Archive for the ‘Rental Market’ Category

Planning Your Home Selling Strategy

April 19th, 2010

Once you have decided to sell your home, it is a good idea to prepare a strategy to get it sold at the price you need and within the time frame that you want. Having a good strategy in place will ensure that you have the results that you want without the headache and stress of selling your home.

The first thing to do when selling your home is to prepare it for buyers. This involves removing extra furniture, painting, removing clutter, remodeling outdated spaces, repairing and replacing items that don’t work and deep cleaning. Doing all of these things before you list your home will ensure a competitive price in the market and an attractive space for buyers to look at.

After your home is ready, it is time to know your market. Find out what homes are currently listed for sale in your area and neighborhood and the price that they are selling for. When you know what price you want to sell your home for, and once the actual market value of your home is determined, you can settle on a price that will meet your financial needs. If you decide to work with a real estate agent, remember that the seller pays the commission so this will have to be deducted from your proceeds.

Once your home is listed, it is important to keep your home in showing condition. This means that beds should be made everyday, the kitchen and bathrooms cleaned, and clutter put away. If your home is always in a presentable condition, there will never be a rush to straighten up when that inevitable last minute showing occurs. Planning a home selling strategy ensures that you will be prepared for the home selling process and get the price you want for your home.

Conan O’Brien’s Penthouse is Officially on the Market

April 16th, 2010

Conan O’Brien has officially listed his duplex penthouse for $29.5 million.

Coming on the heels of rumors that O’Brien was secretly listing his New York penthouse, the news has become official with the hearty price tag nearing $30 million.

The penthouse, which is located on the 17th and 18th floor of The Majestic building in Manhattan, features seven bedrooms, eight bathrooms, three terraces, two libraries and Central Park West views.

The Majestic building, which was erected in 1931, is a twin towered Art-Deco style building located at 115 Central Park West; it boasts of 29 floors and 238 apartments. It once housed some of the former heads of the Luciano crime family whose names include Meyer Lansky, Lucky Luciano and Frank Costello as well as columnist Walter Winchell. Sitting right across the street is the famous Dakota home of Yoko Ono and Carly Simon.

A portion of the property, namely the two 17th floor units, was purchased for an undisclosed amount by the comedian in 2002. O’Brien must have like the complex so much that he came back in 2007 and purchased the unit above his current property, Unit 18C, under the name C. Christopher O?Brien. This purchase was in the amount of $10 million.

The unit is listed with Brown Harris Stevens? private directory using their power agent, John Burger. Neither Burger nor O’Brien would respond to questions from the press about the listing.

Some speculate that this means O’Brien is officially leaving New York City for Los Angeles as he and his wife, Liza paid a hefty $10.75 million back in 2008 for a six-bedroom home in the Brentwood area. Do not shed a tear for the guy though; his Los Angeles home boasts of a 1,500-bottle wine room, a 60-foot-long veranda and a steam room and sauna.

Should You Under Price Your Home to Entice More Buyers

April 13th, 2010

If you are looking to sell your home in the near future, then you will need to have it evaluated by a realtor to determine a listing price. Any realtor that works in your local area should have a range of what houses that contain certain qualities go for in a certain area of town, so any realtor that is well known will work fine at pricing your house.

Once you have the value of your house appraised, you can determine a listing price. You have the option to either list your price at the range that the realtor gave you, or you can go above or under to get more money or more buyers. Pricing your home at a price above what the realtors range is not a marketable decision; however pricing your home at a price below or at the lower end of the realtors range can bring about more buyers and sell your home quicker.

Pricing your home at under its value can bring about two possible things, one is a positive that you will have more people coming out to your home to check out the listing, while the other is negative in that people may perceive your house as having something wrong with it to be listed at below its value. All in all whether the buyer perceives the listing price as a positive or negative, they are more likely to check out a home that is listed under its value to see what kind of deal they can strike.

Besides enticing more buyers, under pricing your home can bring about a price war between possible buyers that can make the price of your home go above what the realtor originally priced it at.

