I Love Knoxville - a realtor talks of life in the Scruffy City - www.robsellsknoxville.com

Five Reasons a Seller May Reject Your Offer

2010-08-10T15:50:00.000-07:00

I just read this interesting article on why sellers reject offers. Those folks are Realtor.com are pretty wise.

http://www.realtor.com/blogs/2010/07/16/five-reasons-a-seller-may-reject-your-offer/

Retirement - Social Security is not...

2010-08-08T21:51:00.000-07:00

All old Social Security cards had a "NOT FOR IDENTIFICATION" message.
Our Social Security have had that message removed.

Franklin Roosevelt, introduced the Social Security (FICA) Program. He promised:

1.) That participation in the Program would be Completely voluntary,

It's no longer Voluntary

2.) That the participants would only have to pay 1% of the first $1,400 of their annual Incomes into the Program, now 7.65% on the first $90,000

3.) That the money the participants elected to put into the Program would be deductible from their income for tax purposes each year,

No longer tax deductible

4.) That the money the participants put into the independent 'Trust Fund' rather than into the general operating fund, and therefore, would only be used to fund the Social Security Retirement Program, and no other Government program, and, under Lyndon Johnson's "Fair Deal" the money was moved to The General Fund and Spent

5.) That the annuity payments to the retirees would never be taxed as income.

Under William Clinton up to 85% of your Social Security can be Taxed

Since many of us have paid into FICA for years and are now nearing the time when we will be receiving a Social Security check every month and then finding that we are getting taxed on 85% of the money we paid to the Federal government to 'put away.'

______________________________________________________________________________________________

I have never planned on depending on Social Security - it's always been a pipe dream meant for those who have their affairs in order to subsist in times like The Great Depression. As I understand it was supposed to go away in 1968, but was renewed as another governmental income stream.

I just recommend that whoever may be hoping to live off social security will make other plans before they get a rude awakening.

_______________________________________________________________________________________________

For me that has been rental homes, even in these tough times people are renting and paying their rent. My rental website is www.robrents.com. I bought primarily around the University of Tennessee, my reasoning was that during good times people send their children to school, during tough times a lot of people go back to school and make it though with school loans and other things like that. The Universities are no longer economical ways to house your students or yourself while you are attending school. I have always loved the area of downtown Knoxville, both North and South, so why not invest in some of the small homes with a ready market.

Investing during the good times has really helped me get through these tough times. I believe that our economy is beginning to pull itself out of this latest "Repression," as I've heard it called. When it does and if government doesn't continue making it nearly impossible for investors to get loans, I recommend you set up your own Independent Security, whether it's rental homes or another self-directed smart small business, it's how my grandparents got through the Depression and it is how we can survive in the future.

Rain Barrels and the city garden

2010-08-05T09:46:00.001-07:00

Lowe's put up this cool little video on Rain Barrels and your city garden. I thought others might enjoy.

http://www.lowescreativeideas.com/idea-library/videos/Rain_Barrels_0408.aspx?cm_mmc=email_newsletter-_-weekendprojects_augv2-_-num1-_-num

Excerpt:

Locating the Rain Barrels

To start, choose a location for the barrels. It should be under a downspout in an unobtrusive area, like the backyard. Select a spot that’s level and a little higher than your yard. If you can’t do that, level the ground and position concrete blocks to elevate the barrels. The barrels will have to be high enough to allow you access with a watering can. If needed, you can also attach a small garden hose to the rain barrel spigot to easily fill your watering can.

A great article from Trulia.com on that pesky down payment money.

2010-07-29T11:04:00.000-07:00

By Tara-Nicholle Nelson | Broker in San Francisco, CA

Zero down loans are (almost) entirely a thing of the past. While many wanna-be buyers are tucking their down payment pennies away, many of these folks feel that they’re missing out on deals in the meantime!

