A great Listing pre-qualification script pulls out critical facts so you can be best prepared to not just take the listing, but to price it right in the first place! Not prequalifying is unprofessional and can waste your time and the sellers. Always prequalify, 100% of the time! Price it to sell, not to sit.
The best price reduction conversation is the one you never have to have. All pricing scripts are best used at the listing table!
Don’t lose the listing of a motivated, have-to-sell sellerover price. If they have sell, you have to take the listing! Someone is going to make a commission. Shouldn’t it be you?
Don’t go to your next listing appointment unless you know the following items:
What the seller wants, needs or thinks it’s worth
Pricing the home correctly in the first place prevents future price reduction drama. It’s not unusual for a homeowner to believe that their home should fetch a price higher than the comps. You should always find out how they arrived at ‘their’ price. Learn that information before you arrive at the appointment so you can better strategize, explain the pricing strategy and consider how to ultimately price the home.
Try saying the following when the seller requests a list price that is too high: “That’s interesting, ‘seller.’ How did you arrive at that price?” Listen to their answer, carefully!
Secret #1
Sellers overprice out of either ignorance or arrogance. Even in a hot seller’s market, there is aspirational pricing. You can price too high. Ignorance is when they just don’t know how to price a home. Square feet matters, bedrooms, baths, views and condition are all taken into account. Arrogance is when they won’t listen to comps and have reasons other than real value to try to justify their price.
Secret #2
Sometimes, especially in a low-inventory market, your potential seller client may know about comparable sales you didn’t capture. Private sales, for sale by owner and other sales not found in your MLS could be really good comparable homes, so ask good questions and don’t just assume your seller is overpriced.
The average days on the market
You should know this stat for properties like your subject property. This information helps set both your expectations and the homeowner’s expectations. Not just for your town or even zip code, but for their neighborhood, school district and MLS code. Drill down as best you can to understand the days on the market for homes as similar to theirs as possible. Sometimes even the style of the home can make a difference.
The list to sell price ratio
This data helps you combat the ‘price it high, let them negotiate’ objection. It can also help you know if you can price it right on the mark and expect to get slightly more. Are homes selling on average for 105% of the list price? Or, are sellers in the subject neighborhood typically settling at about 95% of the list price?
Know the number of homes competing with your subject property
What are you up against? How would it compare in the eyes of the buyer? If you’re showing your new listing versus its competition, do you look priced right, overpriced or priced so well you’d be dying to write an offer and snap it up?
Secret: If you’re the only home on the market in the entire zip code or MLS code, you can price it higher than you could if there were seven other competing homes, all within the same neighborhood. Especially if the competing homes are basically the same size and age. In that case, you need to be staged better and priced better than your competition or you’ll be the one who’s stuck doing price reduction calls in about 60 days.
Secret: The next time you have to do continuing education, take an Appraisal class. This will help you become more confident in your pricing strategy. It will show you multiple ways of arriving at the correct price. Don’t just use ‘cost per square foot’ to arrive at the right price!
New construction in the area that competes with your potential listing
Remember when builders provide in-house financing, they often can sell a more expensive home for the same payment as your resale. If there are new homes going up, be certain to tour them and understand the builder’s perks and financing before you go to your listing appointment.
Secret: A resale home for $350,000 may be competing with new construction as high as $500,000 if the builder has buy-downs and in-house financing with incentives that reduce the mortgage interest rate. Know what’s going on with the new construction! Have the new build salespeople explain their different mortgage plans to you. Ask lots of questions like, ‘what happens when they have build clients who need to sell their old house?’
What is the seller’s time frame
Ideally, when does the home need to sell and close by?
Secret: If they don’t actually have a time frame, you may have a problem! The less motivated they are, the higher they may wish to price the home. That is a recipe for a tough relationship.
What is motivating the sale?
When you know why they want to or have to move, you can use this to stay on task during the appointment, referring to their needs and making it more about them than about you. This can also greatly affect your pricing strategy. If they are closing on a new home in 60 days, your strategy will be different than if they want to sell first, rent for a while and then decide what to do later. If you don’t find out, you’ll be left guessing, and guessing is not a good strategy.
Secret: You can actually win a competitive listing situation by simply asking and then focusing on exactly what the seller really needs. Be the one who is their problem solver, not the agent who assumes they know everything. Sellers appreciate the attention to detail and focus on their needs.
Are they listing and buying or just listing?
Is there a referral needed for where they’re moving to? Are they already in contract on something? Is there more than one transaction for you to help them with?
What happens if it doesn’t sell?
Or, if they don’t get their ideal price? Is keeping the house an option? If they’re thinking about perhaps turning it into a rental property, you should do your research about going rates for a home like this one. Can they break even or make money on the potential lease payment, or would they be losing every month? You can see how it would affect your strategy and pricing.
How did they happen to call you?
Track your sources of business. Tracking where your listing appointments are come from will tell you what’s working. Do more of what’s working and fewer things that are speculative and costly.
What’s the bottom Line?
Don’t go to any listing appointment without having the answers to the ten points we discussed here. Knowledge equals confidence. Ignorance equals fear. You’ll present more confidently and walk away with not only the listing but also the seller’s trust. Start out the relationship right if you expect to have a great relationship, including repeat and referral business!
Tim and Julie Harris host a podcast for real estate professionals. Tim and Julie have been real estate coaches for more than two decades, coaching the top agents in the country through different types of markets.
This article originally appeared on The Financially Independent Millennial and was republished with permission.
If investing is of interest to you, then you’ve probably heard about stocks vs. options. How can you make the best choice when deciding which investment strategy to use?
After all, investing comes with risk attached – learning how to navigate that risk and make sound investment decisions is the key to building a good investment portfolio.
Knowing as much as you can about options and stocks will mean you can make better investment choices. In this comprehensive guide, I’ll explain the differences between stocks vs. options in detail. Armed with this knowledge, you should be better prepared to achieve your financial targets.
What Are Stocks?
A stock means you own part of a company that has sold shares on an exchange. These shares that you can buy are known as stocks. When you buy shares, you’re then a shareholder of that company.
Every company has a certain number of shares available on the stock market. Those stocks can be bought and sold on the stock exchange. Each company decides how many shares can get bought and can raise or lower how many shares are available on the exchange at any time.
The stock market can rapidly change from one moment to the next based on many factors. Anyone trading in stocks must remain aware of how their stock is performing to minimize the risk of a loss.
Benefits of Stocks
The first benefit of investing in blue chip stocks (unlike options) is that most investors will build wealth, as stocks nearly always rise over a long period. Individual stock prices fluctuate daily, but investing in companies with a proven track record of growth and investments means in the long-term, your wealth will grow.
Investing in stocks is extremely easy these days, thanks to modern technology. You can get started with just a mobile phone and an internet connection with many apps doing a lot of the hard work for you. This ease of access makes stock trading appealing for many beginner investors.
It also means you can often start trading using small amounts. Learning to trade for a few dollars a month is a great way to build confidence and understand how it all works. Once you’re established, then you can gradually invest more!
Stocks are good assets to have as they are considered liquid. Liquid means they can be converted to cash quickly, unlike other assets such as real estate. And, this may good if a situation arose that required you to get cash fast.
Drawbacks of Stocks
Investing in stocks comes with risk attached. The biggest one is that the price could drop dramatically, and you lose all your investment. Stocks can vary wildly from one day to another. Therefore, experts recommend stocks as a long-term investment strategy, and you should plan to keep the money invested for at least five years.
Another way to avoid losing all your investment is by diversifying your portfolio. Don’t put all your money into one stock. Invest in a variety of stocks to spread the risk.
Other drawbacks of trading in stocks include fees, capital gains taxes, and commissions. Commissions and fees vary. Some brokers don’t charge any at all. Make sure to shop around before opening a brokerage account to find the best deals for you.
While investors can’t avoid taxes, the rate you pay does vary depending on several factors. How much profit you’ve made, your income, and how long you’ve held the stock affects Rates. Generally, any investments held for less than a year attract a higher rate—another good reason to own stocks long-term.
What Are Options?
An option is when you purchase the right to buy or sell an asset (typically a stock) for an agreed price and at an agreed time. The seller has no choice but to allow you to exercise the option. The buyer pays for the right (but not the obligation) to have the option to buy or sell an underlying security for an agreed price on or before an agreed date.
There are two types of options – call options, and put options.
Call Options
Call options are the most common. Investors who buy call options expect the stock price to end up above the strike price before the expiration. Profit gets made when investors can either sell the stocks on the open market for a higher amount than they paid or sell the option they originally bought for a profit.
