Provided By Realty Times
Most property owners intend to enjoy their real estate as long as they want to, and then sell it for the greatest possible profit—ideally tax free—with the minimum amount of hassle, in the shortest possible time. Sometimes this works out. Sometimes it doesn't. How can owners stack the deck in their favor?
Just before a real estate market shifts, make an informed decision to sell or not sell, instead of passively watching what's going on, and possibly lamenting in hindsight. Current forecasts of price declines are warning signs for owners who want to sell and move in the next few years. The question to answer before dramatic changes happen is, "Will delaying the sale of the home for a few years cost money?"
Actively engage foresight to investigate options. Then you can make an informed decision to sell or not to sell which makes more sense—and more money—than lamenting in hindsight. The range of factors and personal choices in the decision make it complex enough that you must stop, gather details, and think, but simple enough that your reaction to accumulated information can reflect the best decision for you.
If you just watch as prices rise and dip, you're a passive real estate spectator and may miss opportunities to move yourself ahead financially. When you get in the habit of making informed decisions as markets change, you'll be an engaged real estate owner, always be ready to take advantage of opportunity whether that means selling or staying.
To decide if now is the best time to sell, there are a number of key issues to consider. Take time to explore the value in selling now versus later, instead of later whining "If only we'd...!".
Seriously considering a sale does not commit you to moving until the property is actually on the market and sold. It does commit you to making a detailed comparison of financial and housing gains and losses in selling now versus selling in the lower-priced future markets many pundits are forecasting.
The Now Versus Later Decision
Current Local Real Estate Knowledge Depending on the complexity of your housing and financial situation, you may need time with a real estate professional with extensive local experience. You need expert advice on the true real estate market which is the one happening on your street, or in your condominium building. Understanding what's selling locally, and how quickly, is important. Projections of what may lie ahead will be based on how the neighborhood is evolving. For instance, if this is first-time buyer territory, projected reductions in this market segment may be significant. Selling condominiums must include evaluation of new competing developments which may come on market as heavy competition. According to TD Economics' July 13 report, Moderation in Store for the Canadian Housing Market, which explored market forecasts for 12 major centres, "Given their recent run-up in activity, new condo supply and only-subdued economic growth forecast, Toronto and Vancouver are expected to see a larger than-average correction in both sales and prices." No guarantees here, so be ready to rely on your knowledge of the area. You have strong ideas and experience concerning what is happening now in your neighbourhood, and where things are headed.
Sale-Worthiness The real estate professional can also identify specific repairs and upgrades which would increase value and speed of sale. A home inspection or an unbiased assessment from a contractor who understands your purpose may be worth a few hundred dollars. The key is to be sure you know how much has to be done to make the home sale-worthy, or that a buyer with a home inspection may expect to negotiate off the sale price. Calculations regarding a delayed sale must include additional out-of-pocket expenses like replacing the roof, painting, modernizing bathrooms, or repairing the deck that would be necessary in a few years. For more on buyer patterns: Savvy Buyers Know Value When They See It.
Tax Implications If your home is designated your principal residence, as defined by the Canadian Revenue Agency (CRA), the profit you earn could be tax-free, so maximizing the gain makes sense. According to CRA, if the property was your principal residence for every year you owned it, you don't have to report the sale on your tax return or pay income tax on the profit. As with most tax topics, principal residence designation is not a simple concept nor an easy one to interpret. Changes like renting out your home may mean the capital gain from a sale, or some of it, must be reported as income. When income tax is payable on this profit, the amount left after deducting the cost of increasing the value of the property (not maintaining it) and the cost of selling is added to your income tax and tax paid at your income tax rate. There is no fixed percentage of tax charged.
Location Impact Many areas have already seen real estate sales slow and prices "level off" in spite of continued record growth in Toronto and Vancouver markets. Location will remain a significant factor. When prices were going up, they did not rise the same percent in every neighborhood. Price declines will also be location specific. Forecasts project declines of from 10% to 25%, depending on the economists and markets involved. Economic shifts will also be significant local factors. What's happening with jobs and development in your area? The aforementioned report, which explored market forecasts for 12 major centres, reported: "Over 2011-13, Calgary, Edmonton and Regina housing markets are set to lead the way. Still, the term "leader" is relative as no market is slated to experience a boom over our forecast. We simply have these regions doing better than the rest."
Interest Rate Increases When rates increase, buying power will be reduced and the pool of buyers who can afford your real estate will decline. Forecasts are regularly re-written, so timing can be difficult to pin down. Your real estate professional can project how significant a rate increase would be to potential buyers. Not all will be equally impacted by increases. For more on this topic: Mortgages: Mortgages: 7 Things You Don't Want to Learn the Hard Way.
Hindsight may be more accurate than foresight, but foresight may be all that is necessary to end indecision about the "when" of selling, and gain the benefits of being a fully-engaged real estate owner.
Interested in selling your home? Give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
Showing posts with label selling your home. Show all posts
Showing posts with label selling your home. Show all posts
Monday, August 1, 2011
Wednesday, July 6, 2011
Everything you need to know about deeds
Provided By Trulia
For the home buyer, the deed is the heart of the real estate transaction. Your real estate contract will specify the terms of the sale, but it's actually the signed deed that will transfer ownership -- called "title" -- of the home from the home seller to you, the buyer.
This legal document must be in writing and must be signed by the seller, and in many cases, by the buyer too. Your real estate broker and your attorney should be able to help you in drawing up this document.
Often it is necessary to have the document registered with the county recorder's office in the county where the property is located and to be signed in a notary's presence to authenticate the signatures.
There are several types of deeds, but the one that will protect you the most as a buyer is the warranty deed in which the seller promises that he does indeed have title to the property, has a right to sell the property and is transferring it to the buyer.
The seller also promises or warranties that there are no "encumbrances" (something that gives somebody other than the buyer a right to the property, such as liens) or "defects" -- errors or flaws in a deed that may affect transfer of the property. Very similar to the warranty deed is the grant deed.
The riskiest type of deed for a buyer is the "quitclaim" deed, which offers no warranties for the buyer. Make sure you speak with your attorney about the type of deed you'll be receiving and about any cautions, if any, associated with it.
Since the deed is a legal document that's crucial in the legal transfer of a home, it's crucial that you properly review the deed in its entirety before the transfer is completed and the deed is recorded. Among the items you should carefully check in the deed are:
The seller
The deed must correctly identify the seller by name (and sometimes by address). The seller is known as the "grantor" in the deed.
The buyer
As the buyer, you should be the "grantee" specified in the deed. Look to see that your legal name is spelled correctly, and if a street address or post office box for you is given, that it's correct.
The legal description of the property
In the deed, your property will be described according to an accepted survey, which will refer to your property by lot number, section and possibly metes and bounds. The street address for the property may also be noted.
Finally, for a deed to become valid, it must be delivered to and accepted by both the buyer and the seller. Once every detail is properly executed with the deed, you are the rightful owner of your new home!
Have questions about the closing process? Give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
For the home buyer, the deed is the heart of the real estate transaction. Your real estate contract will specify the terms of the sale, but it's actually the signed deed that will transfer ownership -- called "title" -- of the home from the home seller to you, the buyer.
This legal document must be in writing and must be signed by the seller, and in many cases, by the buyer too. Your real estate broker and your attorney should be able to help you in drawing up this document.
Often it is necessary to have the document registered with the county recorder's office in the county where the property is located and to be signed in a notary's presence to authenticate the signatures.
There are several types of deeds, but the one that will protect you the most as a buyer is the warranty deed in which the seller promises that he does indeed have title to the property, has a right to sell the property and is transferring it to the buyer.
The seller also promises or warranties that there are no "encumbrances" (something that gives somebody other than the buyer a right to the property, such as liens) or "defects" -- errors or flaws in a deed that may affect transfer of the property. Very similar to the warranty deed is the grant deed.
The riskiest type of deed for a buyer is the "quitclaim" deed, which offers no warranties for the buyer. Make sure you speak with your attorney about the type of deed you'll be receiving and about any cautions, if any, associated with it.
Since the deed is a legal document that's crucial in the legal transfer of a home, it's crucial that you properly review the deed in its entirety before the transfer is completed and the deed is recorded. Among the items you should carefully check in the deed are:
The seller
The deed must correctly identify the seller by name (and sometimes by address). The seller is known as the "grantor" in the deed.
The buyer
As the buyer, you should be the "grantee" specified in the deed. Look to see that your legal name is spelled correctly, and if a street address or post office box for you is given, that it's correct.
