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The Triangle’s Essential Guide to Mistake Free Home Buying

June 25, 2015 by imusocialmedia

Give and Take- Stuart Miles- Freedigitalphotos.net Buying and selling real estate can be a painstaking, confusing process where the potential for error is high for novices and experienced individuals alike. Unfortunately, even the most innocent misstep can end up costing thousands of dollars. The art of negotiation is an important one to master, even if North Carolina buyer and sellers have a real estate agent as their advocate.

Below, the experienced agents at Flat Fee Realty share the most common negotiation mistakes and how to avoid them:

Misunderstanding purpose and situation: Everyone negotiates differently, but an important part of any successful strategy is gathering as much information as possible. Personality, occupation, experience, and background are all factors in understanding a buyer or seller, and crafting a deal they can’t refuse.

Focusing too much on price: There are other crucial elements in a real estate deal besides the purchase price, and ignoring these can cause last minute delays. Don’t make assumptions about fixtures, financing, or closing costs, and make sure every detail is spelled out it any written agreement.

Being difficult and bad-mannered: Many people forget that there is real value in being nice. Residential real estate transactions are inherently emotional, so avoid hostile tactics like bullying, non-essential deadlines, and being heavy-handed.

Letting little things become deal breakers: With so much money on the line, it is surprisingly easy for both buyers and sellers to fixate on things that in the end aren’t really that important. Don’t let a deal fall apart over curtains or minor repairs.

Making it personal: At the end of the day, a home sale is just business. When things start to get emotional, buyers and sellers should take a step back, detach, and relax. Keeping in mind the big picture and ultimate goal of home ownership or sale will help smooth over any rough patches.

Well-honed negotiation skills are the essential tools of any successful real estate agent, and they contribute significantly to positive outcomes for both buyers and sellers. Luckily, the experienced agents at Flat Fee Realty are prepared to help clients execute the best possible deal. Contact us today to find out how we can quickly and strategically get buyers and sellers from making an offer to closing a deal!

This post on selling and buying a home in the Triangle is brought to you by the team at Flat Fee Realty and is intended for informational purposes only.

Flat Fee Realty

919 342 5230

Photo: Stuart Miles, Freedigitalphotos.net

Three Flat Fee Listing Myths all Triangle Home Sellers Should Discount

June 10, 2015 by imusocialmedia

Sold Home, Stuart Miles, freedigitalphotos.net If it sounds too good to be true, it probably is not. For example, the statement that saving potentially thousands of dollars in fees, while receiving the full and undivided attention from a traditional, full-service real estate agent, is typical. At Flat Fee Realty, we do not agree at all. By only offering the most important, essential real estate services (those that will actually help sell a home for the highest price in the least amount of time), the professionals at Flat Fee Realty we help home sellers accomplish this goal every single day. Unfortunately, there’s a lot of spin floating around regarding flat fee listings, adding an unnecessary level of confusion to an already mystifying home-selling process.

The real estate agents at Flat Fee Realty want North Carolina buyers and sellers to know the truth behind these three common misconceptions:

The MLS is the most important listing tool: This might have been true a decade ago, but the MLS is no longer the be-all, end-all of real estate listings. Today, popular sites like Zillow, Trulia, Facebook, Pinterest, and other property-showcasing sites are where home buyers often turn to view potential homes in the privacy of their living rooms without the help of an agent. That’s not to say the MLS isn’t important. It’s the first place most agents look to reviews homes for clients. That’s why sellers choosing Flat Fee Realty receive a custom MLS listing.

Buyer’s agents avoid flat fee listings: A major myth about flat fee listings is that they don’t offer a commission to the buyer’s agent; most do. That being said, real estate agents have a fiduciary duty to clients and shouldn’t let the presence or amount of commission affect what homes they show clients. In many cases, how commission will be paid is spelled out in the buyer’s representation agreement or the offer to purchase, effectively minimizing the likelihood of any conflicts.

A Flat Fee Listing is the same as a “For Sale By Owner” FSBO: Okay, these two have one thing in common. They are both ways of selling a home without being formally represented by a listing agent. However, the similarities stop there. FSBO sellers are entirely on their own, from pricing strategy to marketing, negotiations and closing. In contrast, flat fee sellers receive a long list of services aimed at making selling their home independently efficient, enjoyable, and cost effective.

