Agent Profile
Courtney Kight |
Licensed in VA
|
Laskin 1321 Laskin Road Virginia Beach, VA 23451
ckight@williamewood.com
|
Consumer's Center - Top 10 Mistakes Homebuyers Make Hampton Roads REALTORS® Association
Timing Problems. Not planning the move to coincide with the end of their lease often creates a big dent in the budget. Check with your landlord about an early release clause from your lease if you are considering buying a home.
Looking at Homes You Can't Afford. You might find that when you do a reality check and start looking in your price range that the houses are rather disappointing. Get pre-qualified and then stick within your budget.
Buying the Wrong Sized Home. Consider how long you plan on being in the property and plan for any lifestyle changes that could possibly happen.
Buying in a Neighborhood You Know Nothing About. Think about whether or not this neighborhood will make you as happy as the house does. Do your homework.
Operating on a First-House-is-Best Theory. Season your eyes by inspecting different types of homes. This will help establish your objectivity after coming from a renting situation.
Buying a Property That's Difficult to Resell. Walk yourself through all the negatives to the property. Most first-time homebuyers sell within five to seven years. Think long and hard about how you would sell the home prior to buying.
Overextending Your Budget. Avoid feeling pinched - just because you have been pre-qualified to a certain level doesn't mean that is where your comfort zone is for payments. Write down everything you spend for two months, that will give you a real picture of what you spend. Then plan for emergencies, vacations, savings, and upkeep of the new home. You'll have a much better picture of what kind of payments you can really afford.
Being Indecisive. Take all the time you need, but don't be afraid to make a commitment when you've found your dream home. Everyone gets cold feet at some time during the process.
Choosing the Wrong Mortgage. The thirty-year fixed rate is not the only, or necessarily the best, answer. Have your lender show you on paper how much each program will cost you and how they compare with each other.
Under-insuring the Property. Don't forget to increase insurance coverage as the home appreciates in value, and properly insure the replacement value of the contents.
(*Adapted from "100 Questions Every First Time Home Buyer Should Ask," by Ilyce R. Glink, Times Books, a division of Random House, New York, New York, 10022. 1994) *********************************************************
The Seven Costly Mistakes
By M. Anthony Carr
Mistake 1: Putting the home on the market before it's ready. Most times this happens because the seller gets impatient or is a procrastinator and has pushed himself up against a moving deadline without getting the pre-sale work done. So it comes on the market with the horrible carpet (that gets replaced during the marketing of the home); or they are painting it while it goes on the market. Presentation is everything -- so get the work done before marketing the property.
Mistake 2: Over improving the home for the neighborhood. This happens with additions, bump outs, and upgrades that make the home stick out from among its competitors so much that it's an anomaly, instead of a nice addition to the community.
Mistake 3: Pricing the home based on what the seller wants to net. This pricing strategy always ends in failure. Sellers can control the "asking" price, but they don't control the "sales" price. The market does. It doesn't matter what the seller wants, the price is determined by the black-and-white, matter-of-fact reality of the market.
Mistake 4: Hiring an agent based on non-business factors. Make sure you're hiring a professional with a proven track record. It might be nice to hand over your largest asset to your nephew who just got his license -- but make sure he has a mentor to keep your deal from going south.
Mistake 5: Getting emotionally involved in the sale of the home. This is one of the biggest challenges home sellers face when putting their house on the market. Once you decide to sell your house, it's no longer a home, but a commodity. It needs to be prepared as a commodity, marketed as a commodity, and priced as a commodity. It doesn't matter what you "want," only what the market can bear on pricing. People are going to come in to kick the tires, so to speak, and you can't get emotional about how they may or may not appreciate the nuances of your home of seven years.
Mistake 6: Trying to cover up problems, or not disclosing them. Most states have a property disclosure/disclaimer form -- use it wisely. Just because you disclaim doesn't mean you cannot be sued later for the leaky basement, or dilapidated heating/air system that's discovered 30 days after settlement.
Mistake 7: Not getting your ducks lined up before trying to sell. This would involve financing, reading the fine print on your current mortgage to ensure no pre-payment penalties, not listening to the particulars of your local market, etc. If your local market is dictating lower home prices, then lower it early, not later -- it will cost you more. If the local market dictates selling your home first, then buying second, do it in that order, or vice versa.
Avoiding these mistakes is not that difficult. There are plenty of resources (like this publication) and professionals, who are there to help you step over the pitfalls. Do the research early, and listen to that voice in your head (it's probably the whispers of the finance, real estate, insurance person who's warning you of a hole you're about to step into). Sell well.
Copyright © Realty Times
Links:
Virginia Beach Public Schools
Animal Rescue of Tidewater
Hampton Roads REALTORS® Association
About Virginia Beach
Virginia Beach SPCA
My Listings
 |
$319,000 1717 GREENHOUSE ROAD Virginia Beach 4 beds, 4 baths   Featured Property |
 |
$349,000 1957 MILLVILLE ROAD Chesapeake 5 beds, 3 baths |
 |
$238,000 1446 GANNET RUN Virginia Beach 2 beds, 2 baths |
 |
$199,000 224 E OTTAWA RD Virginia Beach 4 beds, 2 baths |
 |
$28,000 12043 TEMPLE DRIVE Northampton County |
Symbol Key
| Virtual Tour |
 | Upcoming Open House |
 | Luxury Home |
| Shown on Map |
 |
 |
Feedback
Our Agents Only
Contact Us
Site Map
About Us
Careers
Blog
National Home Search © William E. Wood and Associates 2010 |
 |
 |