Hurricane Sandy and Your Sump Pump

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As the East Coast has had torrential downpours due to Hurricane Sandy this week, sump pumps have been working overtime to keep millions of basements from flooding. A working sump pump can save you from thousands of dollars in damages and the headache of a flooded basement. Let’s take a look at how the sump pump works and what you can do to make sure that it will continue to work.

How Sump Pumps Work

A sump pump is a small pump installed in the lowest part of a basement or crawlspace. Its job is to help keep the area under the building dry and prevent it from flooding. As water flows through drains, the sump pump pumps that water away from the building.

Sump Pump Maintenance

The number one rule with sump pump maintenance is to make sure your pump is turned on! The pump will do no good in protecting your basement from water if it is off. By routinely taking a few minutes to make sure your sump pump is in good working order, especially before a storm approaches, you can keep your basement dry. Once you verify that the pump is turned on, check the cord for any wear-and-tear and the outlet to make sure it is working. Next, ensure that the pump is upright. If the pump is tilted to one side or another, it can jam and cease to work. Test out your sump pump. Pour a bucket of water into the pit and, if the pump does not quickly drain the water, have it serviced.  After you have done this, clean the grate on the bottom of the pump and remove any debris in the vent hole. Finally, ensure that the outlet pipes are tight joined together and draining out at least 20 feet from your foundation.

By doing just a little extra maintenance and inspection on your sump pump, you can insure that your basement will stay dry during the most severe rainstorms. 

7 Reasons You Should Be Buying or Selling in Today’s Real Estate Market

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After what may seem the longest ever housing slump, we are finally seeing some great conditions after five, seven years that are leading to even greater results for countless Americans. There are many reasons for this increase in activity and today I wanted to share them with you. If you have been on the fence about buying or selling or if you know someone that has been contemplating entering the real estate market, consider the seven must-know factors below. In short, if you know someone that wants to buy or sell, now is the time.

Low, Low Cost of Borrowing

Never before in the history of our real estate industry have interest rates been as low as they are today. There’s no sign at least for now of them going up and what these low rates translate to – especially when combined with other factors mentioned below, is an unprecedented opportunity for buyers and sellers.

There’s Plenty of Money for the Taking

In the past several years, banks have been wary of lending and this was particularly during a time when the housing finance industry was dealing with several scandals and subsequent settlements. But now, banks are finally able and willing to lend again, allowing deserving homebuyers the chance to finance their homes.

Low Home Prices Make Buying Better

In a traditionally stronger renters’ market, we are finally looking at buying being more affordable. This works really well in the favor of sellers that have previously been unable to sell in the wake of our recession.

Fewer Homes, More Demand

Inventory is systematically dwindling downward, causing a stronger demand for homes across our marketplace. Not only is this due to increased sales but also the number of REO and bank-owned properties is going down.

Plenty of Buying Power Floating Around

There are a large number of first-time homebuyers on the prowl at this time. With prices edging down, interest rates already at their record setting lows and inventory declining – buyers have a lot of buying power and they are out there to exercise it.

Comparable Sales Are Working Favorably

After many, many months of not-so-favorable comparable sales and appraisals, we are finally seeing numbers that work in sellers’ favor. Homes are being appraised at higher values and other sales indicate higher sales prices – leading to a good result for sellers getting top dollar for their properties.

Economy Boost With Presidential Election

Historically an election year has usually posed a good environment in terms of our national economy. Better economic times, no matter how temporary they may seem, always point to increased activity in the housing market. This works in the favor of buyers and sellers; buyers will see more quality homes on the market and will have the money to spend to purchase those homes while sellers will enjoy increased buyers vying for their property.

Ten Questions Every Homeowner Should Ask an Agent

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As you embark upon what will be one of the most important transactions of your life – whether buying or selling a home – you should be absolutely certain that you are happy with the real estate agent you have hired to help you manage it. 

To help you with this all-important hiring process, here are ten important questions to ask an agent before you decide on whether or not to hire them:

Question #1

How Close Do You Get in Sale Price Related to Asking Price?

It is important to ask for this information as it relates to the past 60 days.  Given that many agents are not that active in the market, you would be best served to obtain the most recent information possible.  As a seller, your agent’s ability to come close to the asking price is a strong attribute and can mean a difference of thousands of dollars in your transaction.

Question #2

How Many Days on Average Does It Take You To Sell a Home?

What’s the average number of days on the market for properties listed by your prospective agent? Since this statistic can reach as high as six to nine months and in some cases and as much as a year, it is important to ask how your prospective agent ranks on the scale.

Question #3

What is the Rate of Homes Sold on a Monthly Basis?

Knowing the absorption rate of homes similar to yours that are on the market allows valuable insight as to how the market is performing for your particular needs.  Not only does it give sellers a glimpse into the system and how it would translate to their own sale but it also presents a broader view of the entire market in general.

Question #4

What Do You Do Differently To Get Homes Sold?

Especially with the current trying economic times, many agents have been faced with adversities trying to sell the homes on their list.  One of the best ways to learn whether your agent is a self-starter is to find out what they have done in the past when they were unable to successfully sell homes.  Ask why the agent feels the home(s) did not sell and then find out what they are doing differently to get them sold.

Question #5

What Percentage of Deals Do You Represent the Buyer Versus Seller? 

Some agents work primarily with sellers while others work mostly with buyers and still others are experienced with dual-agency deals.  Depending on your needs, you will benefit from an agent that specializes in one of the two.  It is important to ask which side of the fence your prospective agent tends to represent. 

Questions #6

How Many Homes Did You Sell Last Year?

Nothing speaks louder than numbers.  A very important statistic, ask what the total number of homes sold last year was and if possible try to get a more long-term picture of the agent’s performance in this regard. You can also ask for a month-to-month breakdown to see if there are certain stronger months.

Questions #7

Can You Provide a List of the Ten Most Current Clients You Have Worked With?

Rather than rely on the given list of referrals that many agents have handpicked, it’s a good idea to obtain a list of clients that are currently working with this Realtor.  It will provide a much-needed glimpse into the agent’s performance on various stages of real estate transactions.

Question #8

How Much of Your Work Day Do You Dedicate to the Real Estate Industry?

You want an agent that is 100% committed to their  job and if they are focusing more on a day job with real estate being a secondary thing, you run the risk of inaccessibility, lack of knowledge and experience plus lackluster motivation.  Find out how they feel about the real estate industry and whether they are passionate about their work.

Question #9

What is Your Style of Marketing – Proactive or Reactive?

What is your potential agent’s style of working?  Does he or she speak to a large number of people each day? Are they proactive or reactive in nature when it comes to marketing? See how this lines up with your real estate needs.  Are you in a hurry to buy or sell?  Does a laid back agent hinder your efforts? Or does slow and steady work better for you?

Question #10

What Does Your Daily Schedule Look Like?

The typical schedule of a real estate professional can be very telling.  By asking for a copy or general idea of how they conduct their day in terms of their work, you can get a good idea of how much time is devoted to the profession and what kind of business they are running.