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ForSalebyOwner.com founder gives up on own listing, hires real estate broker

Former FSBO CEO sells home the traditional way

Founder and former CEO of ForSalebyOwner.com, Colby Sambrotto listed his 2,000 square foot New York condominium on his own through online classified ads and FSBO sites, but after six months, he opted to hire New York broker Jesse Buckler who immediately advised a price change as the listing was not attracting the right buyer.

When you are in the process of selling your house, I am sure that you have been told to put away all your valuables.  Most of us think of valuables as jewelry, money, and electronics, but we do not think about medications.

I am reminding all of you who are selling your houses to please place your medications in a secure place especially during open houses and house showings.  This will ensure that you will stay as safe as possible.

If you are a victim of theft please contact your local police department.

Mortgage rates have moved lower again, opening another window for anyone looking to lock in a 30-year loan in the mid-4 percent range.

Freddie Mac’s widely watched weekly survey of lender offering rates showed the 30-year fixed rate dropping to 4.76 percent from 4.88 percent a week earlier.  Mortgage professionals saw even better deals for highly qualified borrowers.

The 15-year fixed mortgage dropped to 3.97 percent from 4.15 percent, the survey showed.  Its lowest level since December.

Borrowers would have paid lenders and average of 0.7 percent of th loan amount to obtain the fixed rates.

Compiled from wire reports-Los Angeles 2011

It depends on which part of the country you are remodeling in, but on average for a midrange remodel here are the percentages of the costs that you will recoupe:

Basement 70%

Bathroom 64.1%

Home Office 68.7%

Major Kitchen Remodel 68.7%

Minor Kitchen 72.8%

You can do some of the work yourself to save money such as removing cabinets or painting.  Many homeowners over improve their kitchen which is only cost effective if they will be staying in the house a long time.

In short, if you will be in your home long enough to enjoy the remodel then enjoy!  However, do not over improve your home out of the neighborhood because chances are you will not recoup all of your costs.  In addition, if you can, then do some of the work yourself to save some money upfront.

1. You can get a good deal.  This is a buyer’s market.

2. Mortgages are cheap.  Interstest rates are still low.  They will be going back up, and now is a great time to buy before they go up.

3.  You will save on taxes.  You can deduct interest from your income taxes,and you can deduct real estate taxes.  You will get a tax break on capital gains when you sell.  Of course you must speak to an accountant or tax attorney to help you itemize all deductions.

4. It will be yours.  You can decorate, paint, move walls, and do all the things you could not do while renting.

5. You will get a better home. 

6. If offers some inflation protection.  Studies have shown that houseing tends to beat inflation by a couple of percentage points a year.  That is valuable inflation if you will be in your home long term.

7.  It is risk capital.  Equity in a home is on way of linking part of your portfolio to long term growth of the economy.

8.  It is forced savings.  When you pay principal on a house, you are builiding equity which is as good as a forced monthly saving.

9.  There is a lot to choose from.  Once again, it is a buyers market out there.  There is a ton of inventory on the market right now and buyers can be choosers!  With banks unloading a great deal of their inventory there will be great choice as well as great prices.

10.  Sooner or later, the market will clear.  WIth the population expected to grow to more than 100 million people over the next 40 years, many homes will be bought and the market will clear.

Buying a home is a great investment.  It helps build equity along with giving you the freedom to make your home your own.

Austin-area existing home sales laste yar were down 5 percent compared with 2009, though the median price rose 2 percent, reported by the Austin Board of Realtors.

Sales were up in December for the first time since last May, and sales in the pipeline to close this month were up 3 percent.

There were 17,905 homes sold at a median price of $193,520 in all of 2010. 

There were 1,442 homes sold in December, up 6 percent from December of 2009.

There were 1,102 sales to close this month and 8,102 active listings.

Last year was the fourth year in a row where sales were lower than the year before.  Several real estate experts say they expect a rebound this year as the Austin job growth continues and the national economy recovers.

Even with several years of price declines, the typical seller who purchased a home eight years ago experienced a median equity gain of $33,000 (a 24 percent increase), while sellers who were in their homes for 11-15 years saw a median gain of 40 percent.  According to the National Association of Real Estate’s latest survey of home buyers, and sellers. 

“Eighty-five percent of recent home buyers weee their homea s a good investment, and nearly half think that investment is better than stocks. This indicates the long-term view of home ownership as a fundamental goal and value remains sound.”  says Paul Bishop, NAR vice president of research.

Austin drew the largest numbers of young American from 2007-2009, according to an analysis by senior demographer at Brookings Institution, replacing Riverside, California, which was the most popular destination for young people in the  middle of the past decade.

Migration slowed greatly during the recession, and rates have continued to remain low.  In an analysis of migration still occurring among some of the country’s most mobile citizens- people ages 25-34 the cities at the top of the list were those that had remained economically vibrant.  Austin is considered a “hip” destination by demographer, William Frey.