Call Option Example
An investor may buy a call option on AAPL with a $120 strike price that expires 9/17/2021. The investor pays $6 for the call option (Options get sold in lots of 100, so the total is $600). If at expiration (9/17/2021) AAPL is trading at $130, the investor can either:
1 – Exercise the option by buying 100 shares of AAPL for $120 each and then sell them to the open market for $130 each making a net profit of $400 ($10/share gross profit – $6 premium * 100).
2 – Sell “to close” the call option before expiration for a profit.
Put Options
Investors buy put options as a way to insure against a downturn. For example, investors can sell an asset at a specific price within an agreed time (expiration). These options work the opposite way to a call option. Investors buy put options hoping the stock price will drop. Profit gets made when investors sell the underlying security at a higher price than it’s worth.
Related read: How to Sell Covered Calls for Monthly Income
Put Option Example
You buy put option on AAPL with a strike price of $100, expiring 9/17/2021. The cost of this put option is $20 ($0.20 * 100 shares). On expiration, if AAPL is trading at $95:
You can exercise the option and sell AAPL to the Put option seller for $100 each. Doing so will earn you $5 minus the original $0.20 premium, times 100 (net total $480).
Or
You can sell the put option at a higher price than you originally paid for it.
Benefits of Options
Investing in options usually costs less upfront than stock trading. And, this can be appealing if you’re starting to invest and don’t have much capital. You could get more for your money trading in options.
Trading in options can be more flexible than stocks. That’s because you’ve got several moves you can make when deciding how to play out your investment strategy.
You can exercise the option and buy the shares to add to your investment portfolio. Another option is to exercise the option and either buy or sell the shares at a profit. There are also various points through the process where you could sell the options contract to another investor.
One of the critical benefits of options is that the underlying stocks strike price is fixed. For the agreed period, the stock price agreed is the price you can buy or sell the stocks for up to the expiration date.
Drawbacks of Options
Options trading can be much more time-consuming than investing in stocks. You might want to exercise the option before expiration, which means keeping a close eye on the stock price. To help with this, you can set up alerts with most online brokers.
Some options strategies carry more risk than others. Some strategies are so risky that only experienced traders should attempt them. You must understand what you’re doing before making the trade. Make sure to do your research and don’t trade in anything you don’t fully understand.
Commissions, fees, and capital gains taxes can also be higher than the cost of trading in stocks. Keep in mind that the more you trade, the more your costs are going to be. Taxes are also higher on investments held less than a year, in some countries.
Stocks vs. Options: Making a Decision
When thinking about stocks vs. options, it’s entirely your choice as to which you prefer. Everyone has their investing style and appetite for risk that will drive their decision.
For beginner investors, or anyone preferring straightforward investing, stocks are usually the best choice. Options may become more appealing as you become a more experienced investor or if you prefer an investment that requires more active participation.
Don’t forget that you don’t have to stick with one or the other. There is no reason you can’t invest in both stocks and options should you want to. Just make sure you have a thorough understanding of any investment before going ahead with it.
Stocks vs. Options: Further Considerations
When considering stocks vs. options, keep in mind that they are intricately linked. You can hold both stocks and options for the same company. Plus, option prices get calculated based on the difference of the strike price and the current stock price, the implied volatility (IV), and the amount of time before expiration.
When planning your investment strategy, there are some questions you should ask yourself to determine how to proceed. What is your appetite for risk? Do you want to make long-term or short-term investments? Do you want to make a mix of investments? Where will you get the best return for the money you have available to invest?
Think about your answers to these questions. Don’t forget to keep in mind your financial goals and your current situation when making your decisions.
Ultimately, only you can decide which investment opportunities are best for you.
Importance of a Balanced Portfolio
Having a diverse and balanced portfolio is essential for achieving your financial goals and, ultimately, growing your wealth.
The best strategy balances the need for long-term returns while absorbing any economic shocks. For example, if all your money is in bank stocks and there’s a financial crisis, you could lose all your money. However, having a balanced portfolio means that although the asset values diminished, your other investments can help balance that loss until the market recovers.
Conclusion
Now that you understand the difference between stocks vs. options, you can make better financial decisions. Making the right choices now makes it much easier to reach your financial goals in the future!
A ban on residential building permits in parts of the Phoenix area is angering builders and agents, who feel it may curb the supply of affordable housing.
“Our main concern on the implication of the model that was released is housing affordability,” Spencer Kamps, the vice president of legislative affairs at the Home Builders Association of Central Arizona (HBACA), which serves homebuilders in Maricopa County, said. “Effectively, what we have created is growth boundaries.”
In early June, the Arizona Department of Water Resources (ADWR) announced that it was denying any new certificates of Assured Water Supply (AWS) in the Phoenix Active Management Area (AMA), which encompasses all of Maricopa County and parts of Pinal County, for a total of 5,646 square miles and home to 4.6 million residents. In certain parts of the Phoenix AMA that do not have a designated water provider, builders and developers need a certificate of AWS to obtain a building permit.
Arizona sees the ban as a precautionary measure to curb the effects of climate change, as it will limit the number of new residential properties built in the area.
Maricopa County, which encompasses the cities of Phoenix and Scottsdale, uses 2.2 billion gallons of water per day and receives less than 11 inches of rain per year. More than half of the county’s water supply comes from groundwater. Much of the rest of the county’s water supply comes from the Colorado River, which is in the midst of a decade-long drought. More than 30% of the water used in Maricopa County each day — roughly 640 million gallons — is used for domestic purposes.
Rapid population growth is adding pressure on groundwater resources in the state. No metropolitan area in the country welcomed more new residents than Phoenix last year, at 76,000.
The moratorium on residential permits was made after an analysis conducted in the first half of the year by the ADWR showed that over the next 100 years, 4%, or 4.86 million acre-feet of water of Phoenix AMA’s groundwater demand, would not be met.
“By proactively addressing opportunities for enhancing groundwater availability, we are demonstrating our dedication to long-term sustainability and securing Arizona’s water future,” Chris Camacho, president and CEO of the Greater Phoenix Economic Council, said in a statement.
Arizona has long taken protective actions in the interest of water conservation. The state’s AMAs were put in place in 1980 via the Arizona Groundwater Management Act. The primary goal of the legislation and the AMAs was to ensure homeowners’ water needs were being met, by forcing builders and developers to obtain permission from the state before drilling for water.
Greg Vogel, the founder and CEO of Land Advisors, a Scottsdale-based land brokerage, had some stronger words about the analysis and the building ordinance.
“The original purpose of the Groundwater Management Act was really consumer protection,” Vogel said. “It needs updating and the analysis they did, I think is woefully inaccurate related to its accounting of the supply of groundwater. The analysis showed the entire region was 4% short over 100 years — no other state has anything like this ridiculous requirement.”
Questioning the rationale for the building restrictions, the HBACA said that Arizona was the only state that requires homebuilders to ensure a 100-year water supply in order to build.
Other states in the arid southwest impacted by drought, such as New Mexico, California and Colorado, have water supply requirements of 40 years, 25 years and 20 years, respectively.
The HBACA claims that the homebuilding industry is the only industry in the state required to meet 100 years of demand for ground water use.
Due to the restrictions these regulations have created, Kamps said the HBACA is concerned about the area’s housing supply and housing affordability moving forward.
Under the new regulations, construction of new residential buildings can continue in areas that have a designated water provider since homebuilders and developers do not need an AWS certificate to obtain a building permit. The areas that are most impacted by this building ordinance are the town of Queen Creek, the city of Buckeye and other unincorporated areas of Maricopa County, Kamps said.
However, there is somewhat of a silver lining. There are 80,000 undeveloped lots that have certificates of AWS that the state has said can be developed as planned, which would help mitigate some of the county’s housing supply issues.
“We still have the potential for growth into those 80,000 units,” Kamps said.
“Within those designated providers there are limited opportunities to grow homes and therefore we think, potentially, over the long run the impact on affordability could be significant.”
Kamps added that he anticipates the prices of the 80,000 lots that already have AWS will also increase if developers chose to sell them, since there currently is a finite supply.
Phoenix, said Vogel, was already dealing with low housing inventory and increasing affordability issues.
On August 4, 2023, 5,259 single family homes were for sale in Maricopa County, down from 11,890 homes on August 9, 2019, according to data from Altos Research. During the same period, the median list price for a home in Maricopa County rose from $399,000 to $640,000, and the current Market Action Index score for the county is 51 — Altos considers anything above 30 to be a seller’s market.