From our basic Limited Service marketing package to traditional, full-service options, Flat Fee Realty has every seller’s needs covered. Ready to sell? Contact us today!

This post on selling and buying a home in the Triangle is brought to you by the team at Flat Fee Realty and is intended for informational purposes onlThe Future of Real Estate!

Flat Fee Realty

919 342 5230

Photo: Stuart Miles, Freedigitalphotos.net

6 Tips to Sell a Home in the Tight Triangle Market

May 14, 2015 by imusocialmedia

Rocking Chair Porch, khongkitwiriyachan, freedigitalphotos.net North Carolina summers are great for a lot of things: cookouts, days at the beach, and campfires are just a few of them. And although the warmer months tend to see a large uptick in real estate activity, it is a very active time for home sales. Increased inventory, higher interest rates, and lower investor demand mean that the peak season can benefit local buyers, not sellers. While selling in the summer can be tricky, there’s still a lot of potential for homes priced correctly and properly marketed. The dedicated listing agents at Flat Fee Realty want to help sellers in Raleigh, Cary, and the beyond get the highest price for their homes in the least amount of time.

Check out these six important tips from Flat Fee Realty:

Let the light in: Take advantage of longer daylight hours by removing heavy draperies and leaving blinds open.

Stay open late: In the summer, many buyers are apt to skip out of work a little early and stay out later. Although it might not be convenient, consider being amenable to twilight or evening.

Use natural fragrances: While vanilla and cinnamon are popular cold-weather scents, summer calls for lighter, airier varieties like those from fresh cut flowers or honeysuckle vines. As an added benefit, these delicate scents won’t overwhelm sensitive noses.

Keep the air moving: North Carolina summers are notorious for heat waves. Offer weary buyers a respite from the heat by keeping the AC a touch cooler than normal. If any rooms feature ceiling fans, make sure they stay on.

Create outdoor living spaces: If the home features protected outdoor areas, like a screened porch or patio with an awning, move some indoor furniture outside to highlight its livability.

Accent accordingly: Change out dark throw pillows, rugs, and decorative accents for light or bright summer hues.

The top season to sell real estate is the spring, followed by the fall. The summer months come in third, due to the many distractions like summer vacations, school breaks, and other activities. But life doesn’t wait, and many sellers simply need to sell in June, July or August. For those motivated sellers, the tips above are just a few of the steps to lure summer buyers out of their hammocks and into a contract.

One thing not mentioned above? Choosing the right real estate agent! The listing agents at Flat Fee Realty provide the professional guidance necessary to close a sale in any season. Contact an agent at Flat Fee Realty today!

This post on selling and buying a home in the Triangle is brought to you by the team at Flat Fee Realty and is intended for informational purposes only.

Flat Fee Realty

919 342 5230

Contact an agent at Flat Fee Realty today!

Photo: khongkitwiriyachan, Freedigitalphotos.net

3 Factors Home Buyers Should Disregard When Shopping for a House in the Triangle

May 7, 2015 by imusocialmedia

For many Triangle and Raleigh home buyers (especially first timers), viewing and comparing homes can be overwhelming. From separating wants from needs to holding out for the “perfect” home, most buyers experience some degree of frustration along the way. To complicate the process, some buyers have long and sometimes unrealistic lists of must-have features, causing them to miss out on otherwise great opportunities. The agents at Flat Fee Realty want to help home buyers in Raleigh, Cary, and the surrounding areas focus on what’s important.

Our FFR team offers three important factors home buyers should disregard when looking for that dream house:

The seller’s decor: It seems silly to disregard an otherwise great home due to the color of the walls or outdated light fixtures, but Flat Fee Realty agents see this happen all the time. Don’t confuse the seller’s taste in design with the suitability of the home itself. One homeowner’s play room could be another’s home office, so ignore easily changeable items and focus on more or less permanent features, like layout and room size.

Home warranties: In the competitive Triangle real estate market, some sellers offer incentives like home warranties to stand out from the crowd. While a warranty does offer some benefits and provide peace of mind, be careful to not give it more weight than it’s worth. A warranty only covered specific systems in the home and provides for discounted repairs (often from approved service providers)—don’t confuse it with insurance.

