About Doug

Real estate is more than what I do for a living, it is my passion. It is so gratifying to be a trusted advisor to those that need someone in their corner. To me, helping a client find the right house for their situation is so much more than opening a few door and letting them take a look. This is about treating people the way I would like to be treated and keeping my eye on the prize...... helping enough people get what they want is what I strive for. Everything else happens the way it is supposed to.

How You Can Get The Full Selling Price You Want For Your Home

How You Can Get the Full Selling Price You Want for Your Home

How You Can Get the Full Selling Price You Want for Your HomeWhen it comes to selling your home and getting the full selling price you want, there are certain tactics and methods you can employ to ensure that this wish becomes a reality.

Avoiding the commonly made mistakes that end up lowering the value of your home and discouraging people from viewing it is ultimately the key in getting top dollar, as well carrying out the showings and sale of your home in a professional manner.

Listen to the professionals, and make sure you employ these real estate sale methods to get your desired number on your home sale.

Listing Tactic: Adding A Buffer

Always dependent on the type of market you find yourself in, a common and successful tactic in getting the price you really want for your home is adding a buffer on the list price.

This means that if you want $500,000 for your home, you should list your home somewhere around $510,000 to $520,000 to allow for some negotiating room. Even if you’d prefer not to negotiate, the majority of buyers will always assume that you have room to come down on the price, and will put in their offers accordingly.

Overpricing: Avoid At All Costs

With that being said, you don’t want to overprice your home too much so as to discourage potential buyers from looking at it, or to put your home outside of a financial bracket. Make sure you speak to your trusted real estate advisor on exactly what the right list price should be to obtain your desired value.

Increase Desire: Have Your Home Staged

In order to get the price you want for your home, you need to make a good impression on the prospective buyers. Having your home professionally staged can dramatically increase the amount of interest you receive on your home, perhaps even creating multiple offers – which is the best situation a home seller can be in!

Appeal To Online Shoppers With Professional Photos

With so much of today’s modern real estate shopping happening online, you want to ensure that your home has a strong online presence with professional photos and a digital floor plan available to prospective buyers. Also make sure that all information online is full and complete, and presents your home in the best light possible.

Always Say Yes To Open Houses And Showings

Especially in a hot market, you want to ensure that you leave your home empty for your realtor on weekends so that they can hold it open to the public. This is especially important early on in your list date so that the buyers on the market who are ready to make a move can see your house right away.

You should also apply the same importance to showings, and ensure that each showing request is promptly responded to with an easy “yes.”

If you put these tactics into your home selling plan, you will find that it will be much easier to obtain more interest from buyers. And with more interest, it will be much more likely that you will be able to obtain the price you want for your home.

So don’t underestimate the importance of these factors, and discuss them today with your trusted real estate professional. 

Six Creative Lighting Installations That Will Enhance Your Home

Six Creative Lighting Installations That Will Enhance Your Home

Six Creative Lighting Installations That Will Enhance Your HomeWhen people purchase their home, one of their common requests is “plenty of light.” And for good reason! This is a critical factor for enjoying your home, and when designing your interior, you should pay special attention to just that: your sources of light.

See them not only as a way to brighten up your room, but also as an opportunity to infuse your home with a fashionable design and aesthetic appeal. You’d be surprised at how much lighting can dramatically enhance any given room in your home.

Here are our six favorite lighting installations that are bound to give you and your home that “wow” factor.

The Chandelier For Pretty Places

Chandeliers provide arguably the prettiest and most classic fixtures possible, and they are a growing trend right now in interior design.

Acting as the “centerpiece” if you will to any room, chandeliers offer the perfect amount of brilliance and light, while instantly multiplying the room’s feeling of warmth and appeal. Create a pretty place you won’t be able to resist; hang a modern crystal chandelier above your dining room table or a bright pendant chandelier in your master bedroom.

Quirky and Contemporary Ceiling Lights

To achieve the same sense of fashion-forward style for your home’s decor but in a more practical way for the tall folks, consider a close-to-ceiling light fixture in its many different quirky and contemporary styles. You can also opt for the bright, patterned pendant style, or get a wide crystal embellished highlight for your ceiling lights.

