February 2016 Petit Home Team Newsletter
1. Petit Home Team NEWS
2. Eight reasons why for-sale-by-owners (FSBOs) fail
3. Just Listed/Sold properties
4. Leap Year 2016
February 2016 Petit Home Team Newsletter
1. Petit Home Team NEWS
2. Eight reasons why for-sale-by-owners (FSBOs) fail
3. Just Listed/Sold properties
4. Leap Year 2016
1. Petit Home Team NEWS
The Mooresville Wrestling team is gearing up for the USA Wrestling Elementary State Tournament next weekend in Winston Salem, NC. This past month has been exciting with matches in the recreation league as well as an AAU tournament (pictured above). Tripp is wrestling in the 45 lbs weight class and took 3rd place last week. My nephew Nate is wrestling in the 65 lbs weight class and will also compete in the State Tournament.
These boys are learning how hard work in practice translates to wins on the mat. They have two practices a week with a heavy focus on conditioning. They drill their moves over and over and compete with a lot of live wrestling. They have learned so much from the first day of practice and have grown to love this sport. I can not be more proud of how hard these boys work and it will pay off on the mat!
2. Eight reasons why for-sale-by-owners (FSBOs) fail
Homeowners trying to sell their homes on their own — for-sale-by-owners (FSBOs) — are driven by several reasons. Although most of them want to save money that they would have otherwise spent on real estate commissions, a few others take the FSBO route because they feel they don’t need a professional to sell their home.
Whatever the reason for attempting to sell solo might be, data from a National Association of Realtors survey shows that less than 10 percent of FSBOs actually sell.
1. Too many people to negotiate with
Those deciding to take the FSBO route often have to negotiate with many people. Some of them are likely to be:
- The buyer, seeking the best possible deal.
- The buyer’s agent, who represents the buyer’s best interest.
- The buyer’s attorney (in some regions of the nation).
- Home inspection companies, working for the buyer, which are likely to find some problem or the other with the house.
- Your bank, in case it’s a short sale.
- The appraiser, if the home’s value needs to be assessed.
2. Homeowners do not know how to prepare the home for sale
A majority of homeowners don’t know about the prelisting tasks that FSBOs should do before they list their home for sale. These usually include:
- Decluttering.
- Painting the rooms with a fresh coat of paint.
- Getting necessary repairs done.
- Getting the home floors and carpets cleaned by professionals.
- Ensuring curb appeal of the home.
- Replacing outdated light fixtures.
Because homes for sale by owners just have one chance to impress potential buyers, neglecting these home sale preparation tips often reduces the homeowners’ chances of selling the house.
3. Owners do not know how to screen potential buyers
FSBOs often have no idea about the difference between prequalification and preapproval, and they don’t know that buyers should ideally be preapproved or at least prequalified.
No wonder they let unqualified buyers inspect the house and waste their precious time.
4. Owners don’t understand the concept of ‘golden time’
According to this concept, homeowners get the most money for their homes in the first weeks of putting the property on the market. The longer FSBO homes stay on the market, the less money people will be willing to offer for them.
If a seller tries FSBO before hiring an agent, the seller loses the “golden time” window.
5. Owners fail to understand the contract procedures
The contract to buy a home involves much more than just the price offered by the buyer. Also, real estate contracts have lots of timelines and clauses and involve several common contract contingencies, such as inspections and mortgages.
6. FSBOs incorrectly price their homes
FSBOs often price their homes incorrectly due to lack of experience. They set the price too high, which hinders their chances of closing the deal.
7. FSBO homes lack exposure
Homes for sale by owners are often listed on a few websites, but there are many that don’t allow FSBOs to list their property. Thus, FSBOs are unable to give their homes adequate exposure in the market.
8. FSBOs fail in the closing process
Even after an offer is accepted, many things still need to be done prior to the closing. For instance:
- Get the inspections completed within the allotted time.
- Ensure the attorney(s) approve contracts.
- Ensure that instrument survey is ordered.
- Check if the buyer has obtained written mortgage commitment.
- Find out if title work is reviewed.
3. Just Listed/Sold properties
Homeowners trying to sell their homes on their own — for-sale-by-owners (FSBOs) — are driven by several reasons. Although most of them want to save money that they would have otherwise spent on real estate commissions, a few others take the FSBO route because they feel they don’t need a professional to sell their home.
Whatever the reason for attempting to sell solo might be, data from a National Association of Realtors survey shows that less than 10 percent of FSBOs actually sell.
1. Too many people to negotiate with
Those deciding to take the FSBO route often have to negotiate with many people. Some of them are likely to be:
- The buyer, seeking the best possible deal.
- The buyer’s agent, who represents the buyer’s best interest.
- The buyer’s attorney (in some regions of the nation).
- Home inspection companies, working for the buyer, which are likely to find some problem or the other with the house.
- Your bank, in case it’s a short sale.
- The appraiser, if the home’s value needs to be assessed.
2. Homeowners do not know how to prepare the home for sale
A majority of homeowners don’t know about the prelisting tasks that FSBOs should do before they list their home for sale. These usually include:
- Decluttering.
- Painting the rooms with a fresh coat of paint.
- Getting necessary repairs done.
- Getting the home floors and carpets cleaned by professionals.
- Ensuring curb appeal of the home.
- Replacing outdated light fixtures.
Because homes for sale by owners just have one chance to impress potential buyers, neglecting these home sale preparation tips often reduces the homeowners’ chances of selling the house.
