Our Secret to Getting Your Home SOLD!

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Nothing is more frustrating for a seller than to have their home on the market only for it to sit there for way too long. Well when it comes to selling homes, Team Lally has an extensive, well thought-out plan that delivers results and we have the proven track record to show for it with over 100 homes sold in a year!

Here are our top suggestions that are a part of our exclusive Certified Pre-Owned Marketing Plan – you don’t want to miss these...

De-Clutter

This is probably one of the most prevalent concerns we see in many homes that are unable to sell. Think about it. If you walked through a home and were considering purchasing it, wouldn’t you want to be able to see it for its amenities and features? The process of de-cluttering, while time consuming and at times frustrating, is absolutely necessary before you list your home. Try to remove about one third of the extra stuff lying around, exposing the home and allowing buyers to visualize living there.

De-Personalize

A great way to generate increased interest in buyers is to remove most traces of your own life from the space. While it’s good to show the “livability” of the home, too much can deter buyers from being able to see the space as their own. Remove excess family photos, personal items from the mantle and clear off the fridge. Buyers are attracted to clean, open, clear spaces with a minimalist feel to it. Think: magazine ad. Magazine advertisements usually do not have homes pictured with a plethora of personal items scattered all over the place – rather they are warm and cozy yet appear welcoming in the same way a luxury hotel might make one feel.

Clean and Organize

This is a big one. People tend to underestimate just how distracting walls can be to a buyer if they are not perfect. Try to patch any holes in the wall and even out mismatched paint with a fresh coat in a neutral color. Cleaning your home prior to selling it goes a long way. In fact, hire a professional to shine up your windows, power wash sidewalks, your garage, driveway and other exterior areas. For the inside of the home, be sure to make all fixtures and hardware sparkling clean and pay attention to appliances as well.

Organizing is another big sticking point for buyers trying to see past the homeowners’ lives and imagine themselves in the home. Remove piles of shoes, excess clothing and organizing items in disarray are tools that will allow buyers to see your home in its best light. 

Certified Items

There are some aspects of selling a home that are not done by every seller and some of them are included in our list of Certified Items. Having an appraisal done on the home will allow you an accurate picture of how your home’s price ranks in the current market. A home inspection, though typically done by a buyer, is another great tool we use to get our homes sold. Not only does it boost the buyers’ confidence but also allows you to see in advance what might need attention in the home.

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We trust you will find this information helpful and useful in your endeavor to sell your home. For more tips please listen to us on the radio on AM830 from 11am to 12 Noon every Saturday where we share plenty of insight on the Team Lally Radio Show.

If you’d like a FREE copy of the book written by Team Lally’s very own Adrienne Lally, contact us today. The book, the Honolulu Real Estate Guide, is packed with lots of great information including Chapter 3, which is all about Top Tips for Sellers. The book retails for $20 but we’ll gladly send you a copy free of charge.

Thanks for visiting our video blog and we look forward to serving you soon!

How to Successfully Buy the Home of Your Dreams

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Though our region was largely unaffected by the rest of the nation’s housing market crisis we did experience a strong buyers’ market for a while. Today, however, we are definitely sitting in a seller’s market – one where sellers have the upper hand and buyers are left to compete against each other to win the home of their dreams.

To help you achieve the success you want when it comes to landing that perfect home, we’ve put together ten tips that will give you a better chance at getting the home you want.

Submit a Pre-Approval Letter With Your Offer

These days, sellers would rather avoid the uncertainty that goes along with not having the financial backing of a solid lending institution. When making an offer, be sure to submit a pre-approval letter (not a pre-qualification letter) to demonstrate that a bank is willing to lend you money.

Hire An Experienced Realtor Dedicated to the Profession

In a world where there are multiple agents multi-tasking to the umpteenth level, you will benefit most from working with a Realtor that is dedicated to the profession – and committed to your success. Along with a full-time career, comes the kind of experience that you should expect from your agent.
Click here for a look at our buyer's agents 

Make a Clean and Neutral Offer

Nothing kills an offer like one that is loaded with conditions, complexity and difficult to decipher language. Make your offer clean, simple and as neutral as possible. Not only will it be attractive to the seller but also it will make your offer stand out against the rest.

Make It Your Best Offer

With the multiple offers typically seen in a seller’s market, it makes sense to come out with your best offer the first time around. Assume that your first offer is the one chance you’ll get – and chances are the seller will take it seriously.

Put Down A Larger Earnest Money Deposit

Just like sellers take making a strong offer more seriously – placing a fair amount of earnest money down also demonstrates your seriousness in the deal. Consider putting down one percent of the purchase price or more – depending on how badly you want the property and your Realtors’ suggestion.