The Demure Brilliance: Recessed Spot Lighting

For the most demure, nearly hidden brilliance, opt for recessed spot lighting. These light installations typically offer dimmer switches and provide the perfect ambiance for any space, especially kitchens, living rooms, and dining rooms.

Perfect Pendants For Closer Lighting

Perfect hanging pendants come in many different shapes, sizes, and colors, and can be hung in a row for horizontal spaces like your kitchen’s eating bar. They can also be hung at varying lengths to achieve a tasteful fashion statement.

Instant Modernity: Arc Floor Lamp

The arc floor lamp, which typically rests in one corner of the room and reaches over in an arch for center lighting in a sitting area, is a growing trend in home décor. You can find these floor lamps in virtually any style, ranging from textured, retro versions to sleek, contemporary styles.

Matching Shades: Table Lamps

To tie your room together in its design aesthetic, the most perfect – and most simple – option may be matching table lamps. Perfect for your side tables in your living room, or the nightstands on either side of your bed in your master bedroom, matching shades can be a quick fix to a room that needs more brilliance and a more cohesive look.

Whether you already have plenty of natural light flooding your home, you can never have enough brilliance to rely on when the sun goes down. So take a look at these six light installations that will instantly enhance your living space, and infuse your home with the light it deserves.

And if you could use a trip through a show home for further design inspiration, call your trusted real estate advisor today for a few pointers.  

What’s Ahead For Mortgage Rates This Week – April 21, 2014

What

What's Ahead For Mortgage Rates This Week - April 21, 2014Last week’s economic news supported the general outlook for moderate economic growth. Housing related news included the National Association of Home Builders / Wells Fargo Housing Market Index for April and Housing Starts for March.

NAHB: Builder Confidence Holds Steady Amid Concerns

The NAHB/Wells Fargo HMI for April ticked upward by one point to a reading of 47 against the March revised reading of 46. Home builders surveyed expressed concerns about high home prices, a lack of available lots for development and a labor shortage. Some desirable markets have been held back due to low inventories of available and/or affordable homes.

Builders surveyed for the HMI were asked to rate three components used in compiling the monthly index; these include current market conditions, market conditions expected over the next six months, and buyer foot traffic in newly built homes. April’s readings were 51, 57 and 32 respectively.

Readings for current market conditions and buyer foot traffic were unchanged from March, but builder confidence for market conditions in the next six months rose by four points.

Any reading above 50 indicates that more builders are confident about market conditions for newly-built single-family homes than not. 

Housing Starts Pick Up After Winter Storms, But Fall Short Of Expectations

March Housing Starts rose by 2.80 percent at a seasonally adjusted annual rate of 946,000 starts as compared to expectations of 990,000 and February’s reading of 920,000 housing starts, which was revised from 907,000 starts.

The March reading represented a 5.90 percent decrease from March 2013, and is consistent with concerns expressed by home builders surveyed for the NAHB HMI for April.

Building permits issued for March were also lower by 2.40 percent at a rate of 990,000 permits issued. This slippage was largely due to the falling rate of building permits issued for apartment construction.

Higher home prices and mortgage rates along with inconsistent (but improving) labor markets were cited as reasons for builder pessimism, but analysts said that projects delayed by severe weather are expected to pick up in the coming months.

Mortgage Rates Fall, Discount Points Hold Steady

Last week’s average mortgage rates fell across the board according to Freddie Mac’s weekly Primary Mortgage Market Survey. The rate for a 30-year fixed rate mortgage fell by seven basis points to 4.27 percent. 15-year mortgages had an average rate of 3.33 percent as compared to the prior week’s reading of 3.38 percent. 5/1 adjustable rate mortgages had an average rate of 3.03 percent, down from 3.09 percent the previous week. Discount points were unchanged at 0.70, 0.60 and 0.50 percent respectively.