Square footage: Many buyers are unyielding when it comes to a specific amount of square footage. While this might be true in broad terms (most people wouldn’t want to squeeze a family of five into a 1000 square foot home) focusing on a specific number could disqualify a number of suitable homes. A well-thought-out layout often makes a smaller home feel larger, while a poorly-designed home can mean wasted square footage (and dollars).

Touring homes can be a lot of fun for buyers, but also it can be very overwhelming. The one strategy Triangle buyers can apply is to make the process of searching for a home easier and more productive. Focus on what’s important. Keeping non-negotiable needs at the top of the mind and remain flexible on everything else. This method will be key to a low-stress home buying experience.

Having trouble figuring out what’s important? The buyers and sellers agents at Flat Fee Realty are here to help.

This post on selling and buying a home in the Triangle is brought to you by the team at Flat Fee Realty and is intended for informational purposes only.

Flat Fee Realty

919 342 5230

Photo: hywards, Freedigitalphotos.net

This entry was posted in Selling and buying homes in the Triangle and tagged As-is homes, Buyers, Cary, Cary home sales,discount real estate, Flat Fee, For sale by owner, FSBO’s, Holly Springs, Home buying, Home inspections, Home selling, Houses for sale in the Triangle, Morrisville, Multiple listing service,Posted in Selling and buying homes in the Triangle | Tagged Apex home sales, Raleigh, Real estate commissions, Realty,Sellers, Showings, The Future of Real Estate!, Triangle custom homes, Triangle home sales, Triangle real estate, Triangle schools. Bookmark the permalink.

4 Budgeting Tips for Triangle Home Buyers

April 23, 2015 by imusocialmedia

Home Repair, freedigitalphotos.net When it comes to purchasing a home in the Triangle, expenses can quickly add up. The mortgage, taxes, insurance, and closing costs are enough to make any buyer, new or experienced a bit nervous. Not only that, but the expenses don’t end at the closing table with the realtor and the lawyer. Home maintenance, improvements, and unexpected repairs can all significantly impact a homeowner’s budget. Flat Fee Realty wants Triangle home buyers to be aware of the true cost of home ownership before they buy.

Flat Fee Realty offers four points of consideration our experienced agents think potential buyers should be aware of as they look for a new home:

An emergency fund is essential: Unexpected expenses can wreak havoc on anyone’s finances. And when it comes to certain home repairs (say, the A/C goes out in July), putting them off may not be an option. While the ideal size for cash reserves depends on the age, size, and condition of the home, experts recommend putting away 1-5% of the home’s purchase price.

Age is more than just a number: The age of a house is probably the most important factor used in determining a home repair budget. This is especially true when it comes to mechanical systems and structural items. Buyers interested in homes older than about 15 years should be aware that major repairs (like a new roof, hot water heater, or HVAC system) could be in the near future.

Consider a home warranty: Many new homes include a warranty, and some sellers choose to offer one as a selling point. Home warranties offset some of a buyer’s risk by covering specific systems in the home and usually offer discounted repairs from approved service providers. Home warranties shouldn’t be confused with insurance. They may provide peace of mind but they won’t cover the full cost of repairs.

Practice proper prevention: All homes will eventually need repairs, but the best way to delay them is by practicing proper preventative maintenance. Most typical maintenance tasks can be accomplished with a little elbow grease, and quickly addressing small items prevents them from turning into larger (and more expensive) issues.

Purchasing a home is one of the largest financial transactions a person can make. Before jumping in, remember to take a look at the true cost of home ownership—not just the purchase price, but long-term expenses as well.

Wondering if home ownership is the right financial choice for you? Contact the experienced agents at Flat Fee Realty today!

This post on selling and buying a home in the Triangle is brought to you by the team at Flat Fee Realty and is intended for informational purposes only.

Flat Fee Realty

919 342 5230

Photo: khunaspics, Freedigitalphotos.net

3 Red Flags to Watch for When Choosing a Triangle Realtor

April 9, 2015 by imusocialmedia

Danger Sign, Stuart Miles, freedigitalphotos.net Choosing a real estate agent to list a home is kind of like dating. It requires both trust and commitment, and depending on how long it takes a home to sell, it might be a long-term relationship. And if the association doesn’t feel right at first, it’s probably not going to get better. Despite these realities, many home sellers put little to no thought or effort into choosing a Triangle agent to represent them in what will likely be one of the largest financial transactions of their lives.