All Cash Is More Attractive To A Buyer

Though sellers receive the funds either way, the difference that a cash offer makes is a matter of time and convenience. There is a longer waiting process entailed with deals that are financed through a lending institution and the last thing a seller wants is to prolong the transaction.

Shorten Your Inspection Periods

As long as you can get your inspections done you have nothing to worry about. One area that buyers can gain some leverage against others vying for the same property is by shortening the length of time allocated for those inspections. Where a typical time frame allowed for a home inspection may be 10 days, savvy buyers sometimes cut that in half.

Waive Some Contingencies and Offer To Pay Some Seller Expenses

If you are virtually certain the home is the one for you and there are no issues expected prior to closing, perhaps consider waiving contingencies to strengthen confidence in the seller. Whether this means waiving the mortgage contingency (ideal for buyers with alternative means to finance the property) or to waive other contingencies – it will stand out in sellers’ minds and give you the upper hand over others.

Write The Seller A Personal Letter

Not surprisingly, sellers are sentimental about their property and want it to go to what they perceive is the “right” family. Reach out and send the seller a personal letter explaining why you love their home and how you plan to extend the same care for it as they have done so. Attach a family picture to bring a human touch to the transaction.

Shoot for a Quick Closing (30 Days Or Less)

Rather than extend closing dates, work to resolve everything sooner than later. Sellers seeing the potential of an expedited transaction are more likely to accept an offer that provides them that opportunity.

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Here’s even more information about how to gain valuable leverage in a transaction when sellers have the upper hand; Ten Tips for Winning Purchase Offers In a Seller’s Market. Listen to the Team Lally Real Estate Show, every Saturday on AM830 KHVH at 11am. And if you would like your very own free copy of the Honolulu Real Estate Guide, written by Adrienne Lally, contact us today and we will send it to you. Chapter two is dedicated to winning your home in a competitive market.

As always, we invite you to contact us for all your real estate needs. For buying, selling or investing in your dream home, trust Team Lally!

What is a 1031 Tax Deferred Exchange?

 

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There are three types of 1031 tax deferred exchanges that can take place:


1.) Straight exchanges—two parties trade properties of equal or approximate value. This is the simplest exchange.

2.) Multi-party exchanges—this involves three or more parties buying, selling, or exchanging properties. Don't attempt these exchanges without the aid of a tax professional; they tend to be very complex.

3.) Delayed exchanges—this exchange allows the sale of the relinquished property and the buying of the replacement property to occur at different times as long as stringent rules are followed.This is the exchange most often used.

What's the Advantage of the 1031 in Terms of Taxes?

As the law's title indicates, the capital gains tax is deferred, but not eliminated. However deferral is a great way to leverage small real estate holdings into larger ones! Since you can postpone gains, you're able to use a tax-deferred exchange strategy to transfer equity to a larger property, all without paying taxes!

Another advantage is that there’s no limit on exchanges. This means you can make as many exchanges as you want! So, over the course of your lifetime, you can keep growing income and appreciation by adding new properties without having to pay the capital gains tax!

If you specialize in buying and renovating properties and want to keep reinvesting your profits into larger properties, then this strategy is especially attractive.

Note: If you don’t keep reinvesting, you risk being classified as a real estate dealer by the IRS and will not be able to participate in exchanges.

What Are the Basic 1031 Qualification Rules?

There are some basic rules that must be followed in order to qualify for a 1031 exchange. These include the following:

1.) The properties to be exchanged must be located in the United States. Note: You can exchange foreign property for foreign property and domestic for domestic. However, you can’t mix these exchanges together.

2.) You must trade only like-kind real estate.

3.) An exchange must be made that’s equal to or greater in both value and equity. Any cash or debt relief received above this amount is considered “boot” and is taxable.

4.) The like-kind property must be identified within 45 days of the closing on the initial property.

5.) All proceeds from the initial sale must be turned over to a"qualified intermediary" (also called a QI, facilitator, exchanger, etc.) who is the person or company playing the role of middleman.

6.) Any of the proceeds not under the control of the middleman are subject to taxation.

7.) The middleman holds the funds from the initial property in escrow until such time as the closing on the second property occurs.

8.) The middleman also assists the owner with the preparation of paperwork and other services to ensure the transaction progresses in a smooth manner.

9.) The closing on the second property must take place within 180 days following the close on the first property.

Wow, as you can tell, this is a pretty complex subject and can't completely covered here! But if you're an investor or plan to be one, I hope I whetted your appetite for this subject.

Below is an excerpt from one of our recent radio shows where we had our guest, Julie Tumbaga, answer some questions about the 1031 Tax Deferred Exchange process. Julie is the Vice President of Orexco and can answer any of your questions:
Julie Tumbaga
Phone: 877-591-1031
Email:  jtumbaga@orexco1031.com
Website: http://www.orexco1031.com/Contact.aspx?nav=southwest