you any and all offers. Once and a while you’ll receive what’s known as a “lowball” offer. Lowball offers are buyer offers which fall far below your asking price. Sometimes they’re so low that they only serve to make you angry.

Don’t get angry! While selling your home is an emotional process, there are rational, effective strategies for dealing with a lowball offer. Sometimes the lowball offer can even turn into the right price if you handle negotiations the right way.

1. Remain calm. Your urge may be to tell the buyer to go #*&@! themselves, but there’s nothing to be gained in making enemies.
   
   
2. Understand that sometimes buyers aren’t familiar with true market value. They may be from somewhere where homes are much less expensive, or they could be first-time buyers who have been counseled by friends and family to begin with lowball offers.
   
   
3. Have your agent communicate that while you’re happy to work with them as buyers, you’ll need an offer which is somewhat more competitive and at a level you could consider seriously.
   
   
4. Consider countering for a small amount off your asking price to signal your willingness to negotiate, but reiterate that you will need to hear something more in line with market value to continue negotiations.
   
   
5. Alternately, if you really are in a hurry to sell, counter with your rock-bottom offer. This number may not be close to their lowball, but it could be substantially less than your listing price. This may make the lowball buyer suddenly reconsider their position, tempted by the opportunity to purchase the property at what they consider to be a “substantial discount.
   
   
6. Ask the buyer to justify their price. If they truly believe their offer is genuine and fair, they should be able to point to reasons why your listing price is inflated. Make them show their homework. If they haven’t done it, you’ll know soon enough.
   
   
7. Don’t fall for the “but we can’t afford more” pity play. Sympathize with their financial situation, but in no way let it sway you from the true value of your home.
   
   

Of course sometimes a stream of lowball offers can indicate that the home is priced too high. Occasionally agents will “buy the listing” by assuring sellers they can get the higher price, only to take a lower offer much later down the line. It’s not a sound strategy. If you’re looking for the honest market value of your home, get in touch with me today.

This post has been authored by Eric Slifkin, REALTOR serving South Florida’s Treasure Coast. You can reach me at 888-288-1765, or visit my Website. As your resource for information on new or resale homes throughout the Treasure Coast, please be sure to contact me about any home you may find on the Web, yard sign or ad and I will research the property, arrange showings and handle all the details.

How to Find an FHA-approved Condo in Stuart, Florida

If you're looking to take advantage of an FHA Loan and are considering a condo, you should be aware that not all condos are eligible for FHA Loans.  A condo can be a great choice for a first-time buyer. Also great for first-time buyers? FHA Loans. Many FHA Loans require down payments as small as 3.5% of the purchase price of the property. They also create loan opportunities for people with less-than-perfect credit or other financial challenges.

The low down payment comes with some strings attached, of course, mostly in the form of an upfront mortgage insurance premium as well as an annual mortgage insurance premium charged monthly. (Full details about FHA Loans can be found on the HUD website, here: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/fharesourcectr.)

In addition to this catch, FHA Loans are only available for FHA-approved condos. The FHA wants to help buyers invest in assets which are worthy of investment in the first place. FHA requirements for condos are fairly stringent, and by some estimates upwards of 50% of condo associations fail to meet FHA guidelines.

Knowing this up front can save you a lot of time and hassle condo shopping. While you should consult with condo associations to determine whether or not they're approved for FHA loans, you can also use an online resource to help you with your search. Here is a link to an online database of FHA-approved condos:

U.S. Department of Housing and Urban Development (HUD) FHA Condo Search:

https://entp.hud.gov/idapp/html/condlook.cfm

Hopefully this will help you in your pursuit to find an FHA-approved condo!

I'd love to help you locate the perfect FHA-approved condo. Get in touch with me today to start your search!

This post has been authored by Eric Slifkin, REALTOR® serving South Florida’s Treasure Coast. You can reach me at 888-288-1765, or visit my Web site. As your resource for information on new or resale homes throughout the Treasure Coast, please be sure to contact me about any home you may find on the Web, yard sign or ad and I will research the property, arrange showings and handle all the details.

Facebook Status Update:

Have an FHA loan? Shopping for a condo? You may not be able to buy the condo of your choice, and here's why:

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FICO Looks to Other Data Points for Scoring

What do you do if you're financially responsible but don't have a credit score? How do you get started on the path to homeownership if your score is low due to traditional credit reporting? FICO believes it might have the answer. (Others think it might not.) Here's what you need to know.

