Selling your home or condo
The housing market has certainly had its challenges the last few years but that does not mean you will have to take a loss when selling your home or condo. The key is to be fully prepared and have a home selling plan before you put your home or condo on the market. What is your reason for selling? Are you truly motivated and committed? Have you thought through the process? If you aren’t committed you could be setting yourself up for disappointment and more importantly losing money.
When selling your home or condo set the pricing where it will sell and not stay on the market too long. Too many sellers make the mistake of thinking their home is worth more than what the market will bear. Remember your home is worth what someone is willing to pay. Preparing your home or condo for sale can mean the difference between the highest and best price to selling below market value. Make sure you repair obvious maintenance issues that have been neglected and give some serious thought before making improvements since not all repairs will pay off. Once the repairs and improvements have been made do some research about home staging. Home staging is simply putting your home’s best face forward for potential buyers as they view your home creating that feeling of a well maintained, pleasant place to call home. One last thing that many people selling their home or condo don’t think about is preparing net profit sheet based on a low price and high price. Have in mind what you want for your home or condo and be prepared for the worst and hope for the best.
Loretta Lomax
Loretta Lomax has joined the growing team of dedicated Realtors® at OwnACondo.com, many of whom have earned accredited buyer representative (ABR) designations.
She brings to our company more than three years of experience in real estate sales, as well as a professional philosophy. In addition to being a Realtor, she is also a business owner and has a professional background in computer technology. The companies she has owned since 1997 include Lomax Enterprises and Lomax Real Estate Solutions.
Her specialties include:
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Townhomes
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Downtown Chicago real estate
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North Cook County real estate
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South Cook County real estate
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Will County real estate
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Lake County real estate
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DuPage County real estate
When she is not working on helping her buyers, Loretta Lomax has a wide range of interests, including running, tennis, sewing and cooking. She also donates her time to non-profit organizations such as Jobs for Youth and Urban Prep Academy. She also is assistant manager of the Chappel Condo Association and holds membership in several industry organizations. These include Association of Information Technology Professionals, and e-Marketing Association Network, as well as National Association of Realtors®, and Computing Technology Industry Association (CompTIA) Certified Professionals.
Her educational background includes a degree in Business Administration from Harold Washington College and certification in information technology and digital media from the Computer Systems Institute.
“Having bought and sold a personal residence, and lived in and assisted in the management of a condo complex, I feel I have an up-close and personal connection with consumers interested in buying real estate. Prompt, patient and professional is my philosophy,” Loretta Lomax said.
Contact Loretta at llomax@ownacondo.com if you have questions or would like help finding your dream home.
Condo Staging
Condo staging is the practice of decorating in such a way that the condo is as attractive as possible to prospective buyers, but Realtors and their clients selling condos should be careful not to overdo it. Industry experts call it “over staging.”
Some of the things commonly done as a part of condo staging including removing clutter from floors and tables, as well as putting family pictures out of sight and taking away extra pieces of furniture. These things are done to open up the space and make it easier for visiting prospective buyers coming to a showing or open house to better visualize themselves living in the condo.
But as the old saying goes, “everything is good in moderation.” Don’t go overboard taking too many things away. You run the risk of giving your condo a cold appearance, devoid of character. Condo staging is a delicate balance, because going overboard the other way is bad also. For instance, do not leave put out place settings or other decorations that could be recognized as either contrived props, or just clutter. Anything too big or unusual that would take away the attention from the house itself is also discouraged. “Over staging” is the term used in the industry for these over-the-top practices.l
If real or artificial flowers are used to brighten up rooms, owners are cautioned to make sure the flowers are correct for the time of year. So, for instance, tulips can be used in the spring, but replaced by flowers that bloom later in the year when summer comes around. Otherwise, a casual observer might get the impression that the condo was on the market for a long time, since the flowers were in bloom. In the case of real flowers, make sure they are not wilted. There is definitely an art to condo staging.
Whether or not to upgrade a condo being sold is a related issue. Some people feel obligated to add all the newest appliances and popular touches, such as granite countertops, in order to sell their homes. But “condo stagers,” as the industry experts are known, say that the homeowner might not recoup their money n the final selling price, so it wouldn’t be worth going to that expense in most markets. But perhaps in an area with luxury condos, where all the sellers who have those upgrades, the cost might be worth it.
Holiday decorations can also become an issue regarding condo staging. The industry experts say that while a Christmas tree and perhaps a few other decorations are appropriate for homeowners who celebrate the holiday, there is no need to decorate the whole house in a holiday theme.
Miami Condos
If you are looking for a low-maintenance lifestyle, maybe in a popular downtown location or near the beach there is no better place to look than Miami Condos. Living in a condo in Miami can offer many benefits that you will not find in a home in the suburbs. They can offer more plentiful amenities from beach access, pools, golf courses, lawn maintenance and much more. All of these things offer a different lifestyle that many find appealing but there are a few things you might want to consider.