Overall if you are looking to sell your home in the near future, check out how under pricing your home can benefit you.

Pricing Your Home to Sell

April 8th, 2010

With so many homes on the market, it is important that you price your home to sell. The only way to know what price to list your home for is by knowing the housing market in your area including what the houses that are similar to yours are currently listed for and what similar houses have sold for. With this information you will be able to evaluate the features of your home and compare these features with other properties.

Understanding the real estate market in your area means the city that you live in and the specific neighborhood. The more desirable neighborhoods will sell higher than even the average sales in your city. So know how desirable your neighborhood is by keeping track of the homes that are listed for sale and the ones that sell. A neighborhood that has many homes for sale may not be as desirable as those with none.

Once you understand the value of homes in your city and neighborhood it is time to begin comparing homes. A real estate agent can provide you with an assessment of where you fit in the market. This assessment will provide you with a report of the current homes for sale and the homes that have sold that are similar to your home. This is usually a complimentary service and does not require you to list with that agent. If you prefer to do it yourself, call around for the price of homes in the area or look at real estate books until you have an idea of the market. Consider how updated your home is and the cost of any work that needs to be done when deciding the price. It is currently a buyer’s market so list your home at a competitive price to attract buyers.

Finding a First Apartment

April 1st, 2010

First apartments are very exciting ventures but don’t let the excitement sweep you up and cause you to lose sight of the big picture. The first step to finding your first apartment is creating a list of your needs and your wants. Make sure to be practical and put only those things you need on the need this, then rank your wants and always keep this in mind when apartment shopping. With a list of priorities you’re less likely to be swayed by the pool and exercise room while forgetting important details like security and neighborhood.

The next step is obviously the budget. Look at your income and your expenses and try to figure out what you can afford. A rule of thumb is that your housing should be somewhere between 25 to 30% of your gross income. But if you can find a place that suits your needs and most of your wants for less you should definitely go that route. Most people looking for their first apartments have nominal savings and spending too much on housing is not going to help that situation.

Then you’ll want to look at the area in which you’re planning on living? Find crime statistics for the region, look at bus routes, proximity to work, school, grocery stores, parks and anything else that interests you. This is something that a lot of first time apartment hunters skip as they only review finances and amenities but safety and proximity to attractions is important.

Finally you’ll want to shop and see. Look at as many properties as you can and you may find your priority list shifting a little bit. See who is offering the best deals and as if they have any incentives attached as many landlords are trying to get tenants and will throw in some freebies.

Keeping Your First Home As a Rental Property

March 19th, 2010

When you are ready to trade up to your second home, it is worth considering the idea of keeping your first home as an investment property which you can rent out. Of course, this is not always financially possible, depending on how much equity you have in the house and how much you are going to spend for your next home, but it is definitely worth sitting down and doing the figures before you dismiss the idea.

There are several factors to consider when you are deciding if keeping your first home as an investment rental property is a good idea. First up, you should check whether it is the kind of property that will rent easily and to good tenants. If not, then you may as well use your equity to invest in a more suitable property, but remember that buying and selling all costs money, so you may not necessarily end up better off.

You should also consider whether there are renovations or improvements needed before the property can be rented out, and how much these will cost. However, if you plan to sell the home instead, it is often advisable to make minor improvements anyway, so you may end up doing them anyway.

Finally, make an estimate of the incomings and outgoings for the home if you turn it into a rental property. Get an up-to-date estimate of the amount of rent you should be able to charge, and check your own records to see additional costs such as annual rates and maintenance costs. If the figures add up, then go for it.

From Renter to Home Owner

December 1st, 2009

Back of the house, from the field
Making the transition from renter to home owner is exciting, instead of giving someone else that monthly check you?re putting it toward your home’s equity.

But there are other things to consider when purchasing a home, like the additional costs. Of course you?ll have your monthly mortgage payments but there are more costs associated with owning a home like property taxes, home owner?s insurance, closing costs, maintenance fees, and then the dreaded emergencies.

