Over the last five years, one of the newest developments in real estate is the ability for home buyers and sellers to search online for a home’s appraisal value. 

Many websites offer free estimates, but some consumers and REALTORS® like Daniel Maloney say the values calculated often are inaccurate and misleading.

 ”Making sense of the story for consumers:

• Online home appraisal websites assign home values without knowing the features or upgrades of a home or the neighborhood in which it is located.  Some websites offer a price range of $20,000 – $40,000 more or less than the actual value of the home. 
• Since housing markets are local and not every home of a certain size is the same value, consumers can be misled into believing a home is worth more or less than the actual value.  Working with a local Realtor can help minimize inaccuracies in home values. Realtors can provide local housing market data and show homeowners and buyers recent sales of comparable homes in the area, to help determine an accurate list or offer price.
• While some agents report that Web estimates can educate clients and provide a reasonable assessment of market conditions and the home-buying process, working with a local Realtor is the best option.”

Click here to read more of Daniel Maloney’s blog.

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You decide you need to move and you put your home on the market. In the best efforts to sell you current home, you list it with an agent plus run ads and plan open houses. While this is a positive on the selling side, it could be disasterous on the personal safety side.

Baltimore, Maryland REALTOR® Ariana Loucas offers some valuable tips about keeping you and your belongings safe when strangers come to your home.

“Don’t forget these safety tips when allowing people to tour your house:

1. Make sure to put all valuables away, in a secure place. Leaving rings and jewelry out on a jewelry tree or in an accessible box makes it easy for people to grab a handful of your items and keep walking.

2. Make certain all your mail, papers, and checkbooks are out of sight. This helps prevent identity theft.

3. If you have a garage door opener, especially for detached garage access, always leave it hidden within the home and not just on the counter. If you want to provide access to that area, leave special instructions for agents showing the home.

4. Always make certain you leave instructions that all doors and windows must be locked prior to leaving. Often you don’t know who is touring your home, and they could be casing the home, unlocking a window to return later to walk away with that new TV they saw.

5. Open Houses are often held. In this case, be careful of those people coming towards the end, or with other groups. Sometimes one could be the distraction with questions, and the others are calmly walking the home to unlock the perfect window to return when the home is empty or late night…”

Click here to read more of Ariana Loucas’ blog.

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 Q: Our condo has been on the market for a few months with zero interest as of yet. We have an excellent, long-term tenant who wants to buy the home, but cannot afford to make a down payment. We are considering a Lease to Purchase agreement as a solution. Given the condo’s market value ($100K), what would a typical option to buy cost the tenant? Given our tenant’s current rental payment ($700), what is a fair/typical increase in their monthly rent?
~ Drew

A: Drew, these are some great questions, but the very first thing I would suggest is having the buyer/tenant approved for a loan before entering any type of an agreement in order to make sure she can purchase with no money down (which doesn’t really exist any longer).

Secondly, your REALTOR® may have signed an agreement with you or the tenant that states: ’should the tenant purchase, the Realtor will be the representative.’ This is commonplace with leasing and would prohibit you from using an attorney unless you want to pay twice. Also since the Realtor has a listing agreement with you currently in place, you’d again be in a position to have to pay twice if you chose to use an attorney.

Regarding the home not selling: the main reason in today’s market a home doesn’t sell is pricing. Investigate what homes like yours are selling for, what the upgrades are, etc. If you find that yours is comparably priced for the area, you may have a tenant who is misleading potential buyers. You may want to ask your agent for Realtor/buyer feedback on this.

It’s a tough market today and I don’t envy buyers or sellers. A home with a tenant already in place is very attractive to investors, but it would have to make financial sense – in other words, are they profiting from the tenant or at a loss? Since this is your most likely buyer, you need to take all of this into consideration as you did when purchasing the condo.

Lease options are tricky and I don’t recommend them. Call me pessimistic but I’ve seen too many go by the wayside and someone always loses. Regarding your questions about what to increase the tenants rent to, I would again have her pre-approved and the loan officer will advise you of what will be needed in order for the tenant to qualify.

Suzanne Grace is a REALTOR with Prudential California Realty in Thousand Oaks, CA.