The legal description of the property
In the deed, your property will be described according to an accepted survey, which will refer to your property by lot number, section and possibly metes and bounds. The street address for the property may also be noted.
Finally, for a deed to become valid, it must be delivered to and accepted by both the buyer and the seller. Once every detail is properly executed with the deed, you are the rightful owner of your new home!
Have questions about the closing process? Give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
Friday, July 1, 2011
Top Five Mistakes Sellers Make
Provided By Realty Times
It can be a tough market for selling a home, but those conditions can get even worse if sellers aren't careful. While a seller doesn't control the real estate market, their actions can significantly contribute to how long and how much their home is sold for.
Underestimating Cleaning Up: It may seem obvious, but I can tell you real estate agents everywhere are nodding their heads in agreement as they read this. Inviting potential buyers in to see an unkempt home is like going on a job interview without freshening up after you cleaned your garage. How can the employer notice your fantastic talents and skills if they're hidden underneath a sloppy exterior? How you show your home tells the buyer what type of care you, the seller, has put into it.
If you can't take the time to wipe the grime off the refrigerator doors, tidy up the kids' rooms, take out the messy diapers, put away the food, and take the dogs out of the house for a while, then you'll likely find buyers will quickly move on to the next home on their list.
Lingering During Showings: Yes, we all want to know how the open house or showing went, but hanging around during either of those events is not a good idea. Sellers who tend to linger during showings often make the buyers uncomfortable. Buyers like to have time to explore the home at their own pace and without feeling any pressure. Sometimes buyers want to sit on the porch or out in the backyard as they discuss the home's possibilities. And if buyers are willing to sit for a bit and talk about the home, that's a great sign. However, the chances of them doing that with the seller present is unlikely. Many times buyers will say, "Let's skip the home if the sellers are there." Believe it or not, there are even stories of sellers coming out of the shower–inappropriately dressed–as buyers are coming into the home.
If you're selling your home, do yourself a favor and hit the road for a bit. Take a walk or head to the coffee shop. As soon as the showing is over, you can get all the details from your agent. That's what you're paying your agent for! Let them do their job. Just make sure that your agent has all the home's selling points and any additional features that make this home standout.
For Sale By Owner (FSBO) Trap: Some people are convinced that they can do it on their own. Maybe they can sell their own home, but it likely won't happen without some headaches. Trained specialists are called "experts" for a reason. An expert real estate agent knows the market, has connections, guides you through the process, negotiates on your behalf, and will make the process of selling your home simpler.
One potential land mine that FSBOs face is the flood of people popping in to see their home. It sounds great that there's so much traffic, but the problem is many times the people who pop into FSBO properties aren't actually qualified for a mortgage or may not be serious buyers. Instead they're just looking and satisfying their curiosity at your expense. Agents know to ask the right questions to make certain the lookers are truly potential home buyers.
Not interviewing agents: If you have kids, chances are you interviewed the nanny or babysitter. Taking time to seek out top real estate agents in your area and then setting up interviews with them is equally important. Choosing the wrong agent for the job will be a headache and slow the process down. There must be a connection, understanding, and good communication between the seller and the agent. There are lots of things that go on during the sale of a home, communicating with the agent should be one of the easier tasks.
Pricing a home incorrectly: This could be the worst mistake sellers make. Yet, this is where so much help can be found. Real estate agents see homes every single day. They know the neighborhoods and the comps. They are there to help you understand what homes have sold for in the recent past and what they'll likely sell for during the current market conditions. Get a market evaluation from your agent and understand that what is a fair price for your home in today's market.
If you are ready to sell your home and need a trusted realtor, give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
It can be a tough market for selling a home, but those conditions can get even worse if sellers aren't careful. While a seller doesn't control the real estate market, their actions can significantly contribute to how long and how much their home is sold for.
Underestimating Cleaning Up: It may seem obvious, but I can tell you real estate agents everywhere are nodding their heads in agreement as they read this. Inviting potential buyers in to see an unkempt home is like going on a job interview without freshening up after you cleaned your garage. How can the employer notice your fantastic talents and skills if they're hidden underneath a sloppy exterior? How you show your home tells the buyer what type of care you, the seller, has put into it.
If you can't take the time to wipe the grime off the refrigerator doors, tidy up the kids' rooms, take out the messy diapers, put away the food, and take the dogs out of the house for a while, then you'll likely find buyers will quickly move on to the next home on their list.
Lingering During Showings: Yes, we all want to know how the open house or showing went, but hanging around during either of those events is not a good idea. Sellers who tend to linger during showings often make the buyers uncomfortable. Buyers like to have time to explore the home at their own pace and without feeling any pressure. Sometimes buyers want to sit on the porch or out in the backyard as they discuss the home's possibilities. And if buyers are willing to sit for a bit and talk about the home, that's a great sign. However, the chances of them doing that with the seller present is unlikely. Many times buyers will say, "Let's skip the home if the sellers are there." Believe it or not, there are even stories of sellers coming out of the shower–inappropriately dressed–as buyers are coming into the home.
If you're selling your home, do yourself a favor and hit the road for a bit. Take a walk or head to the coffee shop. As soon as the showing is over, you can get all the details from your agent. That's what you're paying your agent for! Let them do their job. Just make sure that your agent has all the home's selling points and any additional features that make this home standout.
For Sale By Owner (FSBO) Trap: Some people are convinced that they can do it on their own. Maybe they can sell their own home, but it likely won't happen without some headaches. Trained specialists are called "experts" for a reason. An expert real estate agent knows the market, has connections, guides you through the process, negotiates on your behalf, and will make the process of selling your home simpler.
One potential land mine that FSBOs face is the flood of people popping in to see their home. It sounds great that there's so much traffic, but the problem is many times the people who pop into FSBO properties aren't actually qualified for a mortgage or may not be serious buyers. Instead they're just looking and satisfying their curiosity at your expense. Agents know to ask the right questions to make certain the lookers are truly potential home buyers.
Not interviewing agents: If you have kids, chances are you interviewed the nanny or babysitter. Taking time to seek out top real estate agents in your area and then setting up interviews with them is equally important. Choosing the wrong agent for the job will be a headache and slow the process down. There must be a connection, understanding, and good communication between the seller and the agent. There are lots of things that go on during the sale of a home, communicating with the agent should be one of the easier tasks.
Pricing a home incorrectly: This could be the worst mistake sellers make. Yet, this is where so much help can be found. Real estate agents see homes every single day. They know the neighborhoods and the comps. They are there to help you understand what homes have sold for in the recent past and what they'll likely sell for during the current market conditions. Get a market evaluation from your agent and understand that what is a fair price for your home in today's market.
If you are ready to sell your home and need a trusted realtor, give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
Wednesday, June 22, 2011
Summertime Selling Tips
Provided By Realty Times
Summertime can be a great season to sell your house. Why? During these hot months, your landscaping and outdoor spaces come alive. Today's buyers are looking for extended living areas and love usable outdoor space.
According to HGTV, outdoor spaces can bring in big bucks. Jon Seppala, president of Action Builders, notes, "Backyards and outdoor patios have to be much more substantial than in the past. Built-in grills, outdoor fireplaces, gazebos — people are looking for these features. We've had people who have fallen in love with the house and have decided to buy before they walked in the front door."
The National Association of Home Builders (NAHB) has also identified a trend, noting during a recent panel that young homebuyers (Gen Xers) are looking for homes with a connection between indoor and outdoor spaces, even in colder climates, to create the perception of greater home size, even if the space is only usable for part of the year."
Here are some tips to take advantage of Summer selling.
First, keep your home cool. Have your AC turned up to a comfortable level during showings and open houses. If you live in a region where you don't have or need AC, be sure that you use fans or open windows for breezes to create a nice atmosphere. The last thing you need is a prospective buyer distracted by sweat or humidity. You want them focused on your wonderful home!
Heat also has a way of bringing out the worst of smells in our home. To hold these deal breakers at bay, have your carpets cleaned when you list your home for sale. Next, roll up your sleeves and be sure you clean your home before any showing. Bathrooms, laundry rooms, and kitchen are notoriously stinky. Focus your attention on these!
When your home is listed for sale, it's your responsibility as the seller to keep your yard, landscaping, and pool maintained. Overgrown trees, shrubs, and lawns not only seriously depreciate curb appeal, they can also turn a buyer off.
