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Selling over 9.5 million in 2000, many of whom were seniors moving down or into alternative living arrangements.
Home Inspections: Picky or Prudent?
Lower Stress While Selling a House
Savvy investor wants to "double dip" on $250,000 tax exemption
Real Estate Marketing Goes High Tech
REAL ESTATE MARKETING GOES HIGH TECH
Whether buying or selling, look for an agent who uses all available marketing tools to make the sale - including legwork
Ellen James Martin - Smart Moves
Pliny Mier sells more than $10 million in real estate each year. But he says his annual sales would be half that were it not for the high-tech tools he uses. "I think you're cheating your sellers if you don't use every possible technology to market their homes," says Mier, a Century 21 agent.
Real-estate specialists say many top-selling agents make skillful use of the Internet, digital cameras, computer databases and wireless phones to track leads and enhance their effectiveness in other ways. "The best agents are quick learners and adapt well to change," says Jim Cox, president of a Century 21 franchise. So-called "e-agents" are gaining market share faster than those who cling to traditional business practices, agrees Darline Dye, who sells homes through the Re/Max chain.
Are you a home seller in search of a listing agent? Then these pointers could help:
Find an agent who stays up to speed on technology.
Dye and her business partner, Naomi Hamachi, left careers in school administration for real estate sales 11 years ago. But they remain committed to continuing their education. As an example, they hire computer experts for monthly tutorials on evolving software and hardware. "It's a computer world. You absolutely must stay on the cusp of change," Dye says.
Remember that the Internet is where the buyers are.
More than 60 percent of home-buying households now start their search for a property via the Internet, Mier notes. Consequently, it's in your interest as a seller to find an agent who will ensure that your home appears on multiple Web sites, which increases the likelihood of a quick sale at the right price.
"The more Internet the merrier," says Cox, the Century 21 executive, who considers the Internet a good complement to print advertising. Cox oversees the work of more than 50 agents and says most of his top performers have quality Web sites of their own. The best sites offer a wide array of area home listings and popular links to related sites.
Mier says, "The idea is to get buyers to bookmark your site and to keep coming back." His site, for instance, offers profiles of schools in 11 communities surrounding his office, as well as fresh data on mortgage rates. More than half the home listings on his site are accompanied by a "virtual tour" option. This interactive feature permits a 360-degree look at a property from several vantage points inside and outside the home.
The number of agents using their own sites is swelling rapidly. But too few sites offer content rich enough to keep would-be home purchasers visiting them. "Many are just brag sheets to tout the agent," Mier says.
Ask if your agent uses advanced technology to create brochures.
Agents have traditionally relied on print shops to produce color leaflets that promote the homes they list - a process that can take a week or more. Nowadays, agents who are skillful in using digital cameras and simple desktop publishing software can do the job in an hour or two. This can hasten the marketing of your home and will allow your agent to make quick revisions to your brochure, if, for instance, you adjust your list price.
Look for an agent who uses a cell phone.
Though it remains a pricey, imperfect technology, top-selling agents believe that the cell phone is vital for keeping in close touch with clients and other important contacts. Mier spends more than 2,000 minutes a month on his cell phone, and has one-touch access to more than 200 clients. By using his mobile phone as "line No. 1," Mier finds he can catch more incoming calls and return most daytime phone messages in fewer than 60 minutes.
Although virtually all real-estate agents now use a cell phone, Mier estimates that 30 percent fail to keep their phones on to receive incoming calls. He contends that an agent who makes continuous use of wireless telecommunications can provide superior service to a home seller who, for instance, is suddenly confronted with a knock on the door from a passerby who wants to see his property. "Usually I can be over there to show the place in five to 10 minutes," he says.
Don't assume that older agents are less skilled with technology.
Although the popular view is that those in their 20s and 30s are far more deft with technology than are older people, Cox says the generalization doesn't usually apply in the real-estate field. In searching for a techno-savvy agent, the key attribute to look for is flexibility, not youth.
Seek a marketing guru, not a computer nerd, to sell your home.
Dye, of Re/Max , has spent countless hours and thousands of dollars upgrading her computer skills and equipment.
She uses technology to free herself for marketing activities that machines can't perform. These include at least three hours daily going door-to-door, or working the phones in search of leads for her buyers and sellers.
Home sellers should avoid choosing an agent who depends too heavily on technology. "You don't want someone who spends all day sitting in the office behind a computer," Dye says.
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Home Inspections: Picky or Prudent?
Barry Stone - certified building inspector and nationally syndicated columnist based in San Luis Obispo
Q: I nearly sold my home last month, but the deal fell through because of a picky home inspector. I can understand making sure that everything is built to code. But this home inspector seems to make a big deal out of every little thing that may or may not be the buyer's business. I mean, what does it matter if the roof is worn, as long as it doesn't leak? And so what if the water heater is 18 years old, if it works just fine? Ii think you guys go out of your way to impress people with how much you know.
A: I wonder if you'd feel the same way if the home inspector were hired by you to inspect the home you are soon likely to buy. As a seller, you need to realize that the character of the real estate market place has undergone radical changes in recent years. The old "buyer beware" principal is no longer acceptable. In today's litigious business environment, it is a seller's responsibility to disclose. The more you disclose, the less likely you are to incur legal conflict after the close of escrow. Whatever conditions you choose to withold, regardless of your rationale for withholding, become potential courtroom conflicts.
As to the kinds of building defects you should or should not disclose, there are no limitations, unless you like to gamble. Someone once defined litigation as "the sport of kings," referring, of course, to its exorbitant cost. Unless you fancy yourself a jester, my advice is to avoid such royal experiences.
Furthermore, limiting the disclosure process to mere building-code compliance can be an expensive mistake. Code requirements are designed to ensure that a house is safe and stable at the time of construction. But codes do not address the deterioration and wear that develop as a building becomes older.
