What To Look For On A Final Walk-Through

What To Look For On A Final Walk-Through

The final walk through is usually scheduled right before a real estate purchase is closed. It is an important step - the final walkthrough is your chance to take a careful look at what you're buying and be sure that everything is as you expected. Your real estate professional will accompany you on the walk through as an experienced second set of eyes, and go through the following items:

• The major systems in the home are working such as electrical, plumbing, and HVAC.
• Appliances are working.
• All items that were agreed upon to convey with the home are in place. This could include window treatments, lighting fixtures, or other items.
• Manuals and warranty information for appliances and other items are present.
• Home is reasonably clean.
• There are no major repairs needed such as to the flooring, walls, trim, or exterior.
• If sellers have already moved none of their personal belongings have been left behind.
• Items have not been removed from the landscaping unless previously agreed to.

Keep in mind that if you are buying a home "as is" or you were already aware that something was not working or needed repairs and agreed to purchase the home anyway, you won't need to bring these items up during the final walk through. If however, you had been under the impression that all appliances were to be included with the property and during the walkthrough you notice that the washer and dryer are missing this is the time to bring it up. Voice any concerns to your real estate agent and he or she can advise you about how to best proceed.

 Also make sure all utilities have been transferred over to your name, so you will have electrical power, gas, heat, water, sewer, and trash service once you move in.

What To Look For On A Final Walk-Through

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Don't Wait For The Market To Come Back

Top Five Reasons Why Not To Wait For The Market To Come Back:

1) Demand for existing homes are at it's peak
2) Less competition from new home sales
3) You can buy more home for your money
4) Tax incentives of $6,500/existing homeowners & $8,000/new buyers
5) Mortgage interest rates are low at around 5%

Since early 2006 home prices in Northwest Indiana have fallen an average of 30% from the market peak. What does this mean for home owners who have decided to "wait for the market to come back"? A long wait, a very long wait.

First remember at the peak of the market, home building was very active and new homes were going up everywhere. Buyers took note and the majority of buyers only wanted to view "newer homes" Existing home sales lagged behind new home sales 2-1 or even 3-1 in some areas.

The new home market is at a virtual standstill, with a limited new homes being built. That's good news as there is way less competition for the sale of your home.

Buyers see the value in purchasing an existing home. Buyers are pleased that they can buy a bigger home (more square footage) at a lower price than new construction. Buyers are also finding out that they are able to afford a home in areas that previously were not in there price range.

Additionally, tax incentives allow existing home owners to buy a new home and receive $6,500. You don't have to sell your existing home, you can rent it out - you just have to live in the new home.

Finally, remember that market prices have not even begun to rise. Even if prices rise at 6% per year - (at that's not happening) it could take 5 to 7 years for your home sale price to increase to the peak market price. Can you afford to wait that long? When and if the market swings back and the value of home prices begin to rise, so does the desire of buyers wanting new homes.

In conclusion, with the $6,500 tax credit for existing home owners or $8,000 tax credit for first time home buyers, PLUS the active existing home market creates the best time to purchase a new home. Finally, mortgage interest rates continue to be very low at around 5%.

Which Should I Do First - List My Home or Find A New Home?

Homeowners often are afraid of listing their home for sale without finding their next home first. Shopping for a home, when you are not in a position to buy can be a painful experience.Let's say you visit 10 homes, and finally find a great new home! But wait, you are not in a position to buy. The seller of the great new home (as with most sellers) will not accept an offer from you based upon the contingent sale of your home. Thus, the dream home is sold to someone else and you miss the opportunity.The best homeowners list their home first and then look for a new home. You can always list your home "subject to finding home of choice". This means if you don't find a great new home, you don't have to sell. Remember, every neighborhood has an "average market time" meaning the average days on market to sale. In Northwest Indiana, the average is about 120 days or 4 months. So even if you list your home today, it could take a few months to find a buyer.The best advise is to list first and shop for the new great home second.

Lights On - Selling your home faster

Today is a rare sunny day in Northwest Indiana as we tend to have more gray skies than blue. What home sellers may not realize is how a drab, gray day can darken the image and interior of their home. Furthermore, sometimes real estate agents and buyers have difficulty locating hidden light switches and can view the room at it's best.

To help sell your home faster, make sure to leave a light on in every room of your home. Even if it's in the daytime, lights add warmth and give potential buyers a much better view.

So if your looking to encourage buyers and waiting for a great offer, my suggestion is to leave the lights on!

Help SELL Your Home FASTER

There is one thing that every home seller can do to assist their REALTOR in selling their home - TALK ABOUT IT!

When your REALTOR is out and about, we are always looking for opportunities to talk about home sales, share market data and look for potential home buyers. The bigger the net(work) the more fish you will catch.

So if you want to help your home sell FASTER, be sure to tell everyone you know that your home is for sale and talk about your moving plans. You get the conversation started by asking for moving company references, or if they know of anyone who has used the home buyer tax credit.

Just start the conversation - remember the more people who KNOW that your home is for sale - increases the opportunities for sale!