“We have a deep shortage of housing,” Vogel said. “The AMA studies they’ve issues and the restrictions they have put in place do not help, but you can build commercial property and multifamily rental properties so long as it is not a subdivision in undesignated areas, for the moment, but there are bills being proposed to short-circuit that.”
While the building ordinance will certainly impact housing inventory, Elise Fay, a local eXp Realty agent, feels that, at least in the short term it won’t have a major impact on home prices.
“The homes they are looking to build in the restricted areas are on the outskirts of the city, so I just don’t see it having a big impact on housing prices,” Fay said. “The homes out there do tend to be more affordable though, so that is probably going to hurt some first time home buyers.”
Despite rising home costs and dwindling inventory, some local real estate agents who spoke with HousingWire said they weren’t overly concerned about the building ordinance.
“No one is really talking about it,” Robert Shaw, the Arizona regional vice president of Hunt Real Estate ERA, said. “Since this is about building permits it will be years before it impacts the resale home market, which is the majority of homes agents deal with, so it hasn’t really been a big topic of discussion.”
Fay, a native New Yorker, to whom water shortages were a foreign concept before moving west, said she felt the building ordinance was a sign of the state’s commitment to the stewardship of water resources over the long term.
“Arizona has been innovative in their water management and [when] you realize that they have a 100-year water supply requirement for groundwater, you feel better,” she said.
Although the issuance of new building permits may be on hold for now and the excessive heat and drought situation in Phoenix, which has seen over a month straight of at least 110-degree weather, does not appear to be improving, the HBACA remains optimistic about the future of residential building in the metro area.
“When the governor announced it, she called it a pause and we were pleased to hear that because that told us that it wasn’t a permanent policy of the state,” Kamps said. He also noted that the governor has created a water council that is currently working on recommendations on how to fix the groundwater issues, which it will present to the governor in early 2024.”
Want to learn how to sell DVDs online and near you? Here’s how you can make extra money selling used DVDs.
Do you have a stack of DVDs taking up space in your home? If so, you can sell DVDs online as a way to declutter and put some extra cash in your pocket.
While you may no longer need or want the DVD, there are people still buying DVDs out there.
This guide on how to sell used DVDs includes tips on:
The best places to sell DVDs online
How to get started selling DVDs online
How to make the most money selling DVDs
How much you can earn selling used DVDs online
Here’s a step-by-step guide to help you get started and teach you how to sell used DVDs online.
Related content on ways to make extra money from home:
Best places to sell DVDs online
There are many online platforms and vendors where you can sell DVDs. Before choosing a platform, make sure to find out what fees and payment methods (for example, some may only pay via trade-in credit, whereas others may pay cash) each website provides, as well as what the customer reviews say.
Here are the most popular options for selling DVDs online.
1. eBay
eBay is one of the largest online marketplaces and lets you list both new and used DVDs. You can set your own prices and choose between auction-style listings or fixed-price listings. eBay is user-friendly and the site is easy to navigate and create listings.
My sister has sold on eBay plenty of times, and it is easy.
It’s important to accumulate positive feedback as you complete transactions because it will improve your ratings, which increases your visibility on the website.
2. Amazon
Selling new DVDs on Amazon can be a great way to get started.
Amazon has a massive reach and customer trust. Everyone knows what Amazon is!
Sellers can list DVDs as individual items or in bulk. You can choose between an individual seller account or a professional seller account.
For individual sellers, this account is best for people who are not selling regularly. You pay per-item fees for every sale. A professional seller account is different. You pay a monthly subscription fee to have this account and it’s designed for people who are selling regularly on Amazon. With this account, you can list an unlimited number of products.
With Amazon, you can choose between Fulfillment by Amazon (FBA) or Fulfillment by Merchant (FBM). Fulfillment by Amazon (FBA) means Amazon will store, pack, and ship your products to customers. Fulfillment by Merchant (FBM) means you have to handle the fulfillment process yourself and ship products to customers.
There is also the Amazon Trade-In program that you may want to try too.
3. Decluttr
Decluttr is a platform that buys and sells items, including new and used DVDs. The website and mobile app are incredibly easy to use.
All you have to do is scan the barcode of your DVDs and you’ll get instant price quotes. Decluttr stands out from the other platforms on this list because the app provides a quick valuation process. This makes it quick and easy to get an idea of how much you can earn for your DVDs.
Decluttr even provides you with a free shipping label, so all you have to do is pack the items in a box and ship them to Delcuttr. Decluttr covers shipping costs making the process easy for sellers.
Keep in mind that you are likely to receive lower profits since Decluttr is doing a lot of the work for you. You will likely earn more money if you decide to sell directly to consumers on a different platform. But, you’ll also have to do more work on other platforms.
4. Bonavendi
Bonavendi is a website that lets you compare different platforms for your used items like DVDs. Bonavendi works as a price comparison tool so you can see which site will pay you the most for your item.
To find out how much you can receive for a DVD, all you do is enter the barcode of the item you’re selling. A list pops up with each platform and how much each site offers for the DVD.
This saves you a ton of time and helps you make more profit since you’ll know which platform is best for selling your DVDs.
5. Facebook Marketplace
Facebook Marketplace is an easy way to list DVDs to sell to local buyers in your town or neighborhood. If you already have a Facebook profile (which most people do), you can start creating listings immediately on Facebook Marketplace and in local buy and sell groups. Simply provide accurate information on your listing and maintain good communication on the platform.
Make sure to choose a public and safe location for the exchange, like a police station parking lot. You may even consider bringing a friend along or letting someone know where you are meeting this person. This is important when using Facebook Marketplace because you are personally meeting up with a stranger from the internet and exchanging money.
Facebook Marketplace is a great option for people who do not want to deal with the hassle of shipping and want to sell an item as quickly as possible.
6. Etsy
If you have collectible DVDs, Etsy is a great place for selling your items to a niche audience. Etsy is known for selling items that are handmade, vintage, or unique. Keep this in mind when you consider selling DVDs on this platform. You probably can’t just sell a DVD without it being unique in some way (although, I did check Etsy and I did see just normal DVDs listed on the site).
DVDs that are a good fit for Etsy should have a unique or collectible aspect. This could be a DVD with special packaging, limited editions, or signed copies by a director or actor.
7. Craigslist
Craigslist is similar to Facebook Marketplace as it allows you to sell to local buyers. It’s quick and easy to list DVDs on Craigslist. It’s also important to have good communication and be responsive to emails about your items. People generally like to hear back quickly (the same day if possible).
Once you’ve connected with a buyer, determine where you will meet and what time. Make sure to choose a safe location like a police station or public space. You may even want to bring a friend or let someone know where you are meeting the person.
One idea for Craigslist is to simply list all of your DVDs in a single listing, which can make it easier instead of making separate listings for each DVD that you have.
8. SellDVDsOnline.com
Sell DVDs Online is a platform that allows you to sell DVDs directly to SellDVDsOnline.com. The process is easy.
To get started, all you have to do is enter the DVD’s UPC code, which is usually on the back of the DVD by the barcode. You’ll receive an instant price quote. Sell DVDs Online offers free shipping and you never come in contact with customers.
9. EagleSaver
Eagle Saver is a website that lets you sell books, CDs, DVDs, and games for cash. Eagle Saver has a free app so that you can scan your DVDs and value your items faster.
Benefits of selling DVDs on EagleSaver.com include getting paid quickly, risk-free quote guarantee, no fees, and free shipping. With EagleSaver.com, all orders qualify for a free FedEx shipping label, tracking number, and $100 of packing insurance.
10. Yard sale
Though yard sales aren’t online, they are a quick way to get rid of your DVDs and blu-ray movies. You can gather all of your DVDs into one place so buyers can browse through them quickly. Price them competitively at $1 for standard DVDs or $2 for special editions.
Then, organize your DVDs neatly so buyers can go through them without any problem. You may even want to consider offering bundle deals, like “Buy 5 DVDs for $3”. This can encourage garage sale buyers to buy more DVDs.
To sell more DVDs, you could even have a DVD player and TV set up so you can demonstrate that the DVDs are in working condition. This is going to help the buyer feel confident and make their purchase.
Make sure to promote your yard sale through local community groups, local yard sale apps, social media, and by placing signs around your neighborhood.
11. FYE
FYE is an entertainment retailer that sells new and used music, DVDs, video games, and more.
While their online store is not currently accepting used items, most of their store locations currently are. You can use their store locator to find a store near you. This can be an easy way to sell your items in person by simply bringing a big stack with you.
