Rosemary Lunau is back on the Real Estate scene here in Windsor and is very excited to reconnect with her past clients and new ones. She recently joined the Royal LePage Binder Real Estate Firm and is working out of the Tecumseh office servicing Windsor and Essex County.
It was a big move for her to relocate back to Windsor after being away for the past 6 years in her home town of Brantford. She has decided to jump in feet first and has hit the Windsor ground running!
Rosemary and I attended real estate school together in the early 90s. She and I have decided to help each other out and provide the best service possible to those looking to sell or buy real estate here in Windsor, Essex County and its surrounding areas. If you are in need of a market analysis do not hesitate to call or click. We are here to help!
Servicing Windsor Essex and Surrounding Areas - For those looking for home evaluations in Riverside, Tecumseh, Lakeshore, East Riverside, Emeryville, Belle River, Central Windsor, Walkerville, South Windsor, South Cameron, Heritage Estates, Lasalle.
The founder of a website helping people to sell their own homes has found a buyer for his own apartment – with the help of a traditional real estate broker.
ARTICLE WRITTEN BY: David Gardner
ForSaleByOwner.com creator Colby Sambrotto even paid the standard 6% commission after selling his two-bedroom New York condo for $2.15 million.
According to the Wall Street Journal, Mr Sambrotto spent six months trying to sell the apartment in trendy Chelsea through online listings and classified adverts. But the DIY home selling guru eventually decided to turn the sale over to a professional. Not only did broker Jesse Buckler set the price $150,000 higher than the original asking price, he went on to lure the elusive buyer Mr Sambrotto’s self-help methods had failed to attract.
The Journal said the 2,000-square-foot apartment at The Lion’s Head building near Sixth Avenue is now under contract. Mr Buckler claimed the owner wasn’t asking enough for the apartment and was consequently not attracting the right buyers. ‘At first he wouldn't let me increase the price,’ said Mr. Buckler. ‘I told him I know what I am doing—the market is picking up.’ Mr Sambrotto bought the apartment for $2 million in 2007, a year after he sold his ForSaleByOwner.com website at the height of the real estate boom. He told the Journal that he still believed in owner sales and discounted commissions, but added: ‘The apartment market in Manhattan was tightly controlled by agents.' 'So many buyers don't even bother to do a search online.’
Undeterred, he is now planning to launch a new sale by owner website, called USRealty.com. Fans of the DIY method point to past successes, even in broker-controlled Manhattan. Edgar Bronfman Jr., chief executive of the Warner Music Group, sold an East 64th Street town house four years ago for $50 million without paying any commission. Last month, a 69th Street town house was sold by its owner for $48 million.
For homeowners in the Windsor area who are aiming to sell their home and buy another, it's the classic real estate, which came first, the chicken or the egg, question -- buy or sell first?
If you sell first, you may find yourself under a tight deadline to find another house, or be forced in temporary quarters. If you buy first, you may be saddled with two mortgage payments for at least a couple months. You may need the money from the sale of your original home in order to pre-qualify for a loan for your new home. You may be facing a job relocation and need to sell quickly.
There are many variables involved; there is no universal correct answer. It basically comes down to your specific circumstances.
Dan Gregor, a Realtor in Pickerington, Ohio, says there is generally less pressure when you sell first.
"It really comes down to risk," Gregor said. "It's whether you want the risk of owning two houses, or possibly none at all." Gregor says that if you have the money to make two mortgage payments, the pressure is off. But if you need to sell your house in order to qualify for a loan, then you have no choice -- you'll have to sell first. "You can write contingent contracts, but if you really want the home, you'll pay a premium -- that's if the seller will even entertain a contingent offer," he says.
And if you go ahead with a contingent offer, then you may end up settling for less for the house you're selling in an effort to get it sold quickly. Gregor says for most people, the stress level is lower when you sell first. "You have time to get pre-approved for your mortgage and see all the housing options in the price range you'd like to buy," he said.
When your selling house is in contract, he suggests you pick the three best homes of those you've viewed and prepare to make an offer on the one that best meets your needs. "The absolute worst that can happen is the right home isn't available," Gregor said. "You end up in a short-term rental with the cash in your pocket and pre-approved financing for the balance you need. So you look like a cash buyer when you make an offer on the home you finally decide on." But brisk selling conditions in some parts of the country require more aggressive tactics.
Brett Furman, a broker in suburban Philadelphia, says the strong market dictates that homebuyers focus on buying first, and selling later.
"The housing market in the suburban Philadelphia market is moving very quickly," said Furman. "Normally we advise our buyers to sell their home first and buy second ... However with the faster moving market, we are advising many of our buyer clients to obtain a mortgage commitment that is not contingent upon selling their existing house."
In their book, House Selling for Dummies (Hungry Minds Inc., 1999), Eric Tyson and Ray Brown "strongly recommend" that you sell first.
"Even in good real estate markets, sales frequently drag on much longer than you expect," the authors say. "Selling in a weak market usually compounds the problem. Homeowners tend to overestimate their house's resale value and underestimate the length of the selling process -- a fiscally deadly one-two punch."