If you're in the market for a home, you're probably in the market for a mortgage. Except for all-cash buyers, most buyers will soon find out their FICO score and what banks think about it.

The FICO score greatly impacts whether or not lenders consider you an acceptable credit risk, and yet there are more than 53 million Americans out there who don't have a credit score at all. This doesn't mean they're a bad risk, necessarily... it just means they haven't used credit cards, held a previous mortgage, or had an auto loan. They may be perfectly responsible financial citizens. So how do they apply for a mortgage?

To broaden access, FICO has begun to factor in new data sources. Announced in April 2015, FICO will now include two additional references: A national utility database presided over by Equifax, and LexisNexis, which relies on public records. 

The idea behind the change is this: First, the timeliness of utility payments can be used as month-to-month evidence of financial health. Second, FICO will look at LexisNexis address changes to determine how often people have relocated. In theory, frequent moves may be an indication of increased risk.

Though the impulse may be good, the changes are not without some controversy. Some argue the accuracy of the Equifax database may be a concern. It also adds one more credit reporting database, which must be monitored. There's also a worry that the "frequency of move" may unfairly punish people and provide a disincentive for relocations, downsizing, and upsizing of homes, provided FICO only uses the LexisNexis information in a punitive way. 

More details are sure to emerge, but one thing is for sure: The era of Big Data in the cloud will be sure to cast its shadow on how financial institutions assess risk in the years ahead. One hopes that they ultimately let in more sunshine than shade when it comes to helping buyers attain the dream of homeownership.

Are you ready to explore the dream? Contact me today. I'd be happy to help you navigate the home-buying or selling journey.

This post has been authored by Eric Slifkin, REALTOR® serving South Florida's Treasure Coast. You can reach me at 888-288-1765 or visit my Web site. As your resource for information on new or resale homes throughout the Treasure Coast, please be sure to contact me about any home you may find on the Web, yard sign, or ad, and I will research the property, arrange showings and handle all the details.

Increasing Your Home's Value the Most for the Least

The following are tips to help increase your home's value and get your home sold in the fastest time possible based on my experience working with home owners who have sold their home and feedback from home buyers that buy homes. The last two tips will be most appropriate if you are thinking you might sell your home within the next 1-2 years.

TIP ONE: Painting and Carpeting

A fresh coat of paint will make a room look new and clean and new carpets will make it shine that much more. Be sure to pick a paint color that is neutral as that will appeal to the most people. I have seen many buyers walk into a home with rooms painted the seller's favorite color and just walk out because they hated it! Buyers also will always look down at the floor when they walk into a room. So be sure that the carpets are clean, and if they are worn, consider getting them replaced. Worn or dirty carpets and badly painted or dirty walls will make a buyer think that there are other issues with your home even if there is not.

TIP TWO: Energy Costs

These days, most buyers will ask me "What is the average monthly utility bill cost?" of homes they are looking at to buy. Most utilities offer free energy audits. Take advantage of this as it can help you save money now and it can help you down the road when you are ready to sell your home! I have seen buyers favor homes that have lower monthly utility costs over other homes all else being equal!

TIP THREE: The Kitchen

In most homes, buyers will spend the most time in the kitchen. Make sure your kitchen is ready for this. If you have appliances that are dirty or old, get them cleaned spotless or consider replacing them. You do not need to spend a lot of money replacing your stove or refrigerator with top end appliances, but you do not want buyers walking into a kitchen, see a dirty stove or refrigerator and then walking out because of it. And do not forget the drawers and cabinets as buyers will open these! If you need a referral to a good cleaning service, let me know and I can send you a couple of names.

TIP FOUR: The Bathrooms

Your bathrooms will also get the drill sergeant review from buyers, in particular any master bathrooms. Similar to the kitchen, make sure that any old fixtures are replaced and that the floors, bathtub & shower and walls are CLEAN. You can replace bathroom fixtures easily these days without spending a lot of money. And a fresh coat of paint can go a long way here too. I have seen buyers walk out of houses after walking into dirty old bathrooms.