How to get started selling DVDs online
Now, we’ll talk about how to get started selling DVDs online, so you can start making money from selling DVDs ASAP.
1. Gather your DVDs together
Grab all of your DVDs and sort them into one area. Go through each DVD and make sure they are in good condition with intact cases and minimal scratches. Open up the case, of course, and make sure there is a DVD in there (sometimes they disappear over the years).
2. Research what is selling
Do research and find out which DVDs are in demand and what they are selling for. Some of the sites above will give you an idea of how much you can get for a used DVD.
3. Pick a platform to sell DVDs
One of the most important steps on this list is choosing a selling platform. For example, Bonavendi is a great tool for comparing different platforms and getting the best price on a DVD. Facebook Marketplace or a garage sale may mean selling an item very quickly, though, and in person.
4. Create DVD listings and set pricing
If you plan on selling the DVD yourself, you will need to create a listing for each DVD. Make sure the listing is accurate, detailed, and has clear photos of the DVD, case, and any special features.
Next, you will set a competitive price based on the research you do. Keep in mind the DVD’s condition, rarity, if it’s a set, and market demand when pricing the DVD.
5. Payment methods
Once you know which platform you’re going to use to sell DVDs, make sure there is a secure payment method for the platform. If you’re selling DVDs on Facebook Marketplace or Craigslist, expect to receive payment as cash or through a platform like Venmo.
Personally, I would not accept a check for a small payment such as a DVD from a person I met on Facebook Marketplace or Craigslist for example, as though are common scams.
6. Customer service
When selling used DVDs online, try to keep your reviews and ratings high on platforms by responding to questions and solving any problems (reading your reviews can also help you to improve your process). Remember, positive reviews are important for selling a lot of DVDs online so that future buyers can trust that your DVDs work. For example, if you have a lot of reviews that mention that the DVDs do not work, this may prevent other people from buying from you.
7. Shipping and packaging
Figure out how you want to ship, which carrier you want to ship with, and if you want to ship at all. You may prefer skipping shipping altogether and meeting customers in person to sell DVDs.
If you do decide to ship your DVDs, they need to arrive in good condition. Make sure to use proper packaging materials and be transparent about delivery times and shipping costs in your listing.
8. Keeping track of inventory
Whenever a DVD sells, take down the listing immediately if it isn’t done automatically. This is going to help you avoid any issues with other customers trying to buy the same item and save you time and headaches.
Best tips for selling DVDs online
Here is a list of the best tips for selling DVDs online.
Optimize your DVD listings by using high-quality images of your DVDs and writing clear and detailed descriptions
See what similar DVDs are selling for and set competitive pricing
Bundle similar titles and offer a deal to encourage buyers to buy more items at once
Be honest about the condition of the DVDs and disclose any scratches or missing items (like original cases or inserts)
Mention special edition DVDs and other collector’s items you have (if you have one of these)
Use multiple platforms to reach a broader audience
Provide tracking information to buyers
How much can you make selling DVDs online?
What you can earn from selling DVDs online depends on a few different factors, such as the condition of the DVDs, the rarity of the DVD, demand, which platform you use, and what’s trending in the DVD market.
Here are a few things that may impact how much money you can make from each DVD:
Condition – If your DVD is brand new, unopened, and wrapped in plastic still, the DVD may be able to be priced higher. However, if your DVD has scratches or dented cases, those things can impact pricing.
Market demand – If you have a DVD that is rare, a special edition, or a collector’s item, this DVD will sell for a higher price due to the rarity and increased demand for the item.
Platform – The platform you choose has a big impact on your profits. Some platforms have fees, some don’t, and others have more dedicated DVD collectors, while others don’t.
FAQs about selling used DVDs
Here are answers to common questions about selling used DVDs online and locally.
Are used DVDs worth anything?
Yes! You can actually make money selling used DVDs and blu-rays. If you have a DVD collection, you may want to think about going through it and seeing what movies you can sell. After all, with Netflix and Hulu being around, there’s a good chance that you haven’t touched your DVD collection in a long time.
How do I know if my DVD is valuable?
You can check some of the different websites that sell DVDs to see what they are selling for.
Where is the best place to sell DVDs? Where can I sell DVDs?
Some of the best places to sell DVDs online and locally include eBay, Amazon, Decluttr, Bonavendi, Facebook Marketplace, Etsy, Craigslist, SellDVDsOnline.com, Eagle Saver, and having a yard sale. A used bookstore may buy used DVDs as well. Some of the easiest online sites will work right from an ios or Android device too, meaning you can sell DVDs from your phone!
How much can you sell a used DVD for?
The amount you can sell a used DVD varies, but generally, you can earn about $0.50 to $20. It depends on what you are selling (for example, box sets or TV series usually will earn you more money).
You will want to think about costs for the different selling sites, as things like shipping fees can add up quickly.
You may receive money through PayPal, direct deposit, paper check, trade-in credit (yes, you may be able to trade in movies), store credit, or even cash by selling your old DVDs.
Is Decluttr a trusted site?
Yes, Decluttr is a trusted site to sell used DVDs online. You can even sell your used video games, textbooks, video game consoles, tablets, or old cell phones on this site too.
How much do pawn shops pay for DVDs?
Pawn shops usually pay around $0.50 to $5.00 for used DVDs.
Sell DVDs online – Summary
Now you can get started selling DVDs online and making extra money with this side hustle. Selling your used DVDs online has so many benefits, including decluttering, freeing up shelf space, and making extra cash for vacations or paying off debt.
If you’re no longer using your DVDs, put them to good use by selling them to people who want to buy them and use that money to reach your financial goals.
Have you ever sold DVDs online? What was your experience like?
The views and opinions expressed in this article are those of the author only and are not endorsed by Credit.com.
By now, almost everyone has heard of the term cryptocurrency. You may have even considered investing in it. Moreover, a common term you’ve probably heard several times in the past few months is blockchain technology.
What is blockchain technology? Don’t worry; you’re not alone. Even though blockchain technology has been around for more than a decade, people have only recently noticed it because of its potential uses in various industries.
You want to be fully educated on the different terms and technology before investing thousands of dollars into anything. Today, we will explain blockchain technology and discuss some of its applications. Time to blockchain!
What Is Blockchain Technology, and What Does It Do?
At its most basic level, a blockchain is a type of shared database that differs from a typical database. It stores information; blockchains store data in blocks linked together via cryptography. As new data comes in, it goes into a new block. Once the block fills up with data, it gets chained onto the previous block, which makes the data chained together in chronological order.
You can store different types of information on a blockchain, but the most common use has been as a ledger for transactions. For example, when you purchase using Bitcoin, the transaction is recorded on the Bitcoin blockchain.
Other users on the network then verify a transaction like this, and once it is confirmed, it cannot be altered or deleted. This feature makes blockchain-based transactions much more secure and transparent than traditional transactions processed by banks or other financial institutions.
So, what are some potential applications of blockchain technology? Of course, the most obvious application of blockchain technology is in the financial sector. Many banks and financial institutions are already experimenting with blockchain-based transactions and exploring ways to use this technology to make their services more efficient and secure.
How Did Blockchain Technology Come About, and Who Created It?
The first blockchain was created in 2009 by an anonymous person or group known as Satoshi Nakamoto. The original purpose of the blockchain was to facilitate digital transactions using Bitcoin, but the potential uses of blockchain technology quickly became apparent to developers and entrepreneurs in other industries. Looking back in the past ten years, a silent revolution called “Blockchain technology” hit us, which resulted in significant innovations such as:
Bitcoin
Bitcoin is the first and most well-known blockchain innovation. It was a proof-of-concept digital currency that launched in 2009. Although its price has fluctuated widely, bitcoin’s market capitalization now hovers between $10 billion and $20 billion. With the help of Acorns and other micro-investing alternatives, millions of people use blockchain technology for transactions, including remittances.
Smart Contracts
Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller directly written into lines of code. The code and the agreements contained therein exist across a decentralized blockchain network, eliminating the need for a middleman.
Ethereum, one of the most popular blockchain platforms, is built specifically for smart contracts and ICOs. One of the most significant applications of smart contracts is in the area of Initial Coin Offerings or ICOs.
Proof of Stake
Proof of stake (PoS) is an algorithm that rewards users based on how many coins they hold. For example, if a user has 100 coins, they will be able to mine or validate block transactions in proportion to their stake.
