National Association of REALTORS video reporting on national trends in home sales and economic outlook for 2013.
Get Your Kenai Home Offer Accepted
As the market shifts from a buyer’s market, it’s good to know how to improve your chances to have the seller accept your offer on their Kenai home.
Once you decide on a home, don’t waste time; write an offer and submit it as soon as possible. Competing with another buyer happens more frequently than you’d expect. Multiple offers are a seller’s advantage but here are some tips to level the playing field. TEAM FEEKEN recommends:
- Realistic offer – don’t give the impression you’re trying to “steal” the property. Submit comparable sales that justify your offer.
- Pre-approval letter – this satisfies seller’s biggest concern that an unqualified buyer will unnecessarily take the home off the market and the seller will lose other opportunities.
- More earnest money – it shows you’re serious and makes the seller feel like the contract will actually close.
- Minimize contingencies – from a seller’s standpoint, each contingency is one more reason why the sale won’t go through. They feel the home is “off the market” and they’re in limbo.
- Shorten inspection period – your agent can help you set a reasonable date but let the seller know you’re willing to close prior to that if possible.
- Write a personal letter to the seller telling them why you want their home – this can be the emotional connection to the seller that makes the difference in you getting the home.
A seller wants to feel confident that the offer they accept will actually close so they can plan for their next move. Following tips like these can definitely affect negotiations and help put together an offer that is more likely to be accepted.
Protect Your Kenai Home :: Change The Locks
There are times when you need to change the locks on your Kenai home to protect your family and possessions. It should always be considered when you move into a new Kenai home; when keys are lost, stolen or unreturned; or a cleaning or other service provider hasn’t returned the key.
Replacing the lockset would give you a totally new mechanism that should work better and if you go back with the same manufacturer, you’ll probably avoid any carpentry. You can order the locks online and have them work with the same key at no extra charge.
Another alternative is to have a locksmith rekey them. The locksmith can easily make all of the locks work with the same key. Compare the cost and decide which would be a better expenditure.
While you’re considering your security, a key safe might be a very convenient addition. Most makers say that it is much easier to break into a home than a key safe. The cost is reasonable and you can attach it to your exterior wall. Generally, they’re combination locks that would allow you access if you or another family member forgot their key. It’s also convenient to give a house keeper the combination and can be easily changed if necessary.
Good News On The Kenai!
I know through facebook you receive all the inspirational quotes you can use, but this one really applies to the Kenai real estate market in the last few years. “EVEN FLYING IN HEADWINDS YOU CAN CONTINUE TO GAIN ALTITUDE.” -Joe Jackson, Head of WellsFargoVentures.
For most parts of the country the headwind has been more like a super-storm. Lucky it has been more of a stiff breeze for the Kenai real estate market. But no matter where you are, the markets are certainly gaining strength and altitude, so looking forward to a very productive 2013.
Take advantage of these incredible interest rates. Current rates for 12-10-2012:
FHA & VA 3%
CONVENTIONAL 3.35%
ALASKA HOUSING RURAL 3.375% AHFC
Rates are subject to change.
What your bank won’t tell you about their Kenai Real Estate appraisal!
You have spent weeks possibly months marketing your home in the Kenai Real Estate market and have finally found a willing buyer. After some back and forth you have agreed upon a price and repairs and are ready to close. The only item standing in the way of the seller’s freedom and the buyer’s new home is the appraisal. Surprise, after all that time, work, money and drama the appraisal came back lower then your sales contract price.
Appraisers in the Kenai – Soldotna real estate market are very conservative; they are not going to push any boundaries.
It helps to remember that the purpose of the appraisal is to protect the banks/investors. It is not meant to help a buyer and seller negotiate the sale of the property. This can be a shock for unprepared sellers and buyers. Just because you have a willing buyer and a willing seller at a given price does not mean the appraisal will support the price.
Here is the kicker, if the buyer has to finance a home purchase they need a partner or investor (Mortgage Lenders). The bank or investor gets to make the rules for the appraisal. Most Kenai home sellers and buyers fail to consider how the investor will influence the transaction. Lenders do not wish to be stuck with a home that is not valued correctly.
The most simplistic rule an investor has is that the property can be sold for as much as was loaned. The most important consideration in the appraisal is what similar properties are selling for in your area. The operative word is “selling”. What other homes are being marketed at does not influence an appraisal value. The Kenai and Soldotna Real Estate market is diverse with custom homes of all ages, styles and conditions. Appraisers often have difficulty finding similar homes that have sold recently within close proximity of your home. If they can’t find comparable home sales they will lower the value of the home, regardless of what the seller and buyer have negotiated.
Your local REALTOR Glenda and Jason Feeken are experts in the Kenai Real Estate market and the sales process. We can educate you on what homes are selling and appraising for so you can have a smooth transaction that closes. Contact us today to answer any questions you may have on buying or selling.
KENAI PENINSULA HOME OWNERS BEWARE!
The long standing policy that allows homeowners to deduct their mortgage interest payment from their income tax could become part of a “Fiscal Cliff” deal. The National Association of REALTORS (NAR) position is that the mortgage interest deduction is vital to the stability of the American housing market and economy. We all need to remain vigilant in opposing this or any future plan that would modify or do away with the deductibility of mortgage interest. Mortgage interest one of the last remaining deductions available to the taxpaying public.
Please take note and take action. Here is a link provide by NAR to let congress know this is not acceptable. Realtor Action Center: Please take action today. Pass the link on to friends and family to take action.
