Video Blogs to help you get

"Real Estate Smart"

Here at The Miller Group, we like to provide current and future homeowners the information they need to help them make the right decisions when they are buying, selling or investing in real estate. This is why we continue to share our expertise via Video Blogs on our website for everyone to see. We firmly believe that in the real estate market that "Knowledge is Power!"  Let our expertise empower you with your real estate needs.

Always feel free to Contact Us if you need our help!

Nov. 6, 2019

Top 3 Reasons Why a Home Won't Sell in a Sellers Market!

                     

 

In todays Get Real Estate Smart David talks about the top 3 reasons why a home won’t sell in a sellers market!

Believe it or not, not everything sells in a sellers market!

 

1) The number one reason a house does not sell in a seller’s market is because it is overpriced! Just because it is a sellers market does not mean people are wiling to say more than the house is worth. If its a great house and there is a bidding war then that may be the case, but the house must appraise! 90%of buyers work with realtors when buying a house because it does not cost anything. The first thing that the realtor is going to do is a market analysis. Imagine your realtor is telling you your house is overpriced and there are other properties to look at, youre not going to waste your time to negotiate with the seller. 

2) The second reason a house will not sell well in a seller’s market is because the house is not in good condition. What this means is how does it look online when people initially look at the pictures and more importantly how does it look in person when they come to visit the property? If you want to sell for top dollar, you still have to do the appropriate things to get it in top showing condition. 

3) How your house is marketed. This is the responsibility of the realtor. If youre working with the right realtor they will expose your house to 100% of the buyers in the market place which is going to drive the demand to your front door and allow it to get sold. You don’t want to work with a realtor who has a passive approach to marketing a property.

David refers to this as the 3P method:

- They going to put a sign in your yard

- They’re going to put it on the multiple listing service 

- They’re going to pray someone else sells it for you.

So the take aways from this episode are three things you must do so that your home will sell in a sellers market if you want to get top dollar!

1. You must price your house appropriately!

2. You must have your house be in good condition!

3. Choose a realtor that has a complete marketing program! Do your due diligence and interview realtors to choose a realtor that will market your property properly!

 

For more information on this or if you need trusted realtors to represent you, feel free to Contact Us, and we would be more than happy to assist you. "Get Real Estate Smart" with The Millers!

The Miller Realty Group is a successful real estate team who provides real estate solutions for residential homeowners in the metro Orlando real estate market, including Lake Mary, Longwood, Heathrow, Sanford, Winter Park, Winter Springs, Altamonte Springs, Maitland, and surrounding cities. Founded in 2006, The Miller Realty Group has transformed itself into one of the top real estate teams in Central Florida.

Oct. 15, 2019

How not to lose a deal once you go under contract!

                 

In this episode of “Get Real Estate Smart” David talks about how not to lose a deal once you ago under contract by asking for the wrong things on a repair request.

 

90% of the time when a deal falls through its during the inspection period.

 

It's important to understand things that you should be asking for and things that may not be as important. 

 

You have to identify what kind of market you’re in and who has leverage first.

In a sellers market when inventory is really low and buyers are fighting for inventory, the seller is going to have leverage in the negotiation process.

However, it could still be a sellers market but if the property has been on the market for several months the buyer may have leverage to negotiate. 

 

Things David does not recommend putting in a repair request include:

Little stuff

Cosmetic items such as: paint color or cracked tile. Those are things you can easily take care of on your own and are not worth asking for.

Things that are obvious such as new landscaping in the front yard, or a fence in the backyard. Those are things you knew about going into the offer so don’t out in a request for them.

Big things just because they are old. Items like the roof, water heater or AC. Asking for a credit just because they are old is not recommended.

 

Things you should ask for include:

Plumbing

Electrical

Foundation issues

Roof issues like leaking

AC not functioning properly or in working condition

 

 

With these tips and tricks we hope you now know what you should and shouldn’t ask for to allow your deal to stay together when you go under contract.