If you are unable to stay on top of this task each week, hire local workers to keep your yard looking in top shape. This expense will come back to you when you make the sale.
Landscaping is expensive and buyers know this. Why not showcase one of your most valuable assets? Trim existing trees to their best advantage. Have gardens, paths, benches, and pool ready for enjoying. Buyers know that a fully landscaped yard will save them time and money. Plus, it's already ready to enjoy.
As a courtesy to prospective buyers, you may also consider compiling a list of locally recommend handy men, gardeners, and pool maintenance companies.
Finally, staging patios and porches is important. From family gatherings to al fresco meals, these hot spots get lots of use.
Start your staging with a thorough cleaning. Powerwashing decks, patios, and furniture can make dirty items look new again. For furniture that needs a bit more TLC, apply a fresh coat of paint. Next, stage for an "event." Replace wornout cushions and invest in simple outdoor accessories. A selective arrangement of candles, glasses, and even a nice table setting can be the icing on the staging cake.
The bottom line is that caring for the outdoor living spaces of your home can make or break a sale during the Summer. Take full advantage of all your home has to offer.
Are you ready to sell your home? Give us a call at 972-772-7000 or email us at frontdesk552@kw.com.
Summertime can be a great season to sell your house. Why? During these hot months, your landscaping and outdoor spaces come alive. Today's buyers are looking for extended living areas and love usable outdoor space.
According to HGTV, outdoor spaces can bring in big bucks. Jon Seppala, president of Action Builders, notes, "Backyards and outdoor patios have to be much more substantial than in the past. Built-in grills, outdoor fireplaces, gazebos — people are looking for these features. We've had people who have fallen in love with the house and have decided to buy before they walked in the front door."
The National Association of Home Builders (NAHB) has also identified a trend, noting during a recent panel that young homebuyers (Gen Xers) are looking for homes with a connection between indoor and outdoor spaces, even in colder climates, to create the perception of greater home size, even if the space is only usable for part of the year."
Here are some tips to take advantage of Summer selling.
First, keep your home cool. Have your AC turned up to a comfortable level during showings and open houses. If you live in a region where you don't have or need AC, be sure that you use fans or open windows for breezes to create a nice atmosphere. The last thing you need is a prospective buyer distracted by sweat or humidity. You want them focused on your wonderful home!
Heat also has a way of bringing out the worst of smells in our home. To hold these deal breakers at bay, have your carpets cleaned when you list your home for sale. Next, roll up your sleeves and be sure you clean your home before any showing. Bathrooms, laundry rooms, and kitchen are notoriously stinky. Focus your attention on these!
When your home is listed for sale, it's your responsibility as the seller to keep your yard, landscaping, and pool maintained. Overgrown trees, shrubs, and lawns not only seriously depreciate curb appeal, they can also turn a buyer off.
If you are unable to stay on top of this task each week, hire local workers to keep your yard looking in top shape. This expense will come back to you when you make the sale.
Landscaping is expensive and buyers know this. Why not showcase one of your most valuable assets? Trim existing trees to their best advantage. Have gardens, paths, benches, and pool ready for enjoying. Buyers know that a fully landscaped yard will save them time and money. Plus, it's already ready to enjoy.
As a courtesy to prospective buyers, you may also consider compiling a list of locally recommend handy men, gardeners, and pool maintenance companies.
Finally, staging patios and porches is important. From family gatherings to al fresco meals, these hot spots get lots of use.
Start your staging with a thorough cleaning. Powerwashing decks, patios, and furniture can make dirty items look new again. For furniture that needs a bit more TLC, apply a fresh coat of paint. Next, stage for an "event." Replace wornout cushions and invest in simple outdoor accessories. A selective arrangement of candles, glasses, and even a nice table setting can be the icing on the staging cake.
The bottom line is that caring for the outdoor living spaces of your home can make or break a sale during the Summer. Take full advantage of all your home has to offer.
Are you ready to sell your home? Give us a call at 972-772-7000 or email us at frontdesk552@kw.com.
Wednesday, April 27, 2011
Evaluating and responding to different offers
Provided By Trulia
Congratulations - you have received an offer on your home! So how can you evaluate and respond to the offer ihttp://www.blogger.com/img/blank.gifn a way that protects your interests but doesn't send buyers running for the hills?
The first thing to remember is that all offers are good. Why? Because it shows that a buyer has chosen your home over the massive amount of competition available in the marketplace. Any offer then, regardless of how high, low, or crazy it might be, should be taken as a compliment. Now the harder question - Should you accept the offer?
As a seller, when you receive an offer you always have three choices. First, you can accept the offer - this means subject to the conditions of the sale your home is officially sold. Second, you can reject the offer, and in effect tell the buyer to kindly kiss off. Or third, you can counter the offer. While many sellers instinctively reach for a pen to counter all offers, wise sellers take a deep breath before making this decision.
Many sellers view making a counter offer as a natural part of the sales process, but what many don't realize is that they are really rejecting the buyer's offer first and then presenting a new offer back to the buyer. The trouble with this is, the instant you give the buyer a moment to pause and reconsider their decision, even for a minor point, you run the risk of losing the buyer. Because of this the question that successful sellers have learned to ask themselves first is: Is it really worth a counter offer? This simple question should be the measuring stick with which to evaluate every item you plan to ask for from a buyer. In many cases the risk is not worth the reward.
If you are forced to make a counter offer keep in mind these three tips:
Attempt to understand the buyer's position
A negotiation is never a one way street. In order to create a sale, both parties must feel they are receiving a good value. Learn as much about the buyer, including their background and reasons for making their initial offer, as possible. By doing so you may able to find common ground that can create a successful sale.
Use the give and take technique
When making a counter offer, think in terms of, not only what you want, but what you might be willing to give up to make the sale happen. For instance, if you are asking for a higher price, can you help pay the buyer's closing costs or perhaps pay points to help them secure lower payments?
Emphasize the positives
In writing your counter offer you may want to emphasize the areas that you do agree on before you begin asking for modifications. For instance, point out all the areas of the original offer that are acceptable. This might include the closing date, the possession date, the down payment, the price, the inclusions and exclusions, the financing type, specific conditions or contingencies, or even something as simple as the size of the earnest money deposit.
By taking the time to evaluate each offer and establish a negotiating strategy, based on an unemotional analysis of the market and your needs as a seller, you will be far ahead of your competition.
If you are ready to sell your home and need a professional real estate agent give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
Congratulations - you have received an offer on your home! So how can you evaluate and respond to the offer ihttp://www.blogger.com/img/blank.gifn a way that protects your interests but doesn't send buyers running for the hills?
The first thing to remember is that all offers are good. Why? Because it shows that a buyer has chosen your home over the massive amount of competition available in the marketplace. Any offer then, regardless of how high, low, or crazy it might be, should be taken as a compliment. Now the harder question - Should you accept the offer?
As a seller, when you receive an offer you always have three choices. First, you can accept the offer - this means subject to the conditions of the sale your home is officially sold. Second, you can reject the offer, and in effect tell the buyer to kindly kiss off. Or third, you can counter the offer. While many sellers instinctively reach for a pen to counter all offers, wise sellers take a deep breath before making this decision.
Many sellers view making a counter offer as a natural part of the sales process, but what many don't realize is that they are really rejecting the buyer's offer first and then presenting a new offer back to the buyer. The trouble with this is, the instant you give the buyer a moment to pause and reconsider their decision, even for a minor point, you run the risk of losing the buyer. Because of this the question that successful sellers have learned to ask themselves first is: Is it really worth a counter offer? This simple question should be the measuring stick with which to evaluate every item you plan to ask for from a buyer. In many cases the risk is not worth the reward.
If you are forced to make a counter offer keep in mind these three tips:
Attempt to understand the buyer's position
A negotiation is never a one way street. In order to create a sale, both parties must feel they are receiving a good value. Learn as much about the buyer, including their background and reasons for making their initial offer, as possible. By doing so you may able to find common ground that can create a successful sale.
Use the give and take technique
When making a counter offer, think in terms of, not only what you want, but what you might be willing to give up to make the sale happen. For instance, if you are asking for a higher price, can you help pay the buyer's closing costs or perhaps pay points to help them secure lower payments?
Emphasize the positives
In writing your counter offer you may want to emphasize the areas that you do agree on before you begin asking for modifications. For instance, point out all the areas of the original offer that are acceptable. This might include the closing date, the possession date, the down payment, the price, the inclusions and exclusions, the financing type, specific conditions or contingencies, or even something as simple as the size of the earnest money deposit.