TIP FIVE: Curb Appeal

First impressions count. Similar to a fresh coat of paint for a room, a yard that has the grass cut nicely goes a long way. Walk outside and look at your front yard and the front of the home. Does the front of the house need paint or residing? Are there any broken windows or shutters that need repair? Does the yard need cleaning? You do not need to hire a landscape architect, but you want to make sure that your yard looks clean and nice. Be sure to pick up any items in the yard, position trash bins so that they are not visible from the street and any other general cleaning / maintenance that might be needed. If you need information for a someone that does this type of work, let me know and I can send you a couple of names.

TIP SIX: Declutter

If you are thinking about selling within the next year, start this now. I have seen buyers walk through homes that have too much stuff everywhere and comment to me that it just looks messy. When a buyer thinks a home is messy, they figure that there are other problems with the home as well even if there is not! This is something that even I deal with sometimes as we just get so 'used to things' laying around that we do not even see them anymore. They almost become invisible! Do decluttering in two stages.

Stage One:

Get everything that you have not used in last few months (or years!), and do not anticipate using in the foreseeable future boxed up and in storage or the basement (neatly!). This would include clothes that you have not worn in long time, dishes / appliances that you have not used in forever, paperwork piling up, bathroom items and other things. These are items that you do not want to throw away or donate, but that you just do not need in your home on a day to day basis.

Stage Two:

This is when you are getting close to listing your home for sale. Now you want your home to be ready for buyers to walk through and have a good impression so that they think to themselves, "This is a clean and neat home, the owner must take care of it!" This will also help make moving day easier after your home is sold! Pack up even more clothes that you are not going to wear anytime soon, pack up toys, appliances that are not being used, other kitchen items, bathroom items, tools, books, art, etc. Put these in storage or boxed neatly into the attic or basement. Be sure to label all boxes with both the room they belong to, like, "Kitchen" and what is in the box "Dishes".

TIP SEVEN: Hire a Home Inspector

If you are thinking that you might sell your home in the next year, consider this, most buyers will hire a home inspector that will inspect your home for any and all issues. Wiring, foundation, installation, etc. In the case of a Home Inspection, you do not want to be surprised! When you accept an offer on your home, you want to close the deal with as little hassle as possible. More and more home owners will hire a home inspector and provide a home inspection report to buyers as this can make buyers more ready to make an offer on your home, especially if they are considering other homes that do not have a home inspection. The other benefit for you though is that you can use the home inspection as a 'What do I need to do' guide if you find something major. Please keep in mind that home inspection reports will be detailed and may startle you initially similar to reviewing your results from a physical if the doctor is not present! If you make the wise investment for a home inspection, have me come over after you get it to review it with you and I can give you advice on what is common in our market and what is not. Every market is different, so just because you see something that looks scary on the inspection report, does not necessarily mean you need to fix it. But either way, you can be assured that buyers will get an inspection done and you do not want to be surprised by this when you are trying to get the home sold.

Conclusion

Let me know if you have any questions on this. Again, this is based on my real world experience both selling homes for homeowners and helping buyers buy homes. Aside from marketing your home and generating buyer leads for it to the maximum extent in the market, negotiating the highest price possible for you home, we want to get your home sold fast and with the fewest issues as possible. I am in the area constantly with clients, so if you need me to come over for a few minutes to give any real world advice from a buyers perspective just let me know. Using my experience and knowledge now, BEFORE you are ready to sell, will go a long way in getting your more money, faster and easier when you ARE READY to sell.

This post has been authored by Eric Slifkin, REALTOR® serving South Florida’s Treasure Coast. You can reach me at 888-288-1765, or visit my Web site. As your resource for information on new or resale homes throughout the Treasure Coast, please be sure to contact me about any home you may find on the Web, yard sign or ad and I will research the property, arrange showings and handle all the details.

How Buyers Can Help You Move Your House on the Market

Naturally, some buyers believe complaints will help them lower the price when negotiation time comes around, but more often than not buyer feedback offers valuable insight. As the owner, you are frequently too familiar with your home to see it (and smell it!) with a buyer’s point of view.

Common buyer complaints include:
- Foul or off-putting odors from animals, cigarette smoke, mildew, or a “closed up” house.
- Poor lighting or a “dark” feel to the rooms
- Worn flooring, dirty walls, or nasty wallpaper

Almost all of these complaints are easy fixes and involve cleaning, paint, or some floor replacement. Though a buyer could easily undertake these projects after buying the home, the initial negative impression is enough to put them off the house for good.

