6 Tips for Choosing the Best Offer for Your Home

Article From Houselogic.com

By: G. M. Filisko

Published: February 10, 2010

Have a plan for reviewing purchase offers so you don't let the best slip through your fingers.

You've worked hard to get your home ready for sale and to price it properly. With any luck, offers will come quickly. You'll need to review each carefully to determine its strengths and drawbacks and pick one to accept. Here's a plan for evaluating offers.

1. UNDERSTAND THE PROCESS

All offers are negotiable, as your agent will tell you. When you receive an offer, you can accept it, reject it, or respond by asking that terms be modified, which is called making a counteroffer.

2. SET BASELINES

Decide in advance what terms are most important to you. For instance, if price is most important, you may need to be flexible on your closing date. Or if you want certainty that the transaction won't fall apart because the buyer can't get a mortgage, require a prequalified or cash buyer.

3. CREATE AN OFFER REVIEW PROCESS

If you think your home will receive multiple offers, work with your agent to establish a time frame during which buyers must submit offers. That gives your agent time to market your home to as many potential buyers as possible, and you time to review all the offers you receive.

4. DON'T TAKE OFFERS PERSONALLY

Selling your home can be emotional. But it's simply a business transaction, and you should treat it that way. If your agent tells you a buyer complained that your kitchen is horribly outdated, justifying a lowball offer, don't be offended. Consider it a sign the buyer is interested and understand that those comments are a negotiating tactic. Negotiate in kind.

5. REVIEW EVERY TERM

Carefully evaluate all the terms of each offer. Price is important, but so are other terms. Is the buyer asking for property or fixtures-such as appliances, furniture, or window treatments-to be included in the sale that you plan to take with you?

Is the amount of earnest money the buyer proposes to deposit toward the downpayment sufficient? The lower the earnest money, the less painful it will be for the buyer to forfeit those funds by walking away from the purchase if problems arise.

Have the buyers attached a prequalification or pre-approval letter, which means they've already been approved for financing? Or does the offer include a financing or other contingency? If so, the buyers can walk away from the deal if they can't get a mortgage, and they'll take their earnest money back, too. Are you comfortable with that uncertainty?

Is the buyer asking you to make concessions, like covering some closing costs? Are you willing, and can you afford to do that? Does the buyer's proposed closing date mesh with your timeline?

With each factor, ask yourself: Is this a deal breaker, or can I compromise to achieve my ultimate goal of closing the sale?

6. BE CREATIVE

If you've received an unacceptable offer through your agent, ask questions to determine what's most important to the buyer and see if you can meet that need. You may learn the buyer has to move quickly. That may allow you to stand firm on price but offer to close quickly. The key to successfully negotiating the sale is to remain flexible.
G.M. Filisko is an attorney and award-winning writer who has survived several closings. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

Reprinted from HouseLogic (houselogic.com) with permission of the NATIONAL ASSOCIATION OF REALTORS (R).
Copyright 2010. All rights reserved.

Ron Howard & Associates, one of the leading real estate teams in the Baltimore-Metro area, was named the number twenty two Re/Max sales team in the Central Atlantic Region for 2010 up to May. 

During one of the toughest real estate markets in recent history, Ron Howard & Associates created many innovative programs, including the 1st Baltimore area iPhone app.  They also increased their advertising online, launched a video blog and have continued to sell many homes.   "Generally you see agents with big or many different builders as clients on the top 25 list, most of our clients are individual home owners and our team is so proud of helping so many families in this tough market" said Ron Howard, team leader of the group. "We're proud to be on the list, volume has never been our focus, it's been customer service, and with good service, you'll grow and make these kind of lists".

“I’ve got a great team of highly motivated, educated and succesful agents,” Ron said, “you'd be hard pressed to find a sharper group of agents in our market". "We've been on the front lines of this tough market, battling in the trenches and getting winning results, I'm so proud of our team to step up and get the results our clients need".

For more information contact Ron Howard @ 410-814-2404.

The Top Market Pro iphone app allows you to view Maryland real estate information on every home for sale around you. It's free! Move through a neighborhood and see homes for sale with GPS technology pinpointing properties for sale.

Watch it in Action...

Check out our launch party...

May 28, 2010

By Hibah Yousuf, staff reporterMay 24, 2010: 12:18 PM ET

NEW YORK (CNNMoney.com) -- Existing home sales soared in April as home buyers scrambled to claim the tax credit that expired at the end of the month, according to a real estate industry report released Monday.

The National Association of Realtors reported that existing home sales jumped 7.6% last month to a seasonally adjusted annual rate of 5.77 million units, up from the upwardly revised rate of 5.36 million in March. Sales year-over-year were up 22.8%.

The home buyer tax credit, which expired April 30, pushed sales up during the month since buyers had to sign contracts by the end of last month. First-time home buyers qualified for a tax credit up to $8,000, while those trading up could score as much as $6,500.