For more information on this or if you need trusted realtors to represent you, feel free to Contact Us, and we would be more than happy to assist you. "Get Real Estate Smart" with The Millers!

The Miller Realty Group is a successful real estate team who provides real estate solutions for residential homeowners in the metro Orlando real estate market, including Lake Mary, Longwood, Heathrow, Sanford, Winter Park, Winter Springs, Altamonte Springs, Maitland, and surrounding cities. Founded in 2006, The Miller Realty Group has transformed itself into one of the top real estate teams in Central Florida.

Sept. 30, 2019

How to do a double closing in real estate!

 

                    

 

Today David talks about how to do a double closing in residential real estate and goes into the details about whether or not he recommends doing a double closing.

 


So you might be wondering what exactly is a double closing?

People usually need to sell property before they buy because they pull the equity out to use as a downpayment on their next property. A double closing is when you schedule both your selling and buying closings on the same day. You’re closing on the seller side first, then you’re closing on the buyer side second and that way you can do it all in the same time.

 

Before you do that there are things you need to set up in advance

 

  1. You need to make sure the title company you’re closing with on the selling side of your house has the wiring instructions for the title company that youre using for the buying side of your house. The reason being when you close on the helloing side of your house you will not be getting a check from them because that does not allow you time to cash it in. The funds need to be wired directly to the title company on the buying side so they receive that directly. David recommends they send all the net proceeds from the selling side to the title company on the buying side. Whatever is leftover will be wired into your account after from the buying side title company.

 

  1. Make sure you schedule this properly from a timing perspective. From the selling side schedule it first thing in the morning and make sure the buyers purchasing your home schedule it in the morning too. The reason being you need to allow time for the buying side to finalize. You want to make sure you close on your house on the buying side late in the afternoon. The more time you have the better it is.

 

Proper planning allows you to fo through this process correctly with the least amount of issues.

David personally does not recommend doubling closing because it puts. Lot fo stress on you and everyone involved. Rather, David recommends you close on your selling side property one day and then schedule your buy side closing for the following day.

It makes it easier and less stressful and you're not giving up leverage to the buyers not the sell side. 

 

For more information on this or if you need trusted realtors to represent you, feel free to Contact Us, and we would be more than happy to assist you. "Get Real Estate Smart" with The Millers!

 

The Miller Realty Group is a successful real estate team who provides real estate solutions for residential homeowners in the metro Orlando real estate market, including Lake Mary, Longwood, Heathrow, Sanford, Winter Park, Winter Springs, Altamonte Springs, Maitland, and surrounding cities. Founded in 2006, The Miller Realty Group has transformed itself into one of the top real estate teams in Central Florida.

July 26, 2019

What are the important timelines within a contract?

                 

Today David is addressing the important timelines you must understand and stay on top of once you go under contract! He stresses that time is of essence once the contract is effective! What is an effective date you ask? An effective date is the date the contract is effective or up and running. It is the last time the last seller or buyer initials off on the last change. It is important to note that there are things that need to be taken care of before the close date and contingencies on the seller side as well as the buyer side that need to be met.

There are two main timelines that are important to understand including: inspection contingencies and financial contingencies.

Inspection contingencies in the current contract states about 15 days. If you are in a sellers market like we are now it usually gets cut down to 7-10 days. The time you start counting is the day after the effective date. It is set up based on calendar days not business days. If it ends on a Saturday/Sunday or a holiday it automatically gets pushed back to the next business day. This is something to keep in mind as the buyer because it gives you the opportunity to have more than 7 days. For example: if it ends on a Saturday then you can automatically push it to end on a Monday buying you more time. 

There are no repair limits for sellers; however, buyers have the right to inspect and can cancel for any reason within the inspection period. It is important when you into contract to know what the drop dead date is because if you back out afterwards you will lose your escrow money (deposit money).

Financial contingencies is the period of time that a buyer has to get a commitment letter from the bank stating they are willing to lend them the money. If the buyer cannot get the funds or commitment letter within 30 days they can back out and get their escrow back. As a buyer it is important to know what that date is.