Here are my top 7 tips for coming up with those critical down payment funds:

Know how much you need to save. We all know that to reach a goal, you have to set a clear target. So, first things first: figure out exactly how much of a down payment you actually need. If you have a credit score of at least 620, you may be able to qualify for an FHA loan that only requires a 3.5% down payment. (For a $200,000 house, that’s $7,000.) Check in with your agent and mortgage broker regarding (a) whether you qualify for an FHA loan and (b) whether you’ll be able to find a property that works for you and for the FHA within the realm of what’s affordable for you.

It’s true – the conservative lending guidelines on FHA loans will limit how much you can spend, and require you to pay monthly private mortgage insurance (PMI), if you put less than 20% down. But PMI is tax deductible and eventually goes away. So what this really means is that you’ll more than likely end up with a mortgage payment that you can easily afford to pay for a long time to come. And it might be less house than you might be able to buy with a higher-down payment, less conservative loan, but less is more, people. Less is more (especially when it comes to mortgage payments!).

Also, while no-down-payment loans are almost extinct, there is a little tiny exception for borrowers employed in a certain set of professions: doctors, lawyers, dentists and C-suite executives of Fortune 500 companies are all potentially eligible for zero down professional loans offered by a couple of small, private banks. These loans do have the basic credit and income requirements, but they require ZERO down payment, because these professionals are perceived as posing a very low risk of foreclosure. In some cases, pros can qualify for up to $1 million with no down payment!

Save your dough in a high-interest online savings account. Regular bank savings accounts are paying right around .10% interest right now. Ally and SmartyPig are paying somewhere between 2 and 3 percent. Every little bit helps, right?

Sell your junk. eBay, anyone? Not only does selling the stuff you no longer need or use generate cash to put into the down payment kitty, it has the side effect of feeling almost like preparation for moving. Clear out your clutter, make room for your new life as a homeowner, and make a few bucks at the same time. That’s what I call a #WIN.

Get a side gig – Blogging, weekend table-waiting, baking, dog-walking – it’s not overkill to get a second job or start a small side business to power your help you either pay down your debt or save up for a

Borrow it from your city or state. The federal homebuyer tax credit is history, but many state and local governments still offer incentives for homebuyers in the form of down payment assistance programs. Most often, these are second mortgages with very low or no payments for 5, 10 or even 30 years (in Oakland, California, for example, the down payment loan doesn’t have to be repaid for 30 years or until you sell or move out). And many will help not just low-income buyers, but also those with moderate incomes, or anyone buying their first home!

Google and to see what your local government has on offer, and what it takes to qualify.

Borrow it from yourself! If you have a 401K or Roth IRA account and some years to go before retirement, you might be able to tap into it or even borrow against your own funds for your down payment. Currently, you can take up to $10,000 out of your Traditional IRA with no penalty to put toward the purchase of your first home, but you will be taxed. You can take as much as you want out of your Roth IRA contributions with no penalty or taxes, though, and as much as $10K from your earnings penalty-free for your down payment. The rules get a little tricky, here, so definitely check in with your tax and financial advisors.

And while you can’t similarly draw from your 401K, many retirement and pension plans will allow you to borrow the money against your funds, then repay it to yourself – at interest. Hmmmm, pay your lender back with interest, or pay interest to yourself – choose you! But first, get some advice from your CPA or financial planner.

Get the gift that keeps on giving. Cash gifts from relatives are seen by many lenders as a legitimate resource for down payment funds. There are guidelines, though - some lenders require that you put your own money on top of a small cash gift (less than 5% of the purchase price); but will let you use gift money exclusively if the gift is 20% of the home's price or more. Also, most lenders require a "gift letter" documenting that the giver is your relative and is not expecting you to pay the money back.

Check in with your mortgage broker for a briefing on gift-money guidelines.

If it seem like a "gift" is a hard thing to come up with - don't dismiss the concept too soon. I know more than a few now-homeowners who had no clue where their down payment money would come from until they were reminded about gift money as a strategy, then cashed in long-ignored offers of help from parents, aunts and uncles.

Psst - you should follow Trulia and Tara on Facebook, too!

