Profile picture for Jeff Brooks

Jeff Brooks

Premier Agent

REALTOR (5 years experience)

5 Recent Sales (last 12 months)

Specialties:
Buyer's Agent,
Listing Agent,
Consulting,
Appraisal

Advice

  • (17 Contributions,
  • 0 Best Answers,
  • 1 Helpful)

Contributions are sorted newest to oldest.

How do you find the fair market value of your home?

Answer

Lorraine,Sorry to hear of the hassle.  If you need something firm to present to your accountant for the IRS or for an attorney you could hire a broker to give you a BPO, or Broker Price Opinion.  If it's just for you to sleep at night and need to know for yourself, there are 3 ways to price real estate: Income, CMA, Replacement.Income: What your home can produce in income can determine the value for an investor.  This is typically used for multi-familes, but as the market continues to bottom out more investors are purchasing single family homes for rent.  I always recommend to my buyers to use a rent multiplier of 11.  Take the annual gross income, multiply by 11, this will give you a gross CAP rate of roughly 12%.  CMA: Or Comparative Market Analysis is basically setting your home at a benchmark compared to other sales in the area and active listings.  For this strategy I recommend consulting with an agent to use his expertise in the market.  This is the best way to price homes because you have the opportunity to compare apples to apples.Replacement:  This is basically under the assumption how much it would cost to purchase the lot and rebuild the same house on it.  This isn't the best mode of pricing, but it's a great benchmark to use after using the other methods to be sure your' at least close in pricing.I hope this helped answer your question!  I get carried away sometimes... but if you have any further questions don't hesitate to ask! 

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can I set up a zillow account and list my home or does my agent have to?

Answer

An agent doesn't have to set up an account for you.  Sellers can post their own listing to the site themselves.  It's actually quite easy.  After you register, in your profile just click "add listing"But in the end I'd recommend consulting a realtor and listing with an agent for other added benefits including cross mediums in advertising, negotiating, potential buyers and expertise in handling the transaction.Best of luck with selling your home.  Any further questions don't hesitate o ask.

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HAVE A GREAT LABOR DAY ALL AND SELL" SELL SELL

Answer

Real Estate volume and velocity has picked up drastically here in Newport County RI over the past several months.  Inventory has dropped dramatically as well as pending sales and number of sales.  This hasn't fully transferred over to appreciation, but it's on its way!Happy selling!

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Newport, RI: agent said some homes were pending when they were not. Why?

Answer

Here on the Island differs slightly from other areas in Rhode Island in some ways.  One way I've experienced was how we enter pending into our system.  With the MLS we have several options for pending including Active Pending soliciting back up offers, Active Pending, Active Pending signed P&S, Active short Shale Pending, Active Hubbard as well as Pending.  We typically don't have the listings go to full Pending unless financing has been cleared and the seller has received the mortgage commitment letter. I consistently run into this problem unfortunately where my buyers send me a dozen listings and I only get to show them a hand full of what they wanted to see.  But I find it ends up helping the buyer determine value over the long run because they get to witness first hand what sells.Best of luck on your search!  And give your Realtor another chance!  He/She will help you out tremendously I'm sure! 

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Can I list my home as for sale by owner and also list it as for rent by owner?

Answer

You can create 2 separate listings, just have the rental listing with a "faux" address.  But be sure to mention in the descriptions that each is either for sale/rent as well.Speak with a local realtor for each scenario and many agencies have certain packages that can help make it worth it for you.Best of luck!

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want to list my house for rent, forgot old password

Answer

Under Settings you should be able to change/resubmit your password.  Or just create a new account if you haven't already created the Ad.  Another option is to use postlets.com, that'll automatically generate an ad on Zillow for you.Best of luck!

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where do i go to get a zestimate on my home?

Answer

Zillow automatically generates zestimates fro all homes in the country.  Just simply search your address and it should pop up. But Zestimates are only a start, to get a real idea on a marketable price fo your home you should contact your local realtor.  Most will give you a CMA, or Comparable Market Analysis, for free.Best of luck![Hotlink removed by Zillow moderator]

  (1)
What's my home worth?