Fed Chair Upbeat In New York Speech

Federal Reserve Chair Janet Yellen struck a positive note in a speech given before the Economic Club of New York last Wednesday. She indicated that the Fed and many economists expect a return to full employment and stable prices by the end of 2016. Analysts characterized Yellen’s speech as upbeat on economic recovery and inflation, while “dovish” on monetary policy.

Ms. Yellen reiterated the Fed’s intention to monitor current and developing economic situations before making changes to its current monetary policy. She acknowledged that “twists and turns” in the economy could occur, and that Fed policy would shift as needed to address changes.

The Fed also released its Beige Book Report last Wednesday. This report indicated that the economy is recovering in most areas of the U.S.

This Week

This week’s scheduled economic news includes Leading Economic Indicators, Existing Home Sales for March, FHFA House Price Report for February and New Home Sales for March. The University of Michigan Consumer Sentiment report for April rounds out this week’s news. 

 

Give Your Home An Instant Facelift, Wallpaper Is Back

Give Your Home an Instant Facelift: Wallpaper Is Back in a Big Way, Baby!

Give Your Home an Instant Facelift: Wallpaper Is Back in a Big Way, Baby!Though it can be an entirely different story for a trend shift in the opposite direction, which then requires you to get out the soaking bucket and scraping tool, wallpaper coming back into style is a home décor blessing for many.

Wallpaper is back in – in a big way! – and it’s making your dreams of accomplishing a fashionable living space come true much faster and easier than you could have imagined.

Quite frankly, wallpaper can do the “fashionable home” trick to virtually any room in your house, adding that touch of warmth and personality you’ve so far only seen in show homes. It’s time to get with the trends, and give your home a quick and easy facelift!

A World Of Design With Wallpaper

Let’s face it: wallpaper can achieve a world of options that paint simply never could! Now that wallpaper has come back in to style, we are seeing plenty of homes being “glammed” and “dolled” up accordingly.

With many patterns and styles available, suddenly your home’s imperfections can easily be hidden. You can give the small room in your home a facelift with a wallpaper pattern with vertical stripes, instantly making the room feel larger.

Or you can suddenly have the accent wall you’ve always dreamed of but have been to afraid to commit to, creating a focal point behind the bed in your master bedroom, or behind the sofa in the living room. Or if you’re an artsy person, you can add more art to your walls without lifting a nail – instead just install some patterned, decorative wallpaper.

Modern Innovations: Digitally Printed Wallpaper

Wallpaper is certainly back in style, but not without new and creative innovations since its last time around. Now, homeowners can get ultra creative and get personalized wallpapers for their homes with the technical innovation that allows for digitally printed wallpaper designs.

Do you have a specific wall or room in your house that you want to transform for a particular theme? Do you have a photograph that you’d like to use as the inspiration for a one-wall mural in your living room? Well, with customized digital printed wallpaper, you’re in luck.

Vinyl Wallpaper: Easy Installation And Removal

Now that wallpaper is back in style, more innovations have been made in terms of how it is installed and removed. Luckily, for us wallpaper fans, we will no longer have to struggle when we choose to put it up or when we decide to take it down! Now there are many vinyl wallpapers that are self-adhesive and very simple to install.

They are also available in a range of textures and finishes, and make use of eco-solvent inks. Easy to install, easy to remove, and cleanable with simply a damp cloth, a vinyl wallpaper print might be just the key to your home’s quick and easy facelift.

Whether you opt for the vinyl or digitally printed innovation of wallpaper or choose to stick with the good old paper version, you’ll have your home beautified in no time. There’s no need to worry about changing trends either; regardless of what you choose, advancements in the modern return of wallpaper mean that less rigorous activity will be required should the wallpaper trend go back “out.”

So take advantage of this practical design trend, and give your home the facelift it deserves! And of course you can always contact your trusted real estate advisor for design tips or places where you can get your show home inspiration. 

Stage Your Home For Spring: Tips For Using The Season To Your Selling Advantage

Stage Your Home for Spring: Tips for Using the Season to Your Selling Advantage

Stage Your Home for Spring: Tips for Using the Season to Your Selling AdvantageSpring has arrived! The flowers are blossoming, the greyness of the sky is clearing, and the air is warming. The best season to sell your home is here, and with the added natural light and blossoming colors, you can easily take advantage of the benefits of spring when it comes to selling your home.