This algorithm provides an alternative to the energy-intensive proof-of-work (PoW) algorithm, which Bitcoin and other major cryptocurrencies use. While proof of stake was first proposed in 2011, it is only now that we are seeing it implemented on a large scale with projects such as Ethereum, Cardano, and EOS.
Blockchain Scaling
One of the challenges facing blockchain technology is scalability. Currently, the Bitcoin network can process only 4.6 transactions per second, and the Ethereum network can manage around 15. In comparison, Visa can handle 65,000 transactions per second.
One way to address the scalability issue is through off-chain or sidechain solutions such as the Lightning Network or Plasma. These solutions allow for transactions to be processed off the main blockchain, which frees up space on the blockchain and allows for faster transaction times.
This field’s innovation landscape is just more than ten years old, and a team of computer scientists, cryptographers, and mathematicians built it. Of course, it’s hard to predict the future of such a young technology, but one thing is for sure – the potential uses of blockchain technology are far-reaching, and the possibilities are endless.
What Are Some of the Most Popular Applications for Blockchain Technology Today?
We all know that blockchain technology is a game-changer and has helped people make money online, but what are some of today’s most popular applications? The most popular application for blockchain technology is in the financial sector. People can use blockchain to streamline transactions and reduce costs.
Other popular applications of blockchain technology include:
Non-fungible tokens or NFTs
Logistic and supply chain network
Data Storage
Casino and gambling industry
Money transfers
Digital royalties
The possibilities are endless! So far, we’ve only scratched the surface of what blockchain can do. As more people begin to understand the potential of this technology, we will likely see even more innovative applications for it.
How Secure Is Blockchain Technology, and Why Is That So Important?
Experts praise blockchain technology for its security. The fact that blockchain technology is decentralized is what makes it so secure. Because there is no central point of control, there is no single point of failure. Hackers would need to attack every node in the network to tamper with the data successfully.
Another reason why blockchain technology is so secure is because of the way the data is stored. In a traditional database, the information is stored in a single location. This limitation makes it easy for hackers to target and manipulate. However, the data is spread across the network with blockchain technology, making it more protected from tampering.
Unless you have more powerful computers than the rest of the nodes combined, any attempts to alter or manipulate it will conflict with prior ones and be automatically dismissed. This reason is what makes the blockchain unchangeable or impervious to tampering.
What Are Some of the Disadvantages of Blockchain Technology?
The main disadvantage of blockchain technology is that it is still in its infancy. This truth means that there are a lot of unknowns and a lot of risks. For businesses, this can be a significant barrier to adoption.
In terms of cost, blockchain technology is still costly. The hardware and software required to run a blockchain network can be pretty expensive, and there is also the cost of hiring people with the necessary skills to maintain and operate the network. As a result, organizations that do not have the resources or budget to implement blockchain may need to wait even longer before joining the movement.
Another disadvantage is that blockchain technology is not very scalable (by default). Each node in the network needs to process and verify each transaction, making it difficult to handle large volumes of transactions. In other words, the more people or nodes join the network, the greater the risk of slowing down.
Finally, blockchain technology is not very energy-efficient. The miners must solve complex problems whenever the ledger gets updated with a new transaction, which requires a significant amount of energy. In addition, each node in the network needs to be constantly running and can use up a lot of energy.
To sum it up, here are the main disadvantages of blockchain technology:
Still in infancy
Scalability issue
High cost
It’s not particularly energy-efficient
Despite these disadvantages, blockchain technology has a lot of potential. As technology matures, we are likely to see more businesses adopt it. With time, the disadvantages of blockchain technology may become less and less significant.
How Will Blockchain Technology Change the Way We Do Business and Interact with Each Other Online?
This question is what many people are asking as blockchain technology begins to enter the mainstream. While the full potential of blockchain technology is still unknown, it has the potential to revolutionize many industries and change the way we interact with each other online.
One of the most promising aspects of blockchain technology is its ability to create a trustless system. In a trustless system, two parties can interact without the need for a third party to mediate or verify the transaction. This system could potentially reduce the cost of doing business and make it easier to conduct transactions online.
Another potential use for blockchain technology is in the area of data security. For example, people can use blockchain technology to create a secure decentralized database from hacks and data breaches.
Blockchain is decentralized, encrypted, and cross-checked, ensuring highly secure data. Furthermore, it is virtually impossible to hack all of the nodes since blockchain is jam-packed with nodes, and trying to hack most of them at the same time would be fruitless. This feature could potentially revolutionize the way we store and protect our data.
Some experts predict that blockchain will overhaul how the internet works and how individuals interact with one another online. For example, web3, which they dub the new internet, is starting to take form and traction with the help of blockchain, which merits a separate discussion and will be the topic of my future blog post.
Final Thoughts
The potential implications of blockchain technology are vast and could revolutionize the way we interact with the digital world. So far, people most commonly use blockchain as a ledger for transactions, but there are many other potential applications for this innovative technology.
We’re still in the early days of blockchain development, so it will be exciting to see how this technology continues to evolve and change the way we do business. Have you tried out any blockchain-based applications yet? If not, now is a great time to start!
This article originally appeared onWealth of Geeks and has been republished here with permission.
A home for sale by owner opens the door for you to buy the property without a middleman—though you may choose to use your own real estate agent to facilitate the transaction.
Here’s a look at how the homebuying process with a for-sale-by-owner deal can differ from a typical real estate transaction.
For Sale by Owner: Good for Buyers?
When homeowners choose the FSBO (“fizz-bo”) route, they take on all of the responsibilities real estate agents would typically shoulder, from listing the house and showing it to negotiating and closing the deal.
The main motivation for doing so is often cash. Sellers who go it alone can save money on the commission that real estate agents would normally earn. If neither side uses an agent, the deal sidesteps the typical 5% to 6% for agent commissions.
On the buyer’s side there can be a number of benefits of buying a house for sale by owner. First of all, the lack of a listing agent means you have more direct contact with the seller, which might give you more negotiating power.
The seller will also likely have detailed knowledge of the house and neighborhood, which can be a bonus as you decide whether or not you want the property.
However, you may run into some pitfalls with FSBO properties. A seller may love her home and overprice it, potentially complicating matters when you get an appraisal.
Recommended: How to Buy a House Without a Realtor
Using a Buyer’s Agent
Just because a home’s seller doesn’t want to use a listing agent doesn’t mean you can’t engage the services of a buyer’s agent.
You may already be working with an agent who can contact a FSBO seller for you. Or you may need to look for an agent who is willing to take on the job.
In some cases, buyer’s agents may be hesitant to work on a FSBO property. They may be wary of taking on extra liability, or extra work for which they will not necessarily be compensated.
That said, a buyer’s agent can negotiate the sale on your behalf and walk you through the complicated paperwork. If the seller is putting the contract together, your agent can also check the work to make sure you don’t run into any problems.
Sellers typically pay the agent commission. Just be sure the seller agrees to pay the buyer’s agent commission in the purchase agreement.
Here’s what to expect in the buying process when using a buyer’s agent.
Shopping for a Mortgage
Before making an offer on a home, it’s a good idea to shop for a mortgage to get an idea of the terms different lenders offer and how much you are likely to pay each month.
A mortgage calculator can help you understand how down payments of various sizes will affect the numbers. And you may consider getting preapproved for a mortgage to see exactly how much you can afford to spend.
In an FSBO situation, homeowners may have no experience with the home financing process, and getting prequalified or preapproved for a home loan may remove some roadblocks on your path to making a purchase.
Viewing the Home
Your agent can contact the seller and set up an appointment to view the home.
Be on the lookout for sagging floors or cracks in walls that might indicate structural issues. Test windows. Look for water damage on ceilings or walls that may indicate a leaky roof.
Since the seller will most likely be showing the house, take this opportunity to get as much detail about the home’s history as possible. What repairs have been made recently, and which ones haven’t been made in a while? It’s smart to ask about any warranties, and to be sure they will remain after a sale.
Recommended: What to Look for When Buying a House
Getting an Inspection
When buying a home for sale by owner, it’s not in your best interests to skip an inspection. Home inspectors go over the house with a fine-toothed comb, looking at structure, plumbing, electricity, and appliances to see whether they need repair now or in the near future.
If the inspector finds any problems, you can ask the seller to fix them, credit you the cost of repairs, or reduce the sales price. If you’ve already signed a purchase agreement, severe problems found during an inspection can be a reason to pull out of the contract.
Recommended: The Ultimate Home Inspection Checklist
Negotiating a Sale Yourself
If you decide not to use a buyer’s agent, you and the seller will have to negotiate the sale and write up the purchase contract yourself.