Despite the termination of the tax credit, NAR president Vicki Cox Golder also anticipates buyer traffic to hold up in May and June.

"Some realtors tell us they are very busy with clients who are entering the market now as a result of improved conditions, while others are welcoming a slowdown from frantic market conditions in recent months," she said.

Price and inventory: The NAR report showed that the median price of homes sold in April was $173,100 in April, up 4% from a year ago. About a third of homes sold during the month were distressed properties.

Total housing inventory rose 11.5% to 4.04 million existing homes for sale. That represents a 8.4-month supply at the current sales pace, up from a 8.1-month supply in March.

Yun said that although inventories remain higher than normal, the house pricing correction is nearly over.

"In fact, a majority of the markets have seen price gains lately," he added. "A return to old-fashioned responsible lending and buying will help the housing market avoid disruptive and painful bubble-bust cycles."

Sales by property and region: Sales of single-family homes rose 7.4% in April compared to the prior month, while condominium and co-op sales spiked more than 9%.

The Northeast fared best last month, with sales surging 21.1% to an annual level of 1.09 million units in April, which was 41.6% higher than a year earlier.

Resales in the Midwest climbed nearly 10% last month, while they rose 8.6% in the South and 6.2% in the West.  

http://money.cnn.com/2010/05/24/real_estate/existing_home_sales/index.htm?section=money_latest&utm_source=twitterfeed&utm_medium=twitter

Las Vegas

LAS VEGAS — Smaller, cheaper, simpler.

Or, as Eliot Nusbaum put it, it's all about cents and sensibility. Nusbaum is executive editor for design at Better Homes & Gardens magazine, which annually polls its readers and others to get a sense of what's hot in housing or, as the current case may be, tepid. In the current market, even tepid will do.

Nusbaum recently presented the magazine's read of current homebuyer sentiment recently to attendees at the International Builders Show, the annual convention and trade show of the National Association of Home Builders. The publication polled readers who say they plan to purchase a home within the next year, in addition to gauging the sentiments of designers, builders and others. Their responses indicate that they absolutely get it that the real estate boom is over and it's time to start acting like grown-ups.

"Downsizing continues," said Nusbaum, who added that his reader sentiments were right in line with NAHB data showing that, for the first time since the early 1980s, the average newly built home declined in size, to 2,480 square feet from 2,520 square feet. "And we're seeing practical considerations. Homebuyers' priorities are price, energy, organization and comfort."

So, they're looking for rooms that can do double duty, he said. For example, buyers and people who are remodeling still want a home office, but many said they'd prefer one that also can serve as a craft or hobby room.

And though, like last year's show, the exhibitor booths on the trade show floor were filled to overflowing with products that boasted a "green" label, consumers are tailoring their definition of the word.

"They're moving away from that term to ‘energy efficiency,'" Nusbaum said. That is, when it comes to their houses, saving the rain forest is less on homebuyers' minds than saving on their heating bills.

He said home features made from recycled materials or produced with sustainability in mind are important to buyers only up to a point.

"Builders say their clients have a general interest in it, but as the price is presented, it falls away," Nusbaum said.

That sentiment was seconded by Rose Quint, the NAHB's assistant vice president for survey research, who poured out a raft of separately compiled data on just what homebuyers are looking for.

"I see a theme of energy efficiency," Quint said. She cited a list of 40 features that are considered "must-haves" by active home seekers. The top spots were dominated by such things as programmable thermostats, energy-efficient windows and well-insulated front doors.

Granite countertops didn't make that must-have list, she said. I heard the same thing at a separate presentation on kitchen trends, in which prominent kitchen designers said the material has become so widely available that it's being looked at as something for a "starter kitchen."

Is this a whoa moment?

Not at all, said Nusbaum, who's confident that granite is still an object of desire.

His magazine's research suggests that it's such a priority that home remodelers will make economic trade-offs, such as painting the old cabinetry, in order to get it.

Along the downsizing lines, the percentage of homes with three or more bathrooms or four or more bedrooms declined in 2009, Quint said. Along the same lines, the average new home cost $267,000 in 2009, down from $293,000 the year before.

Both Quint's and Nusbaum's studies indicate that even with other space-squeezing going on, homebuyers will dig in their heels on larger kitchen size.

"There's a return to thinking about spending more time with family," Nusbaum said, and thus the ability to eat at a kitchen table, as opposed to stools at a countertop, is highly desirable.

Make the exterior, including landscaping, as low-maintenance as possible, Nusbaum said. "Gardening is still America's top hobby, but most people don't want to deal with it."

This housing sobriety is probably going to outlast the recession, said Quint. She said this movement is being driven by first-time and financially chastened buyers.

"First-time homebuyers coming to the market is an impact that will last for years," she said. "Plus, the era of easy money is over. And because money is tight, I think this is here to stay."

