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Real Estate Terms You Need to Know

Real Estate Terms You Need to Know

There’s a lot of terminology involved with buying or selling homes and it can definitely get confusing. It’s your real estate agent’s job to know the ins and outs of it all, but it’s certainly helpful for you, the client, to have a good grasp on a few things yourself.

Below is a list of a few important terms you will probably hear while you search for a home.Real Estate Terms You Need to Know

Sale-to-List Ratio

This term is usually used by sellers but can be a potentially important number for buyers as well because it may assist them in quickly deciphering the pace of the current market when deciding a good amount for making their offer.

The Sale to List Price Ratio is determined by dividing the sale price by the listing price. For instance, if you have a sale price of $585,000 divided by a $615,000 asking price it equals about 94%…this means the seller received 94% of their asking price.

When you’re looking at the state of the market, a higher average ratio or percentage means that sellers currently hold the advantage.

Median Days on Market

The midpoint of the number of days on market across a number of recently sold homes is known as the Median Days on Market. If it’s 20 days, then 50% of the homes sold quicker, and the other 50% took longer than 20 days.

This is usually quoted by statistics based on “active” days. However, other calculations may include active and pending days.

The median days on market is another way buyers can decide how much to offer and how likely the seller will be to accept it. In other words, if the house has been on the market for a while, the seller is probably more motivated to sell it.

Distressed Property or Pre-Foreclosure

These two terms are often misunderstood. Distressed properties mean the owners have defaulted on their mortgage or their loans are about to but it DOES NOT mean that the home is currently available on the market.

Actually, many pre foreclosures are actually not on sale nor will they ever be. What happens many times is either the homeowner will become current on the mortgage or the home will be sold before foreclosure proceedings ever begin via short sale or otherwise.

Should you hunt for distressed or pre foreclosed properties online, make sure you realize you may be going on a wild goose chase.

Active Vs. Pending Status

A lot of websites display homes with both active and pending statuses because a good chunk of people like to see “everything” happening in the market. However, it’s important to know the difference between  active and pending so that you don’t get your hopes up on a home that isn’t available.

Basically, active means the sellers are still accepting offers. Pending means the sellers have already accepted an offer.

 

 

The post Real Estate Terms You Need to Know appeared first on Sun Valley Real Estate.

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ATTENTION! New Team Member!

Keith Everitt Welcome!

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Three Mistakes to Avoid When Buying a Home

Three Mistakes to Avoid When Buying a Home

Have you been considering the idea of purchasing a home lately? If so, check out these three mistakes to avoid because they just may save you a great deal of time, frustration and heartache.

#1 Decide What You Want in a Home FIRST (before anything else)

Although it’s fun to browse ( window shop) for a home, it can be a big time waster. Although, it’s not usually considered “wasting time” to window shop at your favorite department store or boutique, looking at homes without having a solid idea of what you actually want in one is a good way to start down the road to frustration, which usually leads to impulse decisions and expensive mistakes.

Three Mistakes to Avoid When Buying a HomeMake a Priority List

If you’ve been wanting to buy your first home or want to move up to the next home, or simply want to invest in real estate in the area, begin by making a list of your wants and needs. What are some home requirements you can’t live without? What are some aspects of a home that you’d consider a bonus? Think about things such as neighborhood, square footage, garage and parking space, amenities and so on.

A good example of need versus wants is that a home with three bedrooms might be a NEED for you whereas a home with hardwood floors may just be something you WANT or prefer. Be flexible in your preferences.

#2 Get Pre-Approved Before Starting the House Hunt

It can never be said enough…ALWAYS get pre approved before you begin to house hunt. Who wants to find their dream home only to lose it because you can’t afford it? Don’t go shopping until you know what you can spend.

Pre approval also saves time because you won’t waste your time looking at homes you know you can’t afford. Pre approval also makes your offer more attractive to sellers. When mortgage contracts fail, hearts are broken. Avoid it all with pre approval. Also: Why an Inspection Contingency is so Important

#3 Locate a Buyer’s Agent to Represent YOUR Interests!

Although it’s not impossible to buy a home without the representation of a buyer’s agent, it certainly is most often easier with one!

Won’t I Save Money by NOT Using a Buyer’s Agent?

Sadly, the reason most buyers who don’t choose to hire a buyer’s agent, go that route because they think they’ll save money. It can actually end up costing you money. Why? Because you don’t have someone with expertise and experience negotiating terms and contracts for you.