Flat Fee Realty wants Triangle homebuyers and sellers to make an informed choice when choosing a listing agent. Be on the lookout for these three common red flags:

The agent is a friend or relative: With thousands of agents practicing in Raleigh, Cary, and the surrounding areas, it’s likely that many buyers and sellers have a personal relationship with at least one real estate agent. While it is certainly admirable to want to give business to those nearest and dearest, tread carefully in the decision. If problems arise, it can be difficult to address them with a good friend or family member, leading to resentment or damage to the relationship.

The agent is part-time, or does real estate “one the side”: For buyers, time is of the essence in today’s hot real estate market. From showing homes to submitting and negotiating offers, buyers need an agent who is available at almost all times. For sellers, an agent that actively follows the market daily and is available for last-minute showing is a necessity. A part-time agent is unlikely to give each client the time and attention they deserve.

The agent is unfamiliar with the neighborhood or property type: The real estate market is hyper-local, varying from town to town and even neighborhood to neighborhood. It’s essential to choose an agent familiar with the area, since he or she may already be in touch with buyers looking for a similar home, or sellers with homes not yet on the market. Likewise, when selling a condominium or purchasing an investment property, opt for and agent experienced with that type of product.

When it comes to choosing the right real estate agent, it pays to do the appropriate research and compare a few agents. Get recommendations from friends, coworkers, or family members, and note which agents are buying and selling in your neighborhood. Don’t be afraid to ask questions, and don’t be dazzled by a slick listing presentation only to find out there’s nothing under the surface.

Whether a buyer or a seller exploring the benefits of a flat fee listing or in need of a full-service agent, Flat Fee Realty has everyone covered. Contact the experienced agents at Flat Fee Realty today!

This post on selling and buying a home in the Triangle is brought to you by the team at Flat Fee Realty and is intended for informational purposes only.

Flat Fee Realty

919 342 5230

Photo: Stuart Miles, Freedigitalphotos.net

4 Often Unseen Costs of Selling a Home in the Triangle

March 27, 2015 by imusocialmedia

Purchase agreement- phasinphoto, freedigitalphotos.net Most home sellers in the Triangle want to price their home for the most money possible in the shortest time; all while avoiding expensive costs, fees, and commissions. An agent’s commission is the obvious one, but there are many other not-so-obvious costs involved in selling a home. Flat Fee Realty wants sellers to understand all of the costs involved in selling a home. Below, some often overlooked costs to consider:

The agent’s marketing strategy: An effective marketing strategy is an important part of attracting enough potential buyers to generate solid, serious offers. A poor marketing strategy will needlessly prolong a home’s time on the market, with holding costs quickly adding up. Not only that, but the price reductions and low offers that inevitable follow will further reduce a seller’s profit.

The agent’s pricing strategy: If an agent’s pricing strategy is not effective, the home will sit on the market for longer than necessary. An improperly priced home may encourage low offers, and also necessitate price reductions. Buyers will note the reductions, which in turn will encourage more low offers.

Holding costs: A home sitting on the market will cost the sellers every single day in terms of a mortgage payment, interest, property taxes, and utilities. Additionally, sellers who have already purchased their new home are forced to double up on these costs until their former home is sold.

Closing costs: Many sellers forget about paying prorated property taxes, homeowner association fees, recording fees, transfer fees, and more. Additionally, some mortgages have a prepayment penalty, which requires payment of a fee if the mortgage is paid off prior to a specified date.

The true cost of selling a home involves a lot more than an agent’s commission. Every cost reduces the seller’s potential to make a profit; sometimes leaving them with less money than expected after closing. Sellers wanting to keep the most money possible after the sale of their home should contact the experienced agents at Flat Fee Realty today!

The savings begin with you.

This post on selling and buying a home in the Triangle is brought to you by the team at Flat Fee Realty and is intended for informational purposes only.

Flat Fee Realty

919 342 5230

Photo: phasinphoto, Freedigitalphotos.net

3 Reasons Down Payments are Important to North Carolina Home Sellers

March 11, 2015 by imusocialmedia

house with money, ddpavumba, freedigitalphotos.net The Triangle’s spring real estate market is heating up, and buyers are looking for ways to strengthen their offers and stand out among their competition. One popular piece of advice is for buyers to increase the size of their down payment. Many buyers wonder why this would make a difference to sellers, since sellers receive payment in full at closing regardless of how much down payment there is in the sale. Flat Fee Realty wants buyers to know that it’s what happens before closing that makes a difference to sellers.