The Dummies book says selling first eliminates financial risk -- no double mortgages and double payments for property taxes and insurance payments. And no worrying about how you'll come up with a down payment.
But selling first isn't the perfect solution. Some of the issues that may come up include:
Being forced out of your house before you have a new place available. Where will you live? Where will your kids go to school?
Having to move twice. Do you want to go through the hassle? Where will you store your extra furniture while you live with family and friends or rent an apartment?
Not being able to find a house you like. How long are you willing to live in temporary quarters until you find a suitable house?
Whichever way you go, it always seems to work out in the end, at least in Gregor's experience.
"I've been in the business for 30 years," he said. "We've never had anyone out on the street and the vast majority of our clients that make double moves are those building new homes that had to have their property sold first."
Many thanks to Michele Dawson of Realtor.com for sharing this article.
Try to buy a home that meets most of your needs for the next 5 to 10 years, or find a home that can grow and change with your needs.
Take a moment to think about the following...
Size and Layout How many bedrooms do you need? How many bathrooms do you need? If you work from home in Windsor, do you require space for a home office? What kind of parking facilities do you need? For how many cars?
What type of features are you looking for in your Windsor home?
Do you want air conditioning? If so, what type? If central air is in the budget, it is a welcomed feature as summers in Windsor Essex tend to really get hot and humid. Do you want storage or hobby space? Is a fireplace or a swimming pool high on your list? Do you have family members with special needs? Do you want special features to save energy, enhance indoor air quality, and reduce environmental impact?
Life Strategies No matter what type of housing you choose, you must have a clear idea of your needs today, as well as your possible future needs. These are some examples of questions homebuyers might ask: Do I plan to have children? Do I have teenagers who will be moving away soon? Am I close to retirement? Will I need a home that can accommodate different stages of life? Do I have an older relative who might come to live with me?
Buying a home a home in Windsor Essex and the surrounding areas is one of the biggest decisions you will make in your life. Be careful and ponder what will and will not work for you and your family now and in the somewhat distant future.
As always if you require any real estate assistance do not hesitate to call upon us. Servicing the Windsor Essex areas -Riverside, Tecumseh, Lakeshore, Central Windsor, East Windsor, South Cameron, Lasalle, South Windsor, Old Walkerville, Waterfront Properties, Kingsville, Foreclosures and Bank Repossessed Properties.
We always recommend that homes purchased in Windsor and Essex County be thoroughly inspected by a certified Home Inspector.
Inspections are an important tool to verify that any potential Windsor home is a sound investment and not a bottomless money pit! Inspections are normally built into every agreement of purchase and sale. They are a condition of the purchase which enable buyers the option to renegotiate or walk away should the Windsor home not fair well during the inspection.
A home inspector will typically inspect:
Roof, some inspectors will get up on any roof, some will tackle low slopes, and others use binoculars to check for wornness or curling of shingles. Here in Windsor during the winter months a visual roof inspection may not be possible because of snow.
Plumbing, most inspectors will flush toilets to check for leaks and run all faucets to assess water pressure and the immediacy and volume of available hot water.
Heating and Cooling, depending on the time of year the furnace should be tested by turning up the thermostat and checking the response.
Home Interior, an inspection generally includes a visual scan of floors, walls and ceilings for signs of water intrusion, or sagging.
Basement should be checked for indications of previous water intrusion in addition to signs of structural problems. You can find out a lot of information in the basement!
Smoke Detector adequacy
Attic, to verify that there is proper insulation in the home
Electrical, most inspectors remove the face of the electrical box if it is safe to do so and check for over current protections, grounding, and the presence of any aluminum wiring (which can be a dangerous fire hazard)
It is important to note that Windsor Home Inspectors can only check out what is visible to the eye. They do not tear out dry wall like Mike Holmes! A home inspection is necessary part to the Windsor home buying process. It will give home buyers a piece of mind and make them aware of potential problem areas as well.
For those getting ready to put their home up for sale in Windsor it can be useful to have a "pre-inspection". This will allow for Sellers to make an necessary repairs prior to a potential Buyer making an offer.
As always if you require any real estate assistance do not hesitate to call upon us. Servicing the Windsor Essex areas -Riverside, Tecumseh, Lakeshore, Central Windsor, East Windsor, South Cameron, Lasalle, South Windsor, Olde Walkerville, Waterfront Properties, Kingsville, Foreclosures and Bank Repossessed Properties
The latest MLS statistics are in for home sales in Windsor and Surrounding areas. Although sales are down over all for the year we are up 10% for the month of May, in comparion to May 2011. The most successful selling price range in Windsor Essex County and surrounding areas year to date appears to be $140,000 to $180,000.
Please note: this webpage is compiled of multiple interactive graphs. Please feel free to click and hoover to experience the full potential. For example, each bar/line contains additional information when you hoover above it, and years can be activated/deactivated by clicking on the legend.
As always if you require any real estate assistance do not hesitate to call upon us. Servicing the Windsor Essex areas -Riverside, Tecumseh, Lakeshore, Central Windsor, East Windsor, South Cameron, Lasalle, South Windsor, Old Walkerville, Waterfront Properties, Foreclosures and Bank Repossessed Properties.