Politics: Let's not let them eliminate the Mortgage Interest Deduction

2010-07-28T17:49:00.000-07:00

http://www.reuters.com/article/idUSN2820160820100728

A couple hours ago Reuters reported that a panel appointed by President Obama recommended the end of tax breaks for things like Mortgage Interest Deduction. I don't know about your clients, but the this is one of the major reasons many of my clients want to own homes.

On one hand the government tries to spur home sales for a short period of time by offering the $8,000 tax credit - then they discuss finding ways to make homeownership less and less attractive. Not only is it irresponsible, it happened and was a huge failure in the 80s. Sure it would bring another windfall into the treasury - until people stopped buying houses.

I suggest calling your congressman and make sure they know the consequences to this action. I know I'm going to write mine:

John J. Duncan: http://duncan.house.gov/services/contact-information.shtml

Preparing for Disaster

2010-07-22T05:36:00.000-07:00

For Your Clients: 4 Steps toward Preparing Your Home for a Disaster

By Stephanie Andre

RISMEDIA, July 22, 2010--It's hard to believe that it's already been five years since Hurricane Katrina devoured the Gulf Coast. While hurricanes are not preventable, there are steps you can take to protect yourself and your property should disaster strike.

Here are four important steps to consider, according to the Insurance Information Institute:

STEP #1: Review Your Insurance Coverage
Be sure you have the right kind and amount of insurance, enough to rebuild your home and replace your belongings.

STEP #2: Create a Home Inventory
An up-to-date home inventory will speed up the claims process by substantiating losses and may provide documentation for tax purposes. It can also help you determine how much insurance to purchase. Visit www.knowyourstuff.org to download software to help make this process easier.

STEP #3: Protect Your Property
Keeping wind and water out of your home is critical. Invest in storm-grade gutters and make sure that the best drainage away from your home is in place. Secure roof shingles and seal any openings, cracks and holes. Gable end walls and roof sheathing should be strongly attached and braced, and double doors should have heavy duty anchors at the top and bottom and a dead bolt at least 1” long.

STEP #4: Have an Evacuation Plan
Decide where you will go and how you will get there, and have more than one option. Keep a map, phone numbers and addresses handy. Think about what you’ll need to take with you — items like medicines, important documents, clothing and food — and have them ready to go.

Reductions!

2010-06-09T09:41:00.000-07:00

I have made reductions at three of the homes I have listed!

4904 Bay Street is now available at $114,900, 2610 Belvedere is now available at $39,500 and 2621 Fairview is now reduced to $99,900. All three of these are priced below market rates. I encourage you to check them out at www.robsellsknoxville.com or give me a call at 8658-385-9070 to take a look.

Easter and the Early-Spring Buying Frenzy.

2010-04-24T16:02:00.000-07:00

Spring and Easter time in Knoxville is great. The picture above is my niece Jaylen enjoying her first Easter as more than a "bundle-baby." Real estate in Knoxville is still going well. Lots of people are working to find their perfect starter home before the dreaded April 30th deadline for the first-time homebuyer's tax credit. I am interested in the next couple of months. I suspect they will still be good, but conventional wisdom says that the demand has artificially been pulled forward in time - another way that people who aren't ready to buy homes are getting themselves into trouble.

I am confident that the folks I'm helping to buy their first homes are buying conservatively and they will be able to recuperate their investments and possible make money when they are ready to sell their homes. I just hope that other Realtors are looking out for their buyers, rather than trying to pad their wallets a little more by talking their clients into the bigger, fancier home that will be a statistic rather than a long-term home.

Staging Secrets on HGTV.com

2010-02-01T05:47:00.000-08:00

I was recently asked to give some tips on staging your home to sell for HGTV.com. My friend and former client Leslie Judson did a great job editing my tips for print and I really enjoyed working with her. A link to the article:

Staging Secrets: Top 10 Ways To Wow Potential Buyers At Every Showing

Learn from realtors how to prepare your home for resale. Start with these 10 simple and smart tips.