Here are three reasons sellers prefer a larger down payment:

A larger down payment makes the appraisal easier: For all sales financed with a mortgage, the lender performs an appraisal to justify a home’s purchase price and the loan amount. If the appraisal is too low, they won’t fund the mortgage, making the sale impossible. A larger down payment decreases the loan-to-value ratio, making the appraisal more likely to go through without any issues.

Down payment size indicates a buyer’s level of commitment: While the days of 0% down loans aren’t completely gone, there has been an unmistakable trend towards larger down payments. More money down usually signifies a greater commitment to the property, putting anxious sellers at ease. Motivated sellers want assurance that they won’t have to deal with additional showings, more offers, and ultimately, more stress.

A larger down payment (sometimes) means a more qualified buyer: In reality, a buyer putting down 5% can be much more financially qualified to purchase a home than s buyer putting down 20%. Credit issues, employment, and other factors come into play. But in seller’s minds, the fact that a buyer has amassed a decent amount of cash signified a level of financial and personal responsibility (whether or not this is true is anybody’s guess).

Each of these scenarios comes down to one important factor: the ability to close the transaction. In the end, there’s no real difference between a down payment of 0% or 50%, as long as the sale goes through. Logical or not, a larger down payment simply gives many sellers peace of mind.

Home buyers and sellers are surprised to find out that although real estate transactions have a financial aspect to them, there is a lot of psychology as well. If you’re looking for a stress-free buying or selling process, contact the experienced agents at Flat Fee Realty today!

This post on selling and buying a home in the Triangle is brought to you by the team at Flat Fee Realty and is intended for informational purposes only.

Flat Fee Realty

919 342 5230

Photo: ddpavumba, Freedigitalphotos.net

4 Common Myths about Real Estate Agents in the Triangle: A Must Read

February 20, 2015 by imusocialmedia

FFR Pic- Stockimages- freedigitalphotos.net There are a few professions that have historically served as inspiration for an array of humor. Automotive salespeople, attorneys, and yes, real estate agents. All have all had their turn in the humor department. Seriously, many people have heard both good and bad stories about working with real estate agents; just what is true and what is not? The professional real agents at Flat Fee Realty want home buyers and sellers in Cary and the Triangle to remember the following about real estate agents.

Flat Fee Realty shares four common myths about real estate, along with the straight truth:

Realtors and real estate agents are the same thing: Although the terms are sometimes used interchangeably, not all real estate agents are realtors. Earning a license in North Carolina makes someone an agent. A Realtor is an agent who is also a member of the National Association of Realtors. Realtors must adhere to an additional set of high standards and ethics beyond the legal requirements of North Carolina.

The higher a home’s selling price, the more money an agent makes: This is technically true, but it’s a misunderstanding. The home would have to sell for tens of thousands of dollars more to make any material difference in an agent’s commission. Consider that an increase of $10,000 would only net most agents an extra $150. Honest realtors and agents simply are not going to risk reputations over a few hundred bucks (or any amount, for that matter).

Agents recommend certain professionals because they get a kickback: If agents recommend a home inspector, a closing attorney, or other professional to a client, it’s almost always because they have worked with these individuals (often for years) and can vouch for their service excellence. It is important to note that it is unethical for agents to get any kind of incentive or favor from a vendor; it’s also illegal according to the Real Estate Settlement Procedures ACT (RESPA).

Agents must show homes to anyone who calls: A buyer’s agent isn’t obligated to show homes to clients unless there is a signed representation agreement in place. Typically, the agent would also require a pre-approval or pre-qualification letter. These documents show that buyers are serious and have the funds to complete a home purchase, ensuring the agent isn’t wasting his or her time.

It’s understandable why prospective home buyers and sellers would believe these common misconceptions. After all, buying or selling a home here in the Triangle is a complex financial and often emotional transaction fraught with worry and anxiety. However, that is exactly the reason it is essential for buyers and sellers to work with the right real estate agent.

Need help separating fact from fiction regarding the home buying or selling process? Give Flat Fee Realty a call today and let our realtors and agents earn your trust!

This post on selling and buying a home in the Triangle is brought to you by the team at Flat Fee Realty and is intended for informational purposes only.

Flat Fee Realty

919 342 5230