Listing Courtesy of RE/MAX ASSOCIATES
A Ocean View listing can be a smash hit when the pictures show a property that’s cosmetically appealing, the copy rings true, and the details hit the sweet spot where features and value are a match for the best the area has to offer. But it still might not be as effective as it should be if one other detail is a little bit off. It’s a detail that can cause qualified buyers—the ones who should be a home’s most interested prospects— to miss the whole show.
I suppose that calling that part of a Ocean View listing a “detail” is like calling the end score of the NBA’s final playoff a detail—or calling the final vote count in an election a “factor.” It may be just one element of many, but it is uniquely important. In a Ocean View listing, it’s often the first element that shoppers specify when they’re picking which area homes they will consider. If it’s not thoughtfully calibrated to fall within the parameters they name, the results may suffer considerably.
Of course, the “detail” we’re talking about is the price on the listing, and choosing the “right” one is the object. We’re looking for a number that will help a home sell quickly at the highest price possible. If the neighborhood comps—the prices paid and asked for nearby area homes with similar features—were all that mattered, coming up with the most suitable listing price would be a cut-and-dried affair. But there are other factors that need to be taken into account. Some are easy to determine, some…not so much.
· the Ocean View residential market is a moving target, sometimes building from a lower level, sometimes echoing the latest transactions, sometimes losing momentum.
· competitive Ocean View listing prices reflect either other sellers’ best estimates of that market for their properties, or else their personal opinions of what they think the market should be--but there’s no way to verify which!
· the final selling price of any home is determined not only by the seller’s situation, but by the buyer’s, also, which is a factor which cannot be determined in advance.
That’s why there is no universally agreed-upon formulas to rely upon, and since there is no way to determine what outcome would have resulted if a different price had been chosen, there’s also no way to verify after the fact if the absolute “best” one was chosen—even if everyone considers the sale a great success! Web titan Zillow says, “if the home sells within a few days of listing, chances are you listed too low” yet if a higher price had been chosen, causing that home to linger for months on the market, it wouldn’t have been listed too low. On the other hand, if the listing price were set to court multiple offers, a quick sale could mean a higher selling price was achieved. There’s simply no way to know for sure.
Put it all together and you have to figure that arriving at the right listing price is really more of an art than a science. I help clients by pooling my extensive Ocean View experience, up-to-the minute market knowledge, and detailed examination of the property’s unique attributes to suggest the range of listing prices I judge most likely to achieve the Holy Grail—a quick sale at top dollar! If you’d like, we can get together for a no-obligation discussion of your own property’s listing prospects. It’s a great reason to give me a Call/Text me Russell Stucki at (302) 228-7871, email me at firstname.lastname@example.org, visit more listings at www.beachrealestatemarket.com.
It can be a true three-ring circus as you close in on signing day for your new Milford home. Sometimes there’s a near-simultaneous sale of the previous house that demands attention. There are the timing issues connected with moving out and then moving in. You may be dealing with furnishing the new house, school schedules, and sometimes work requirements have to be juggled; and everything seems to be happening at the same time.
Amidst all the details you are attending to, there is one that appears so simple that it may not get as much consideration as it deserves. Seeming almost like a non-decision, this one actually has major implications. It’s a true ‘sleeper.’
The subject is your decision on how you want to time the new mortgage payments for your new Sussex County home. It turns out that "once a month" is not necessarily the best answer.
Many lenders offer a variety of mortgage payment options, and they vary in ways that can make a surprisingly great financial difference over the long haul. No matter how busy you get, this is a decision which deserves some serious attention (and probably a hand calculator).
First, there is an English language oddity to straighten out: it’s about the prefix "bi."
If you think "bi" is a prefix that means ‘two,’ you’re right—but it also has two meanings:
1. ‘Bimonthly’ means twice a month (but not once every two months).
2. ‘Biweekly’ means every other week.
At first glance, "every other week" and "twice a month" seem to be the same thing; but they’re not. The difference is significant, because there are 52 (not 48) weeks in a year. As everyone comes to realize sooner or later, there are 4.3 weeks in an average month (not four). So the number of mortgage payments you will make could be 12 (if you go with the standard ‘once a month’ mortgage payment), or 24 (a bimonthly mortgage payment), or 26 (the biweekly choice).
Most people who choose either of the ‘bi’ payment choices consider a mortgage payment amount that’s exactly half of the monthly amount. If you choose the bimonthly plan, you might save a bit on interest by paying the first half a little bit early. But most lenders just hold the money and apply both payments at the end of the month—if so, the advantage disappears.
The real significant difference arises if you are offered a biweekly option. You can use any of the online mortgage sites to work out the precise details for yourself. Because you are making two extra payments a year, for instance, what would have been a 3.8% 30-year $225,000 loan for an Sussex County home actually turns into a 26-year loan. All else being equal, you’d own your Milford home free and clear four years earlier—and save more than $23,000 in the process!
No matter how hectic a house hunting and moving process becomes, it’s part of my job to help my clients keep the important details and decisions front-and-center. Getting the best answer to the mortgage payment choice is one of them; and of course, another best answer is to give me a call!