What You Say Can be Used Against You

The seller’s agent or the listing agent is required by law to ensure their client, the seller, gets the highest price with the most favorable outcome/terms possible. This means they are NOT looking out for you. Going into a home contract without your own agent is like walking into a court room without a lawyer. Trying to negotiate with the seller’s agent yourself without the help of your own representation can hurt you. Why? Because anything you say, even in innocent conversation, can be used by the seller’s agent to help THEIR client.

 

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Coldwell Banker Distinctive Properties Ranks 1 and 2

Coldwell Banker Distinctive Properties wins awards

Budge Husky, President & CEO of Coldwell Banker Real Estate LLC is pleased to announce that Coldwell Banker Distinctive Properties Sun Valley has achieved the following recognition for year-to-date September 2014 performance, from among the 438 COLDWELL BANKER® affiliate offices throughout North America in Office Size Category 11-20 Sales Associates/Representatives.

                     Rank                Award

                       1                  Top 20 Offices by Office Size Category – Adjusted Gross Commission

                       2                  Top 20 Offices by Office Size Category – Total Units                                                                    

“Your accomplishments have distinguished Coldwell Banker Distinctive Properties Sun Valley among the offices of the Coldwell Banker organization. On behalf of Coldwell Banker Real Estate LLC, I applaud the success of you and your entire staff and look forward to honoring your achievements in the future.  Coldwell Banker Distinctive Properties continues to be a distinguished member of the Coldwell Banker® family and I look forward to your future success.” From Budge Husky!

The post Coldwell Banker Distinctive Properties Ranks 1 and 2 appeared first on Sun Valley Real Estate.

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Coldwell Banker Distinctive Properties Sales Incentive Program

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Experience Steamboat in the Fall

Experience Steamboat in the Fall

Before the Snow transforms Steamboat Springs into a winter wonderland, Fall has it’s day in the sun, creating a true Autumn paradise. Dropping temperatures and beautiful scenery are an exceptional delight in these five locations:

Buffalo Pass is a dirt road lined with rows of alluring aspen groves just west of Steamboat Springs. This road winds eight miles up toward the Continental Divide and Summit Lake. The fall foliage is nothing short of stunning here and locals recommend hiking in the area to take it all in.Experience Steamboat in the Fall

Emerald Mountain often known by its alias, bikers haven, is a single track system allowing you to traverse through the colors of fall.

Fish Creek Falls is where the color seeking adventurer can take Fish Creek Falls Road to the top and park. Then, you’ll begin your adventure through waterfalls, Aspen trees and gentle rolling hills.

Mount Werner is the chance of a lifetime if you can catch a ride down the Gondola in the evening. This ride offers you 12 wonderful minutes of taking in all the changing colors from the South Valley to the North Valley.

Flat Top Wilderness is a long drive of 45 minutes to see Aspen tree lined roads with a beautiful walk around the base of Devils Causeway. Should you feel like hiking up to Devil’s Causeway, you’ll get a glorious view of the Flattops with beautiful fall color and turquoise water.

There are so many more places to take in the wonder and beauty of fall in Steamboat Springs, though these are five you probably won’t want to miss. Always remember, Steamboat Springs is so much more than a winter paradise; it’s truly a year round wonderland. Image by Alex Ristea Flickr Commons

SEE ALSO:
Steamboat Springs Makes Number Four on List of 2014’s Best Small Towns

Living in Downtown Steamboat Springs

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Experience Steamboat in the Fall

Experience Steamboat in the Fall

Before the Snow transforms Steamboat Springs into a winter wonderland, Fall has it’s day in the sun, creating a true Autumn paradise. Dropping temperatures and beautiful scenery are an exceptional delight in these five locations:

Buffalo Pass is a dirt road lined with rows of alluring aspen groves just west of Steamboat Springs. This road winds eight miles up toward the Continental Divide and Summit Lake. The fall foliage is nothing short of stunning here and locals recommend hiking in the area to take it all in.Experience Steamboat in the Fall

Emerald Mountain often known by its alias, bikers haven, is a single track system allowing you to traverse through the colors of fall.

Fish Creek Falls is where the color seeking adventurer can take Fish Creek Falls Road to the top and park. Then, you’ll begin your adventure through waterfalls, Aspen trees and gentle rolling hills.

Mount Werner is the chance of a lifetime if you can catch a ride down the Gondola in the evening. This ride offers you 12 wonderful minutes of taking in all the changing colors from the South Valley to the North Valley.

Flat Top Wilderness is a long drive of 45 minutes to see Aspen tree lined roads with a beautiful walk around the base of Devils Causeway. Should you feel like hiking up to Devil’s Causeway, you’ll get a glorious view of the Flattops with beautiful fall color and turquoise water.