Some of the tips:

Staging sells houses. If you can't hire a stager, there are several ways you can stay ahead of the curve and catch potential buyers the moment they step in your house. Broker Rob Howard has learned the importance of preparing for showings, and here are his top 10 tips.

1. Nothing Personal But Remove the Photos:
People can be very photogenic, but many clients are distracted by portraits of the sellers, and miss out on key selling points of the home. As an amateur photographer, I love displaying my work, but if I'm selling my house, art will be displayed without people in it. No matter how nice the display, personal photos are just that: too personal.

2. Accentuate the Positive:
My clients usually know what they like best about their home. It's usually what they saw that made them want to buy, or it's something that they added to make the home particularly special. Whether it is a staircase, a great view from the kitchen sink, a pergola or a three-car garage, do something to make the buyers linger in that magic space.

3. Smells Like Home:
I've heard of many real estate agents bringing in a toaster oven to bake cookies or fresh bread. One colleague joked about keeping an Easy-Bake oven in the trunk of her car. I usually opt for a few plug-in air fresheners. I like using vanilla in the kitchen, fresh scents in the laundry, apple cinnamon in the living room and such. Specific aromas add a theme to the tour, even when it's not an open house.

4. Ditch the Kitsch and Hide Your Opinions:
My favorite example of unnecessary and unwelcome kitsch is the pink pig sitting on the fridge door asking if you're eating again. It oinks when your potential buyer opens the refrigerator. This and other comical quips are great fun when you're living in your home, not when you're trying to sell it. Especially avoid politically-charged material that expresses strong opinions. You don't want a potential buyer to dislike you for your beliefs, so remove all questionable material out of sight.

5. Clean Up Your Act:
If you are selling your house, cleaning is a no-brainer. And clutter is a killer. Get a head start on packing, and begin boxing up extras that are taking up space on your mantel, table surfaces, etc. Clutter makes a house look smaller, and if you have a small house, it makes it feel claustrophobic. Not advantageous to a quick or profitable sale.

(Five more tips at the website!)

Rob Howard is a real estate agent and broker in Knoxville, Tennessee and has been buying, selling and renting homes for more than 10 years. He advocates the well-executed open house: If it's well-priced and beautiful, it will sell itself! For more real estate tips, visit www.robsellsknoxville.com.

New listing: 1895 Victorian in Old North Knoxville $244,900

2010-01-24T17:27:00.000-08:00

For more information check it out at www.robsellsknoxville.com

117 Lakeview St. - My own creation

2010-01-15T13:07:00.000-08:00

After a few months of work on rehabbing a house that I've owned for several years. I'm ready to reveal it to the world and offer it up for bids. The past few 40+ degree days have really made finishing it up easier. I'm in a quandary - there are two "regular" bedrooms and an office/playroom/storage area that is separated from the other rooms. It could be called another bedroom, but the builders of the house made it long and skinny. I'm talking 8' wide and 17' long! I initially put two large storage units in the room to augment the cabinet space in the kitchen, but I'm going to probably remove one of them because they make the room seem even skinnier. Anyway, all this to say that I've put a lot of effort and have had a great time working with my dad on this project. We brought in the experts when needed, but for the most part did the work ourselves.

See the photos at:

Open House - 4904 Bay St. Knoxville, TN 37912

2009-11-13T05:19:00.001-08:00

I'll be doing an open house this weekend at the home listed below. To see more photos and get more information on it, check out www.robsellsknoxville.com to see the full listing information.

SUNDAY, Nov. 15, 2009 2 p.m. - 4 p.m.

New listing: 4904 Bay St, Knoxville, 37912 - Pleasant Ridge near Victor Ashe Park!

2009-09-23T08:57:00.000-07:00

Make yourself at home in this great tri-level house in the middle of all that Northwest Knoxville has to offer.Three blocks from Victor Ashe Park! Many updates, new wrap-around deck, large garage/workshop with full finished basement. Updated kitchen with many touches. Come take a look!

Directions: South on Pleasant Ridge, left on HoCoTaKe Ln., right on Bay St.