You may also choose to hire a transactional agent or attorney who can help you write the contract and ensure it is done legally and in a way that protects your rights.
If you do decide to go it alone, there are a few things to keep in mind.
Recommended: Guide to Buying, Selling, and Updating Your Home
Making an Offer
Before making an offer on a house, check comparable properties in the neighborhood and see if the listing price is reasonable. Doing so can help you pin down what a reasonable offer is.
Consider offering less than the listing price. The seller may ask you to come up in price, but if you start too high, it’s difficult to negotiate down again. You can use the neighborhood comps you’ve researched as a negotiating tool.
Including Contingencies
Contingencies are certain conditions that must be met in order to close the deal. Some common contingencies are a satisfactory home inspection and appraisal.
If a home is appraised at less than the agreed-upon price, a lender may be unwilling to loan the buyer the money. In that case, the appraisal contingency can be an opportunity to negotiate the sales price.
A clear title is another common contingency. The title is a document that shows who has owned and now owns the home. The title company will make sure there are no liens or disputes associated with the property. If there are unresolvable issues, the clear-title contingency gives the buyer a way out of the contract.
Negotiating Fees
It can’t hurt to ask for seller concessions, closing costs that the seller agrees to pay. A seller may agree to help pay for property taxes, attorney fees, appraisal inspections, and the like.
Even in a seller’s market, if the property has been sitting, possibly because the price was too high, a seller may offer a financial incentive to move the home.
Putting Earnest Money in Escrow
Your earnest money deposit is the money you submit with your offer to demonstrate your serious intent to buy.
The listing agent would usually put this money into escrow. But if you’re going it alone, it’s a good idea to engage a title company or escrow company to hold the money for you until the sale goes through.
If you give the money directly to the seller, they may refuse to give it back to you if a contingency causes the deal to fall through, which could mean suing to retrieve your cash.
Determining When You’ll Get Possession
It’s a good idea to be sure your purchase agreement specifies when you will take possession of the new house and receive the keys. Possession may take place immediately after closing, or the contract may give the seller time to move.
The Takeaway
Buying a house for sale by owner can come with challenges and opportunities. It may make sense to engage a professional to help you negotiate, safeguard your interests, and deal with the documents.
If you’re in the market for a mortgage, check out SoFi’s line of fixed-rate mortgage loans that may allow you to put less than 10% down.
SoFi also offers investment property loans.
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Embarking on the path to homeownership in Utah? Look no further – this Redfin guide is your key to understanding the nuances of purchasing a home in the Beehive State. Whether you’re a nature enthusiast seeking the perfect mountain retreat, an adventure seeker drawn to the state’s outdoor playground, or someone eager to become a part of its warm and tight-knit communities, Utah is a wonderful place to call home.
You might be interested in the buzz of Salt Lake City or the quiet charm of smaller towns – either way, Utah’s housing market covers all bases. Whether you’re a first-time homebuyer or a seasoned homeowner, this Redfin guide will help you navigate the homebuying process in Utah. Let’s dive in.
What’s it like to live in Utah?
Living in Utah seamlessly combines natural wonders and inviting communities. With mountains hovering over cities like the snow-clad Wasatch Range, you’ll be able to hit the slopes in renowned ski destinations like Deer Valley. Alternatively, you could visit the beauty of Zion National Park, a testament to Utah’s diverse geography. Utah is also known for hosting lively events throughout the state, such as the prestigious Sundance Film Festival in Park City, one of the largest independent film festivals in the world. Check out this article to learn more about the pros and cons of living in Utah.
Utah housing market insights
The Utah housing market is currently undergoing a series of interesting trends. The median sale price is $543,700, marking a 3.3% decline from the previous year. This shift is accompanied by a decrease in housing demand and a corresponding reduction in supply. Despite the lack of demand, notably competitive cities include Taylorsville, West Valley City, and Cottonwood Heights, where the housing market activity is particularly pronounced. On the flip side, cities like Vernal, Pleasant Grove, and Riverton are making their mark with rapid growth in sale prices, positioning them among the top 10 metros in Utah experiencing this upward trajectory. These dynamics create a diverse landscape within Utah’s housing market, offering challenges and opportunities for those looking to buy.
Finding your perfect location in Utah
Discovering your ideal location in Utah is pivotal to crafting a fulfilling lifestyle. Utah offers diverse settings that cater to individual preferences. Choosing the right spot by using tools like a cost of living calculator ensures access to activities and communities that align with your values, setting the stage for your journey in the Beehive State. To kick-start your exploration, here are five popular Utah cities.
#1: Logan, UT
Median home price: $360,000 Logan, UT homes for sale
Living in Logan includes a blend of a college town and stunning natural surroundings. Home to Utah State University, the city boasts youthful energy with cultural events and educational opportunities. Residents can stroll along the charming Main Street, explore the nearby Cache National Forest for outdoor adventures, and savor local produce at the Cache Valley Farmers Market.
#2: Ogden, UT
Median home price: $365,500 Ogden, UT homes for sale
The city’s revitalized downtown hosts lively art galleries, restaurants, and seasonal events, creating an exciting cultural scene. Outdoor enthusiasts can easily access nearby attractions like Snowbasin Resort for skiing or hiking in the stunning Ogden Canyon. At the same time, the scenic Ogden River Parkway provides a serene backdrop for leisurely walks and biking.
#3: Provo, UT
Median home price: $440,000 Provo, UT homes for sale
Home to Brigham Young University, the city exudes a youthful atmosphere with cultural events. Some events include the First Friday Art Gallery Stroll and the Freedom Festival. Residents can hike up Y Mountain for panoramic views, explore the historic downtown with its local shops and eateries, and take advantage of the Provo River for recreational activities like fishing and tubing. The cost of living in Provo is 4% higher than in Ogden, mainly attributed to housing, groceries, and lifestyle experiences.
#4: St. George, UT
Median home price: $523,000 St. George, UT homes for sale
The city’s warm climate makes it an ideal destination for golfing, hiking in Snow Canyon State Park, and exploring Zion National Park’s stunning red rock landscapes. Residents can also enjoy cultural events like the St. George Art Festival, showcasing local artists, and immerse themselves in the city’s historical sites, such as the Brigham Young Winter Home. However, the cost of living in St. George is 7% higher than the national median, so if you’re on a budget, you’ll want to check out affordable suburbs outside downtown.
#5: Salt Lake City, UT
Median home price: $595,000 Salt Lake City, UT homes for sale
With a backdrop of the majestic Wasatch Mountains, moving to Salt Lake City, you can enjoy skiing in nearby resorts like Alta and Snowbird or hiking in Millcreek Canyon. The city’s cultural scene thrives through events like the Utah Arts Festival, and residents can explore historical sites such as Temple Square or immerse themselves in contemporary cuisine and art galleries in the vibrant downtown area.
The homebuying process in Utah
Now that you’ve discovered some popular locations, let’s dive into the homebuying process.
1. Prioritize your finances
Prioritizing your finances first in the homebuying process in Utah is crucial to ensure a stable investment and a comfortable financial future. With factors like varying home prices, mortgage rates, and property taxes, a solid financial foundation, coupled with tools like an affordability calculator, allows you to navigate the market more effectively and make well-informed decisions.
Various programs are available for first-time homebuyers in Utah, including the Federal Home Loan Bank: Home$tart Program, which can assist with up to $7,500 in down payment assistance.
2. Get pre-approved from a lender
Getting pre-approved from a lender is essential when purchasing a house in Utah. The pre-approval clearly understands your budget, strengthens your negotiating power, and expedites the buying process by demonstrating your seriousness to sellers.
3. Connect with a local agent in Utah
Local real estate agents possess in-depth knowledge of the area’s neighborhoods, market trends, and potential pitfalls, ensuring you make informed decisions and find a property that aligns with your needs and budget. So whether you need a real estate agent in Salt Lake City or an agent in Provo, they’re here to help.
4. Start touring homes
During home tours, focus on the home’s condition, layout, and potential for future renovations. Additionally, pay attention to the neighborhood, nearby amenities, and commute times to ensure that the property aligns with your lifestyle and preferences in the beautiful Utah environment.
5. Make the offer
Making an offer in Utah involves careful consideration of the property’s market value, recent comparable sales, and any unique factors that might influence the negotiation. Your local real estate agent can provide valuable insights into crafting a competitive offer that reflects the current market conditions while aligning with your budget and goals.