The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. It also authorized a tax credit of up to $6,500 for qualified repeat home buyers.

Visit for all the details: http://www.federalhousingtaxcredit.com/

Baltimore Market Update: 21224, 21231, 21230

	Ron's Real-time Real Estate Market Profile	5 Reasons to Sign-up       All my market research is real-time. What's happening right now in the market.       Get more detailed market information than you can find anywhere else.       Learn about price trends, supply and demand and leading indicators.       Better real estate market information helps you make your decisions with confidence!       It's FREE! Just register above. Let me know which neighborhoods you're interested in and we'll get you my Real-Time Market Report today!
	How's the Real Estate Market in YOUR area? All the market trend charts on this page are 'live' Bookmark this page to watch the market change each week. Want more details? Subscribe to my Real-Time Market Report. It's all about what's going on right now and it's free!
	BALTIMORE Real Estate Market (21224) Median Price Subscribe to my BALTIMORE Market Intelligence report for weekly neighborhood trends. Average Days on Market Subscribe now to learn dozens of BALTIMORE real estate trends and other important market measures! BALTIMORE Real Estate Market (21230) Median Price Subscribe to my BALTIMORE Market Intelligence report for weekly neighborhood trends. Average Days on Market Subscribe now to learn dozens of BALTIMORE real estate trends and other important market measures! BALTIMORE Real Estate Market (21231) Median Price Subscribe to my BALTIMORE Market Intelligence report for weekly neighborhood trends. Average Days on Market Subscribe now to learn dozens of BALTIMORE real estate trends and other important market measures!

BALTIMORE, November 24, 2009 – It’s not likely that the many Baltimoreans who have dedicated time, money and love to the hard work of making Patterson Park what it is today ever imagined that one day its name would appear on a select list of city parks alongside Central Park in New York, Golden Gate Park in San Francisco and Grant Park in Chicago. But that’s exactly what has happened.

A November 18, 2009 article by Rob Baedeker posted at Forbes.com features twelve city parks selected on criteria suggested by Peter Harnik, director of the Center for City Park Excellence at the Trust for Public Land in Washington, D.C., and Alan Tate, author of Great City Parks.

Harnik believes that “a great city park has to be a beautiful space that also has a great relationship with the city.” Tate says, “Your whole sense of place changes when you go into a successful city park. It gives you a feeling of going away without leaving town.”

The fact that Patterson Park has achieved the stature of these qualities is remarkable, given the rise and fall of its fortunes over the 182 years of its life. Born in 1827 as a 6-acre donation to the City of Baltimore by the merchant William Patterson, to be used as a public walk, it grew to 35 acres before being used for military purposes during the Civil War. By 1864 the park was in terrible shape, but over the following few decades Baltimore architect George A. Frederick established the lovely Victorian character that has distinguished Patterson Park to this day.

By 1913 the park had been expanded to its current 140 acres, but the park and its immediate neighborhoods were nearly lost in the 1970s and 1980s when social and economic forces pushed the park into use for drug dealing, which resulted in violence, vandalism and neighborhood decay.

Several sputtering attempts were made to save Patterson Park, but it wasn’t until 1993 that area leaders and the Baltimore Department of Recreation and Parks began seriously focusing on park improvements and how to pay for them. That attention was important, but it has taken extraordinary efforts by dedicated and committed individuals to make it a great city park.

In 1998 a fledgling, non-profit group called Friends of Patterson Park evolved from a community master plan process. Tim Almaguer, the group’s current Executive Director, was there at the beginning and has helped Friends of Patterson Park develop the strong and productive relationship it has enjoyed with the Department of Recreation and Parks and surrounding communities.

Today, Friends of Patterson Park is a membership organization that helps promote, arrange and coordinate the wide array of activities and events that take place at Patterson Park all the time. Their website (posted below) contains information about the park and how individuals can become part of this vibrant group.

Over the years there have been many generous supporters of Friends of Patterson Park, along with collaborators like the non-profit group Banner Neighborhoods, which was founded in 1982 to provide communities in southeast Baltimore with resident-based leadership and neighborhood stability. Long term partners also include the Goldseker Foundation, the Baltimore Community Foundation, the Joseph & Harvey Meyerhoff Family Charitable Funds, the Allegis Group and the Clayton Baker Trust.

While financial and organizational support are critical, Patterson Park would not be the success it is without the 6,000 hours a year of hands on work performed by neighborhood volunteers who have planted over 800 trees in 10 years and who maintain the park’s beauty and accessibility through good times and bad.

Congratulations, Baltimore, for producing one of America’s best city parks. May you enjoy what Mayor Sheila Dixon has called your “dynamic city jewel,” and may you be able to sustain her.

To read the Forbes article, visit www.forbes.com/2009/11/18/best-city-parks-lifestyle-travel-central-park.html

To learn more about Friends of Patterson Park, visit www.Pattersonpark.com