1500 Sq. Ft., 3 bedrooms, 1.5 baths, great neighborhood.

New listing: 2336 Sylvania - dead-end street in South Knoxville!

2009-09-23T08:52:00.001-07:00

Well cared-for home in South Knoxville neighborhood. Tons of space up and down. Workshop/ finished area in the basement. Ready to move in. New roof, hardwood floors, spacious bedrooms, half-bath in the master, open kitchen plan - fantastic home on a cul-de-sac street.

Bedrooms:

Baths:

1.5

Sq Ft:

1614

Year Built: 1961

New Listing: 6015 Glennifer - Fountain City

2009-07-21T07:40:00.000-07:00

http://www.robsellsknoxville.com/Knoxville/Tennessee/Homes/672272/Fountain_City/Agent/Listing_3580882.html

Check out this new listing! It's a 2 bedroom, 1.5 bath cedar sided home in Fountain City just far enough out of the hustle and bustle of downtown Fountain City, but close enough to be in the middle of town in a couple minutes.

Summer Time and the Windows are Leaky

2009-06-23T19:08:00.000-07:00

I live in an old house. It's a 1936 Craftsman in an area claimed by two historic neighborhoods Fourth and Gill and Historic Old North Knoxville. For the longest time I thought that there was an historic overlay that prevented me from getting new windows, mainly because the ones that appear "historically accurate" would be so expensive I couldn't buy them. There are those who disagree and say that the "greenest windows" are the ones in your home already. I can see their point. But historically we didn't have a lot of storm windows around here and I'm not sure I'd like the way they'd look.

Happily, with the stimulus tax credit for efficient windows gives a $1,500 incentive to do it, plus I learned that the overlay is not in effect yet at my house, so any real changes made before it takes effect will be "grandfathered" into the historical home. Check out more information on energy efficient windows here.

Does this mean I'll go buy the cheapest vinyl windows on the market, definitely not, I will want to sell this house some year and while energy efficiency is a big draw in an old house. People buy homes like mine for its character and ugly old houses are not like ugly little puppies. People won't talk themselves into it because they're so ugly they're cute, they just find a cute old house. There is tons of information about preservation from the national park service here.

In fact, houses that are cute in my neighborhood sell in at least 1/2 the time of those with visual deficiencies. It's the same in new neighborhoods. Maybe even more true. So keep in mind that energy efficiency and aestheic are both VERY important when considering your next home project. Character sells homes, high electric and gas bills will keep a home from selling!

As for tonight, I'm sleeping under the fans.

Knoxville values decrease 2.2% versus national average 14% drop.

2009-05-26T11:10:00.000-07:00

When is it good news that home "values" are decreasing in your area? When they are decreasing a lot more elsewhere, I suppose. According to a recent report from Zillow.com, Knoxville Tennessee home values have decreased a little over 2% in the first quarter of this year - that is compared to 14.1% nationally.

Knoxville is known as a linear market, where overall effects are less whether it's the "irrational exuberance" touted by Allen Greenspan in the 1990s when our properties were increasing by around 3%-5% annually as opposed to major market 20% jumps. Now when things are not so rosy in those other areas, Knoxville is noticing a small dip.

Anecdotally, I have noticed an increased number of contacts from people moving in-land from those areas with more cyclical markets, probably contributing to a lower price decrease in this area.

For more information on the Zillow report, check out: http://www.zillow.com/reports/RealEstateMarketReports.htm?city=KnoxvilleTN

Spring Festivals - A Great Time To Live In Knoxville

2009-04-26T09:35:00.000-07:00

Every music group, it seems, who is traveling around to Charlotte, Atlanta, Bonnaroo or another major venue in the southeast adds a stop in Knoxville. This is largely due to a local company called AC Entertainment. Anyone who isn't aware, should know they are the reason musicians like Phillip Glass, David Byrne, Elvis Costello and others have graced the stage of the Tennessee Theatre in the past year.

Look them up on Facebook and other social media networks twitter.com/ac_ent, for one - it's another great reason to love life in Knoxville!