6. Close on the house
The closing process in Utah is the final step of the homebuying process, where ownership is officially transferred. It involves legal and financial procedures, including signing documents, paying closing costs, and finalizing the mortgage. Working closely with your real estate agent and lender ensures a smooth and successful closing experience in Utah’s real estate landscape.Check out Redfin’s First-Time Homebuyer Guide for more in-depth information about the homebuying process.
Factors to consider when buying a house in Utah
Along with the geographical location of Utah, there are essential factors to consider when buying a home.
Climate and weather
Utah’s weather varies significantly between regions, with colder winters, potentially heavy snowfall in mountainous areas, and arid, hot summers in lower elevations that can contribute to wildfires. It’s essential to consider the weather when buying a house, not only for lifestyle reasons but also for practical matters like homeowners insurance that may vary based on the climate and potential weather-related risks.
Water rights and usage
Understanding water rights and usage is crucial when purchasing a house in Utah due to its arid climate and unique water management system. With water scarcity a potential concern, comprehending how water is allocated, any restrictions on usage, and the availability of water sources ensures you can sustainably maintain your property and lifestyle.
Homeowners associations
Many homes in Utah come with homeowners associations (HOAs) which are essential to note when buying a property, as these associations often have rules, regulations, and fees that can significantly impact your ownership experience. Understanding the HOA’s requirements, fees, and any restrictions they impose ensures that your lifestyle aligns with their guidelines and that you’re financially prepared for the associated costs.
Dual agency
Noting that Utah allows for dual agency is vital when navigating the real estate market, as it means a single real estate agent can represent both the buyer and the seller in a transaction. This arrangement requires high transparency and communication to protect both parties’ interests adequately.
Buying a house in Utah: Bottom line
Utah offers an enriching lifestyle with stunning landscapes, outdoor options, and community and cultural events. Assessing factors like housing market dynamics and living costs is important, but the opportunity to create a fulfilling life makes buying a house here a promising and exciting prospect.
Buying a house in Utah FAQs
What is the average down payment on a house in Utah?
The average down payment on a Utah house is typically 10% to 20% of the purchase price. For instance, on a $300,000 home, a 10% down payment is $30,000, while 20% is $60,000. Different loans impact this; FHA-backed loans often require around 3.5% down, like $10,500 on a $300,000 home. Down payment needs vary based on mortgage type, lender policies, credit history, etc.
Do you need a real estate agent to buy a house in Utah?
While not mandatory, having a real estate agent when buying a house in Utah is highly recommended. An experienced agent can provide valuable local market insights, guide you through complex paperwork and negotiations, and ensure you make informed decisions. Their expertise can streamline the process and help you find the right property while avoiding pitfalls.
Is buying a house in Utah expensive?
The cost of buying a house in Utah varies depending on factors like location and property type. The median sale price in Utah is $543,700, which is higher than the national median of $425,571. Generally, Utah offers a relatively affordable housing market compared to some other states, but prices can still vary widely within different cities and neighborhoods. Researching local market trends and working with a real estate professional can help gauge whether the cost aligns with your budget and preferences.
A number of investors trade stocks and bonds through an investment broker. What is a broker? A broker — or brokerage firm — is the middleman between the buyer and seller and can help make a transaction go smoothly.
But an investment broker is not strictly necessary. Some companies offer a direct stock plan, allowing investors to purchase shares straight from the company without a broker.
In order to decide if you need an investment broker, it’s essential to know how a broker works, what exactly they do, and how to shop around for one that fits your needs.
What Is an Investment Broker?
Investment brokers enable individuals to buy and sell financial securities, like stocks or bonds, on an exchange market.
What does a broker do? Reputable brokers act as a boon to both buyers and sellers: They ensure that each party actually has the money to buy assets or the assets to sell.
Brokers settle trades by delivering securities and payments to each party, while also taking care of all the bookkeeping and tax-related documentation required. In many cases, going through a brokerage firm is the easiest and most accessible way for individuals to get started with investing. 💡 Quick Tip: Did you know that opening a brokerage account typically doesn’t come with any setup costs? Often, the only requirement to open a brokerage account — aside from providing personal details — is making an initial deposit.
Pros and Cons of Using an Investment Broker
As with any financial service, there are both benefits and drawbacks to using a brokerage firm to facilitate your trades.
Pros of Using a Broker
Accessibility
Thanks to the internet, you can open a brokerage account in minutes and start trading stocks as soon as your account is funded. That means employing a financial broker is one of the easiest ways to start an investment journey as quickly as possible.
Simplicity
When you buy and sell through a broker, a lot of the tedious footwork — like keeping tabs on your interest earnings for tax purposes — is taken care of for you. Depending on the type of brokerage firm you go with, you may also have access to professional financial advice and other advisory services that could help you make the most of your portfolio.
Cons of Using a Broker
Fees and Commissions
Although they’ll vary based on the specifics you choose and the type of account you open, some brokers charge maintenance fees and trade fees — also known as commissions — which can eat away at your nest egg. In fact, the average stock broker commission charged by brokerage firms is usually 1% to 2% of the value of the total transaction.
That said, you can minimize your investment fees, or even eliminate them, by shopping around for brokers with the lowest costs. For example, many online brokers offer no commission trading.
Required Portfolio Minimums
Although it’s not true of every brokerage firm, some require you to keep a minimum amount of money in your account to use their services. These minimums might be $1,000 or more, which can be a barrier to entry for some beginner investors.
Recommended: What Is Broker Call Rate?
Two Types of Brokerage Accounts
If you’re still asking yourself, what does a broker do?, it’s important to understand that not all brokers are created equal. There are many kinds of brokerage accounts to choose from. For instance, you may want to choose between a brokerage account vs. a cash management account, both of which are offered by brokerages.
The best product for you will depend on your individual financial goals and your budget. Here’s what you need to know to help make an informed decision.
1. Full-service Brokerage Accounts
Along with the ability to buy and sell assets, a full-service brokerage account might also include advice from human financial planners and portfolio management to help you make the best investment decisions possible.
However, these perks don’t come cheap. Full-service brokerage accounts and wealth-management companies usually calculate their charges as a percentage of your total portfolio, and may have account minimums as high as $250,000. They may also collect trade commissions and annual management fees.
2. Discount Brokerages
Discount brokers offer less consultation and guidance, allowing you to DIY your investment portfolio cheaply. Many have $0 account minimums and may charge less than $10 per trade — or even offer commission-free assets trading.
Both full-service and discount brokerages typically offer both cash and margin accounts. In a cash account, you’ll need the actual cash to buy your assets. In contrast, in a margin account, the broker will lend you some capital to make purchases, using the securities you already own as collateral. 💡 Quick Tip: If you’re opening a brokerage account for the first time, consider starting with an amount of money you’re prepared to lose. Investing always includes the risk of loss, and until you’ve gained some experience, it’s probably wise to start small.
Regulations for Investment Brokers
Investment brokers are regulated by the Financial Industry Regulatory Authority (FINRA). Brokers must register with FINRA, and they are required to follow a standard of conduct known as the suitability rule. Under this rule, brokers need to have suitable grounds for recommending particular investments to clients.
The rule also encompasses something called “know your customer,” which spells out the various steps brokers need to use to identify clients and their goals for savings, including making a reasonable effort to ascertain a client’s financial and tax situation when recommending investments.
Different Types of Investment Accounts
Aside from deciding what type of brokerage you’d like to do business with (and how much you’re willing to pay for financial services), you’ll also need to decide what type of investment account works best for your goals.
Maybe you’re investing for a shorter-term objective, like purchasing a house — or perhaps you’re trying to ensure you’ll have a comfortable retirement. Either way, specific investment account types, or “vehicles,” are designed to help you get there.
Recommended: Understanding a Taxable Brokerage Account vs an IRA
Taxable Brokerage Account
Think of this as a default investment vehicle. It may be a good choice if you’re looking to grow wealth and want to be able to add or withdraw funds on your own terms without waiting to reach a certain age or life circumstance. However, you pay taxes on earnings, so there are no tax advantages to this type of account. If you don’t make any specific investment vehicle choices when you open your brokerage account, this is most likely the one you’re getting.
Individual Retirement Account (IRA)
An individual retirement account, or IRA, is a type of investment account designed specifically for retirement goals and is available to self-employed people and those working for a company. IRAs carry specific tax incentives; for example, contributions to traditional IRAs are deductible, while Roth IRAs allow for tax-free distributions. However, you can’t access the funds without paying a penalty until you reach age 59 ½ or meet certain circumstantial requirements, such as purchasing your first home.