By taking the time to evaluate each offer and establish a negotiating strategy, based on an unemotional analysis of the market and your needs as a seller, you will be far ahead of your competition.
If you are ready to sell your home and need a professional real estate agent give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
Friday, March 11, 2011
10 Ways to Increase the Value of your Home
Provided By: Front Door
Thinking of remodeling? You don't have to spend a lot to add home value. See how even small updates can reap big financial returns in these 10 videos.
If you are looking to sell your home and you need more tips give us a call at 972-772-7000 or email us at rockwall@kw.com.
Thinking of remodeling? You don't have to spend a lot to add home value. See how even small updates can reap big financial returns in these 10 videos.
If you are looking to sell your home and you need more tips give us a call at 972-772-7000 or email us at rockwall@kw.com.
Friday, March 4, 2011
6 Things That Turn Home Buyers Off (and What Sellers Can Do To Prevent It)!
Provided By Trulia
We've talked about surprising home features buyers LOVE, and about why buyers aren't biting on today's market, despite it being highly affordable. But we haven't talked much about the characteristics of sellers, listings and homes that turn buyers all the way off. Well, not until now!
Here are 6 big-time homebuyer turn-offs that make buyers cringe at the thought of your home, and action steps you can take to prevent your home from being an offender:
1. Stalker-ish sellers. I know you think you’re being helpful, walking the buyer through your home and pointing out the wagon-wheel light fixture you made with your own two hands, the custom mural of a stingray you paid top dollar to have painted across your living room wall and the way the sounds of happy schoolchildren running across the front yard of your corner lot to get to the school in the next block lifts your spirits. However, the buyers might be trying really hard to ignore, minimize or figure out how to undo the very features of your home you hold dear. They also may want or need to have personal space and conversations with their mate or their agent while they’re viewing your home - you being there, especially walking right alongside them while they’re in your home, prevents them from being comfortable about doing this, or discussing all the things they would change if the home were theirs. In my experience, the more nitpicky a buyer gets about a house and the more detailed their list of things they would change, the more serious they are about considering making an offer on this place.
What’s a Seller to do? Back off. Let your home be shown vacant, or leave the house when people come to see it. If you need to be there, at least walk outside or go sit at the coffee shop down the way while prospective buyers view your home. If the buyers have questions, their people will contact your people.
2. Shabby, dirty, crowded and/or smelly houses. You already know this one. Yet, buyers constantly marvel. The buyers who come to see your home are making the decision whether to choose your home for the biggest purchase they’ve ever made during the worst economic conditions most of them have ever experienced. Your job is to get your home noticed – favorably – above the sea of other homes on the market, many of which are priced very, very low.
What’s a Seller to do? Other than listing your home at a competitive price, the only tool within your control for differentiating your home from all the foreclosures and short sales is to show it in tip-top shape. Pre-pack your place up, getting rid of as many of your personal effects as possible. Do not show it without it being completely cleaned up: no laundry or dishes piled up, countertops freshly washed, smelly dogs (I have a couple who smell on occasion – no judgment – but don’t show your house with pet odors) or litter boxes cleaned and/or out of the house.
3. Irrational seller expectations (i.e., overpricing). Buying a house on today’s market is hard work! On top of all the research and analysis about the market and situating their own lives to be sure they’ll be able to afford the place for 5, 7, 10 years - or longer, buyers have to work overtime to separate the real estate wheat from the chaff, get educated about short sales and foreclosures and often put in many, many offers before they get even a single one accepted. The last thing they want to add to their task lists is trying to argue a seller out of unreasonable expectations or pricing. And, in fact, there are so many other homes on the market, buyers don’t have to do this. When they see a home whose seller is clearly clueless about their home’s value and has priced it sky-high, most often they won’t bother even looking at it. If they love it, they’ll wait for it to sit on the market for awhile, hoping the market will “educate you” into desperation, priming the pump for a later, lowball offer.
What’s a Seller to do? Get real. Get out there and look at the other properties that are for sale in your area and price range. Get multiple agents’ take on what your home should be listed at, and don’t take it personally if their recommendation is low. If your home has much less curb appeal or space or is much less upgraded than the house across the way, don’t list it at the same price and expect it to sell. If you owe more than your home is realistically worth, you may need to reexamine whether you really want or need to sell, or consider a short sale, if you simply have to sell. Don’t be tempted into testing your market with an obviously too-high price, unless you’re prepared to have your home lag on the market and get lowball offers.
4. Feeling misled. Here’s the deal. You will never trick someone into buying your home. If the listing pics are photo-edited within an inch of their lives, or your home is described as an “approved” short sale when, in fact, the bank approved another offer, now withdrawn, but will require a new offer to go through any sort of approval process (even a truncated one), buyers will learn this information at some point. If your neighborhood is described as funky and vibrant, as code for the fact that your house is under the train tracks and you live in between a wrecking yard and a biker bar, prospects will figure this out. If the detailed information about your home, neighborhood or even transactional position (e.g., short sale status, seller financing, etc.) is misrepresented, the sheer misrepresentation will turn otherwise interested buyers off. If you authorize your agent to “verbally approve” the buyer’s offer, don’t go back the next day demanding an extra $5,000. In cases where the buyer feels misled, whether or not that was your intention, running through the buyer’s mind is this question: If they can’t trust you to be honest about this, how can they trust you to be honest about everything else?
What’s a Seller to do? Buyers rely on sellers to be upfront and honest – so be both. If your home has features or aspects that are often perceived negatively, your home’s listing probably shouldn’t lead with them (like the ad I recently saw with the intro line: “this place is a mess!”), but neither should you go out of your way to slant or skew or spin the facts which will be obvious to anyone who visits your home. Make sure you know what the listing of your home reads like, before it’s published to the web, and that a prospective buyer will not feel misled by it.
5. New, ugly home improvements. Many a buyer has walked into a house that has clearly been remodeled and upgraded in anticipation of the sale, only to have their heart sink with the further realization that the brand-spanking-new kitchen features a countertop made, not of Carerra marble, but brand-new, pink tiles with a kitty cat in the middle of each one (I saw this once, people – no joke). Or the pristine, just-installed floors feature carpet in a creamy shade of blue – the buyer’s least favorite color. New home improvements that run totally counter to a buyer’s aesthetics are a big turn-off, because in today’s era of Conspicuous Frugality, buyers just can’t cotton to ripping out expensive, brand new, perfectly functioning things just on the basis of style – especially since they’ll feel like they paid for these things in the price of the home.
What’s a Seller to do? Check in with a local broker or agent before you make a big investment in a pre-sale remodel. They can give you a reality check about the likely return on your investment, and help you prioritize about which projects to do (or not). Instead of spending $40,000 on a new, less-than-attractive kitchen, they might encourage you to update appliances, have the cabinets painted and spend a few grand on your curb appeal. Many times, they will also help you do the work of selecting neutral finishes that will work for the largest possible range of buyer tastes.
6. CRAZY listing photos (or no photos at all). Here at Trulia, we’ve seen listing photos that have dumpsters parked in front of the house, piles of laundry all over the “hardwood” floors touted in the listing description, and once, even the family dog doing his or her business in the lovely green front yard. Listing pictures that have put your home in anything but its best, accurate light are a very quick way to ensure that you turn off a huge number of buyers from even coming to see your house! The only bigger buyer turn-off than these bizarre listing pics are listings that have no photos at all; most buyers on today’s market see a listing with no pictures and click right on past it, without giving the place a second glance.
If you are ready to sell your home give us a call at 972-772-7000 or email us at rockwall@kw.com.
We've talked about surprising home features buyers LOVE, and about why buyers aren't biting on today's market, despite it being highly affordable. But we haven't talked much about the characteristics of sellers, listings and homes that turn buyers all the way off. Well, not until now!
Here are 6 big-time homebuyer turn-offs that make buyers cringe at the thought of your home, and action steps you can take to prevent your home from being an offender:
1. Stalker-ish sellers. I know you think you’re being helpful, walking the buyer through your home and pointing out the wagon-wheel light fixture you made with your own two hands, the custom mural of a stingray you paid top dollar to have painted across your living room wall and the way the sounds of happy schoolchildren running across the front yard of your corner lot to get to the school in the next block lifts your spirits. However, the buyers might be trying really hard to ignore, minimize or figure out how to undo the very features of your home you hold dear. They also may want or need to have personal space and conversations with their mate or their agent while they’re viewing your home - you being there, especially walking right alongside them while they’re in your home, prevents them from being comfortable about doing this, or discussing all the things they would change if the home were theirs. In my experience, the more nitpicky a buyer gets about a house and the more detailed their list of things they would change, the more serious they are about considering making an offer on this place.
