Selling Your Home On Your Own

Make sure you're ready to handle these important issues

Many Boca Raton homeowners believe that to maximize their profit on a home sale they should sell it themselves. They feel as if selling a home is simple and therefore should not pay a fee for something they could do themselves.

Almost half of the homeowners who have tried to sell their home own their own say that they would hire a professional the next time they needed to sell. Thirty percent said they were unhappy with the results they achieved by choosing FSBO. Why?

Many FSBO’s have told us that the time, marketing, paperwork and everyday responsibilities involved were not worth the amount of money they saved in commissions. For others, the financial savings were even more disappointing. By the time they figured the amount of fees paid to outside consultants, inspectors, appraisers, title lawyers, escrow and loan officers, marketing, advertising... they would have been better off having paid the broker’s fee which would have included many of these charges up front.

Selling a home requires a detailed understanding of the real estate market. Before you decide to sell FSBO, consider these questions and weigh the answers of assuming the responsibility versus employing professional help.

Do I have the time, energy, understanding, and ability to devote to sell my home?

One of the keys to selling your home quickly and profitably is complete accessibility. Many homes in Boca Raton have stayed on the market much longer than necessary because the owner was unwilling or unavailable to show the property. Realize that a certain amount of sacrifice is going to need to occur in order to make time for last minute showings.

Am I prepared to deal with a lot of buyers who think FSBO’s are a targets for low balling?

One of the challenges of selling a home is the time that is wasted showing the home to unqualified buyers and dealing with people who make ridiculously low offers. Settling for a lowball offer is often worse than paying broker commissions.

Do I fully understand the legal steps required in selling a home?

Many Boca Raton home owners have lost sales due to incomplete paperwork, lack of inspections or not completing the proper repairs. Are you sure you’re completely informed of all the steps necessary to sell real estate?

Before or after an offer is presented, do I have the capability of handling the legal contracts, or disputes that may occur?

If you are not prepared to handle disputes with a buyer, you should definitely seek the help of a professional broker. Many home sales in Boca Raton have been lost due to misinterpretation of what was negotiated in a contract.

Have I contacted the necessary professionals....title, inspector (home and pest), and attorney?

If you’re not familiar with the top inspectors, attorneys and title companies, you could be in for a rude awakening. An inadequate professional could slow, delay and possibly even cost you the transaction.

About Wendy and Elliot Koolik: Wendy and Elliot Koolik are a recognized leader in the Boca Raton luxury and country club real estate communities. While they are active in all of Palm Beach County, they focus on Boca Raton, Delray Beach and Highland Beach.

Wendy and Elliot Koolik are part of Koolik Group Realty, a family-owned and operated real estate company serving buyers and sellers since 1990. The real estate firm is known for its responsiveness to clients, knowledge of the neighborhoods they specialize in and, above all, for its boundless passion for the real estate business.

For more information, contact Wendy and Elliot Koolik by phone at 561.393.9997 x113, online at www.ElliotKoolik.com or by e-mail at EKoolik@Koolik.com.

Mortgage Mistakes

If you're buying a home in the greater Boca Raton area, avoid these costly mistakes.

Opening New Accounts

Many times, when you are looking at moving into a new home, you get all excited. You start to think about the new furniture that would look great in your living room or your bedroom, etc. But, be forewarned that most banks will frown upon recent purchases or new lines of credit. Keep in mind that purchasing an automobile is definitely not a wise idea either.

Changing Jobs

I have had many clients come to me who have just changed jobs or have accepted a new job. This can be a major hurdle in obtaining a mortgage. Most banks prefer to see longevity and stability. Even if your new job allows you to obtain a salary raise, banks still won’t like the instability that comes with starting at a new company. Try to make all job changes after you close on your new Boca Raton home.

Unverified Money

Everything seems to be going great – and then all of a sudden, you get a dreaded phone call that you can’t close on your home because you can’t verify where your down payment is coming from. I see this happen way too often. Boca Raton home buyers have to be careful because banks will want to know if you received it from a Home Equity Line of Credit, a gift from a family member or possibly a friend, or from another source. Make sure you disclose this pertinent information upfront, because some loan programs have very specific rules regarding how much money you can receive from others, where the money can come from, and sometimes how long you’ve had the money in your possession.

When it comes time to close, most banks will look at your credit report to see if you’ve acquired any new debt. Whether it’s a new car, new furniture, or lump sum of money that has disappeared from your bank account, I can almost guarantee that most banks will not be too happy to fund a loan for your new Boca Raton home if you’ve taken on more than they think you can afford.

About Wendy and Elliot Koolik: Wendy and Elliot Koolik are a recognized leader in the Boca Raton luxury and country club real estate communities. While they are active in all of Palm Beach County, they focus on Boca Raton, Delray Beach and Highland Beach.

