What Senior Citizens should know when selling their home

It's a buyer's market. Period. But that doesn't mean it's not a smart decision to sell your home. With interest rates so low, you could purchase a more expensive home and essential pay the same amount per month. Or, for a lot of Senior Citizen's selling their home- they could get a great deal on a new home and pay cash (with proceeds from sale of their current home) or put 20%+ down to have an extremely low month payment.
Over the past 2 years I've helped quite a few Seniors sell their property and then buy a smaller home, a 55+ community home, or move in with family. They have seen the benefit of this type of market and jumped on the chance to have their dream retirement home. 
Here are some planning tips for people ready to retire and sell their home:

1. Seek a Real Estate professional for assistance: It is important to find a real estate agent knowledgeable about the specialized needs of seniors. Through experience or specialized training and credentialing programs, such agents are familiar with senior housing options, the Housing for Older Persons Act, possible schemes and scams and the implications of various financial transactions. A specialist can guide you in making appropriate sales decisions and refer you to other experts as needed. 

2. Know your homes current value: Lack of knowledge about current prices could cause you to accept much less for your home than it is worth. You also might wait too long to accept a fair offer under the mistaken belief that a higher one may be around the corner.To find out the current price for your home, so that you don't lose out on a sale, review the comparative market analysis (CMA) provided by your real estate agent. The CMA, compiled from data in your region's multiple listing service, includes the most up-to-date information about homes in your neighborhood, similar to yours, that have sold.

3. Investigate Incentives and Pitfalls: Seek advice from your financial adviser about the consequences of buying and selling transactions. Pensions, IRA accounts, Medicare, Medicaid, Social Security and estate planning could be impacted by a real estate sale. Additionally, should you plan to buy a new home in a retirement community, you could be eligible for perks such as reduced upfront fees and closing-cost assistance, depending on the community.

4. Pack up valuables and memories: Selling your home presents an ideal time to sort through your belongings and declutter. Decluttering makes a house look spacious and helps potential buyers picture their belongings in the house rather than yours. You may have accumulated many mementos through the years that you may wish to sell, giveaway to family members or donate before moving. While the house is on the market, keep items you wish to retain in storage. Valuables, medications and other personal items should be kept out of sight.

MLK day

Fun volunteer day at Germantown High School!
We got to watch the Presidents inauguration while eating lunch too!

Buying your first home

People often come to me with basic questions about buying a home. Usually they aren't sure where or how to start the process. Maybe they have browsed the internet a few times to see what's out there, but they haven't gone past the "window shopping" phase. 
Buying a home is a process- it's not as simple as finding a house online then submitting an offer. There are steps to take to make sure the sale goes through- quickly and efficiently. 
Two very important people help make your home buying experience as successful as it can be- your Realtor and Mortgage Professional.

Hiring each of these professional early on in your decision to buy is essential. 
Here are 8 reasons why hiring a Realtor is a smart decision:

1. You’ll have an expert to guide you through the process. Buying or selling a home usually requires disclosure forms, inspection reports, mortgage documents, insurance policies, deeds, and multi-page settlement statements. A knowledgeable expert will help you prepare the best deal, and avoid delays or costly mistakes.

2. Get objective information and opinions. REALTORS® can provide local community information on utilities, zoning, schools, and more. They’ll also be able to provide objective information about each property. A professional will be able to help you answer these two important questions: Will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?

3. Find the best property out there. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your REALTOR® to find all available properties.

4. Benefit from their negotiating experience. There are many negotiating factors, including but not limited to price, financing, terms, date of possession, and inclusion or exclusion of repairs, furnishings, or equipment. In addition, the purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.

5.  Property marketing power. Real estate doesn’t sell due to advertising alone. In fact, a large share of real estate sales comes as the result of a practitioner’s contacts through previous clients, referrals, friends, and family. When a property is marketed with the help of a REALTOR®, you do not have to allow strangers into your home. Your REALTOR® will generally prescreen and accompany qualified prospects through your property.

6. Real estate has its own language. If you don’t know a CMA from a PUD, you can understand why it’s important to work with a professional who is immersed in the industry and knows the real estate language.

7. REALTORS® have done it before. Most people buy and sell only a few homes in a lifetime, usually with quite a few years in between each purchase. And even if you’ve done it before, laws and regulations change. REALTORS®, on the other hand, handle hundreds of real estate transactions over the course of their career. Having an expert on your side is critical.

8. Buying and selling is emotional. A home often symbolizes family, rest, and security — it’s not just four walls and a roof. Because of this, home buying and selling can be an emotional undertaking. And for most people, a home is the biggest purchase they’ll ever make. Having a concerned, but objective, third party helps you stay focused on both the emotional and financial issues most important to you.

9. Ethical treatment. Every member of the NATIONAL ASSOCIATION of REALTORS® makes a commitment to adhere to a strict Code of Ethics, which is based on professionalism and protection of the public. As a customer of a REALTOR®, you can expect honest and ethical treatment in all transaction-related matters. It is mandatory for REALTORS® to take the Code of Ethics orientation and they are also required to complete a refresher course every four years.

I'll continue to blog about the process and the necessary steps. In the meantime, if you have any specific questions please reach out to me directly- kskneeland@gmail.com

Monday Morning Coffee

It's been a busy January for me so far- 2 listing appointments and a couple more serious buyer and renter prospects looking for early Spring. I know I'm not the only busy Realtor, which proves- locally the market is hot! The news and internet generally provide national stats, but Real Estate truly differs from county to county and town to town.

Here is a quick End of Year statistical report for Montgomery County in 2012
Settled Units- 7,260 in 2012 compared to 6,177 in 2011- 17.53% increase!
Average Settled Price- $309,000 in 2012 compared to $308,000 in 2011
Median Settled Price- $255,000 in 2012 compared to $257,000 in 2011


Home Design:
Trends in design and fashion change all the time. Check out these new kitchen trends in homes that are becoming more popular this year. Maybe you can incorporate these new styles in your current home or new home you hope to purchase this year! Or, if you plan to sell your home, it would be a good idea to incorporate one or two of these to appeal to even more potential buyers!
8 Kitchen Trends to Watch in 2013

Local Fun:
VisitPhilly.com has put together 13 Things to Do in Philadelphia this year.
Our city has grown to be quite the destination, which is great for a multitude of reasons, especially the real estate market.
Check out the video and read the article on what's happening in our city in 2013!
http://www.visitphilly.com/articles/philadelphia/top-reasons-to-visit-philly-in-2013/

Monday Morning Coffee

I hope everyone enjoyed their first week of 2013! It's been busy in Washington as they work out the fiscal cliff right after the new year. I'm sure a lot of people have questions about the new bill- i.e. what it means and what's been resolved. For a quick review, click <<here>>

Real Estate News:
As for real estate, one of the items addressed was the Mortgage Forgiveness Debt Act which helps people that owe money to their mortgage lender. The Mortgage Forgiveness Debt Relief Act has been extended until January 2014- it allows homeowners who received principal reductions or other forms of debt forgiveness to not pay taxes on the amount forgiven. The amount extends up to $2 million of debt forgiven on the homeowner’s principal residence. The National Association of Realtors has put together a summary of real estate provisions in the new bill:
http://www.ksefocus.com/billdatabase/clientfiles/172/4/1711.pdf

Real Estate Fun:
Yahoo.com put together their homes of the week selling for $450,000. It's a fun way to see the type of house you can get in different parts of America, look at the various styles, locations and learn how much "house" you can get for the same amount of home. 
Enjoy! yahoo-homes-of-the-week-homes-for-450-000-slideshow