Whew! Dogwood winter.

2009-04-15T19:52:00.000-07:00

It's dogwood time in Tennessee - in you are anywhere near Market Square - go check out a great band Phil Pollard and the Band of Humans - with Cowboy Mouth tomorrow night.

Adventures in Landlording - Ironing the carpet

2009-03-30T14:27:00.000-07:00

Adventures in Landlording!
A Realtor's Perspective.

I have started bringing my camera to showings. These pics are from a home I showed recently. It is a foreclosed investment property where, I suppose, some cost-conscious landlord repaired an area of carpet where their renter had left their iron just a little too long. I'd give it a grade-A for resourcefulness and a D- for follow through - this was just laying there - not connected to the floor in any way!

New Listing: 2336 Sylvania Ave, Knoxville, 37920

2009-03-30T08:34:00.000-07:00

New listing!

2336 Sylvania Ave, Knoxville, 37920

Fantastic home on a cul-de-sac street in South Knoxville. It's a few blocks from Chapman Highway, about 5 minutes to downtown, near Ijams Nature Center and lots of other amenities in the area. the home has 3 bedrooms, 1.5 baths in - half bath is in the master.

It's a well cared-for home in South Knoxville neighborhood. Tons of space up and down. Workshop/ finished area in the basement. Ready to move in. New roof, hardwood floors, spacious bedrooms, half-bath in the master, open kitchen plan - fantastic home on a cul-de-sac street.

Spring, I can tell it's here.

2009-03-24T18:49:00.000-07:00

It's been a great real estate time. Lots of folks asking about different places. My fiancee has decided to sell her condo, I wonder if she'll call a Realtor.

It was a beautiful day in Knoxville. Between calls I put on my landlord hat and worked on my house on Moody in SoKno. New closet in place, I pulled English ivy off the brick walls. I'm kinda scarred from that - almost as tenacious as the lovely kudzu that's eaten the south.

Podcast?

2007-09-19T12:17:00.000-07:00

I am thinking of putting together a Knoxville podcast - some real estate, some culture, some general info - is there anything you would like to see on it? E-mail me: robsellsknoxville@gmail.com

Government Auctions

2007-09-17T05:27:00.000-07:00

There are tons of properties around the nation that are seized or foreclosed with government guarantees. One of the key locations in Knoxville - a significant portion of Market Square is going on the auction block next month. You can see the bidding info here now.

You can also see the government guaranteed property foreclosures for your area here.

Both sites have other things that are to be auctioned than real estate, but

New Format: Real Estate + Life = Rob the Realtor

2007-09-10T19:35:00.000-07:00

I think I'm going to loosen you on the requirement for this to be totally about Knoxville Real Estate - I think it will be more toward what I'm thinking about while in or around Knoxville Real Estate.

Today, I am thinking of a new listing I took, but also about how bad Britney Spears looked last night and how I'm really not into VMAs, though it played twice while I was sitting in the room on the computer.

I met with Rexpete - from feedthemonkeys today. He has a great office and some interesting ideas.

The Slump

2007-08-29T10:33:00.000-07:00

What a mixed bag of real estate we've found ourselves in. The 80s bail-out looks to be in for a repeat. What does this mean for Knoxville? Well, no doubt the sales have slowed down, many investors looking for a quick flip are holding their breath and not too happily.

I recommend that this is the time to buy. There are tons of foreclosures on the market in all areas of town right now - the interest rates are still low - in the 6%s - that's an awesome rate. The heady days of 4.875% (the lowest rate I've ever gotten on an investment purchase) are long gone, but for those looking to build something real now, I recommend rental investment.

I am purring my money where my mouth is and it's always been in a conservative place. Rentals have always been the way to go if you're buying a house - what does the current real estate slump mean for the rental home investor? More people need to rent your homes. What do real estate booms mean for a rental investor? The cost of the homes that others are buying for you are increasing in value more quickly - making your current investments more easily leveraged for more purchases.

