Home Search (median):

• Number of Weeks Searched - 8
• Number of Homes seen -9

Method of Home Purchase, By Use of Internet:

• Real Estate Agent/Broker - 81%
• Direct from Builder (new homes only) - 10%
• Direct from previous owner whom buyer didn’t know - 5 %

Actions Taken by Buyers After Using Internet Site:

• Drove by/viewed a home - 74%
• Walked through a home viewed online- 61%
• Found agent used to search/buy home - 23%

Prior Living Arrangement:

• Owned previous residence- 49%
• Rented an apartment or house - 38%
• Lived with relatives or friends- 9%

Information Sources Used in Home Search:

• Real estate agent - 85%
• Internet - 80%
• Yard sign - 63%
• Newspaper - 55%
• Open house - 47%
• Home book/magazine - 34%
• Builders (new homes) - 26%
• Television - 11%
• Relocation company - 5%

Where Buyer Found the Home They Purchased:

• Real estate agent- 36%
• Internet- 24%
• Yard sign- 15%
• Relative or friend- 8%
• Builder (new homes)- 8%
• Newspaper- 5%
• Knew the seller -3%
• Home book/magazine- 1%
• OPEN HOUSE -Less than 1%!

What Repeat Buyers Want Most From Real Estate Professionals:

• Help you find the right house to purchase -53%
• Help with price negotiations - 13%
• Tell you what comparable homes are selling for - 11%
• Help determining how much buyer can afford - 11%
• Help with paperwork - 8%
• Help find and arrange financing - 2%

Definitely Would Use Same Agent Again: 66%

*Data from 2006-07 National Association of Realtors

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The search is over, the negotiations have ended, the home inspection was a success, and the mortgage has been set. Finally, you come to the last step in the home buying process– Closing, or some call it Settlement. This is where the house transfers ownership and the title is in your name, home owner’s insurance is verified, you agree to the terms of the mortgage, and the keys are put in your hands. Once you leave the closing table, you can go to your new home as a homeowner! The build up of all the anticipation for the past few weeks is settled in usually under an hour at closing.

You typically want to estimate at least 2-3% of the sales price of the home for closing costs. You should receive a Good Faith Estimate (GFE) from your lender, which will include an estimate of the funds you need to bring to closing. The primary items at closing include: the settlement statement (aka HUD-1), the contract, the loan papers, title insurance, homeowners insurance, the Title or Deed, any down payment, and closing costs. It is important that you are adequately prepared when you go to closing. Although your agent will review the information that you need at closing, it’s a good idea to know what is going on in the event you need to handle it alone.

Important items for your closing…

Driver’s License or Government Issued ID: So the settlement company knows you are YOU

Certified Funds: You will need certified funds for closing costs and/or down payments. It’s best to stop by your bank the day before closing once you know the exact amount to bring. This is why it’s important to obtain the settlement statement in advance so there are no problems at the Closing table.

Homeowners Insurance Policy: This should be secured prior to the day of closing for a townhome or single family home. For a condo, the master insurance policy is typically included in the condo fee, you may want to obtain additional insurance for your property inside the condo.

Settlement Statement: Typically your real estate agent will look over a copy of the HUD-1 settlement statement within 24 hours of closing. It’s important to review it beforehand because it shows the total amount of cash you’ll need to bring to closing. It also gives you the opportunity to resolve any discrepancies. If you don’t receive a copy prior to settlement, don’t worry as you will be provided time at the closing table to look it over.

By being prepared in advance, you’ll be far less likely to encounter any unexpected surprises when you’re sitting at the Closing table.

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In the DC Metro area real estate market, it’s your game now Mr. Buyer. The offer that you decide to make only needs to make sense to you. Don’t worry about the thought of being rejected. The reason why, it doesn’t cost you a thing! However, an offer that doesn’t make sense to you could end up costing you a great deal of time and energy. Problem properties usually can be purchased at great prices, terms or even both at times. When a property goes into foreclosure or has been sitting on the market for months, any offer may look reasonable to a seller. Especially if the property has developed a negative cash flow. The owner may have to pay a huge amount every month just to keep it. In this case, what would otherwise be an unacceptable offer might be honored. So don’t hesitate to make a low-ball offer!

Your offer is YOUR decision. Unless you’re making an ludicrous offer, don’t worry about it not getting accepted. Remember that the seller’s agent is trying to get the best possible deal for the seller, not you. At the same time, you have to keep in mind that the agent has a fiduciary responsibility to present your offer to the owner.