Wendy and Elliot Koolik are part of Koolik Group Realty, a family-owned and operated real estate company serving buyers and sellers since 1990. The real estate firm is known for its responsiveness to clients, knowledge of the neighborhoods they specialize in and, above all, for its boundless passion for the real estate business.

For more information, contact Wendy and Elliot Koolik by phone at 561.393.9997 x113, online at www.ElliotKoolik.com or by e-mail at EKoolik@Koolik.com

3 TIPS FOR BUYERS

Follow these 3 tips when buying your Boca Raton home.


Don’t let the Asking Price Scare you Away

In the Boca Raton Home market, many sellers are remembering what homes sold for last year.In order to make sure you aren’t overpaying for a home, you need to research how many housesare for sale and how long they have been on the market. Once you find a home that you like, ask your realtor to provide you with a Comparative Market Analysis. It costs you nothing, and it can save you a lot of money. Without doing your research – you’ll never know if you are paying too much or if you’re getting a great deal.

Be Patient

Two years ago, Boca Raton Home buyers were making offers as soon as they walked out of a home they toured for 5 minutes. Since then, the Palm Beach County market has shifted. Although sellers still have the upper hand, most buyers have a little more time between viewing a home and making an offer. Take your time and do your homework. Researching your new community is very important. Make sure you look into the school system, zoning issues, jobs, and property taxes.

Once you’ve made your offer, make sure you have the home professionally inspected. Also, although a real estate attorney may seem like an unnecessary expense, it really can prove to be one of the most valuable professionals you can have on your side. There are a lot of different issues that can come up at the last minute, but with the proper representation, most issues will fizzle rather quickly.

Ask for Bonuses

Some sellers just won’t negotiate on their asking price, while others will. But, just because they won’t lower their price, doesn’t mean they aren’t willing to add other bonuses. With the market today, some sellers are willing to add in 1 year’s worth of massages, lawn care, pool maintenance, automobile cars, etc, etc. Although the added perks are great, don’t let a bonus cloud your thinking and overpay for your next home.

If you’re thinking about buying a home in the Boca Raton, Delray Beach, and Highland Beach area, we’d be happy to help provide information on the different communities in Palm Beach County to help you find your next home.

About Wendy and Elliot Koolik: Wendy and Elliot Koolik are a recognized leader in the Boca Raton luxury and country club real estate communities. While they are active in all of Palm Beach County, they focus on Boca Raton, Delray Beach and Highland Beach.

Wendy and Elliot Koolik are part of Koolik Group Realty, a family-owned and operated real estate company serving buyers and sellers since 1990. The real estate firm is known for its responsiveness to clients, knowledge of the neighborhoods they specialize in and, above all, for its boundless passion for the real estate business.

For more information, contact Wendy and Elliot Koolik by phone at 561.393.9997 x113, online at www.ElliotKoolik.com or by e-mail at EKoolik@Koolik.com.

3 Helpful Tips for Sellers

Tips to help you Sell your Boca Raton Home

When it comes to real estate in Boca Raton, Delray Beach and Highland Beach areas, you really need to make sure you are putting your best foot forward. Simple steps can make a big difference in the price you sell your home for in Palm Beach County. Read on for some advice that will help you make sure you're getting the best possible deal.

Price Your Home Right – Don’t Test the Market

The worst mistake a seller can make is to overprice their home. Even putting a high price on your home to "test the market" for a few weeks is a bad idea. An experienced Boca Raton Realtor will be able to provide you with a Comparative Market Analysis (CMA). This will allow you to have a good understanding of what homes in your area are currently selling for, as well as how much they’ve sold for in the past.

If you decide not to contact a Palm Beach Realtor, you can always take a look at how much similar homes in your neighborhood are selling for. Seller beware, what you really want is the actual prices comparable homes have sold for recently. This is where a realtor will easily be able to access the information needed on area Boca Raton homes. Remember, don’t become fixated on how much homes where selling for 6 months ago, as the current market price is what buyers will base their bid on for your Boca Raton home.

Set the Stage and Clear the Clutter

Walking into a cluttered home can quickly turn off any buyer – not to mention that most buyers will offer less money when it’s time for them to submit an offer. That's where you have control. Sprucing up your Boca Raton home and clearing away the clutter can help prospective buyers to envision themselves living there. While the added hassle and possible costs may seem bothersome, the advantages will definitely out weigh any negative aspects.

The first step is to rent a storage room. If money is restricted, then using your garage is a great alternative. Remove any furniture that makes your home look overcrowded. Then make a quick run through of all the rooms in your home and neatly pack away personal items such as photos, kids drawings, or awards. Next, paint rooms that have unusual colors. While you are selling a home – you are also selling a space, and therefore you should try to make your space neutral. Painting can be a hassle, but this inexpensive fix can provide a great return in the long run.