 

Make sure you know what the timelines and milestones are when you go under contract so you can stay on top of it!

 

 

For more information on this or if you need trusted realtors to represent you, feel free to Contact Us, and we would be more than happy to assist you. "Get Real Estate Smart" with The Millers!

The Miller Realty Group is a successful real estate team who provides real estate solutions for residential homeowners in the metro Orlando real estate market, including Lake Mary, Longwood, Heathrow, Sanford, Winter Park, Winter Springs, Altamonte Springs, Maitland, and surrounding cities. Founded in 2006, The Miller Realty Group has transformed itself into one of the top real estate teams in Central Florida.

Posted in Buyer Video Blogs
June 13, 2019

Should you sell your house vacant or staged?

                 

Today David is addressing one of the most common questions when it comes to selling your house! Is it better to leave a house vacant or furnished when you go to sell your house? David's response is always the same: It is better to sell your house staged, with furniture! Why is that? Studies show that vacant houses sell for less money and take longer to sell. Vacant houses often feel cold, stale and less attractive. When you go to sell your home you want the buyer purchasing your home to "fall in love" with it. Furniture makes the home feel warmer and allows the buyer to envision the space better. 

In the event that you must move out immediately and leave the house vacant to show, there are 3 options you can implement to sell your house for a better price and in a shorter time frame!

1. Lightly stage it: This means adding pops of color and small items such as, towels in the bathroom or plants in the corner of the living room to make it feel less empty.

2. Hire a staging company: There are lots of companies available that bring their own furniture and will stage the house in an appealing manner. You do not need to stage the whole house! You can pick the most important rooms such as: master bedroom, family room, and dining room, and have them furnished to give the buyers a better feel for the space and the house!

3. Virtual staging: There are companies that can make rooms look like they have real furniture. These pictures are used for online purposes. Since most buyers look at the pictures online prior to seeing the property in person, they would already have a good idea of how the space can be used before seeing it vacant in person. 

Properly staging your house rather than leaving it vacant will allow your house to consistently sell for more money and in a shorter period of time!!

 

For more information on this or if you need trusted realtors to represent you, feel free to Contact Us, and we would be more than happy to assist you. "Get Real Estate Smart" with The Millers!

The Miller Realty Group is a successful real estate team who provides real estate solutions for residential homeowners in the metro Orlando real estate market, including Lake Mary, Longwood, Heathrow, Sanford, Winter Park, Winter Springs, Altamonte Springs, Maitland, and surrounding cities. Founded in 2006, The Miller Realty Group has transformed itself into one of the top real estate teams in Central Florida.

Posted in Seller Video Blogs
Feb. 19, 2019

Mistakes seller make when considering using Opendoor or Offerpad

Today David is talking about mistakes sellers make when considering using services from iBuyer companies like Opendoor and Offerpad.  An iBuyer company is a company that will offer to pay cash for a  property and will paint a pretty picture of an easy stressfree transaction.  They advertise that the seller does not have to do anything to get their home ready to sell, they do not have to have showings and they can pick their closing date.  While all of these things sound great, there are some details about these transactions that a seller has to be aware of. Below are 3 things a seller needs to look for when considering working with an iBuyer. 

1. These companies ask a seller to put in information about their home and then within 24-48 hours, they will receive a price for their home. Sellers assume the price they are provided is the true market value of the property. In most cases, this price is not at market value.  The iBuyer companies are in business to make money and the upfront pricing will be below market value.  Always make sure as a seller you contact a real estate professional to obtain a market analysis so you are able to compare the 2 prices to see if as a seller you are getting the right price for your property. 