Answer

Darlene,Several tools you can use in performing a quick pricing of your home that your local realtor would use include:Local compareablesCurrent assessmentRecent salesZestimate (for home owners)-Local Comparables and recent sales: Zillow would be a great help for this, you can peruse through available listings as well as recent sales to see what homes similar to yours have sold for.  Please try to keep an unbiased eye while searching.  Concentrate on size of home, beds, baths, yard size, garage and of course, location.  What homes sodl for is much more important in determining price than what is currently active on the market.-Current Assessment: Not always the best barometer, but I like to use the sale price/Assessment ratio when researching neighborhoods.  You may find that your neighborhood tends to sell at a 10% premium over the assessment or perhaps 10% discount.  But over all assessments are a good start, but not always spot on.-In recent years Zillow has modified it's Zestimate formula and the number is coming in much closer to a real value.  But this is not always spot on (sorry Zillow!) it takes a professional's gut instinct to tell true value and you can never put areal number with a formula, you have to stand inside the home to truly determine value.Best of luck with your home!  If you need any more help please reach out, I'd love to do anything I can for you.  

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I need a CMA for relocation purposes very quickly. But my house is a total mess. Does it matter

Answer

In addition to statistical analytics, local market comparisons and past experience, a good CMA also takes gut instincts.  A good agent should be able to express gut instincts and common sense while performing a CMA for your home.  Those instincts would know that families are busy and a toddler can be a handful, let alone 2!  Most of us would look past the mess with the CMA, but when you go to list the property, and take pictures it would sell much faster at a higher number if it were organized, less cluttered and freshly painted.  Best of luck with your sale and relocation!  

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First-time buyer, multi-family in Providence

Answer

To answer some of your concerns;The reason why many may not have been snatched up, even though on paper they make 100% financial sense, is they don't qualify for financing.  they can be in such disrepair that conventional financing won't touch them and they'll need hard money or cash investors.  There is a point where an investor would consider the work, effort, headache and hassle for the right return.  Unfortunately, some homes are so terrible or the potential tenants won't justify the investment.-Seller financing is a great option, but with LOADS of risks on the buyer's part with less o the seller's part.  It depends on the type of seller financing you pursue, which you should go over with your attorney 1st and foremost.  But the major risk with seller financing is that you agree to purchase it at a set price, and pay the seller monthly (just like a loan with a bank) but with a balloon payment after a certain period.  If after that period the value hasn't increased, you, the buyer, has to come up with the difference out of pocket or the seller can come in and take the property.  It's best to have a personal relationship with the seller and to know you can 100% trust them before you take on seller financing.  There are too many pitfalls that can hurt you as a 1st time home buyer.-Distressed sales (REOs & Short Sales) are the best deals out there.  But the buyer takes on a risk, mainly the lack of a disclosure, repairs, and typically loads of title issues (in REOs at least).  In a short sale the closing date is very vague and never set in stone due to the time it takes a bank to respond. Also, financing, specifically low down payment financing, can become troublesome due to the seller's inability to repair needed items (lead paint, safety hazards, fire systems etc)-Finding an Agent is easy!  Either look to see who has listings in the area, speak with friend and family for a referral, or go to open houses and find an agent you know that will work hard for you.  They're out there.-In excess to your down payment you'll need funds for closing costs, inspections, appraisals and potentially repairs needed.  Yes, you do have to pay for all inspections. It is the buyer's responsibility to research the property and title to see that he's buying a good property with a good and marketable deed.  Your closing attorney handles the deed and title insurance.  Depending on your financing, property your purchasing and current tenant situation, your closing costs can vary from $4,000-$12,000.  Today, with PMI in addition to home owners insurance, a minimal down payment purchase can rack up the closing costs REAL fast. I hope this helps anyone out there that is reading this.  Any questions I'd love to help.  Just give me a call!

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