True, I haven't seen the bottom fall out of the market in Knoxville, there's no reason to think it will. Flipping in good times is easy. Renting in good or bad times is not hard.

Real Estate Weekend

2007-02-26T06:57:00.000-08:00

www.robsellsknoxville.com

I have had an interesting weekend. My wife and I decided to go to Atlanta to a real estate conference, but once we were there, we realized it was designed for the very first beginners. We stayed for three meetings/presentations and went to Ikea. That is a great place to get materials to stage your home if you are considering selling. It has low-priced, good quality housewares that you can leave with the home if you have a buyer in need of furniture.

I also listed my friend's house and had much interest, one low offer, but we're still working on it.

I finished painting on my rental house, that was interesting, I had never painted a foundation or thought that it would make much difference, but it really made the house POP! Photos later.

I have been participating in a really cool forum on the Get Real REI investor page. If you're interested in buying rental or investment homes it's a great starting point.

Thanks for all your interest!
Rob

Knoxville Real Estate Outlook for 2007

2007-02-21T09:49:00.000-08:00

Last night I attended the Knoxville Housing Summit on campus at the University of Tennessee. The presenter Dale Akins presented an overall positive picture of the Knoxville economy, there was a small decrease in new housing starts and permits pulled, but it trended along the lines of job growth. Dr. Bill Fox, Mayor Bill Haslam and others also participated in the presentation. They all had insights on the future of Knoxville, Tennessee and the US as a whole.

Modest growth, a slight decline in new home starts and an overall positive outlook for 2007.

Real Estate Investing

2007-02-19T07:06:00.000-08:00

I was on a radio podcast show a short while ago called Get Real REI. Judson and Lynn Voss have created a wonderful podcast that has something for all facets of investing. You should really check it out at www.getrealrei.com. I am active on their forums and have learned a lot more than I've contributed.

I highly recommend it!

If you'd like to get my interview do a search for rental investing in their archive. It's the May 2006 show.

Fantastic Websites for Investors

2007-01-29T12:44:00.000-08:00

These places have great information if you are considering getting into home investments. I know I learned a thing or two!

Get Real REI
North Georgia Real Estate Investments

Check 'em out!
Get Real has a great forum.

Of course, my website has lots of good information as well. It is more Knoxville-specific though.

Tips For Sellers: How To Price Your Home

2007-01-28T12:14:00.000-08:00

Rob Howard's Guide To Setting Your List Price
Setting the list price for your home involves evaluating various market conditions and financial factors.

During this phase of the home selling process, Rob Howard will help you set your list price based on:

1.Pricing considerations 2. Comparable sales 3. Market conditions

4. Offering incentives 5.Estimating net proceeds

Pricing considerations
In setting the list price for your home, you should be aware of a buyer’s frame of mind. Consider the following pricing factors: If you set the price too high, your house won’t be picked for viewing, even though it may be much nicer than other homes on the street. You may have told Rob to "Bring me any offer. Frankly, I’d take less." But compared to other houses for sale, your home simply looks too expensive to be considered. If you price too low, you'll short-change yourself. Your house will sell promptly, yes, but you may make less on the sale than if you had set a higher price and waited for a buyer who was willing to pay it.

TIP: Never say "asking" price, which implies you don't expect to get it.

Using comparable sales
No matter how attractive and polished your house, buyers will be comparing its price with everything else on the market. The best guide for pricing you home is the list of similar homes that have sold in your area within the past year. Rob can furnish data on sales figures for those "comps", and analyze them for a suggested listing price. The decision about how much to ask, though, is always yours.

The list of comparable sales Rob brings to you, along with data about other houses in your neighborhood presently on the market, is used for a "Comparative Market Analysis (CMA)." To help in estimating a possible sales price for your house, the analysis will also include data on nearby houses that failed to sell in the past few months, along with their list prices. This CMA differs from a formal appraisal in several ways. One major difference is that an appraisal will be based only on past sales. In addition, an appraisal is done for a fee while the CMA is provided by Rob and may include properties currently listed for sale and those currently pending sale. In a normal home sale, a CMA is probably enough to let you set a proper price.