There are so many more places to take in the wonder and beauty of fall in Steamboat Springs, though these are five you probably won’t want to miss. Always remember, Steamboat Springs is so much more than a winter paradise; it’s truly a year round wonderland. Image by Alex Ristea Flickr Commons

SEE ALSO:
Steamboat Springs Makes Number Four on List of 2014’s Best Small Towns

Living in Downtown Steamboat Springs

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Coldwell Banker Distinctive Angels Assist Higher Ground

Coldwell Banker Distinctive Angels assist Higher Ground!

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Distinctive Angels

Friday August 9th, 2013 the Coldwell Banker  Distinctive Angels in Sun Valley assisted Higher Ground with the set-up for their ‘A Hero’s Journey’ dinner, held at Trail Creek in Sun Valley, ID.  Higher Ground Hero’s Journey fundraising dinner and auction with speaker Condoleezza Rice, 66th Secretary of State, was completely sold out and a huge success.  All of the participating Distinctive Agents want to give a big THANK YOU to Matt Christian for suggesting this organization for our monthly Community Service Program.

Coldwell Banker Distinctive Properties would also like to THANK Erin Rheinschild and Tyra Mac for helping to set-up and coordinate the volunteers from Coldwell Banker Distinctive Properties. We wouldn’t be successful at giving back if it weren’t for the key people in these organizations.

If you’d like to support Higher Ground with a donation please click on the link to their site Higher Ground SV or contact Erin Rheinschild at 208-726-9298. We are so blessed to be a part of such a remarkable community and we are so excited that our Community Service Program has been so well received by the Distinctive Angels and local non-profit organizations. Please contact Theresa Pemberton at 208-622-3400 if your non-profit organization would like to be part of this monthly outreach program.

The post Coldwell Banker Distinctive Angels Assist Higher Ground appeared first on Sun Valley Real Estate.

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Grand Junction, CO September Home Tour Extravaganza!

Coldwell Banker Distinctive Properties is proud to announce its recent acquisition of  Coldwell Banker Home Owners Realty! In celebration of the new addition, Coldwell Banker Distinctive Properties Grand Junction is hosting a September Home Tour Extravaganza! The Tour will take place on Sunday, September the 7th, from 12:00pm-5:00pm and will showcase ten immaculate homes currently for sale or under contract in the Redlands and Fruita areas. Join our professionals at your leisure for a glimpse at what our new company has to offer, and learn how you could become the WINNER of a brand new iPad via our Distinctive Client Program! For more information about our company and current available listings, please visit our website at www.gjhomes.com, or “Like” our Facebook page www.facebook.com/CBrealtor. We look forward to seeing you there!

GJ-HomeTour-Fall2014-Flyer-5 facebook

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Ketchum, ID named one of 2014′s Best Small Towns to Visit

Ketchum, ID named one of 2014′s Best Small Towns to Visit

Ketchum, ID, which is just next to the more popular and well known Sun Valley, is a quaint town that holds its own claim to fame as Ernest Hemingway lived and died here. Smithsonian Magazine names this Sun Valley neighbor one of 2014′s best small towns to visit.

The article talks about how miners first settled in what was originally called, Leadville, in the 1800s. What by 1880 became known as Ketchum, was one of the most prosperous mining towns in the Northwest. A mere decade or so later, however, Ketchum became known for herding sheep through its mountains. To this day, this legacy is celebrated by what’s known as the Trailing the Sheep Festival which takes place every October.

Of course, the article mentions Ketchum’s claim to fame, the great Ernest Hemingway and how visitors can check out his last house and grave. Visitors can not enter the house but may view it from afar. A memorial dedicated to the author is located one mile east of the Sun Valley Lodge.

Ketchum is also celebrated for its contribution to the arts. The small town is home to 20 art galleries.

Last but most certainly not least, is Ketchum’s winter lure…it sits at the base of Bald Mountain which is legendary for it’s fine skiing.

What is it that draws you to Ketchum and Sun Valley? Would you claim it as one of America’s best small towns to visit?

For more on Sun Valley and surrounding areas, check out the following blogs:

- Sun Valley’s Kaitlyn Farrington Wins Halfpipe Gold

- What Do You Do With Your Vacation Home in the Off Season?

- Top Ten Ski Resorts in the United States with a Vertical Rise of 3,000 feet

The post Ketchum, ID named one of 2014′s Best Small Towns to Visit appeared first on Sun Valley Real Estate.

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