WHAT [...]]]> Each year the National Association of Realtors does a study of home buyers and sellers. They ask home buyers and sellers across the country why they bought or sold, how they made decision and who they are. Here are just a few of things they found out:

WHAT SELLS

The typical home purchased was 1,780 sq ft, was built in 1990, and had three bedrooms and two bathrooms, according to NAR’s 2010 survey of buyers and sellers.

APPEALING TO BUYERS

44% of sellers offered incentives, like home warranties and help with closing costs, to attract buyers, according to NAR’s 2010 survey of buyers and sellers.

THE PRICE IS RIGHT

Recent sellers typically sold their homes for 96% of the listing price; 57% reduced the asking price at least once, says NAR’s 2010 survey of buyers and sellers.

GENDER GAP

There are more single female buyers than single males. But single male buyers grew by 2 percentage points between 2009 and 2010; single female buyers.

COST OF LIVING

The median price buyers paid for homes was $179,000, according to the latest NAR survey of buyers and sellers.

Escape to your own private 7 acres with long circular driveway adding [...]]]> View Photos
Starts: 6/2/2012 12:00:00 PM
Ends: 6/2/2012 2:00:00 PM
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Escape to your own private 7 acres with long circular driveway adding to the serenity of this wonderful home. Relax with a good book on the farmer’s porch or sit out back by the coy pond and enjoy the summer in this tranquil setting. Touched by tradition with large rooms this home has spacious kitchen with snack bar and adjoining dining room, full length living room with stone fireplace, 3 bedrooms with 2 additional rooms over garage which make huge family room or bedrooms. Many extras.

Assessed Value- Assessed Value is the valuation placed on property by a public tax assessor for purposes of taxation.

Closing Costs [...]]]> Buying or selling a home can be complicated enough but add in the lingo and you may feel like you are listening to a foreign language. Here are a few real estate terms decoded.

Assessed Value- Assessed Value is the valuation placed on property by a public tax assessor for purposes of taxation.

Closing Costs –Closing costs are all of the miscellaneous expenses paid by the buyer and the seller when a real estate transaction closes. These costs can include real estate commission, mortgage fees, attorney fees, transfer taxes, recording fees, and title insurance.

CMA –CMA is short for comparative market analysis or competitive market analysis. A CMA compares the prices of homes sold, homes currently on the market and homes pending to a subject property. A CMA may be prepared for a buyer or a seller to determine market value. The CMA accounts for style, size, location and other factors that make the homes comparable.

Contingency – A contingency is a provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. Common contingencies are a buyer’s contractual right to obtain a professional home inspection before purchasing the home or obtain mortgage financing.

Deed-The deed is the legal document conveying title to a property.

Earnest Money Deposit- The earnest money deposit is a deposit made by the potential home buyer to show that he or she is serious about buying the house. This is typically made at the time of the offer to purchase.

Lock Box – A lock box is a secure key-holding device. It is used to hold a key for a home that is for sale. This allows cooperating real estate professionals to gain entry into the home. Entry is usually granted after obtaining permission from the listing agent or office.

MLS – The MLS or Multiple Listing Service is an organization that collects, compiles and distributes information about homes listed for sale. Real Estate brokers are members of the MLS. Membership is not open to the general public. The MLS is used for real estate professionals to share information about homes for sale to other agents. MLS boards are local or regional. There is no nationwide MLS.

Short Sale- A short sale is when the seller arranges with their mortgage lender to accept a price that is less than the amount they owe on the property. The lender typically agrees to forgive the rest of the loan. A short sale arrangement is made between the seller and the mortgage lender.

Title Insurance – Title insurance is an insurance policy that protects the lender’s or owner’s interest in real property. Title insurance as it is named protects against claims against the title or from unexpected or fraudulent claims of ownership. Buyers typically pay for the lenders title insurance policy as part of the closing costs.