Make sure to show it for all it’s worth, and follow these simple tips for staging your home in spring that will make your home the one listing that buyers can’t resist.

Fresh Flowers: Put Mother Nature To Work

Nothing says spring like fresh-cut flowers. Bring the beauty of nature inside your home and brighten up your space with fresh flowers. You can get colorful tulips, lilies, and other flowers for use in your kitchen table centerpiece, as well as smaller arrangements for around the house.

There’s no reason why a bouquet can’t brighten up your master bedroom or entryway, either. Orchids also make for lovely decorative pieces, and are best for bathrooms or anywhere that’s suitable to a smaller flower.

Add that extra intrigue to your entryway with colorful flowers in hanging baskets, and tidy up your front garden with some new colors, all while making the prospective buyers much more enthusiastic about entering your home.

Get That Spring Feel With A Light And Airy Home

To make the most of the spring season, make sure you use the added light and the warmth of the air. Open up the windows and lift all the blinds in your home, and consider scheduling showing times during the time of day when the sun shines brightest.

Decorative Colors: Brighten Up Your Home

You can also further take advantage with the colors of spring by adding pops of color to your living room, dining room, and kitchen. Consider hanging colorful drapes or adding a decorative throw and couch pillows.

Some new and inexpensive artwork for the walls can also be an inventive way to bring color into your home, while creating a warm and inviting space that the buyer will love.

It’s Time For Spring Cleaning

Just because you’re selling your house this year, doesn’t mean you get to excuse yourself from spring cleaning. Actually, partaking in this annual event can be a great way to sell your home faster. A clean home tells buyers that you have taken great care of the property and helps them to envision themselves living in the space.

Get out the pressure washer and rid your front steps and driveway of the remnants of winter, clean out the gutters, and give the floors and bathrooms a scrub. Consider an early packing job, and box up your winter clothes to help create the appearance of well-organized and spacious closet space throughout the home.

Spring is a great season in which to sell your home. You can easily take advantage of the warmer weather and bright colors to make your house more attractive to potential buyers, which will help you sell faster and get a higher price.

With an airy, clean and flower-filled home that bursts with color, you’ll be able to persuade buyers that your home is the perfect place for them – and you’ll be glad you put in the extra effort. For more great advice about selling your home in the spring, or to list your home for sale, call your trusted real estate professional today. 

Green Living: Water Saving Tips For Spring

Green Living: Water Saving Tips for Spring

Green Living: Water Saving Tips for SpringWater is the planet’s most precious resource. Access to clean water is a privilege that, unfortunately, many people still take for granted.

By utilizing new water efficiency technologies and age-old conservation methods, we can help preserve the water supply for future generations. Cutting down on consumption whenever possible is something that everyone can do to live a little greener.

Making Sure Your Home Holds Water

The first stop on your journey to save water is to ensure your home is free of water leaks. Make your way through your home, and properly shut off the water at all fixtures and faucets. Air-cooling systems and other devices that use water should also be shut off.

Read your water meter, wait two hours (without using any water), and check it again. If your water meter gives you two different readings, you are losing water somewhere, and the problem needs farther investigating.

If you find yourself flooded with problems, it may be time to call your local real estate professional. Most issues are easily repaired or upgraded, but sometimes a fresh efficient start may be a simpler solution.

Air It Out And Get In the Flow

Installing aerators on faucets and shower heads reduce their usage by half. These contraptions are inexpensive and easy to install. By injecting air into the water flow, you keep the same water pressure, but use less water.

If you are in the market for a new toilet, complete your water saving bathroom makeover with a low flow, water efficient model. These toilets can save about 9,000 gallons of water a year.

If a new toilet is not in your near future, a simple homemade contraption can cut down on water being flushed away. Fill a water bottle with some pebbles so it sinks, and fill the rest with water. Place the bottle in the cistern of your toilet. By displacing some of the water in the tank, you can save around 500 gallons of water a year.