Curb appeal is equally important. One of the most important views of your home is from the driveway to the front door. Make sure your front door and driveway are pressure washed, your garbage cans are hidden and your walkway is nicely landscaped.

Hire an agent to Maximize the Most Buyers

Parting with 6% of your home's value can be hard to do, especially if a buyer is offering less than you originally wanted to sell for. With the Internet making do-it-yourself sales easier than ever, you may be considering to sell your home on your own. But when you add up the time and expense a Professional Boca Raton Realtor will invest to market your home, you’ll quickly realize that you would never be able to pay the expense involved in marketing your home properly. Marketing to prospective buyers is everything! Make sure you find out what kind of plan your potential realtor will be using to market your Boca Raton home. Keep in mind that an experienced agent will also be able to help tremendously when those inevitable glitches creep up.

About Wendy and Elliot Koolik: Wendy and Elliot Koolik are a recognized leader in the Boca Raton luxury and country club real estate communities. While they are active in all of Palm Beach County, they focus on Boca Raton, Delray Beach and Highland Beach.

Wendy and Elliot Koolik are part of Koolik Group Realty, a family-owned and operated real estate company serving buyers and sellers since 1990. The real estate firm is known for its responsiveness to clients, knowledge of the neighborhoods they specialize in and, above all, for its boundless passion for the real estate business.

For more information, contact Wendy and Elliot Koolik by phone at 561.393.9997 x113, online at www.ElliotKoolik.com or by e-mail at EKoolik@Koolik.com.

Mortgage Rates Drop Again

30 year mortgage rate in Boca Raton drops 6 weeks straight to 6.44%

Mortgage rates slipped for the sixth straight week on continued signs of weakness in the housing sector and declining consumer confidence, Freddie Mac reported Thursday.

The average rate on 30-year fixed-rate loans fell to 6.44 percent for the week ending Aug. 31 from 6.48 percent the week before.

A year ago, the 30-year mortgage rate averaged 5.71 percent. The last time the 30-year rate was this low was the week of April 6, 2006.

Freddie Mac said the 15-year rate slipped to 6.14 percent from the previous week average of 6.18 percent. A year ago, the 15-year rate averaged 5.32 percent.

The last time the 15-year rate was this low was the week of April 6, 2006.

Five-year adjustable-rate mortgages fell to 6.11 percent from 6.14 percent last week.

The five-year ARM averaged 5.30 percent a year ago.

The average one-year adjustable-rate mortgage fell to 5.59 percent from 5.60 percent the previous week. At this time last year, the loan averaged 4.48 percent.

As seen on www.CnnMoney.com

. . . . This will definitely benefit all home buyers and sellers in the Boca Raton, Delray Beach, and Highland Beach area. As mortgage rates drop more and more, we will begin to see an influx in sales and happier buyers.

About Wendy and Elliot Koolik: Wendy and Elliot Koolik are a recognized leader in the Boca Raton luxury and country club real estate communities. While they are active in all of Palm Beach County, they focus on Boca Raton, Delray Beach and Highland Beach.

Wendy and Elliot Koolik are part of Koolik Group Realty, a family-owned and operated real estate company serving buyers and sellers since 1990. The real estate firm is known for its responsiveness to clients, knowledge of the neighborhoods they specialize in and, above all, for its boundless passion for the real estate business.

For more information, contact Wendy and Elliot Koolik by phone at 561.393.9997 x113, online at www.ElliotKoolik.com or by e-mail at EKoolik@Koolik.com.

3 Renovations to Avoid

Think Twice Before Paying for these Upgrades to your Boca Raton Home

If you are considering a home renovation, make sure you research your project carefully to ensure you are making a wise financial decision. With all these home renovation shows, it’s easy to think that your upgrade will provide a great return when you sell.

Unfortunately, this is not always the case.

While you can obtain a complete return on investment for renovating your kitchen or bathroom, renovating a home office can provide a much lower rate of return. In some cases, a renovation can become a turn off in the eyes of home buyers - a costly mistake everyone needs to avoid.

The Addition

Most people want to add an extra room or expand a current room – which is great – if you pay attention to all the details. Unfortunately, most people only pay attention to the how the new addition will allow the home to flow from the inside.

In the Boca Raton, Highland Beach, and Delray Beach area, most buyers are just as concerned about how the home looks on the outside as well as the inside. A poor addition can really affect your resale value. Proportions matter – so make sure you look at your new addition from all angles.

