Tips for Buying or Selling Your Home in Oregon Part 2

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www.pendletonpropertIES.NET

Use these tips in any city or town in Oregon

                                                                                                                                                                                                                        Why A Second Mortgage?

A second mortgage, which is so-called because it is recorded behind a senior or first loan and has a secondary priority, can be a very valuable tool for both buyers and sellers of homes.

Buyers can sometimes afford more home in Pendleton through having the seller carry back a second mortgage, and thereby enabling the purchaser to have to qualify for and secure a small first mortgage, usually from an institutional lender. Some mortgage companies and banks make second mortgages, both for purchasers and for owners to tap some of their unused equity and get cash out

For a seller willing to carry back a second mortgage, it could mean getting a higher price and a quicker sale, since doing this will expand the available pool of buyers who may not have all the cash required for a large down payment. Sometimes the willingness to carry a second in itself may bring a buyer who might have otherwise overlooked a particular piece of property.

Sell In A Hurry

Question: I am anxious to sell my home in Pendleton in the shortest amount of time possible. Any advice?

Answer: There are a few people who will drive by and see your sign. There are very few people who will see your ad in the short time you have available. The best way to sell your home in Pendleton in a hurry is to call my office (541) 215-2274. I have a ready pool of prospects. Many homes which sell in a short amount of time do so because a Realtor knows precisely the needs of a buyer he or she has been working with.

Question: My kitchen looks like a picture out of the silent movies and my bathroom would only appeal to the Ancient Mariner. Would it make more sense to remodel or “move up” to a better home?

Answer: Get an estimate from a contractor on modernizing and compare this with the cost of moving up to a better home. Kitchen and bath renovations are costly, complex and disrupting. Often, it’s better to move up to a house that already has what you want.

Appraiser and Market Estimate

Estimating the value of a home in Pendleton is not an exact science. Although everyone can have an opinion, the appraiser, because of training and background, is the person who is hired to give a documented report as to the market value of a piece of real estate at a given point in time.

Appraisers are hired by owners, buyers and lenders to look at Pendleton real estate, compare it with like properties in the same area that have recently sold, and then give an educated opinion of its value in the current market.

Appraisers have to look at many variables when doing this, such as condition of the property, circumstances of the sale, time on the market, variables because of location and adjust for differences in square footage of the home or lot for the comparable sales. After all of these have been factored in, the appraiser then compiles a written report, usually with photographs and a detailed accounting of each property compared to the subject.

The Importance of Location

Any Realtor will tell you that the three most important factors concerning the value of a house are: “Location, Location, and Location.” Unfortunately, most home buyers ignore this important advice.

Location is especially vital when buying a house in Pendleton for maximum resale value. Statistics say that you will be reselling your home long before the final mortgage payment is in the mail. Therefore, take a long, hard look, not only at the present, but the future prospects for the community and immediate neighborhood.

Select a location where raw land and house values have an increasing price trend. Especially check into the zoning laws for any unfavorable change which could cause depreciation in the value of the neighborhood and the resale price of your home in the near future.

Remember – you can remove, replace or remodel a house, but you can never change the location. So choose carefully.

Setting Selling Price

How do you set the selling price of your home in Pendleton? Probably the most dangerous way is to do it yourself. The asking price is, by far, the most important part of the selling process. You need expert input.

At our agency, we offer a comparative market analysis to help evaluate your property In Pendleton. In doing this market analysis, we walk through your house with you, often making suggestions about selling points that should be emphasized or minor changes that will enhance the sale. After this personal inspection, we will compare your Pendleton property with others similar in size and character that are currently on the market or that have been sold during the past year. In effect, the proper selling price will be determined by the local market – and you’ll probably be pleased with the suggested selling price.

This market analysis is an excellent way of rationally determining your asking price. Bear in mind, however, that it’s an estimate. You have no obligation to list your property at the suggested price.

Homeowners Tax Haven

You can forget about the old, confusing IRS regulations on tax breaks when you sell your principal home. Forget about the once-in-a-lifetime exemption of up to $125,000 in profits for those over 55 years of age. Forget about having to buy or build another house within two years of the sale which cost as much or more than the one you sold in order to defer paying capital gains taxes. The new look is here and it is great for homeowners.

The latest tax law now allows homeowners to avoid paying taxes on the first $250,000 of profits in a home if they are single, or on the first $500,000 of profits if they are married at the time they sell the home.

Because a homeowner can use the exemption repeatedly, as long as he or she lives in each house for at least two years, most will never have to pay taxes on profits from home sales. This change exempts over 99% of home sales from capital gains taxes.

Important  property tips on buy or selling your home part 3 on the way!

Visit  www.pendletonpropertIES.NET

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