Obtain A Lush Lawn With Less Water

Over-watering your grass is wasteful and counterproductive. Watering your lawn two times a week is better for grass than daily sprinklings. Giving your lawn a good soaking with an inch of water every few days will keep it lush and save water. You should also avoid over-mowing.

Grass is happiest at two to three inches tall. Over-mowed grass tends to have weak roots, and requires more water to keep it growing strong. Let Mother Nature take care of the watering on occasion, especially during the spring.

Mulch Landscape To Lock In Moisture

Mulch around the trees and shrubs in your yard. Mulch holds in moisture, and will keep the water in the ground longer. There are also water bags on the market that do a great job of keeping young trees hydrated.

Make sure your sprinklers are putting water where it is needed, and not unnecessarily watering the sidewalk. When the sidewalks and patios need a sweeping, make sure you reach for the broom and leave the hose on standby.

By making a few informed decisions to cut down on water consumption, you can feel good knowing you are doing your part to conserve. When water flows freely, it is easy to forget how precious it is.

Remind yourself that water is a resource that needs to be saved, and should not be wasted. Access to clean water is something no one wants to see lost. Keep looking for solutions, and find answers to your water-saving questions by calling your local real estate professional today.

Condo Vs House: Which Is Best For Your Lifestyle?

Condo vs House: Which is Best for Your Lifestyle?

Condo vs House: Which is Best for Your Lifestyle?Some people love living in condos, while others swear by detached homes. When it comes to deciding between the two, however, you can’t always rely on someone else’s word.

Sometimes it’s as simple as understanding and assessing your lifestyle to make the best choice, since condo living and home ownership are two radically different experiences, and thereby serve two very different types of lifestyles and personalities.

Here are a few considerations if you’re trying to decide whether you should invest in a house or a condo.

House: Best If You Have A Furry Friend

Do you have a furry friend or two that are an integral part of your family? Depending on their size and species, you may want to consider a detached house over a condo, simply for the amount of space available.

If you have dogs, you should consider that many condominiums don’t allow certain numbers, sizes, or breeds, and this could be just another reason you opt for a house. Having a backyard for your dogs to play in, and being able to avoid the daily elevator rides, are just more reasons to add to the list.

Condo: Best If You’re A Busy Business Person

If you’re a busy businessperson who’s rarely ever home, you may want to consider condo-style living. Firstly, you will be able to save on mortgage costs, which will certainly help you reach your financial goals, and you will have fewer worries involved than you would if you owned a detached home.

Full size houses require significant upkeep, which is a major time investment. In contrast, a condo is a turnkey living space that gives you the amenities you need without the responsibilities of home ownership. If you hardly entertain and would like a space to enjoy yourself during your off time, living in a condo might be just the perfect setup for you, the busy business-minded individual.

House: Best If You Like Privacy And Control

If you’re someone who adores your privacy and likes to be in complete control of the maintenance and care of your home, a detached house is certainly the best option for you. Having your own detached house means living with added privacy, as you won’t have neighbors as close by as would be the case if you were living in a condominium.

You’ll also be pleased to be the sole decision maker when it comes to the upkeep and maintenance schedule of the various aspects of your home. Rather than ask a strata manager for permission to, say, paint your front door, you can simply paint your front door.

Condo: If You’re A Single Minimalist

Condo living can be great for single people and minimalists. If you prefer to live on the lighter side, with fewer responsibilities and chores, a condo setup can be extremely rewarding. All of the big stuff will likely be taken care of, and all you’ll have to worry about is the minimal space inside of your four walls.

If you decide to travel for an extended period, it’s much easier to find short-term tenants for condos than for houses.

It can be difficult to decide whether a house or a condo is best suited to your lifestyle. Don’t be shy to ask your friends and family what they think of your personality, and do your due diligence to discover which home is best to accommodate your daily life. Once you’ve made your decision, contact a real estate professional and find the home that fits your lifestyle.