2. When deciding to go with an iBuyer sellers do not know to look for extra fees that are charged to them for the purchase of the property. These companies could be offering a great price for the seller's home but the extra fees also have to be considered.  Opendoor, for example, can charge anywhere from 6% - 12% commission.  That is a lot of money that is coming off of the price that is given to the seller and this comes off the seller's bottom line.  Another example is Offerpad charges a convenience fee of 2.5% on top of the commission.  A seller also has to look at the fine print to see how much of the title fees the iBuyer is going to pay. For some of them, it is up to $2000 and that may not be enough to cover all of the title fees.  A seller looking to use an iBuyer also has to consider repair costs.  Once the home goes under contract, the iBuyer will send out an army of inspectors and go back to the seller with a list of items to be repaired or they will ask for a price reduction.  If the seller was working with a real estate professional, they would handle the repair negotiation for the seller and could save the seller money by possibly not needing to make the repairs depending on the type of contract.   

3. Sellers at times do not look at their bottom line number. Most sellers have a goal to net the most money possible.  They need to make sure that at the end of the day they look at their net number.  This is not the purchase price, this is the amount they will receive when they go to the closing table.  

David strongly suggests consulting with a real estate professional.  We have listing specialists that can help a seller review the quotes from the iBuyers and then work to find the best solution for the seller's needs.  A listing specialist will be looking out for the seller to get them the most money for their property, and isn't that what all sellers are looking for?

For more information on this or if you need trusted realtors to represent you, feel free to Contact Us, and we would be more than happy to assist you. "Get Real Estate Smart" with The Millers!

The Miller Realty Group is a successful real estate team who provides real estate solutions for residential homeowners in the metro Orlando real estate market, including Lake Mary, Longwood, Heathrow, Sanford, Winter Park, Winter Springs, Altamonte Springs, Maitland, and surrounding cities. Founded in 2006, The Miller Realty Group has transformed itself into one of the top real estate teams in Central Florida.

Posted in Seller Video Blogs
Jan. 22, 2019

Why should the seller let the buyer handle repairs?

 

Today David is talking about who should handle the repairs a buyer requests from a home inspection when purchasing a home. When a home goes under contract, a buyer will get a home inspection. The home inspector will most likely come back with something, whether it be big or small.  For example, a leak in a roof the seller was not aware of. Should the seller try to fix the leak before closing or should the seller provide a closing cost credit and have the buyer correct the issue after closing? In some cases, the type of loan the buyer is getting will dictate whether or not the repairs would have to be done before closing. If this is the case it would be a good idea to let the buyer choose who will be making the repairs.  If the lender does not require the repairs to be done, David recommends giving the buyer credit at closing and have them correct the issue themselves. In both circumstances letting the buyer handle the repairs will take the liability off of the seller if anything should come up after the completion of the repairs.  

For more information on this or if you need trusted realtors to represent you, feel free to Contact Us, and we would be more than happy to assist you. "Get Real Estate Smart" with The Millers!

The Miller Realty Group is a successful real estate team who provides real estate solutions for residential homeowners in the metro Orlando real estate market, including Lake Mary, Longwood, Heathrow, Sanford, Winter Park, Winter Springs, Altamonte Springs, Maitland, and surrounding cities. Founded in 2006, The Miller Realty Group has transformed itself into one of the top real estate teams in Central Florida.

Posted in Seller Video Blogs
Jan. 15, 2019

Does the partial government shutdown affect real estate?

 

Today David talks about the partial government shut down and how it affects real estate. There are three ways that real estate can be affected by the shutdown.

1. Verification of identity and income through the Social Security Administration and the IRS.  Lenders use these 2 agencies to verify a borrowers income and identity.  There is a lot of fraud in real estate which makes these agencies very important to lenders.  They are still moving forward with loans, but if they notice more fraud, the process will start to slow down.

2. FHA and VA loans make up 15%-30% of the home loans taken out today. FHA and VA loans are government-backed loans.  These loans are being processed by a skeleton crew, and it will take longer to process the loans than it did before. This could be a problem for buyers who are looking to close quickly.

3. The partial shutdown provides uncertainty in the market.  Anyone that was looking to buy a home and has a government job that has been affected by the shutdown will have to postpone their home buying until the shutdown is over.

