Gilbert Real Estate Blog
~ by Randy Hooker of Dreamcatcher Realty
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Thinking of Entering into a Lease with Option to Purchase a Home? You might want to think again!
Here’s a short video by one of my favorite real estate vloggers, Jessica Edwards from Wilmington, North Carolina.
As you’ll see, she makes a great case for why it’s a BAD idea for sellers to enter into a lease with purchase option.
In another post I’ll address why it’s an even WORSE idea for a home buyer to enter into a lease with purchase option, or what I call a “Glorified Lease.”
Regardless of whether you’re a home seller or buyer, I urge you to NOT enter into a lease with purchase option without solid legal counsel.
As always, I’m open to your comments or questions!
Actual Photos seen in Gilbert Real Estate Listings that make you say, “What the…”
I’ve been way too serious in my recent posts, so I thought you might enjoy seeing a couple of impressive photos that I saw this week in the Arizona Regional MLS.
I’m still amazed at how many listing/seller’s agents restrict botch the quantity and quality of pics on their listings, but some of them are downright hilarious.
I’ll protect the identity of the houses, listing agents and brokers, but if your agent ever uploads photos like these to the listing for your home, you might want to have a serious discussion with him/her about Marketing 101 and the hiring of a professional photographer.
Now, ladies and gentlemen, boys and girls, I present to you my two favorite marketing beauties photos from this week:
Ummm... why bother cleaning... the prospective buyer can dig thru my crap to find the counters... right??
What every man (and woman) wants to find in his next home. Just makes you feel all warm and fuzzy, doesn't it??
If any of you run across any others that you find as deliciously tasty, I would LOVE to see them!
What is my house worth in today’s market?
I hear or receive this question no less than 2-3 times per month. On the surface, it would seem to be a rather innocent, simple question. However, on deeper analysis it becomes infinitely more complex and convoluted than most folks imagine. I’ve decided to tackle this question – “What’s my house worth?” – and give you my personal and professional response to it:
Dear Homeowner,
I don’t mean to sound flippant, but what your house is ‘worth‘ depends on the opinion of the specific person evaluating your property. An appraisal is an opinion of one person, a licensed appraiser. A BPO (Broker Price Opinion) or CMA (Comparative Market Analysis) is an opinion of one real estate agent or broker. An offer submitted by a prospective buyer is yet another opinion of one person.
How many opinions of value might there be? >>> As many as there are people on the planet!
Here’s a reality check for you homeowners: Valuing a property is an art, not a science, and the folks who are best at this art are those who consider ALL of the factors relative to any given property. Here’s a short list of the 5 biggest factors to consider:
- Recent ‘comps’ (comparable sales) within the past 3-6 months that are reasonably similar to your property
- Major improvements, options or upgrades (or lack thereof), e.g., private pool, granite counter-tops, new roof, new AC, etc.
- Age of the home and surrounding neighborhood/subdivision
- Location of your property
- Curb appeal of your property
Beyond these, there are an infinite number of other factors and variables that can weigh on the perception of any given person. You simply cannot rely on the tax assessor’s valuation, Zillow’s Zestimate, or any of your friends, family or neighbors. You need the advice and counsel of an objective, third party professional who can give you an experienced, knowledgeable opinion. And even then, there is not one finite number that can possibly represent the TRUE value of your home – but a projected sales price range can be estimated by the right professional.
The best advice I can give you is to contact a local, experienced real estate agent or broker with whom you feel good, and that you trust. S/he should be able and willing to do the appropriate research and then counsel you regarding your options and objectives – and ultimately, the best strategy for YOU. Make sense?