Another thing you have to consider before making the switch from renting to owning is the commitment. You?re certainly not tied to your home forever but moving is much more involved and difficult than it is when you?re a renter. If you?re not committed to the area then holding onto the freedom of being a renter may be worth it for you.

The freedom that comes with renting also includes the freedom from having to worry about maintenance and upkeep. Of course it?s up to you to keep the interior of your apartment in good shape or you?ll have to pay when you move out, but typically the exterior is maintained without the renter?s assistance. When you own a home you?ll either be responsible for doing all of the maintenance or for hiring and paying someone else to do it.

So there are plusses and minuses on either side of the coin, you just have to look at your particular situation and decide what means the most to you and whether you?re ready to make the change from renter to home owner.

Creative Commons License photo credit:?tomeppy

Assess the Rental Market in your area

September 21st, 2009

Investing in real estate can be risky. This is particularly true if the rental market in your area is spiraling downwards or heating up in terms of competition. Before you buy your first (or another) investment property you will want to assess the rental market. This can go a long way in helping you decide if moving forward is the best idea.

How do I properly assess the rental market in a particular city? There are many ways to do this. First and foremost, if you can talk to professionals in the area you will be well ahead of the game. You can seek out real estate agents, mortgage brokers, property managers, and other investors. They can give you all the advice you will need about the rental market.

You can do a lot of research work on your own as well. This includes reading local newspapers and searching online. What are you looking for? Check the local listings to see how many properties are available. Additionally, make sure you watch for trends as the months go by. Are there more rental properties available now than last month? This may signify more competition. You can also search news sources for articles related to the renal and real estate markets.

Before investing in a particular area, no matter where it may be, make sure you assess the rental market.

Play Up the Strengths of Your Market

September 14th, 2009

For Charlotte property management companies, finding amenities people care about can be the difference between renting a space and having a unit sit empty on the market.? Aside from having fast-paced development prior to the economic downturn, Charlotte has something going for it that a lot of other major cities are still trying to keep up with: its public transportation system.

A centrally located and modernly developed city, Charlotte reaps the benefits of multiple sources of public transportation. The Charlotte Area Transit System (CATS) operates mass transit options in the area including light rail, historical trolleys, express shuttles and bus services. One of the newest additions, which opened in late 2007, is the LYNX light rail also known as the Blue Line which runs in South Charlotte. The city is also served by three Amtrak routes, two major interstate highways and an international airport.

In today?s economy, owning a car or paying for gas might become a luxury many renters can?t afford. As such, property managers would do well to promote the ease and accessibility of these public transportation options in the Charlotte metro area.

To really drive the point home, if the unit is located near bus lines, link rail stations, or shuttle pick up areas, include the schedules, maps or pricing brochures with rental applications and a couple of free passes in welcome packets.

Focusing on location strengths is one of the keys to successful property management. Learn what your area has to offer, and make it a selling point for your available units

What do Renters Want

July 29th, 2009

If you’re looking to get renters into your open units then maybe it’s time to take a look at supply and demand, basically, are you giving renters what they want?

If you ask tenants what they want in a rental unit you’ll get a bunch of ideas but three things will remain constant. They want a fair price, a quality home and something that is convenient to them. Keep in mind that convenience means different things to different people.

Beyond the basics tenants are looking for some amenities that give them convenience and comfort. They like bigger bathrooms, generous kitchens, and they love storage. Many large rental units are adding fitness areas, co-op libraries, community space and other luxuries that actually don’t cost a lot for the property owner but add a lot of value to the residents.

Another trend that is catching on everywhere has hit rental units as well, is the green movement. If you’re looking to get socially and environmentally conscious tenants (usually very good tenants by the way) then incorporating as many ecofriendly aspects into your home are important.

And finally, if you’re looking to attract tenants, let them know what plusses your units offer. Advertise your highlights and gear them to the sort of tenant that you want and that best suits your environment.