What’s a Seller to do? Back off. Let your home be shown vacant, or leave the house when people come to see it. If you need to be there, at least walk outside or go sit at the coffee shop down the way while prospective buyers view your home. If the buyers have questions, their people will contact your people.
2. Shabby, dirty, crowded and/or smelly houses. You already know this one. Yet, buyers constantly marvel. The buyers who come to see your home are making the decision whether to choose your home for the biggest purchase they’ve ever made during the worst economic conditions most of them have ever experienced. Your job is to get your home noticed – favorably – above the sea of other homes on the market, many of which are priced very, very low.
What’s a Seller to do? Other than listing your home at a competitive price, the only tool within your control for differentiating your home from all the foreclosures and short sales is to show it in tip-top shape. Pre-pack your place up, getting rid of as many of your personal effects as possible. Do not show it without it being completely cleaned up: no laundry or dishes piled up, countertops freshly washed, smelly dogs (I have a couple who smell on occasion – no judgment – but don’t show your house with pet odors) or litter boxes cleaned and/or out of the house.
3. Irrational seller expectations (i.e., overpricing). Buying a house on today’s market is hard work! On top of all the research and analysis about the market and situating their own lives to be sure they’ll be able to afford the place for 5, 7, 10 years - or longer, buyers have to work overtime to separate the real estate wheat from the chaff, get educated about short sales and foreclosures and often put in many, many offers before they get even a single one accepted. The last thing they want to add to their task lists is trying to argue a seller out of unreasonable expectations or pricing. And, in fact, there are so many other homes on the market, buyers don’t have to do this. When they see a home whose seller is clearly clueless about their home’s value and has priced it sky-high, most often they won’t bother even looking at it. If they love it, they’ll wait for it to sit on the market for awhile, hoping the market will “educate you” into desperation, priming the pump for a later, lowball offer.
What’s a Seller to do? Get real. Get out there and look at the other properties that are for sale in your area and price range. Get multiple agents’ take on what your home should be listed at, and don’t take it personally if their recommendation is low. If your home has much less curb appeal or space or is much less upgraded than the house across the way, don’t list it at the same price and expect it to sell. If you owe more than your home is realistically worth, you may need to reexamine whether you really want or need to sell, or consider a short sale, if you simply have to sell. Don’t be tempted into testing your market with an obviously too-high price, unless you’re prepared to have your home lag on the market and get lowball offers.
4. Feeling misled. Here’s the deal. You will never trick someone into buying your home. If the listing pics are photo-edited within an inch of their lives, or your home is described as an “approved” short sale when, in fact, the bank approved another offer, now withdrawn, but will require a new offer to go through any sort of approval process (even a truncated one), buyers will learn this information at some point. If your neighborhood is described as funky and vibrant, as code for the fact that your house is under the train tracks and you live in between a wrecking yard and a biker bar, prospects will figure this out. If the detailed information about your home, neighborhood or even transactional position (e.g., short sale status, seller financing, etc.) is misrepresented, the sheer misrepresentation will turn otherwise interested buyers off. If you authorize your agent to “verbally approve” the buyer’s offer, don’t go back the next day demanding an extra $5,000. In cases where the buyer feels misled, whether or not that was your intention, running through the buyer’s mind is this question: If they can’t trust you to be honest about this, how can they trust you to be honest about everything else?
What’s a Seller to do? Buyers rely on sellers to be upfront and honest – so be both. If your home has features or aspects that are often perceived negatively, your home’s listing probably shouldn’t lead with them (like the ad I recently saw with the intro line: “this place is a mess!”), but neither should you go out of your way to slant or skew or spin the facts which will be obvious to anyone who visits your home. Make sure you know what the listing of your home reads like, before it’s published to the web, and that a prospective buyer will not feel misled by it.
5. New, ugly home improvements. Many a buyer has walked into a house that has clearly been remodeled and upgraded in anticipation of the sale, only to have their heart sink with the further realization that the brand-spanking-new kitchen features a countertop made, not of Carerra marble, but brand-new, pink tiles with a kitty cat in the middle of each one (I saw this once, people – no joke). Or the pristine, just-installed floors feature carpet in a creamy shade of blue – the buyer’s least favorite color. New home improvements that run totally counter to a buyer’s aesthetics are a big turn-off, because in today’s era of Conspicuous Frugality, buyers just can’t cotton to ripping out expensive, brand new, perfectly functioning things just on the basis of style – especially since they’ll feel like they paid for these things in the price of the home.
What’s a Seller to do? Check in with a local broker or agent before you make a big investment in a pre-sale remodel. They can give you a reality check about the likely return on your investment, and help you prioritize about which projects to do (or not). Instead of spending $40,000 on a new, less-than-attractive kitchen, they might encourage you to update appliances, have the cabinets painted and spend a few grand on your curb appeal. Many times, they will also help you do the work of selecting neutral finishes that will work for the largest possible range of buyer tastes.
6. CRAZY listing photos (or no photos at all). Here at Trulia, we’ve seen listing photos that have dumpsters parked in front of the house, piles of laundry all over the “hardwood” floors touted in the listing description, and once, even the family dog doing his or her business in the lovely green front yard. Listing pictures that have put your home in anything but its best, accurate light are a very quick way to ensure that you turn off a huge number of buyers from even coming to see your house! The only bigger buyer turn-off than these bizarre listing pics are listings that have no photos at all; most buyers on today’s market see a listing with no pictures and click right on past it, without giving the place a second glance.
If you are ready to sell your home give us a call at 972-772-7000 or email us at rockwall@kw.com.
Wednesday, February 23, 2011
How to Easily Clean Up Water Damage
Provided By Yahoo!
Now that it's spring, we're going to experience a ton of rain. Although rain is great for the flowers and grass, it can wreak havoc on your home (especially if you have leave-filled gutter or a crack in your foundation). In fact, if you're a homeowner with a basement, you may actually grow to dislike those rain showers as they could bring water damage. In this brief article, I'm going to discuss how to clean up water damage. So, without further adieu, let's get started.
First of all, you must always check your home for water damage after a severe thunderstorm. When you do, look for any damaged walls, check the floors and make sure that there are no spots on the ceiling. Do this every time that it rains heavily.
Second, if you notice any basement flooding or other signs of water leakage, remove everything out of the room where it occurred. Simply take those items to your garage or somewhere where you can view them. Then, you'll need to go through and inspect them for water damage. Take your time and evaluate each item carefully. Ask yourself these questions:
- Is the item salvageable? Can it be repaired?
- Are any of the items mildewed? (If so, you'll need to clean off the mildew.)
Third, evaluate the entire area for water damage. For those of you with ceramic or other tiling, you have it easy. You simply have to clean up the water and move on. For those of you that have carpet, you'll need to access the area. You may even want to pull the carpet up a bit to see how it looks underneath.
For those with carpet water damage, you'll have to clean up the excess water immediately. This can best be done with a wet vacuum. Once you've cleaned the excess water, you'll need to use a deep carpet cleaner. If you don't want to purchase one, you can rent it from a place like Home Depot. Either way, you'll have to remove the excess water immediately. If you don't, you'll be left with a terrible mildewed scent.
If you choose to replace the carpet instead of cleaning it, you will then check it for damage. Now, you'll be able to really see the damage underneath. When evaluating the area, look carefully for signs of water damage.
If you have concrete under the carpet, you will simply have to let it dry however, if you have wood floors, you'll need to evaluate them for rotting wood and weakened areas. If you find that the wood has been damaged then you'll need to replace it. If it is simply wet you can simply let it air dry. For mildewed items, you'll have to remove the mildew.
Hopefully you'll never experience water damage but if you do, use the above mentioned tips to clean it up fast and rid yourself of the horrible smell for good. Then, hire someone to find out why it leaked in the first place so that it doesn't happen again.
If you are ready to sell your home call the experts at 972-772-7000 or email us at rockwall@kw.com.
Now that it's spring, we're going to experience a ton of rain. Although rain is great for the flowers and grass, it can wreak havoc on your home (especially if you have leave-filled gutter or a crack in your foundation). In fact, if you're a homeowner with a basement, you may actually grow to dislike those rain showers as they could bring water damage. In this brief article, I'm going to discuss how to clean up water damage. So, without further adieu, let's get started.