If you’re not living in your home while it’s on the market, you might also discover unexpected reasons why buyers were dissuaded from making an offer. If you have renters who make access to the home difficult or refuse to remove their aggressive pets from the premises, you won’t know without some feedback from buyers. “Stagnant house syndrome” is another potential problem, so it’s good to know if buyers feel like a home is airless and gloomy. Finally, buyer feedback can alert you if there have been any vandals or pest infestations.

I always follow-up with buyers to find out what they thought of the house… good and bad. It’s crucial to get this feedback. If, for instance, buyers consistently complain about things which can’t be changed (such as major floor plan issues or proximity to a busy road), it may be necessary to adjust the listing price on the house. On the other hand, if they are relatively simple cosmetic fixes, it’s possible to consider inexpensive upgrades.

It helps to think of your relationship to sellers as a collaborative one. They like your home enough to consider buying it, and you can learn from why they passed. Perfect pricing and preparation are key to a quick sale. Let me help you with both.

This post has been authored by Eric Slifkin, REALTOR® serving South Florida’s Treasure Coast. You can reach me at 888-288-1765, or visit my Web site. As your resource for information on new or resale homes throughout the Treasure Coast, please be sure to contact me about any home you may find on the Web, yard sign or ad and I will research the property, arrange showings and handle all the details.

Here’s a quick home-selling tip:

Maximize the light in your home. After location, good light is the one thing that every buyer cites that they want in a home. Take down the drapes, clean the windows, change the lampshades, increase the wattage of your light bulbs and cut the bushes outside to let in sunshine. Do what you have to do make your house bright and cheery – it will make it more sellable. 

If you would like more home selling tips or a free “Home Vale Estimate” CLICK HERE.

This post has been authored by Eric Slifkin, REALTOR® serving South Florida’s Treasure Coast. You can reach me at 888-288-1765, or visit my Web site. As your resource for information on new or resale homes throughout the Treasure Coast, please be sure to contact me about any home you may find on the Web, yard sign or ad and I will research the property, arrange showings and handle all the details.

Here’s a quick home-selling tip:

One of the most important things to do when selling your house in Stuart, Florida is to de-personalize it. The more personal stuff in your house, the less potential buyers can imagine themselves living there. Get rid of a third of your stuff – put it in storage. This includes family photos, memorabilia collections and personal keepsakes. Consider hiring a home stager to maximize the full potential of your home. Staging simply means arranging your furniture to best showcase the floor plan and maximize the use of space.

This post has been authored by Eric Slifkin, REALTOR® serving South Florida’s Treasure Coast. You can reach me at 888-288-1765, or visit my Web site. As your resource for information on new or resale homes throughout the Treasure Coast, please be sure to contact me about any home you may find on the Web, yard sign or ad and I will research the property, arrange showings and handle all the details.

Guide to Selling Your Home: Increasing Resale Value

The 3 P's of Increasing Your Home’s Resale Value

When it comes to selling your Treasure Coast home the best way to get more for your property and sell it in the shortest time possible is to work on the 3 P's of home sales:

Preparation - getting the right things ready so buyers will value your home’s features.

Price - pricing your home to avoid Limbo Land, a place where homes sit on the market indefinitely.

Promotion - marketing your home to get your home found online and generate buyer interest.

One of the most important of the 3 P's  is Preparation. The lack of preparing the right things is the biggest mistake home sellers make.

Have you ever looked at homes for sale online and seen bad photos? In many cases, those homes are just like yours and had the potential to look great (and attract buyers), but they lacked two important factors in homes sales preparation.

So what are those two factors? Staging & Photography. Having your home staged and professional photos taken so your home can be represented to best attract buyers is the difference between a real estate brokerage that cares versus one that just wants to sell your home to the first person who comes along. Be sure to choose a listing agent who works with home sellers to prepare their homes to be put on the market.

This post has been authored by Eric Slifkin, REALTOR® serving Stuart Florida and the Treasure Coast. You can reach me at 888-288-1765, or visit my Web site. As your resource for information on new or resale homes throughout the Treasure Coast, please be sure to contact me about any home you may find on the Web, yard sign or ad and I will research the property, arrange showings and handle all the details.