What’s Ahead For Mortgage Rates This Week – April 14, 2014

What

What's Ahead For Mortgage Rates This Week 4-14-14While little housing-related news was released, last week’s economic news showed signs of a brighter economic picture.

Labor statistics were stronger, with job openings up and new jobless claims filed lower than expected.

Mortgage rates fell, and the University of Michigan’s Consumer Sentiment Index was higher than expected.

More Jobs Available, Fewer New Jobless Claims

The Bureau of Labor Statistics (BLS) reported that February job openings rose to 4.20 million, which exceeded January’s reading of 3.9 million jobs. New jobless claims were lower than expected with 300,000 new jobless claims filed against expectations of 316,000 new jobless claims and the prior week’s reading of 332,000 new jobless claims filed.

The Federal Open Market Committee (FOMC) of the Federal Reserve released minutes of its meeting held March 18 and 19. The minutes noted that payroll jobs expanded, but the unemployment rate remained elevated, and inflation was below the committee’s goal of 2.00 percent. Indicators of longer-run inflation expectations were seen as stable.

Severe winter weather was viewed as a cause for slowing economic activity. FOMC noted that it would be difficult to determine the effects of winter weather on the economy as opposed to slower economic growth caused by unemployment or other negative factors.

Housing Starts and Building Permits were lower, but FOMC noted the impact of winter weather on these reports. FOMC asserted its intention to continue reducing its monthly asset purchases by $10 billion per month as economic conditions permit.

The FOMC emphasized its commitment to continuous review of financial and economic news as it makes month-to-month decisions concerning asset purchases.

Mortgage Rates Fall, Consumer Sentiment Rises

Freddie Mac reported lower average mortgage rates last week. The rate for a 30-year fixed rate mortgage fell from 4.41 to 4.34 percent. The rate for a 15-year fixed rate mortgage dropped from 3.47 to 3.38 percent, and the rate for a 5/1 adjustable rate mortgage fell by three basis points from 3.12 percent to 3.09 percent.

Discount points were unchanged at 0.70, 0.60 and 0.50 percent respectively. Lower mortgage rates may encourage more buyers into the market as the spring and summer buying season gets under way.

The University of Michigan’s Consumer Sentiment Index for April rose to 82.60 percent against the March reading of 80.00 percent and the projected reading of 80.80 percent. If expectations prove correct, this week’s economic reports are expected to bring more good news.

Whats Coming Up This Week

This week’s scheduled economic news includes Retail Sales for March, which are expected to show a gain, the Consumer Price Index which is expected to hold steady, and the Home Builder Index, which is expected to rise.

Projections for Housing Starts are also higher. Fed Chair Janet Yellen is set to give a speech in New York on Wednesday, and the Fed Beige Book report will also be released. This week’s economic reports will wrap up Friday with Leading Economic Indicators. 

 

How To Pick The Right Type Of Fence To Skyrocket Your Home Appeal

How to Pick the Right Type of Fence to Skyrocket Your Home Appeal

How to Pick the Right Type of Fence to Skyrocket Your Home AppealWhen it comes to choosing a fence for your home, you should always consider the style of your home itself. If you end up choosing a fence that compliments your home and works cohesively with the style, you can easily skyrocket the value of your home by adding to its curb appeal.

So whether you’re selling your home or just in search of ways to add to its aesthetic, here are some fencing options for various styles of homes.

For the Contemporary Home: Horizontal Wood Fence

If you have a contemporary, ultra-modern home, you certainly want to be careful when choosing the type of fence to install. Be sure that the fence you go with is just as modern as the home itself.

A wise choice might be to go with the classic stained wooden fence, but opt for the more modern, contemporary version with horizontal wood instead of vertical. The right stain can provide an attractive contrast to the white siding or glass that makes up the exterior of your modern home.

Commonly these kinds of fences provide added privacy for the modern glass that likely encompasses your contemporary abode.

For The Colonial Home: White Picket Fence

If you have a colonial home that is representative of the classic American residence, a classic white picket fence might be just the right choice. These modest and low-laying fences can offer just the contrast needed to make your house “pop” against its neighbors, instantly skyrocketing your home’s appeal.