Like most people. you probably like to ask around for real estate advice from your friends and co-workers. I mean, who doesn’t like a friend’s opinion? While it’s helpful to listen to others, such as an attorney or Mr. Know-it-all, the offer is ultimately your decision. If they’re not heavily in the real estate investment game, then their opinion is as good as a donkey’s. YOU are the one making the offer and YOU are the one who will be making those mortgage payments every month.

Finally, when making your offer, keep in mind how your brain perceives things. When you go to the store and see something that costs $.99, it looks a lot more attractive than $1.00. The same goes for real estate. Keep in mind that $499,900 may seem to be a lot lower than $500,000 to a buyer. But what’s a $100 in real estate? It’s roughly 60 cents a month on your mortgage payment. Your low-ball offer will also seem much more favorable to the seller using this technique when you offer $460,000 rather than $459,500. Thus giving you a much better chance of getting accepted.

If you are not working with a real estate agent, be sure to contact HomeZill before you make an offer. We will research the recent comps, make sure you’re protected and ensure that your offer is a good one–all at no cost to you. We will also rebate you two-thirds of the buyer agent commission for new homes and half the commission for resale homes. Remember–by going at it alone and working through the listing agent (who represents the seller’s interests), you will not have a professional making sure you’re protected, and the listing agent will keep the entire commission. Join the many home buyers who have made the intelligent decision by calling 1-888-998-9455 before making an offer on a home.

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Each year, many do-it-yourself-ers eager to save money take the plunge by trying the ‘ole “For Sale By Owner” route to sell their home. These brave soldiers venture out into the marketplace, to face head-on, the duties of marketing, pricing, showing, negotiating, scheduling, screening, and paperwork. Though I do give them credit for their motivated efforts, many FSBO’s must learn by trial and error, the value of a real estate professional.

FSBO sales in 1987 (20%) … in 2006 (12%)

40% of all FSBO’s sold their home to someone they knew prior to the sale. Therefore only 7% of all home sales in 2006 were FSBO’s sold on the open market. The other 5% of FSBO’s were simply private sales without a real estate agent involved.

Homes sold with the help of a real estate agent in 2006 sold on average for 32% more than FSBO sales. The typical FSBO home sold for $187,200 compared to $247,000 for agent-assisted home sales.

This statistic means that even if you ARE successful in selling your home on your own, you won’t necessary save any money. What if you just did all that work and netted the same amount as if you hired a real estate agent, how much would that suck? This is the reason why a GOOD real estate professional will always have a job.

FSBO Methods Used to Market Home:

• Friends/neighbors (53%)
• Yard Sign (51%)
• Newspaper ad (31%)
• Open House (29%)
• Listing on the Internet (22% )

Most Difficult Tasks for FSBO Sellers:

• Preparing/fixing up home for sale (18%)
• Understanding paperwork (16%)
• Getting the right price (11%)
• Attracting potential buyers (9%)
• Having enough time to devote to all aspects of the sale (9%)

***Data provided by 2006-2007 National Association of Realtors

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Edgeio, the online listings marketplace has taken a dive into the deep abyss. The company, which accumulated and incorporated classified listings including real estate, offered the service for free. These guys burned through $5 million of investors pockets faster than Fred Flintstone moved his legs.

They had the idea of challenging Trulia and Realtor.com to become one of the biggest names in the real estate/classifieds industry.

The reason for the debacle is unknown but I can guess that some other popular sites had something to do with it.

I guess the CEO won’t be wining and dining with these big wigs anymore.

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This great location offers EOS 21 condos in Alexandria, VA. You’re right next to the Van Dorn Metro Station, I-395, 495 and 95. A coffee bar, pools, fitness center, recreation activities, convenience store, deli, and a day-care center are all in the community. The shopping mall, bank, grocery store, and other restaurants are just across the street. The units feature: Modern Appliances and Kitchens, Secure Access-Controlled entryways, Private Patio/Balcony, Oversized Closets and pets are welcome.

*Some homes include fireplace, Newly Remodeled and Cable Ready! Completely Renovated Homes, All New Kitchens and Baths, New Deluxe Appliances, European Washer and Dryer, Elevator Building, and a Free Shuttle to Metro. There is a builder closeout special right now, and from the look at these prices… can I say investment?

About 27 condos remain as of 3/30/08

* Studios at $129,000
* 1 BR for only $175,000
* 2 BR for only $235,000

If you would like to visit EOS-21 condos in Alexandria, Virginia, be sure to contact us at 1-888-998-9455 or at info@homezill.com to receive an additional home buyer rebate on the purchase of your new home!

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