First of all, you must always check your home for water damage after a severe thunderstorm. When you do, look for any damaged walls, check the floors and make sure that there are no spots on the ceiling. Do this every time that it rains heavily.
Second, if you notice any basement flooding or other signs of water leakage, remove everything out of the room where it occurred. Simply take those items to your garage or somewhere where you can view them. Then, you'll need to go through and inspect them for water damage. Take your time and evaluate each item carefully. Ask yourself these questions:
- Is the item salvageable? Can it be repaired?
- Are any of the items mildewed? (If so, you'll need to clean off the mildew.)
Third, evaluate the entire area for water damage. For those of you with ceramic or other tiling, you have it easy. You simply have to clean up the water and move on. For those of you that have carpet, you'll need to access the area. You may even want to pull the carpet up a bit to see how it looks underneath.
For those with carpet water damage, you'll have to clean up the excess water immediately. This can best be done with a wet vacuum. Once you've cleaned the excess water, you'll need to use a deep carpet cleaner. If you don't want to purchase one, you can rent it from a place like Home Depot. Either way, you'll have to remove the excess water immediately. If you don't, you'll be left with a terrible mildewed scent.
If you choose to replace the carpet instead of cleaning it, you will then check it for damage. Now, you'll be able to really see the damage underneath. When evaluating the area, look carefully for signs of water damage.
If you have concrete under the carpet, you will simply have to let it dry however, if you have wood floors, you'll need to evaluate them for rotting wood and weakened areas. If you find that the wood has been damaged then you'll need to replace it. If it is simply wet you can simply let it air dry. For mildewed items, you'll have to remove the mildew.
Hopefully you'll never experience water damage but if you do, use the above mentioned tips to clean it up fast and rid yourself of the horrible smell for good. Then, hire someone to find out why it leaked in the first place so that it doesn't happen again.
If you are ready to sell your home call the experts at 972-772-7000 or email us at rockwall@kw.com.
Wednesday, February 9, 2011
Reverse Loans
Provided By The Sun News
Reverse mortgages allow seniors to use their home equity while staying in their homes, but have been criticized for their high upfront fees, among other things.
A new loan has hit the market, however, offering sharply lower start-up costs in exchange for a tighter limit on the amount that can be borrowed.
"It opens up new options for people to think about in terms of how they tap their equity as a retirement resource," said Barbara Stucki, vice president of home equity initiatives at the National Council on Aging.
The Federal Housing Administration isn't talking publicly about it, but the agency may be getting ready to lessen the upfront costs of reverse mortgages for some borrowers.
The Federal Housing Administration will offer a new type of reverse mortgage that will be more affordable, the agency announced this week.
Mark your calendars. The Van Ripers have moved up the date of their mortgage-burning party. When the couple purchased their St. Paul, Minn., home in 2005, they locked in a 6 percent interest rate for 30 years.
With fixed mortgage-interest rates at an all-time low, it might seem as if real estate offices should have house hunters lining up, ready to sign on the dotted line.
Growing pessimism over the weak economic recovery pushed mortgage rates to the lowest level in decades for the seventh time in eight weeks.
Even with these lower costs, advisers say older homeowners should be cautious about reverse mortgages, because the loans can use up the value of their homes, and because in some cases, salesmen have persuaded them to put the loan proceeds into unsuitable investments.
The new loan, called the Home Equity Conversion Mortgage Saver, charges an upfront insurance premium of 0.01 percent of the value of the home - a fraction of the 2 percent charged by the traditional Home Equity Conversion Mortgage. Both HECMs are insured by the Federal Housing Administration, which backs the vast majority of the reverse mortgage market.
On a $400,000 home, a borrower who chooses the Saver would pay $40 in upfront insurance premiums, compared with $8,000 on a regular reverse mortgage.
The tradeoff is that less money is available to the homeowner - 10 percent to 18 percent less, depending on the age of the borrower.
At recent interest rates, a 72-year-old owner of a $400,000 home could borrow up to $192,875 under the HECM Saver, compared with $246,398 under the traditional HECM, said Peter Bell, president of the National Reverse Mortgage Lenders Association, a trade group representing about 400 lenders. The lower borrowing limit means the FHA is less likely to lose money on the loan, making the smaller insurance premium possible.
At the same time, many of the private lenders that make these loans have sliced their origination fees, Bell said. While in the past, they charged origination fees totaling thousands of dollars - on top of the insurance premiums - many lenders have now cut or waived the origination fees. They have been able to do that because investors are paying a premium for securities backed by reverse mortgages, Bell said.
Because lenders' origination fees vary, it pays to shop around among lenders for the best deal, Stucki advised. "A few percentage points in the cost of the loan or service fee could make a big difference," Stucki said.
While the start-up costs on reverse mortgages have dropped, the annual insurance premium has risen, from 0.5 percent of the outstanding loan balance to 1.25 percent. That has been necessary to protect the FHA from losses during the housing market's meltdown.
Reverse mortgages used to have only adjustable interest rates, but the FHA recently added a fixed-rate option. While many borrowers like the idea of knowing the interest rate won't rise, experts caution homeowners to think twice. To get the fixed rate, the homeowner must take out the full loan amount as a lump sum, and will be paying interest and insurance on all of it, even if only a small amount is needed.
"Most people would be better served with the adjustable rate, because they don't have to take all the money upfront," said Susanna Montezemolo, a vice president with the Center for Responsible Lending. She also pointed out that elderly homeowners who suddenly have a large pool of money can be targeted by salesmen selling potentially unsuitable financial products, such as deferred annuities.
Montezemolo said that homeowners should not take reverse mortgages lightly.
"They're an option for someone who is cash-poor but equity-rich, and can't meet living expenses," she said. "For people who want to tap into their equity to have a vacation or something, it becomes a very expensive vacation if you start adding up all the fees."
Before signing up for a reverse mortgage, homeowners should consider whether it's even a good idea to stay in the home, both Montezemolo and Stucki advised. Though older people are often strongly attached to their homes, many would be better off moving to smaller places with no stairs, where someone else shovels the snow and mows the lawn.
"People with health conditions need to be very thoughtful about whether this makes sense for them," Stucki said. "Staying in a house that's too big, too old or unsafe just doesn't make any sense."
Selling a home, of course, is not necessarily cheaper than getting a reverse mortgage, since a real estate agent's fees, moving costs and other expenses will run to thousands of dollars.
Do you need more home loan advice? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Reverse mortgages allow seniors to use their home equity while staying in their homes, but have been criticized for their high upfront fees, among other things.
A new loan has hit the market, however, offering sharply lower start-up costs in exchange for a tighter limit on the amount that can be borrowed.
"It opens up new options for people to think about in terms of how they tap their equity as a retirement resource," said Barbara Stucki, vice president of home equity initiatives at the National Council on Aging.
The Federal Housing Administration isn't talking publicly about it, but the agency may be getting ready to lessen the upfront costs of reverse mortgages for some borrowers.
The Federal Housing Administration will offer a new type of reverse mortgage that will be more affordable, the agency announced this week.
Mark your calendars. The Van Ripers have moved up the date of their mortgage-burning party. When the couple purchased their St. Paul, Minn., home in 2005, they locked in a 6 percent interest rate for 30 years.
With fixed mortgage-interest rates at an all-time low, it might seem as if real estate offices should have house hunters lining up, ready to sign on the dotted line.
Growing pessimism over the weak economic recovery pushed mortgage rates to the lowest level in decades for the seventh time in eight weeks.
Even with these lower costs, advisers say older homeowners should be cautious about reverse mortgages, because the loans can use up the value of their homes, and because in some cases, salesmen have persuaded them to put the loan proceeds into unsuitable investments.
The new loan, called the Home Equity Conversion Mortgage Saver, charges an upfront insurance premium of 0.01 percent of the value of the home - a fraction of the 2 percent charged by the traditional Home Equity Conversion Mortgage. Both HECMs are insured by the Federal Housing Administration, which backs the vast majority of the reverse mortgage market.
On a $400,000 home, a borrower who chooses the Saver would pay $40 in upfront insurance premiums, compared with $8,000 on a regular reverse mortgage.
The tradeoff is that less money is available to the homeowner - 10 percent to 18 percent less, depending on the age of the borrower.