Trendy Finishes

Be careful of a style that will look dated when it comes time for you to sell your home. Spotting a dying trend is harder than you think. Sure bets can change in the blink of eye in our ever so trendy area of Boca Raton.

Designers are already noticing a change in the once popular stainless-steel appliances. People are now becoming more interested in warmer kitchens – instead of the industrial style kitchen. Custom wood panels that add style to appliances are more likely to remain popular for longer periods of time.

Don’t forget about the important influence of smaller items like hinges and light fixtures. Polished brass or anything shiny has definitely passed it’s time. Brushed nickel is a much better option.

The Jacuzzi

An elaborate master bath is great to have in Palm Beach County, but the big tub with 15 jets that can pulse or massage is risky. You're better off with an oversize shower that has a rain showerhead and multiple jets.

Residents from the Boca Raton area are too busy working, socializing or running around to have time to spend hanging out in the bathtub, and parents with small kids prefer a conventional tub.

About Wendy and Elliot Koolik: Wendy and Elliot Koolik are a recognized leader in the Boca Raton luxury and country club real estate communities. While they are active in all of Palm Beach County, they focus on Boca Raton, Delray Beach and Highland Beach.

Wendy and Elliot Koolik are part of Koolik Group Realty, a family-owned and operated real estate company serving buyers and sellers since 1990. The real estate firm is known for its responsiveness to clients, knowledge of the neighborhoods they specialize in and, above all, for its boundless passion for the real estate business.

For more information, contact Wendy and Elliot Koolik by phone at 561.393.9997 x113, online at www.ElliotKoolik.com or by e-mail at EKoolik@Koolik.com.

Hurricane Preparation

Preparing your Boca Raton home may be the most important thing you do.

Let’s discuss some the way you can help keep your home safe in Boca Raton, Delray Beach, Highland Beach and other surrounding Palm Beach County cities.

1. Secure your garage

According to the Federal Alliance for Safe Homes, about 80% of residential hurricane damage starts with wind entry through garage doors. Many garage doors are made of lightweight materials to conserve expenses. Unfortunately this makes your Palm Beach County home more vulnerable.

On the inside of your garage door, you should be able to find a sticker that gives you a pressure rating. If you don't see a sticker, chances are you'll need to reinforce your doors. If you decide to purchase some of the products that are on the market to reinforce your garage – make sure the item is up to code. Many reinforcement items are very expensive and to make matters worse, are not up to code either. The cost for such reinforcements can be around $15 per square inch.

Most often, it is more cost effective to replace your out of date garage system with impact resistant garage doors which will cost around $1200. If this is not an option, temporarily reinforcing your garage door with plywood or steel will help you get past the bad hurricanes that come through Boca Raton. You can also hire a contractor to reinforce your garage, but you should expect to pay around $600.

2. Reinforce your windows

Forget about taping your windows. It's a waste of time. If you live in Palm Beach County, you may want to think about installing impact resistant windows. These windows are designed to withstand flying debris. Impact resistant windows may cost twice as much as regular windows.

Another option is storm shutters. Always make sure your shutters are approved for use in the Miami-Dade area, as this is highest rating hurricane shutters can carry. Storm shutters can cost $50 to $60 per square foot of window. If you prefer, a more cost effective method would be to install ¾ inch thick plywood over your windows.

3. Check your trees

Millions of dollars of damage occur every year in the Boca Raton, Highland Beach and Delray Beach areas due to falling trees and tree limbs as well as personal injuries and deaths.

Make sure you check regularly for signs of instability in the trunk or limbs, insect infestations, or mushrooms growing from the bark – which is usually a sign of decay. Often times hanging branches cause a lot of power outages in Palm Beach County. At the beginning of every hurricane season, it’s wise to have a landscaper trim your trees.

4. Secure your stuff

With all the nice weather we have year round in Boca Raton, the majority of home owners tend to have furniture and other outdoor equipment on their patio or deck. Make sure when hurricane warnings are given, you remember to bring these items inside. Don't forget trash cans, grills, toys, and potted plants, otherwise, you might see them flying around causing additional injury or damage during storms with high winds.

About Wendy and Elliot Koolik: Wendy and Elliot Koolik are a recognized leader in the Boca Raton luxury and country club real estate communities. While they are active in all of Palm Beach County, they focus on Boca Raton, Delray Beach and Highland Beach.

Wendy and Elliot Koolik are part of Koolik Group Realty, a family-owned and operated real estate company serving buyers and sellers since 1990. The real estate firm is known for its responsiveness to clients, knowledge of the neighborhoods they specialize in and, above all, for its boundless passion for the real estate business.

For more information, contact Wendy and Elliot Koolik by phone at 561.393.9997 x113, online at www.ElliotKoolik.com or by e-mail at EKoolik@Koolik.com.