The real estate market isn't being affected too much at this time, but the longer the shutdown lasts the more significant impact it will have.

For more information on this or if you need trusted realtors to represent you, feel free to Contact Us, and we would be more than happy to assist you. "Get Real Estate Smart" with The Millers!

The Miller Realty Group is a successful real estate team who provides real estate solutions for residential homeowners in the metro Orlando real estate market, including Lake Mary, Longwood, Heathrow, Sanford, Winter Park, Winter Springs, Altamonte Springs, Maitland, and surrounding cities. Founded in 2006, The Miller Realty Group has transformed itself into one of the top real estate teams in Central Florida.

Jan. 9, 2019

2019 Real Estate Market Predictions for Metro Orlando

 

Today, David talks about his predictions for the Metro-Orlando real estate market in 2019. Before jumping into 2019 predictions, let's take a look at the Metro-Orlando real estate market in 2018.   The first half of 2018 the market was very hot just like the past couple of years.  The inventory was meager, and if you were a buyer, you might have struggled to find a home under $200,000.  If you were a seller, it was a time of lots of buyers and multiple offers on your home if your home was priced right.  The 2nd half of 2018 the real estate market started to soften, interest rates began to go up affecting the demand, and the rate of appreciation slowed down.

Now let's look at David's 2019 predictions for the real estate market in Metro-Orlando.  David predicts that inventory will continue to increase steadily.  He thinks there will be more inventory for the price point of homes at $250,00 and above. He also predicts that pricing of homes will continue to appreciate, probably around 5-6% and interest rates will also increase, but not higher than 5.5% by the end of the year. 

What do these predictions mean to you as a buyer in 2019?  Now is the time to buy.  Waiting to a year to purchase a home can end up costing you more money.  With interest rates increasing and home prices increasing if you wait until next year to purchase you will end up paying more money for less of a house. 

What do these predictions mean to you as a seller 2019?  It is very important to price your property right.  It will still be a seller's market but not as strong as it used to be. This means you will most likely not see the bidding wars that we have seen in the past. If you are thinking of selling, now is the time to get ahead of the competition.  As you see more and more homes go up for sale in your neighborhood the competition for the buyers' increases. 

For more information on this or if you need trusted realtors to represent you, feel free to Contact Us, and we would be more than happy to assist you. "Get Real Estate Smart" with The Millers!

The Miller Realty Group is a successful real estate team who provides real estate solutions for residential homeowners in the metro Orlando real estate market, including Lake Mary, Longwood, Heathrow, Sanford, Winter Park, Winter Springs, Altamonte Springs, Maitland, and surrounding cities. Founded in 2006, The Miller Realty Group has transformed itself into one of the top real estate teams in Central Florida.

Dec. 11, 2018

Should You Sell Your Home During the Holidays?

Today, the question is: Should you sell your home during the holidays or not? We say, YES!, for two reasons:

1) During the holidays, if you put your house on the market, there will be less competition. This is because a lot of people actually like to take their houses off the market because they don't want people coming through their homes during this season. That means if a buyer if looking to buy a home in your neighborhood and your house is the only one on the market, you have leverage over that negotiation. After the holidays, competition will rise again and you will lose your leverage.

2) Buyers are more motivated during the holidays. If they have to move, then they have to move -- and they'll be more motivated to settle a deal!

Because of these two reasons, we encourage you to put your home on the market during the holidays. Make sure you have an experienced REALTOR to help you through this process! We are always here to help.

As always, we are here to help you! Please feel free to Contact Us, and I hope that I have helped you get real estate smart.

The Miller Realty Group is a successful real estate team who provides real estate solutions for residential homeowners in the metro Orlando real estate market, including Lake Mary, Longwood, Heathrow, Sanford, Winter Park, Winter Springs, Altamonte Springs, Maitland, and surrounding cities. Founded in 2006, The Miller Realty Group has transformed itself into one of the top real estate teams in Central Florida.

Posted in Seller Video Blogs