3. Owners do not know how to screen potential buyers
FSBOs often have no idea about the difference between prequalification and preapproval, and they don’t know that buyers should ideally be preapproved or at least prequalified.
No wonder they let unqualified buyers inspect the house and waste their precious time.
4. Owners don’t understand the concept of ‘golden time’
According to this concept, homeowners get the most money for their homes in the first weeks of putting the property on the market. The longer FSBO homes stay on the market, the less money people will be willing to offer for them.
If a seller tries FSBO before hiring an agent, the seller loses the “golden time” window.
5. Owners fail to understand the contract procedures
The contract to buy a home involves much more than just the price offered by the buyer. Also, real estate contracts have lots of timelines and clauses and involve several common contract contingencies, such as inspections and mortgages.
6. FSBOs incorrectly price their homes
FSBOs often price their homes incorrectly due to lack of experience. They set the price too high, which hinders their chances of closing the deal.
7. FSBO homes lack exposure
Homes for sale by owners are often listed on a few websites, but there are many that don’t allow FSBOs to list their property. Thus, FSBOs are unable to give their homes adequate exposure in the market.
8. FSBOs fail in the closing process
Even after an offer is accepted, many things still need to be done prior to the closing. For instance:
- Get the inspections completed within the allotted time.
- Ensure the attorney(s) approve contracts.
- Ensure that instrument survey is ordered.
- Check if the buyer has obtained written mortgage commitment.
- Find out if title work is reviewed.
3. Just Listed/Sold properties
2035 Mecklenburg Highway
Mooresville, NC 28115
$300,000
http://www.tourfactory.com/1481699
Two lots being sold together, 2.4 acre in GREAT LOCATION! Many large, mature trees on the property. Near the Davidson Town line, this property boast perfect location to Highway, colleges and all amenities. Sewer is coming. Great spot to build your dream home!
http://www.tourfactory.com/1484629
1.25 acre parcel of land for sale located on Mecklenburg Hwy in Mooresville. Premier location off I77 exit 31 (Langtree). Zoned NMX -Neighborhood Mixed Use-
418 W Liberty Street
Salisbury, NC 28144
$272,000
Gorgeous, Victorian home in the heart of Salisbury historic district. This graceful home features a wrap around front porch, and fenced court yard. Remodeled kitchen features granite counter tops, new dishwasher and stove and sunny breakfast nook. The sitting room, 1/2 bath and family rooms adjoin the formal dining room. This home has 5 operating wood burning fireplaces! The second floor has 3 large bedrooms, 2 full baths and laundry and attic fan. Lots of storage in the attic and basement.
SOLD
207 Flower House Loop, Troutman NC 28166
2035 Mecklenburg Highway
Mooresville, NC 28115
$300,000
http://www.tourfactory.com/1481699
Two lots being sold together, 2.4 acre in GREAT LOCATION! Many large, mature trees on the property. Near the Davidson Town line, this property boast perfect location to Highway, colleges and all amenities. Sewer is coming. Great spot to build your dream home!
Mooresville, NC 28115
$300,000
http://www.tourfactory.com/1481699
Two lots being sold together, 2.4 acre in GREAT LOCATION! Many large, mature trees on the property. Near the Davidson Town line, this property boast perfect location to Highway, colleges and all amenities. Sewer is coming. Great spot to build your dream home!
http://www.tourfactory.com/1484629
1.25 acre parcel of land for sale located on Mecklenburg Hwy in Mooresville. Premier location off I77 exit 31 (Langtree). Zoned NMX -Neighborhood Mixed Use-
418 W Liberty Street
Salisbury, NC 28144
$272,000
Gorgeous, Victorian home in the heart of Salisbury historic district. This graceful home features a wrap around front porch, and fenced court yard. Remodeled kitchen features granite counter tops, new dishwasher and stove and sunny breakfast nook. The sitting room, 1/2 bath and family rooms adjoin the formal dining room. This home has 5 operating wood burning fireplaces! The second floor has 3 large bedrooms, 2 full baths and laundry and attic fan. Lots of storage in the attic and basement.
SOLD
207 Flower House Loop, Troutman NC 28166
4. Leap Year 2016
Why does February have an extra day every four years?
February 29 crops up every four years, but what is a leap year, and why do we have them?
A leap year, where an extra day is added to the end of February every four years, is down to the solar system's disparity with the Gregorian calendar.
A complete orbit of the earth around the sun takes exactly 365.2422 days to complete, but the Gregorian calendar uses 365 days. So leap seconds - and leap years - are added as means of keeping our clocks (and calendars) in sync with the Earth and its seasons.
The Roman calendar did have 355 days with an extra 22-day month every two years, until Julius Caesar became emperor and ordered his astronomer Sosigenes to devise a better system in the 1st Century. Sosigenes decided on a 365-day year with an extra day every four years to incorporate the extra hours, and so February 29 was born.
February 29 crops up every four years, but what is a leap year, and why do we have them?
A leap year, where an extra day is added to the end of February every four years, is down to the solar system's disparity with the Gregorian calendar.
A complete orbit of the earth around the sun takes exactly 365.2422 days to complete, but the Gregorian calendar uses 365 days. So leap seconds - and leap years - are added as means of keeping our clocks (and calendars) in sync with the Earth and its seasons.
The Roman calendar did have 355 days with an extra 22-day month every two years, until Julius Caesar became emperor and ordered his astronomer Sosigenes to devise a better system in the 1st Century. Sosigenes decided on a 365-day year with an extra day every four years to incorporate the extra hours, and so February 29 was born.