A broker may offer other savings or investment vehicles, such as a 529 college savings plan, a tax-incentivized plan to help people save for educational costs. For full details on the type of accounts available, it makes sense to check with your broker directly.
Alternatives to Investing With a Broker
Although using a broker to invest in the stock market might be a smart money move for some, there are other ways to get started with investing, including the following options.
Recommended: Buying Stocks Without a Broker
Automated Investing
Automated investment products, or robo-advisors, are platforms that utilize a combination of computer algorithms and human financial planners to create and manage diversified portfolios at low costs to users.
Your funds will be invested in a diversified portfolio, and the platform typically offers goal-planning tools and rebalancing services to help keep your funds moving in the right direction.
If you don’t want to pay the high prices for a full-service broker, but self-managing your portfolio makes you more than a little nervous, a robo-advisor may be right for you.
Buying Stocks and Fractional Shares Directly
Depending on whose stocks you’re interested in purchasing, you may be able to buy them directly from the issuer without needing to go through a brokerage firm.
It pays to read the fine print, however: Buying stocks directly may save you money on trade commissions, but you may also be subject to proprietary fees from the company or minimum purchase amounts. And if you’re buying fractional shares (fractions of shares of stock), you need to have an investment account, such as one with an online broker or robo-adviser.
Diversifying your assets can still be helpful for investors who buy stocks directly. If all of your investments are tied up in a single company, you may not be in a great position if that company begins to falter. In contrast, if you’ve invested in several different firms and other asset classes, you will likely have a wider margin for error.
Choosing Alternative Investments
Although the stock market is one of the most popular and generally low-effort ways to invest, there are plenty of other ways to try turning your money into more money.
You might consider exploring alternative investments. For example, you could invest in real estate and sell the property at a profit or turn a condo into a passive income source by putting it up for rent. Or you might invest in art; the value of paintings is not necessarily correlated with the behavior of the stock market, giving it the potential to rise even during a stock market crash.
That said, many alternative investments require significantly more time, work, and know-how than crafting a diversified portfolio of stock market assets. And as always, every investment involves risk. There’s no such thing as a sure thing.
Controlling Your Investments With SoFi
If you’ve decided stock market investments are the right move for you and your money, going through a broker can be a relatively simple and low-cost way to gain access to the market. However, if you’d rather avoid potential downsides, like fees or required account minimums, you may want to consider the option to invest directly. The choice is yours.
Ready to invest in your goals? It’s easy to get started when you open an investment account with SoFi Invest. You can invest in stocks, exchange-traded funds (ETFs), and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).
Invest with as little as $5 with a SoFi Active Investing account.
FAQ
What is the role of a stock broker?
A stock broker is a financial professional who buys and sells stocks on behalf of clients. A broker generally earns a fee or commission for their services.
How do brokers make money?
Brokers typically work on commission. The average stock broker commission is usually 1% to 2% of the value of the total transaction.
Why do people use brokers?
People use brokers to help them buy and sell stocks and bonds. Brokers also handle the necessary bookkeeping and tax-related documentation. For many individuals, using a broker is the easiest way to start investing.
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SoFi Invest® The information provided is not meant to provide investment or financial advice. Also, past performance is no guarantee of future results. Investment decisions should be based on an individual’s specific financial needs, goals, and risk profile. SoFi can’t guarantee future financial performance. Advisory services offered through SoFi Wealth, LLC. SoFi Securities, LLC, member FINRA / SIPC . SoFi Invest refers to the three investment and trading platforms operated by Social Finance, Inc. and its affiliates (described below). Individual customer accounts may be subject to the terms applicable to one or more of the platforms below. 1) Automated Investing—The Automated Investing platform is owned by SoFi Wealth LLC, an SEC registered investment advisor (“Sofi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC, an affiliated SEC registered broker dealer and member FINRA/SIPC, (“Sofi Securities).
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A Mediterranean-style mansion in the hills of Irvine just sold for $25 million, making it the priciest property ever sold in the city.
The record-breaking sale redefines the top of the market in Irvine, which until now hasn’t quite reached the dizzying heights of luxury homes closer to the water in Laguna Beach or Newport Coast.
In fact, the home doesn’t even have an ocean view. It’s found in Shady Canyon, a hilly golf course community about five miles from the coast.
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If an Irvine home fetches more than $10 million, it’s likely located in Shady Canyon. The master-planned community has attracted celebrities such as baseball stars Albert Pujols and Mark McGwire, and the previous record holder, which sold for $17 million in January, sits a few houses down from the one that just sold.
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The living room. (Brandon Beechler)
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The dining room. (Brandon Beechler)
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The kitchen. (Brandon Beechler)
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The bedroom. (Brandon Beechler)
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The theater. (Brandon Beechler)
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The arched doorways. (Brandon Beechler)
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The patio. (Brandon Beechler)
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The outdoor lounge. (Brandon Beechler)
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The swimming pool. (Brandon Beechler)
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The view. (Brandon Beechler)
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The back patio. (Brandon Beechler)
The seller is Joni Rogers-Kante, founder of the multilevel marketing skin care company SeneGence. She doubled her money on the sale after buying it from sports radio host Jim Rome for $12.5 million in 2017.
Rogers-Kante gave the place a face lift during her stay and shot for the stars with the original listing, asking $50 million for the property in 2021. With no takers, she trimmed the price to $40 million, then $30 million before finding a buyer, whose identity remains unclear.
Spanning nearly an acre, the estate centers on a 13,000-square-foot mansion built in 2007. In addition to seven bedrooms and 10.5 bathrooms, the house is loaded with coffered ceilings, hand-painted murals and amenities such as a theater, gym, spa, wine room, elevator and six-car garage.
Arched doorways open out back, where an infinity pool overlooks the golf course below.
Ariana Gaffoglio of Official handled both ends of the deal.
US mortgage rates moved higher this week following the Federal Reserve’s rate hike, after dropping last week.
The 30-year fixed-rate mortgage averaged 6.81% in the week ending July 27, up from 6.78% the week before, according to data from Freddie Mac released Thursday. A year ago, the 30-year fixed-rate was 5.30%.
The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. The survey includes only borrowers who put 20% down and have excellent credit.
“Mortgage rates inched up slightly after a significant decline last week,” said Sam Khater, Freddie Mac’s chief economist.
Higher interest rates continue to dampen activity in the interest-rate sensitive sector of housing, he said. Existing home sales and sales of newly constructed homes were down in June as higher rates have been keeping inventory low, prices higher and hurting affordability.
“However, overall US consumer confidence is unwavering, surging to a two-year high in the Conference Board’s Consumer Confidence Index for July,” Khater said. “Rising consumer confidence often leads to greater spending, which could drive more consumers into the housing market.”
Inflation still above target level
The Fed raised its benchmark lending rate by a quarter point Wednesday, lifting interest rates to their highest level in 22 years in an ongoing battle to cool the economy and bring down inflation.
While the Fed does not set the interest rates that borrowers pay on mortgages directly, its actions influence them. Mortgage rates tend to track the yield on 10-year US Treasuries, which move based on a combination of anticipation about the Fed’s actions, what the Fed actually does and investors’ reactions. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow.
“The most recent inflation and employment data showed slowing price growth and more moderate hiring, but still-robust consumer spending kept inflation elevated above the 2% target,” said Hannah Jones, economic data analyst at Realtor.com.
“The committee’s statement asserts their continued commitment to bringing down inflation while acknowledging that the full impact of the rate hikes and credit tightening has not yet been realized,” said Jones.
“[Fed Chair Jerome] Powell emphasized a data-informed approach to future rate hikes, citing that restoring price stability will likely ‘require a period of below-trend growth and some softening of labor market conditions,’” she said.
Home prices remain elevated
While the median list price for a home fell in June compared to a year ago, the cost of financing a median-priced US home, assuming a 20% down payment, rose 12.4% in the same time frame, according to Realtor.com.
“Many shoppers have adjusted to elevated mortgage rates, which have been in the 6% to 7% range for almost a year, and are willing to participate in today’s market,” said Jones. “However, seller activity remains sluggish as homeowners are hesitant to list their home for sale and buy into the new, higher mortgage rate environment.”
Fewer homeowners have listed their home for sale during the past 54 weeks than did the previous year. And the overall number of homes on market has recently fallen below last year’s levels, according to Realtor.com.
“As a result, some markets are seeing high levels of competition as eager buyers compete for the relatively few homes on the market,” said Jones. “Home prices have not fallen significantly nationally, as limited for-sale inventory creates a more competitive environment.”