inside costco
WITH COSTCO’S LendingTree program, Costco members work with a certified, local real estate agent and receive a generous cash incentive after buying and/ or selling their home.
Costco members who finance their home purchase through the Costco and Lending Tree Mortgage & Refinancing program receive exclusive interest rate offers.
PHOTODISC
Limited-time Wallet offers See below for additional savings offered on mortgage, refinancing and real estate through Costco’s Wallet coupons (submit January 2 through March 30, 2008 and use reservation code 304-14 to be eligible).
A smart look at real estate
Buyer’s market? Seller’s
market? Practical tips to
guide your realty plans
ing. For example, a Costco member using the program would receive a $2,250 rebate after purchasing a $300,000 home.
■ Mortgage & Refinancing program Executive Members receive a $450 Costco Cash card (normally $300) from Lending Tree after closing. Gold Star and Business members receive a $350 Costco Cash card (normally $200) from Lending Tree after closing.
By T. Foster Jones
THE WORLD OF REAL ESTATE is often a lot like the stock market. Buying and selling at optimal times so as to make the most money, or get the most for your money, requires research, foresight and, sometimes, just plain luck.
Currently, luck is with those looking to buy, as the real estate market enters a cooling phase. What does that mean for you?
✓“Buyers have a significant advantage in a strong buyer’s market because sellers are more willing to negotiate,” says Bernie Deckys, a manager of Costco Real Estate Services. “There are many more homes for sale, they are taking longer to sell and sellers are reducing prices and more frequently paying a portion of closing costs.”
✓However, just because there may not be as much competition, don’t think you can lowball a seller. It won’t work, say the experts. “Offending a seller will most likely cause them to not want to negotiate,” says Bernie. At the same time, he says, don’t be afraid to ask for a few extras: “In a buyer’s market, you don’t have to accept worn hardwoods, cracked tile or an old roof.”
✓Listing agents may be willing to work for less than the traditional 3 percent, depending on the local market. Ask. As a home buyer with Costco’s Lending Tree program, for instance, you’re already ahead of the game, as Lending Tree rebates a portion of the purchase or sale price back to you after clos-
■ Real Estate program Executive Members receive a $250 Costco Cash card (normally $100) from Lending Tree after closing. Gold Star and Business members receive a $150 Costco Cash card (normally $50) from Lending Tree after closing.
The world hasn’t come to an end. Really. As a seller you just need to follow a few basic rules.
✓Boost your home’s curb appeal. Surveys indicate that a clean house with cosmetic upgrades such as fresh paint and flowers can help form a much more positive first impression. “Eighty-four percent of home buyers use the Internet to search for homes,” says Bernie. “One-third of home buyers use the Internet first, before any other source.” That means that people are making decisions whether to even drive by your home based on how it looks in video, virtual tours and photographs.
✓If your budget allows, invest in bigger improvements. The National Association of Realtors found in 2007 that 59 percent of home buyers remodeled or made improvements to their homes within three months of purchase. Forty-seven percent made improvements to the kitchen, another 45 percent remodeled or improved a bathroom and 43 percent remodeled a bedroom.
In other words, these are the key rooms when you’re preparing to sell. Focus on fixing up those “make or break” rooms.
Costco members who sell their home through the Lending Tree program can also receive a rebate.
For more information, visit costco.com and enter “real estate agent” in the Search box. Or, to talk to a Lending Tree expert, call 1-800-237-3806.
Finally, whether you’re a buyer or a seller, don’t assume that because the national real estate picture has gone cold, it’s that way where you live. Many markets are doing just fine. Check www.ofheo.gov, the Web site of the Office of Federal Housing Enterprise Oversight, for quarterly reports on house price appreciation trends in 275 markets. C
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