At recent interest rates, a 72-year-old owner of a $400,000 home could borrow up to $192,875 under the HECM Saver, compared with $246,398 under the traditional HECM, said Peter Bell, president of the National Reverse Mortgage Lenders Association, a trade group representing about 400 lenders. The lower borrowing limit means the FHA is less likely to lose money on the loan, making the smaller insurance premium possible.
At the same time, many of the private lenders that make these loans have sliced their origination fees, Bell said. While in the past, they charged origination fees totaling thousands of dollars - on top of the insurance premiums - many lenders have now cut or waived the origination fees. They have been able to do that because investors are paying a premium for securities backed by reverse mortgages, Bell said.
Because lenders' origination fees vary, it pays to shop around among lenders for the best deal, Stucki advised. "A few percentage points in the cost of the loan or service fee could make a big difference," Stucki said.
While the start-up costs on reverse mortgages have dropped, the annual insurance premium has risen, from 0.5 percent of the outstanding loan balance to 1.25 percent. That has been necessary to protect the FHA from losses during the housing market's meltdown.
Reverse mortgages used to have only adjustable interest rates, but the FHA recently added a fixed-rate option. While many borrowers like the idea of knowing the interest rate won't rise, experts caution homeowners to think twice. To get the fixed rate, the homeowner must take out the full loan amount as a lump sum, and will be paying interest and insurance on all of it, even if only a small amount is needed.
"Most people would be better served with the adjustable rate, because they don't have to take all the money upfront," said Susanna Montezemolo, a vice president with the Center for Responsible Lending. She also pointed out that elderly homeowners who suddenly have a large pool of money can be targeted by salesmen selling potentially unsuitable financial products, such as deferred annuities.
Montezemolo said that homeowners should not take reverse mortgages lightly.
"They're an option for someone who is cash-poor but equity-rich, and can't meet living expenses," she said. "For people who want to tap into their equity to have a vacation or something, it becomes a very expensive vacation if you start adding up all the fees."
Before signing up for a reverse mortgage, homeowners should consider whether it's even a good idea to stay in the home, both Montezemolo and Stucki advised. Though older people are often strongly attached to their homes, many would be better off moving to smaller places with no stairs, where someone else shovels the snow and mows the lawn.
"People with health conditions need to be very thoughtful about whether this makes sense for them," Stucki said. "Staying in a house that's too big, too old or unsafe just doesn't make any sense."
Selling a home, of course, is not necessarily cheaper than getting a reverse mortgage, since a real estate agent's fees, moving costs and other expenses will run to thousands of dollars.
Do you need more home loan advice? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Wednesday, January 12, 2011
The Closing Process
Provided By The Lending Tree
Closing consists of all the necessary final steps involved in sealing the deal on a home purchase. It includes:
The offer to purchase
There's no foolproof way to make an offer that's guaranteed to be accepted by the seller. But once you find your perfect house, it's wise to move fast. A good rule of thumb is to make an offer that's eight to 10 percent below the asking price, though that might not work in some areas based on trends in the market. This gives you some room to negotiate, but don't top what you've predetermined to be the highest price you can afford.
The deposit
Also known as earnest money, this is a demonstration of good faith and commitment by the buyer to the seller. It is usually 1 percent of the home's purchase price and is included in an offer to purchase. Either the real estate agent or the seller's lawyer holds the deposit in trust until the deal closes. If you decide not to close on a deal once your offer has been accepted, you may lose your deposit and be sued for damages. If the seller does not accept your offer, your deposit will be returned. If the sale proceeds, your deposit is usually applied to your down payment.
Contingencies
These are certain requirements specified in a contract that need to be met before the buyer is required to close. Typical among them: the buyer's securing of financing and an acceptable house inspection. Generally speaking, an inspection contingency covers a 10-to-14-day period from the acceptance of the contract, and financing contingencies run for 30 days. But in a seller's market, buyers may be asked to fulfill their contingency requirements in shorter time frames.
Home inspection
In a home inspection, a professional conducts a thorough examination of a property to assess its structural and mechanical condition. The idea here is that a trained home inspector will be able to catch potential problems that a buyer might not detect.
The contract
This follows the acceptance of an offer by the seller, and it is a legal and binding obligation, on the part of the buyer, to purchase the property if any contingencies are met. It outlines the details of the transaction, including: a description of the property, the selling price, the date of closing, the possession date and any applicable contingencies.
Settlement sheet
Also called a "closing statement" or a "settlement statement," this is a document that the Department of Housing and Urban Development requires to account for all financial aspects surrounding the sale and purchase of a home. It provides an enumerated list of the funds that were paid at closing. Items on the statement include real estate commissions and initial escrow amounts (money or securities deposited with a neutral third party - the escrow agent - to be delivered upon fulfillment of certain conditions). The Real Estate Settlement Procedures Act requires that a copy of the settlement sheet be distributed to both parties at least one day prior to settlement.
Closing documentation
Before you can close on a house, some paperwork must be completed. This includes a title search to make sure the title is clear, title insurance to protect the buyer and the lender from an oversight regarding a claim on some aspect of the property and an application for homeowner's insurance (necessary for securing a mortgage).
Closing cost
The total amount of closing costs varies, but may include: a loan origination fee, an appraisal fee, the cost of a credit report, a lender's inspection fee, the cost of title insurance, a mortgage broker fee, taxes and a fee for document preparation. Your lender is required to give you prior notice of fees associated with your loan.
Final arrangements
Before the deal is closed and you take possession, you must make some practical arrangements regarding utility service and first mortgage payment.
Settlement
Settlement describes the payment of the balance of the purchase price the buyer owes on the property, and the transfer of the title. It takes place on the possession date specified in the agreement.
Are you ready to sell your home? Give the experts a call at 972-772-7000 or email us at rockwall@kw.com.
Closing consists of all the necessary final steps involved in sealing the deal on a home purchase. It includes:
The offer to purchase
There's no foolproof way to make an offer that's guaranteed to be accepted by the seller. But once you find your perfect house, it's wise to move fast. A good rule of thumb is to make an offer that's eight to 10 percent below the asking price, though that might not work in some areas based on trends in the market. This gives you some room to negotiate, but don't top what you've predetermined to be the highest price you can afford.
The deposit
Also known as earnest money, this is a demonstration of good faith and commitment by the buyer to the seller. It is usually 1 percent of the home's purchase price and is included in an offer to purchase. Either the real estate agent or the seller's lawyer holds the deposit in trust until the deal closes. If you decide not to close on a deal once your offer has been accepted, you may lose your deposit and be sued for damages. If the seller does not accept your offer, your deposit will be returned. If the sale proceeds, your deposit is usually applied to your down payment.
Contingencies
These are certain requirements specified in a contract that need to be met before the buyer is required to close. Typical among them: the buyer's securing of financing and an acceptable house inspection. Generally speaking, an inspection contingency covers a 10-to-14-day period from the acceptance of the contract, and financing contingencies run for 30 days. But in a seller's market, buyers may be asked to fulfill their contingency requirements in shorter time frames.
Home inspection
In a home inspection, a professional conducts a thorough examination of a property to assess its structural and mechanical condition. The idea here is that a trained home inspector will be able to catch potential problems that a buyer might not detect.
The contract
This follows the acceptance of an offer by the seller, and it is a legal and binding obligation, on the part of the buyer, to purchase the property if any contingencies are met. It outlines the details of the transaction, including: a description of the property, the selling price, the date of closing, the possession date and any applicable contingencies.
Settlement sheet
Also called a "closing statement" or a "settlement statement," this is a document that the Department of Housing and Urban Development requires to account for all financial aspects surrounding the sale and purchase of a home. It provides an enumerated list of the funds that were paid at closing. Items on the statement include real estate commissions and initial escrow amounts (money or securities deposited with a neutral third party - the escrow agent - to be delivered upon fulfillment of certain conditions). The Real Estate Settlement Procedures Act requires that a copy of the settlement sheet be distributed to both parties at least one day prior to settlement.
Closing documentation
Before you can close on a house, some paperwork must be completed. This includes a title search to make sure the title is clear, title insurance to protect the buyer and the lender from an oversight regarding a claim on some aspect of the property and an application for homeowner's insurance (necessary for securing a mortgage).
Closing cost
The total amount of closing costs varies, but may include: a loan origination fee, an appraisal fee, the cost of a credit report, a lender's inspection fee, the cost of title insurance, a mortgage broker fee, taxes and a fee for document preparation. Your lender is required to give you prior notice of fees associated with your loan.
Final arrangements
Before the deal is closed and you take possession, you must make some practical arrangements regarding utility service and first mortgage payment.