TIP: If you do order a market value appraisal, make it clear you don't need an elaborate, or full narrative report -- the kind that's complete with photos of the house and neighborhood, a map specifying the site, and floor plans is sufficient.

Consider market conditions
A Comparative Market Analysis (CMA) often includes Days on the Market (DOM) for each comparable house sold. When real estate is booming and prices are rising, houses may sell in a few days. Conversely, when the market slows down, average DOM can run into many months. Rob can usually tell you whether your area is currently a buyer's market or a seller's market. In a seller's market, you can price a bit beyond what you really expect, just to see what the reaction will be. In a buyer's market, if you really need to sell promptly, offer an attractive bargain price.

Offering incentives
Some sellers list at the rock-bottom price they'd really take, because they hate bargaining. Others add on thousands to the estimated market value "just to see what happens." If you want to try that, and if you have the luxury of enough time to feel out the market, Rob will sit down with you and work out a schedule in advance. If there haven't been many prospects viewing your home after three weeks, you may need to lower your list price. If that doesn't bring any prospective buyers, you may need to lower your list price again. Plan on doing that regularly until you find a level that attracts buyers. Make a written schedule in advance, before emotion takes over and you're tempted to dig your heels in.

Sometimes cash incentives are as effective as lowering the price, especially in the lower price range where buyers may be "cash poor." You may offer to pay some or all of a buyer's closing costs and discount points required by the buyer's lending institution. If you haven't had much traffic through your house and you’re in a hurry to sell, you may want to add the offer of a bonus to the selling broker, in addition to their commission. An example of the wording for such an offer may be "to the broker who brings a successful offer before Christmas."

Estimating net proceeds
Once you’ve been given an estimate of market value by Rob, you can get a rough idea of how much cash you might walk away with when the sale is completed. This can be particularly useful as you start looking for another home to buy. From the estimated sales price, subtract:

Payoff figure on your present loan(s)
Broker's commission
Any prepayment penalty on your mortgage
Attorney's fees, if any
Unpaid property taxes

In addition, Rob can tell you whether local customs or rules dictate that the buyer or seller to pay for the following items:

Title insurance premium
Transfer taxes
Survey fees
Inspections and repairs for termites and other pests
Recording fees
Homeowner Association transfer fees and document preparation
Home protection plan
Natural hazard disclosure report

As far as closing costs are concerned, you and your eventual buyer may agree on any arrangement that suits you, no matter what local practice dictates. Rob, along with a lender who you trust, can assist you in estimating what your final closing costs will be.

Real Estate Matters at the Knoxville News Sentinel

2007-01-28T11:57:00.000-08:00

I am slated to be featured with others in my office in a forthcoming edition of the Knoxville news sentinel article . Here is some of the associated text:

Rob Howard recently received his Broker's license and GRI designation as well growing sales as a multi-million dollar producer. Joining Wood Realtors in 2003, Rob has been a real estate investor and rental property manager of more than a million dollars in private single family properties since 1999. His personal expertise has been a source of advice and information for real estate investors in California, Texas, North Carolina and other areas beginning with research materials on his personal website www.robsellsknoxville.com and through phone and other interviews– he may be contacted at robsellsknoxville@gmail.com or by phone at (865) 385-9070 or toll-free at 1-800524-3135 ext. 0.

Welcome to RobSellsKnoxville.com Real Estate Talk!

2007-01-28T11:47:00.000-08:00

Hello,
Welcome to Knoxville Real Estate Talk. My name is Rob Howard. I am a Realtor and a Real Estate Broker in Knoxville, TN. I would invite you to take a look at the homes currently available for sale in Knoxville on my website.

I have been a homeowner since 1999 and have bought, previewed, shown, listed and sold hundreds of homes in the Knoxville area as a REALTOR, investor and landlord. I am in the process of developing training in buying and selling homes, pricing your listings and more. Check back to keep an eye on the progress!