Typically these types of fences are made of wood and painted white, with a charming gate and walkway that leads to the front entrance of the home. This acts to highlight the home’s entrance as the focal point as well, giving your home an added visual aesthetic.

For practicality, however, you can opt for vinyl fencing that is virtually identical to the wooden white picket fence, but does not require painting or repainting. Vinyl may initially cost more than wood, but being much easier to maintain, would likely be more cost-effective over time.

For The Bungalow: Ornamental Metal Fence

If you have a single or two-story bungalow house, you want to ensure that you don’t install a fence that will take away from the home’s visual appeal or be too overwhelming for the home’s stature to handle. Often the perfect addition to this kind of humble abode is a simple, ornamental metal fence.

This low-maintenance fencing was traditionally made of cast iron metal, but commonly today the same design in fencing is composed of powder-coated, galvanized steel or aluminum, or sometimes a combination of both. This can be the perfect solution for you bungalow, and one that requires little upkeep too.

Bringing up your home’s appeal while adding to the feeling of privacy when you are enjoying your home itself is certainly a project worth taking on. With the various options and styles available to you, you are sure to find a fence that is perfectly suitable for your house, creating a higher appeal for potential buyers and drawing more admiring glances from your neighbors.

For more information on fence styles that are perfect for your home, contact your trusted real estate professional today.

The Ultimate Guide To Winning At Auction! Don’t Let Your Dream Home Slip Away

The Ultimate Guide to Winning at Auction! Don

The Ultimate Guide to Winning at Auction! Don't Let Your Dream Home Slip AwayWhile the traditional method of trawling for sale listings, making bids, and negotiating with the seller has been a popular rite of passage for many home buyers, buying a house at auction is swiftly becoming a favored way to purchase property.

Buying a home through auction can be tricky, so it’s best to do your research and keep your cool on auction day, lest you find yourself stuck with a less-than-ideal place to live for a price you didn’t expect to pay. If you’re in the market to buy through auction for the first time, here are some things you need to know.

How To Find Houses Up for Auction

Real estate agents will often use the same methods to sell a house by auction as they do in a traditional sale: adverts in newspapers and online, posters in their office windows, and signs outside the property.

Depending on the reason for the sale, a home auction may be held at a local courthouse, an auction house, or, in some cases, online.

Viewing A House Before Auction

It’s always best to try before you buy, so make sure you are able to view the house prior to the auction. Some real estate agents will insist on exterior views of the home only, but, if you’re a new buyer, this may not be enough.

Seasoned home buyers can often pick a house by looking at the exterior and reading a description; buyers new to the game should bank on seeing inside first.

Checking The Price Of An Auction

Look into the price that is offered for the home you seek to buy; sometimes, if a house is in foreclosure, the starting price of the home may be the balance of the mortgage, or a lower price to get people to begin bidding. Lenders, such as banks, are not permitted to make a profit from selling a foreclosure and may often sell homes at a loss; look out for these bargains when checking house prices in your local area.

Bidding At An Auction

On auction day, make sure you enter the auction knowing the general value of the house and the maximum amount you are willing to pay; having these parameters set out will help prevent you from getting swept up in the auction process and bidding more than what you have or what the house is worth.

On the day, bring a cashier’s check – auction holders ask winners to pay for auction fees, bidding fees, and a deposit on the purchase. If you are successful on auction day, you will then have to close the deal with the seller just like any other property purchase.

If you need financing, you may wish to be pre-cleared by your lending company before the auction. Also, be aware that your winning bid may not be accepted. Many homes have a reserve price, and if the reserve is not met, the house will not be sold on the day.

If you are interested in buying a home through auction, go into the process knowing that auctions can be riskier than buying a home via traditional means. Also remember that just because a house is up for auction doesn’t mean you are guaranteed a good price. Some houses sell for a lot of money, and others sell cheaply but have hidden costs, such as urgent maintenance.

When you’re ready to find your new home by auction, call your local trusted real estate professional for information, answers, and the best deals in town.

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