Why you should use an IDX Broker in 2012:
According to the National Association of Realtors, 95% of all Buyers start their search for property on the Internet. In fact, buyers cite the internet as one of the most important tools they use in their property search. The National Association of Realtors “Internet Data Exchange” (IDX) policy enables MLS Brokers to display your listing on other IDX public websites. IDX, also called “broker reciprocity,” is in many ways simply the logical extension of the MLS, but it’s greater than just that. Example: if you list your property with a non-participating IDX Broker, Buyers who are looking at local real estate websites can only find your listing on your non-participating IDX Broker’s respective website. If you list with an IDX Broker, Buyers can find your listing on 50+ other local real estate company websites and 100’s of more websites nationally and internationally! Bottom line: an IDX Broker introduces your property to many more buyers and increases your chances of receiving offers.
Simply put, IDX is a big win for brokers because it’s such big win for consumers. The Internet is, hands down the greatest marketing tool in the history of real estate, and IDX is a huge enhancement to it. So, ask your Broker if (s)he is a participating Broker. Check out our website to find all available listings in the valley: www.jacksonholeresortproperties.com
How to pick a Realtor®:
First of all, not all real estate agents are a Realtor®. Realtors are part of the self regulated National Association of Realtors (NAR), who are held to a higher standard of practice. Secondly, not all Realtors are full-time. Some work part-time, some are semi-retired, for some it is a hobby and a select few make it their vocation. Lastly, pick a Realtor who really knows the market inside and out, as this could be the biggest financial transaction of your life.
Next, there are many tools in the real estate business such as doing a comparative market analysis (CMA) to make sure you are not over or under pricing your property when you list it for sale. Once your property is listed, your agent should put up a real estate sign and brochure box (for the point-of-sale contact), make a full color brochure, advertise it weekly in the local papers, post it on the world-wide web, have it in a locally distributed real estate magazine, hold an open house for other Realtors and most importantly they need to be members of the local Multiple Listing Service (MLS).
If you really want to get your commission dollars worth out of your Realtor, interview them and find out if they plan to or are able to do all the above. If they cannot or are not willing to, find someone who can. You will not only get your monies worth but you will find the experience much more pleasant and accomplish the goal of selling your property quickly.
Jackson Hole Real Estate Associates LLC
David E. Viehman & Devon Viehman-Wheeldon
Editor, The Hole Report
Get An Appraisal when Purchasing Property:
With the fast pace of real estate sales, being experienced in Jackson Hole today, it would be wise to make your offer contingent upon an appraisal, even if you plan to pay cash. No one wants to pay more than a property will appraise for and with an appraisal contingency you might be able to re-negotiate the purchase price if the appraisal comes in below the agreed upon sale price.
Jackson Hole Real Estate Associates LLC
David E. Viehman & Devon Viehman-Wheeldon
Editor, The Hole Report
www.jacksonholerealestateservices.com
The site also offers links to real estate service providers such as: Accountants, Affordable Housing, Architects, Appliances, Appraisers, Attorneys, Craftsmen, Contractors (cabinets, concrete, electrical, excavation, fencing, flooring, general, heating, landscaping, lighting, masonry, painting, plumbing, snow blowing, tile etc), Economics, Environmental and Home Inspectors, Home Building Supplies, Housekeeping/Maid Service, Insurance, Interior Design, Landscaping, Mortgage Brokers, Pest & Weed Control, Rental Properties & Management, Real Estate Conservation Groups, Real Estate Sales, Remodel & Repairs, Security Systems, Utilities Companies, Well – Septic, Water Softeners and much more. We even have the up-to-date local weather!
So whether you live in Jackson Hole, New York, Houston or Tokyo all you need to remember is jacksonholerealestateservices.com.
Jackson Hole Real Estate Associates LLC
David E. Viehman & Devon Viehman-Wheeldon
Editor, The Hole Report
1031 Tax Exchanges
Any real estate investor wishing to sell their property and reinvest the money in other property or to “trade up” to a better property, should consider a 1031 (like-kind, Starker, etc.) tax-deferred exchange. Otherwise they might find themselves faced with a whopping tax bill the next year, and the needed money to pay taxes locked up in the investment in the new property. This can happen despite your best intentions and split second timing of the closing, unless you strictly follow the requirements of the IRS rules and use a “qualified” exchange intermediary to take advantage of this tax shelter technique.
The idea is to keep all your money working for you in ever bigger, or at least better, investments in real estate. The ultimate goal is to keep trading up until congress reduces the capital gains tax or, better yet, until you die owning the property and avoid the capital gains taxes altogether.
Frank Hess
Attorney at Law
Phone: 307-733-7881
Fax: 307-733-7882
Email: hesslaw@blissnet.com
Home Inspections
In any residential real estate transaction buyers frequently request an inspection. For the unsuspecting seller an inspection can sometimes jeopardize a potential sale. Every home, condo or commercial building has a few quirks, but knowing of problems in advance that might cause a buyer alarm can be to a sellerõs advantage, especially if they take the time to address the repairs. Before listing your property, have your home, condo or commercial building inspected to avoid unwanted surprises later on. Of course as a buyer, you should always take advantage of inspecting a property you intend to purchase. A qualified inspector will examine a property thoroughly, looking carefully at the workings of a structure most people take for granted, or just overlook.
Property Profiles
Whenever real property goes under contract a Commitment for Title Insurance is ordered. This commitment gives the legal description, title vesting of the record title holders, any liens, easements or encumbrances affecting title to the property. Occasionally, this commitment discloses unknown encumbrances or defects that could delay or even prevent the closing. Such defects or problems could include:
* Breaks in the “chain” of title which show ownership passing from one person or entity to the next
*Incorrect or incomplete legal descriptions in deeds *Deeds, wills or trusts that contain improper vesting or incorrect names
*Defective notary acknowledgements
*Easement rights held by third parties
*Lack of easements for ingress and egress. In order to avoid a last minute scramble to cure such defects, ask your realtor to order a Property Profile or Listing Report which will reveal any problems well in advance of closing and help educate potential purchasers.
Joaquin K. Hanson President,
Jackson Hole Title and Escrow Company
307-733-3153
Copyright 1995 – 2012 by David E. Viehman, dba Jackson Hole Real Estate Associates LLC. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without explicit written permission from David or Devon Viehman.
*All statistics are supplied by sources that have been deemed reliable but are not guaranteed.
*All statistics quoted in this newsletter are based on sales in 2010 compared to 2011.
*This report is published and updated twice a year. Because of our fast moving market most of the statistics in this report are obsolete within two weeks. Therefore, you should not rely on this report to determine the value of a property, instead call me for a free market analysis.
