Imad Massabni's Blog
If you intend to list your house in the weeks or months to come, it usually pays to assess real estate market data. In fact, there are many reasons why you should conduct housing market data analysis, and these include:
1. You can learn about the ins and outs of the real estate market.
Let's face it – navigating the home selling process can be difficult, regardless of whether you've sold houses in the past or plan to list a home for the first time. Fortunately, housing market data can help you better understand the real estate sector, increasing the likelihood that you'll make informed decisions at each stage of the home selling journey.
Remember, evaluating the prices of available houses in your area, finding out how long these residences have been listed and reviewing other pertinent housing market data can make a world of difference. If you use this information to understand the current state of the real estate market, you can boost your chances of enjoying a fast, profitable home selling experience.
2. You can determine a competitive price for your house.
What you originally paid for your house is unlikely to match your home's current value. Luckily, you can analyze real estate market data to find out how your house stacks up against the competition and price your residence appropriately.
Look at the prices of local residences that are similar to your own – you'll be glad you did. If you study this pricing data closely, you can narrow the price range for your house. Then, you can establish a competitive initial asking price for your house.
3. You can reduce the risk of encountering home selling pitfalls.
Want to avoid setting an initial home asking price that is too high or too low? Or, do you want to ensure that your house is buyer-ready from the moment that you add it to the real estate market? If you evaluate housing market data, you can obtain the insights that you need to avoid potential problems during the home selling journey.
Lastly, if you need extra help as you prepare to sell your house, you may want to hire a real estate agent. This housing market professional can provide you with a wealth of real estate market data and offer expert home selling recommendations. That way, you can optimize the value of all of the housing market data at your disposal.
Let's not forget about the comprehensive assistance that a real estate agent offers as the home selling journey progresses, either. A real estate agent will help you list your house, promote it to the right groups of buyers and negotiate with a buyer's agent on your behalf. And if you ever have home selling concerns or questions, a real estate agent will gladly respond to them.
Take a data-driven approach to selling your house – perform real estate market data analysis, and you can gain the home selling insights that you need to succeed.
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When buying a home, nothing could be worse than getting down to the hour of closing only to discover you don't have enough money in your account for all those insane fees you didn't know about. These fees are due to the lender and other third parties such as the title company at the close of the deal and appear on your HUD-1 settlement statement. Here’s a shortlist of the most common fees.
- Activation fee: see “Points.”
- Application fee: lenders charge a few to cover the costs of processing your loan information.
- Appraisal fee: the appraiser that completes the appraisal report receives either a fixed amount or a percentage of the property's estimated value.
- Attorney fees: if a real estate attorney coordinates the closing of the property and reviews the documentation, title examination, and a plethora of other actions, fees are due to the attorney.
- Credit report fees: during the mortgage qualification process, lenders request a credit report. The agency that creates the report charges a fee regardless of whether or not the loan actually is disbursed.
- Documentation fees. Commonly referred to as doc fees, these are the fees real estate brokerages charge for preparing documents for both seller and buyer.• Escrow deposits: during the negotiation period, earnest monies, seller payments toward closing, seller payment of property taxes (because they are paid in arrears), and prepaid private mortgage insurance monies go into a separate account established just for this transaction known as an escrow account. The escrow company releases the funds as required when the transaction completes.
- Escrow fees: the escrow company charges a fee for setting up the account, holding the monies and then disbursing them upon completion of the transaction. These fees may also include wire transfer fees, legal and document preparation fees, notary services, demand order fees, and fees for any other service provided by the escrow company.
- Flood title certification: loans on homes in certain flood zones sometimes have different requirements that require specific flood-related title searches for which there may be fees. In addition, homes located in flood zones need a policy for flood insurance, which may generate additional escrow fees.
- Inspection fees: most often, a home inspection is part of the real estate transaction. The company completing the examination charges either a flat fee or one based on the square-footage and time required to research comparable listings and prepare documentation. Either the buyer or the seller will pay the inspection fee, determined in the negotiation process.
- Loan original fees: see “Points.”
- Pest control fees: many lenders require pest inspections and mitigation before completing the loan process. Either the buyer or the seller will pay these fees, determined in the negotiation process.
- Points: In basic terms, a “point” is one percent of the total amount of a mortgage loan. Several types of points exist, but the two common to most real estate transactions are discount points and origination points. Discount points are prepaid interest a borrower may purchase to reduce interest rates on future payments. Origination fees are a percentage of the loan charged by the mortgage broker for servicing the loan. These are also known as activation or loan origination fees.
- Recording fee: the municipality that records the sale and transfer of ownership (usually the county clerk) charges a fee.
- Survey fees: if your title company required a survey to determine the exact boundaries, payment is due.
- Taxes and insurance: during closing, property taxes and homeowner's insurance fees are prorated to cover the time between closing and when the first mortgage payment comes due and collected in advance. The escrow company continues to hold these funds until payments to the government agency and insurance company come due.
- Title search and title insurance fees: a title search reviews historical records to make sure there or no liens or prior claims on the property that would preclude you buying it. Also, you pay for title insurance to protect your lender's interests in the event something was missed in the title search.
- Underwriting fees: lenders charge for processing the loan and providing it to you. This fee appears on the closing statement.
Your professional realtor can give you a good idea of what closing costs are for your purchase so that you're not in for a nasty surprise on closing day.