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As a seller or landlord, it’s important you align yourself with a REALTOR® you respect, trust, and believe in.

You are partially choosing based on the reputation and image of the real estate agency itself;, but as New Jersey REALTOR® Beverly Meaux reminds, you are mostly choosing the person, not the agency.

“My partner and I have had a couple of instances lately where the seller/landlord wanted to make sure we understood how important it was we were the ones bringing buyers or renters in to see the home.  This is good and important, but we’re not doing our job of marketing a home well to get the most exposure and interest for the home if we are the only ones bringing people in to see it. You really don’t want just me showing your house if you want the highest price possible or the best tenant possible.

This made us realize how many people don’t understand the nuances of the real estate agent working relationship: we compete and we cooperate all at the same time. Can the Realtor you choose deliver what you need to get the best tenant or the best contract possible to sell your home?  This is us competing for your business.

Don’t be discouraged when your listing Realtor is not the one showing the house all the time. One key job of your Realtor, for example,  is when someone is looking for houses for sale in Maplewood, NJ that they are seeing your home. If your agent is leveraging the Internet and other mediums optimally, your place will be popping up in front of people all over the place.”

Click here to read more of Beverly Meaux’s blog.

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Q: What is happening in the luxury market?

A: The luxury market’s doing okay, oddly enough.  What we’re seeing is opportunity sieges.  People who have been sitting on the sidelines couldn’t really stomach the prices of land or luxury properties and now they’re sort of coming off the bench and saying, “Hey, this is what I’ve been waiting for.” 

So we’re seeing cash deals in the million plus market.  Some financing, but financing with an awful lot of money down.  Another product that works really well in our area is actually the jumbo VA.  We’re seeing retired military guys buying high end homes using their jumbo VA’s. 

Joe Boylan is a REALTOR with Boyland and Company in Colorado Springs, CO.

 
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If you have pets, you’ll need to consider some extra steps when getting your home ready to show. Keep in mind that not everyone is a pet lover, so all of the pet fur and odor that your furry friend leaves behind might be a turn-off to a buyer. Or, you might run into buyers who won’t even walk in the door if your Doberman is home.

REALTOR® Ariana Loucas of Columbia, MD, reminds sellers to consider the impression your pet might make on a potential buyer:

“As a pet lover and parent, as a vegetarian, and someone passionate about animals rights, I know first hand what our four-legged children mean to us. I also know that not everyone feels the same way about our furry friends and when you’re selling your home, as a pet parent, you want to be mindful of others’ feelings.

For example, I had a client with awful allergies to animals. We entered a home with a nice chocolate lab in his crate in the kitchen. My client was a little fearful of the big bark; I, having Rottweilers, wasn’t so scared so I offered to walk through and see where the dog was before touring the home. Once I noticed the sweet dog in the crate, I walked back to the foyer to share with my client that the dog was in a cage and she can comfortably walk through the home.

Well, in just the short time of my walk to find the pup’s location, and back to the foyer, my client’s allergies became so agitated so quickly that her entire face had swollen, along with her eyes that became pink, puffy and watery. All of this reaction happened just by her standing in the foyer. As a result, we didn’t get to see this home. We had to immediately leave. Granted, this was extreme but we as home sellers want to be mindful of other people’s challenges with pets, whether it’s from allergies, fear or a plain dislike of them..

Consider these tips if you’re selling your home and you are a pet parent:

1. Please do your best to have the home free of pet hair. Hair is what will often cause the odor build up or make a person’s allergies become active.

2. Obviously, this tip is easier to do with dogs than cats, but I strongly suggest, when possible, to take the dog for a walk during a home tour, or take him on a trip to the local Petsmart or dog park. If you do leave the home with your pet, NEVER leave him alone in a car. The car gets much hotter inside than outside and can quickly kill your pet. Or people’s dogs do get stolen from cars so again, if you take your pet with you away from the home for a buyer’s tour, KEEP THE PET WITH YOU. You don’t have to be gone long. Most tours take 15 minutes and a quick walk will be plenty of time to allow the potential owners see your home.”

Click here to read more of Ariana Loucas’ blog.