- Condos usually have an association that has guidelines, some may be casual but others can be strictly enforced. Get a copy of the rules and guidelines and make sure they will fit in with your lifestyle. Being at odds with the association and possibly your neighbors can make home a much less appealing place to live.
- Many Miami condos come with a variety of benefits but also a cost. Most associations have fees that cover many of the amenities which convinced you to entertain the idea of condo living in the first place. Some associations charge a small maintenance fee to cover the basics but depending on the extravagance of what are offered in your complex they can run much higher. Associations are anxious to provide you with their list of fees, what they cover, and what is expected of you as an owner. One last thing to consider regarding fees is to find out if the association is planning on any improvements or upgrades that can raise costs.
- Before you jump at that Miami condo find out about the community you are buying into. Does it fit the lifestyle you want? What is the financial status of the condo association? How many units are vacant? How many units are rented? If possible, talk to some of the owners and find out if they are happy living there, how well the complex is being run, or if they have had past problems and how those problems were resolved. You are buying into an entire community and it is important that you know all you can before making a decision.
There are many Miami condos in all types of locales from downtown Miami to Coconut Grove to Key Biscayne offering something no matter your taste or budget. No matter if you are retiring to south Florida to sit on the beach or find a vacation property there can be no more exciting location than Miami.
Miami Real Estate Market
Let’s be honest. The national real estate market is certainly facing its challenges and the Miami Real Estate market is no different but there are some reasons to be optimistic about what is happening across the nation and more specifically in the Miami market. The lack of new developments has helped to slow a glut in the housing and condo markets for Miami and we are beginning to see prices stabilize. I am hearing from many potential condo buyers that they expected a big collapse in prices so they could pick up a condo cheap but they now think that collapse may already have happened and prices are stabilizing or may even be starting an upward trend. We could very well be at the bottom of the housing market which means there is no way to go but up encouraging buyers to get in the market for those great deals before they are all gone.
Market trends can change fairly dramatically and quickly due to several contributing factors. The Miami real estate market is no different than any other area of the country and trends are an aspect that must be considered no matter if you are a first-time homebuyer or seasoned purchaser. Knowing where the market is headed and the overall conditions are a very crucial part of making a smart decision.
For many months the Miami real estate market has been showing signs of recovery. This can be the perfect time for buyers to enter the market looking for distressed homes and we are seeing an increasing number every day looking for short sales, foreclosures or just a motivated seller needing to move their home or condo. With home prices continuing to drop in all areas of the country including Miami, many buyers are looking for the best deals they can find.
Access to properties has also made it easier for home buyers to find just the right deal. Many properties are still being listed in magazines, newsletters, and other forms of publication but most homebuyers find it easier to look online. Information that was once limited to the general public is now available quickly and easily providing many homeowners alternatives in buying or selling a home or condo.
Obviously we are not quite out of the woods yet regarding the real estate market but at least now we see some light at the end of the tunnel. The real estate industry is used to cycles but this time around we would like to see the down side turn much quicker to the up side.
Condos or Co-ops
When you are getting ready to buy condos or co-ops, particularly in a place like New York City where co-ops are so common, it is smart to consult a condo specialist Realtor® because these experts can alert you to the differences between the two, and all the pros and cons.
While Realtors® should be consulted to get the details, there are a few general points to keep in mind when thinking of buying a condo or co-op. First, while traditional condos are more common in Chicago, Miami and other cities outside New York, a majority of the multi-unit developments in the borough of Manhattan are co-ops, so there are a lot to choose from.
Also, when trying to decide if you have the down payment needed to finance your condo, or co-op, remember that purchasing a co-op often requires putting down at least 25 percent of the cost, and often as much as 50 percent or even the whole amount. Also, you must go through an interview with the co-op board of directors, who run the complex, which can accept or deny the application for ownership. This is because by definition, co-op buyers are buying a share of the whole building, rather than one unit in the case of a condo.
Many tax breaks are available to co-op owners that are not offered to condo owners. Once again, you should consult a professional to determine the details. And of course, make sure you have a healthy credit score, because that will be taken into consideration when taking out a loan in any case.
Whether you end up buying condos or co-ops, you will have to take into consideration the monthly maintenance fees, which they both have. The fees are used to cover the cost of general maintenance, groundskeeping, and general repairs in common areas of the property.
It would be advisable too, whether you are buying condos or co-ops, to ask for financial statements for the complex, to see whether there is enough money on hand for major projects such as roof replacement. Also, because all the expenses are jointly shared, all the property owners share liability also. Although it rarely happens, when an owner defaults, the other owners have to share the responsibility of covering those expenses.
Selling condos is usually easier than with co-ops, due to the co-op board having the right to interview and scrutinize prospective buyers.
Because co-ops have an untraditional ownership system, it may be harder to find financing. The board also may have rules for down payments, which you'll probably find less flexible than some mortgage lenders.
These are just a few of the things to look out for whether you are buying condos or co-ops, just to give you an idea of what to expect.