As to your roof: It may not leak at the time of sale, but what if it does leak six months later? Who will then pay to fix it? And regarding your 18-year-old water heater: How long can you expect the old-faithful fixture to continue working? If it breaks down shortly after the sale, who will be expected to pay for a new one? If leakage from the water heater causes damage to the building, who will be liable? If faulty combustion or a congested pressure relief valve should result in personal injury or worse, who will pick up the tab?
There are numerous other conditions a buyer is entitled to know when purchasing a home. As a seller, you may soon become a home buyer yourself. That's when you'll want to know which components are safe and operational, and which are likely to fail in the near future. From that perspective, the thoroughness of the home inspector may be viewed in a different light.
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Savvy investor wants to "double dip" on $250,000 tax exemption
An excerpt from the Real Estate column of the Contra Costa Times
Dear Bob: I have lived in my present home since 1971. I also own a town home. If I sell my current residence and take my $250,000 home sale tax exemption, can I move into my town home, live there for two years, and then use my $250,000 home sale tax exemption again, so its sale will be tax free? - Mary Ann P.
Dear Mary Ann: Yes. It sounds like you understand Internal Revenue Code 121 completely. This $250,000 home sale tax exemption (up to $500,000 for a married couple filing jointly) is available if you have owned and occupied your principal residence an "aggregate" 24 months out of the five years before the home's sale.
It appears you will qualify to "double dip" on the sale of both properties by selling one and moving into the other for two years before its sale. For more details, please consult your tax advisor.
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Lower Stress While Selling a House
Ellen James Martin - Smart Moves
How's this for a happy scenario? While your real estate agent labors on the sale of your home, you're boarding a flight for a dream vacation. Once back from your trip, you find your place has sold for a handsome price. All that's left to do is sign the final documents.
Sound too good to be true? it is.
As real estate specialists point out, those who pursue a home sale and a vacation at the same time are likely to spoil both - and heighten their stress levels as well. "The truth is that selling a home is a major change. It will probably be bumpy if you're not physically present," says Peter G. Miller, an author of real estate books.
Why not vacation while your home is on the market? Because these days, selling a property is an elaborate endeavor. And struggling to manage the transaction from afar could complicate matters. In fact, selling a home can now be so complex that stress-management experts suggest you simplify your schedule. "Any time you add something to your life, it's a good idea to subtract something. You want to clear the decks," says Elaine N. Aron, a psychotherapist who has written several books on stress, including "The Highly Sensitive Person: How to Thrive When the World Overwhelms You" (Replica Books, 1999).
For instance, try to avoid marketing your home while involved in a drawn-out, high stakes project at the office. Also, don't embark on a new education venture or plunge into volunteer activities while selling your place.
Staying focused on the sale of your home is one way you can minimize the stress. Here are several others:
Recognize what's at stake emotionally.
People are inherently territorial. Many form strong emotional attachments to their homes, especially if they've lived there long or put heart and soul into renovations. Some go through a process of grieving as they let go of a residence.
Also, the significant financial implications of a home sale produce feelings of fear for many. "It's a big economic move, with a lot of uncertainty and no way to be sure of the outcome," says Aron.
If you're prone to feeling anxious when life turns complex, you should be doubly aware of this propensity when selling your residence. Fully a fifth of the population are "highly sensitive," according to research by Aron. "You really have to take care of your health at this time. Loss of sleep is a 'no-no'. And don't drop your exercise program."
Create order out of chaos.
Often the first task of home selling is to declutter, culling through closets and shelves and casting off or storing superfluous furnishings and personal items. But even after the "dejunking" is done, many home sellers find themselves in a blizzard of papers related to the project. Such papers include listing agreements, seller disclosure forms, home inspection reports, estimates for household repairs, surveys and marketing materials.
Keeping papers in order helps home sellers maintain a sense of control. Miller recommends that sellers keep their papers in a single loose-leaf binder. Documents can be easily inserted into clear plastic "sheet holders" that go into the binder.
Another way to stay organized is to ask your listing agent to send you a checklist of the detailed steps involved in your transaction, Miller suggests. As the process evolves, the checklist can be updated and sent to you by e-mail, he says.
Analyze daunting documents before deadlines arrive.
Especially stressful moments occur when sellers are confronted with a contract offer from a would-be buyer. Within hours or a few days, a homeowner is expected to accept, decline or counter a proposal presented to him.
You won't learn the details of a specific offer until you receive it. Still, it's wise to take an early look at a commonly used sales agreement form and other key documents before your house goes on the market. "By reviewing the forms before they're filled out, you lessen panic and stress," says Kenneth W. Edwards, a real estate professor and author.
Try to avoid entanglements with "difficult" buyers.
Do you own a home in a neighborhood where sellers still have the upper hand? If so, you can spare yourself needless stress and uncertainty by being somewhat picky about the buyer you decide to do business with.
For instance, Edwards says it's often smart to reject (or at least counter) the offer of a bidder whose proposal contains difficult-to-meet conditions, known as "contingencies". It's less than ideal, for instance, to accept the bid of a prospect whose purchase of your home is contingent on the sale of his own unless you determine that his sale is close to closing and a certain bet.
Some would-be buyers place unusual conditions in their offers, such as "the approval of Mom and Dad", because they're not fully committed to the deal and want the right to exit should they later find a property they like more, Edwards says.
Be wary of doing business with a prospect who litters his contract proposal with numerous demands for minor repairs and other changes to your home. "If you get an offer with 27 little nitpicky demands, your odds of the deal going smoothly are low," Miller says. Such demands are "red flags" that the deal could become very stressful and that the buyer might prove impossible to please.
Ellen James Martin is a syndicated columnist.
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