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One year ago, we launched the ”Ask a REALTOR®” program which matches consumer questions with real estate experts and publishes their answers online. 

The first post debuted on August 25, 2009. From the initial participation of a dozen Realtors, the “Ask a REALTOR” program has developed into a thriving community of experts in the areas of financing, first time buyers, short sale and foreclosures, taxes, and legal issues.

Friend us on Facebook to get the latest updates from our Blogs.

We’d like to thank our Top 10 contributors over the past year, in alphabetical order:

Karen Crystal – Ewing & Associates/Sotherby’s International Realty, Agoura Hills, CA

Karen was the agent responsible for providing the amazing mansion featured in our
YouTube video “A Dog’s Life.” She has many luxury home listings in Ventura County.

 Amy Downs – Keller Williams Realty, Dallas, TX

Amy responded to questions on a wide variety of topics.  She recently
returned from an amazing motorcycle road trip from Dallas to Sturgis, SD and back.

 Allan Glass – ASG Real Estate, Los Angeles, CA

Allan provided answers to many queries from readers.  His mission is to rid L.A. 
of abandoned and dilapidated homes and real estate eyesores.

Ines Hegedus-Garcia – Majestic Properties, Miami, FL

Ines is the driving force behind the website “Miamism” but still found time to answer
consumer questions. She is also an expert on the subject of mojitos.

 David Kres – Buyers Brokers Only, Boston, MA

David responded to several reader questions this year using his experience as a
lawyer and Realtor.  He recently welcomed a new son.

Sonya Loose – Red Carpet Keim Lake Forest, Gladwin, MI
Sonya dispensed advice to many readers this past year.  She enjoys helping first time
home buyers, second/vacation home buyers, and investor buyers. Sonya is a huge fan
of NASCAR as well as Dirt Track and Go Kart racing.

Tim McBrayer – Coldwell Banker/Howard Perry and Walston – Raleigh, NC
Tim works the Triangles region of North Carolina and answered a large number of
consumer queries to date.  Tim has a profesional and personal pledge to ”never promise
what I can’t deliver and always deliver what I promise,” learned from his father.

Jonathan Osman – Keller Williams/Charlotte House Hunter Group, Charlotte, NC

Jonathan answered local and national questions; he specializes in communication and
marketing through social media. He loves introducing agents to the newest technology.

Bob Stahl – Keller Williams Arizona, Phoenix, AZ

In addition to replying to questions this past year, Bob also wrote special commentaries
on Realtor.com Blogs, most recently about low interest rates.

David Welch – RE/MAX 200 Realty, Orlando, FL

David provided positive answers to several complex questions.  He is a self-proclaimed
“Real Estate Optimist” whose personal mission is “to help others around me make better decisions.”

We also owe a great deal of our success to the readers who submitted wonderful questions – we couldn’t have done it without you.

Here are the Top 10 Questions asked and answered on Realtor.com Blogs this past year:

1.   Can Realtor Fees Be Negotiated?

2.   Why Do Short Sales Take So Long?

3.   Applying the Tax Credit to a Second Home

4.   Fannie Mae Closing Cost Aid

5.   Buy a Condo or Single Family Home?

6.   How Often Can My Landlord Show My Rental?

7.   How to Bid on a Short Sale

8.   What Does Contingent Mean?

9.   Tax Credit for Existing Homeowners?

10. Are Banks Holding Back Foreclosures?

We look forward to an even more successful second year!

~ Audie Chamberlain

Are you interested in having a qualified REALTOR answer your questions? Click through to Ask a REALTOR® now.

Are you a REALTOR who would like to answer consumer questions? Click here to become an Ask a REALTOR participant.

Our readers really influence the kind of stories we post here on REALTOR.com® Blogs. Visitors to our site are looking for the ABCs of buying and selling a home; they also enjoyed reading about one Realtor’s Hound Hero.

Here are the Top 10 most read posts in the month of August:

1. Local Hound Heroes – Michelle Hackney

2. Get Landlord Insurance for Rental Property – Robin Jones

3. 5 Reasons a Seller May Reject Your Offer – Jeffrey Launiere

4. Responsive Agent Best Choice to Sell Your Home – Ariana Loucas

6. How to Successfully Get a Mortgage in 2010 – Michael Price

7. Don’t Write That Offer Without Realtor Representation – Kevin Rhodes

8. Who Pays the Buyer’s Agent Commission? – Daryl Turner

9. Are Low Interest Rates a Silver Bullet? – Bob Stahl

10. VIDEO: What Features Does a Dog Look for in a House?

Did you read one of these stories and did it help you? If so, share it with a friend!

And for more personalized information, don’t forget to “Ask a REALTOR®.” Submit a question here and one of our real estate experts will answer it for you.

Starting in the 1990s, the United States experienced a period of unbelievable prosperity through investment in real estate, followed by an equally dramatic decline and loss in values during the past decade.  As in most bull times, a group of less-than-scrupulous real estate licensees emerged that took advantage of unsuspecting buyers and sellers. Unlike licensed REALTORS®, these shady characters didn’t adhere to the Realtor Code of Ethics.

Northern California REALTOR® Mark Schweller shares some red flags that can identify whether the agent you are working with is a “Shady McGrady.”

“During the good times, the money was flowing into the industry like water over the Niagara Falls.  Basically, if you were a warm body, banks were lining up to loan you money through stated income loans, adjustable rate mortgages or even negative amortization loans (where the balance that you owe the bank could grow beyond the value of your home).  This rainbow time in real estate was great for the short run, but not necessarily reality.

Let’s be honest, when you take on a mortgage it doesn’t come with a pot of gold, but rather the promise of at least 30 years of hard work before you are free and clear, owning your home outright. 

Because fortunes were being made overnight through real estate investment in the early 1990’s, our industry began to attract unscrupulous agents and brokers, motivated purely by greed.  Their goal was to make a sale, and it didn’t matter what interest rate was charged to their client or how poor of a long-term investment the property might be.  I refer to these fly-by-night real estate licensees as the Shady McGrady Group. This Group is motivated by their own self-interest.

So, how do you recognize if your agent is a Shady McGrady?

If your agent has two jobs, they might be a Shady McGrady.

If your agent doesn’t have an office space where they conduct business or is running a brokerage out of their home, they might be a Shady McGrady.

If you mention your agent’s name to another agent in the market and get either no response or wide eyes like they just witnessed a car accident, they might be a Shady McGrady.

If your agent doesn’t have a solid website where you can go and search the MLS for free and gain information on community events, you might be working with a Shady McGrady.”

Click here to read more of Mark Schweller’s blog.

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Remember – not all real estate agents are REALTORS®.  You can avoid the Shady McGrady’s by working with a licensed Realtor.  To find a Realtor near you, visit Realtor.com and click on the ”Find a Realtor” button.

More and more readers are beginning to utilize our “Ask a REALTOR®” feature which provides personalized answers to your real estate questions. Also, they use it as a resource for finding archived articles that can help them with their particular issue.

Here are the top 10 most read answers on REALTOR.com® Blogs in August:

1. Can Realtor Fees Be Negotiated? – Answered by Jonathan Osman, Keller Williams

2. Signing an As Is Contract – Answered by Allan Glass, ASG Real Estate

3. How to Bid on a Short Sale – Answered by Christina Rordam, Exit Realty

4. Buy a Condo or a Single Family Home? – Answered by Karen Crystal, Ewing & Associates/Sotherby’s International

5. How Often Can My Landlord Show My Rental? – Answered by Michelle Lane, Century 21 Commonwealth

6. Fannie Mae Closing Cost Aid – Answered by Christina Rordam, Exit Realty

7. Should I Take a Final Walk Through? – Answered by Tim McBrayer, The Triangles Broker

8. Why Do I Need a Realtor to Buy a House? – Answered by Jonathan Osman, Keller Williams

9. What Should I Look for in a Realtor? – Answered by David Welch, RE/MAX 200 Realty

10. What Does Gross Amount Mean? – Answered by Allan Glass, ASG Real Estate

Do you have a question you’d like answered by a real estate expert? Use the “Ask a REALTOR” form to contact a Realtor for advice and be sure to tell us your city and state so we can find the perfect person to assist you.