Settlement
Settlement describes the payment of the balance of the purchase price the buyer owes on the property, and the transfer of the title. It takes place on the possession date specified in the agreement.
Are you ready to sell your home? Give the experts a call at 972-772-7000 or email us at rockwall@kw.com.
Wednesday, December 22, 2010
CURB APPEAL IS KING, NAR STUDY FINDS
Provided By RECON
Nine of the top ten most cost-effective projects in terms of value recouped are exterior replacement projects, according to the National Association of Realtors 2010–11 Remodeling Cost vs. Value Report.
Among the report's findings:
The steel entry door replacement is the project that returned the most money, with an estimated 102.1 percent of cost recouped when the home is sold.
The midrange garage door replacement is expected to recoup 83.9 percent of costs.
Upscale fiber-cement siding replacement was deemed the most cost-effective among siding projects, recouping 80 percent of costs.
Upscale vinyl window replacements were expected to recoup the most among window replacement projects, at 72.6 percent.
Wood decks tied with a minor kitchen remodel for the fourth most profitable project, recouping an estimated 72.8 percent of costs.
Meanwhile, here's what the study found inside the house:
An attic bedroom addition costs more than $51,000 and recoups an estimated 72.2 percent.
A basement remodel costs more than $64,000 and recoups an estimated 70 percent.
Improvement projects that are expected to return the least are a midrange home office remodel, recouping an estimated 45.8 percent; a backup power generator, recouping 48.5 percent; and a sunroom addition, recouping 48.6 percent of costs.
In addition, the study found that Texas was among the regions that were consistently estimated to return a higher percentage of remodeling costs when a home is sold.
Are you ready to sell your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Nine of the top ten most cost-effective projects in terms of value recouped are exterior replacement projects, according to the National Association of Realtors 2010–11 Remodeling Cost vs. Value Report.
Among the report's findings:
The steel entry door replacement is the project that returned the most money, with an estimated 102.1 percent of cost recouped when the home is sold.
The midrange garage door replacement is expected to recoup 83.9 percent of costs.
Upscale fiber-cement siding replacement was deemed the most cost-effective among siding projects, recouping 80 percent of costs.
Upscale vinyl window replacements were expected to recoup the most among window replacement projects, at 72.6 percent.
Wood decks tied with a minor kitchen remodel for the fourth most profitable project, recouping an estimated 72.8 percent of costs.
Meanwhile, here's what the study found inside the house:
An attic bedroom addition costs more than $51,000 and recoups an estimated 72.2 percent.
A basement remodel costs more than $64,000 and recoups an estimated 70 percent.
Improvement projects that are expected to return the least are a midrange home office remodel, recouping an estimated 45.8 percent; a backup power generator, recouping 48.5 percent; and a sunroom addition, recouping 48.6 percent of costs.
In addition, the study found that Texas was among the regions that were consistently estimated to return a higher percentage of remodeling costs when a home is sold.
Are you ready to sell your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Friday, November 19, 2010
Fall May Bring Serious Buyers
Provided By Realty Times
Written By Phoebe Chongchua
As the year winds down, many homeowners fear that now could be a bad time to sell their home. While it’s true that the holidays can deter some folks from house hunting and making a major purchase—don’t give up.
If your house is on the market, step up the action plan to draw attention to it. Don’t let the holiday blues make you feel like there’s no hope. Homes are sold and bought this time of year. But the ones that get snatched up are the ones that are enticing to buyers.
Because this is a very busy time of year with personal travel and holiday celebrations, many real estate experts note that if you have buyers dropping by your open house or making an appointment to view your home, there’s a good chance they’re serious buyers.
There are some things you can do to make your home more “showable”. We often say in the real estate industry, “the way you live in a home is not the way you stage a home.”
So, while this time of year often brings out all the holiday decor, there is such a thing as too much holiday cheer. No, I’m not the Grinch. It’s just that not all buyers celebrate the same holidays.
A good rule of thumb, is to keep decor simple and subtle. If you celebrate Christmas, go ahead and put a tree up but don’t put one up in every room. Remember that buyers will be looking at your home and imagining their own holiday celebrations there. So, be sure to leave them room to envision their lives in the home.
This goes for the outside too. Holiday lights can be placed outside very tastefully but ditch the huge inflatable characters that make it look like your yard is an amusement park. Instead, opt for a nice holiday wreath and some subtle seasonal decor. Keep in mind that curb appeal is what gets buyers in the door. If your home isn’t appealing from the outside, buyers won’t bother to stop for a look inside.
Stash the gifts. If you usually put them under the tree or around the house, save them for the day of your celebration. There are two reasons: presents take up precious floor space and they are a distraction. It’s a good idea to keep as many personal belongings as possible in a safe, private place.
Especially in cold weather areas, cinnamon pine cones or some other mild potpourris can be a pleasant welcome. But don’t go overboard with different fragrances in every room.
Another nice touch is to spruce up the mantle. However, if you usually hang stockings with your family’s names on them, you might consider using less personal ones while showing your home. It’s the same reason, stagers will put away your personal photos—to create a space where buyers can imagine their photos and belongings in.
Listing your home for sale during the holidays doesn’t have to make you blue; in fact it can truly brighten your spirits by putting some green in your bank account. Just be sure to focus on making your home a buyer’s dream this holiday season.
Are you planning on selling your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Written By Phoebe Chongchua
As the year winds down, many homeowners fear that now could be a bad time to sell their home. While it’s true that the holidays can deter some folks from house hunting and making a major purchase—don’t give up.
If your house is on the market, step up the action plan to draw attention to it. Don’t let the holiday blues make you feel like there’s no hope. Homes are sold and bought this time of year. But the ones that get snatched up are the ones that are enticing to buyers.
Because this is a very busy time of year with personal travel and holiday celebrations, many real estate experts note that if you have buyers dropping by your open house or making an appointment to view your home, there’s a good chance they’re serious buyers.
There are some things you can do to make your home more “showable”. We often say in the real estate industry, “the way you live in a home is not the way you stage a home.”
So, while this time of year often brings out all the holiday decor, there is such a thing as too much holiday cheer. No, I’m not the Grinch. It’s just that not all buyers celebrate the same holidays.
A good rule of thumb, is to keep decor simple and subtle. If you celebrate Christmas, go ahead and put a tree up but don’t put one up in every room. Remember that buyers will be looking at your home and imagining their own holiday celebrations there. So, be sure to leave them room to envision their lives in the home.
This goes for the outside too. Holiday lights can be placed outside very tastefully but ditch the huge inflatable characters that make it look like your yard is an amusement park. Instead, opt for a nice holiday wreath and some subtle seasonal decor. Keep in mind that curb appeal is what gets buyers in the door. If your home isn’t appealing from the outside, buyers won’t bother to stop for a look inside.
Stash the gifts. If you usually put them under the tree or around the house, save them for the day of your celebration. There are two reasons: presents take up precious floor space and they are a distraction. It’s a good idea to keep as many personal belongings as possible in a safe, private place.
Especially in cold weather areas, cinnamon pine cones or some other mild potpourris can be a pleasant welcome. But don’t go overboard with different fragrances in every room.
Another nice touch is to spruce up the mantle. However, if you usually hang stockings with your family’s names on them, you might consider using less personal ones while showing your home. It’s the same reason, stagers will put away your personal photos—to create a space where buyers can imagine their photos and belongings in.
Listing your home for sale during the holidays doesn’t have to make you blue; in fact it can truly brighten your spirits by putting some green in your bank account. Just be sure to focus on making your home a buyer’s dream this holiday season.
Are you planning on selling your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Monday, November 15, 2010
Sellers: Don't Let Emotions Rule
Provided By Realty Times
Written By Carla Hill
It can be easy for the selling experience to become clouded by emotion. A homeowner may have years of memories stored within the walls of a home. They look at a room, and instead of resale potential, they see a baby's first steps and early Christmas mornings. When the time comes to sell, however, the time has also come to sever emotional ties with a house.
Emotions can cloud your reasoning. And they can misguide you during a very expensive and important business transaction. Sellers sometimes overvalue their homes, adding in sentimental value on top of property value. They refuse offers that, while reasonable, don't add up to the value of their memories. Or they turn down a potential buyer, because they don't garden and won't "leave the rose bushes," or aren't the "type" of person they'd like living in their home.
For a smooth transition, hire an experienced real estate agent. Once you've turned yourself over to their guidance, you can then turn your focus onto the new phase of your life. And agent can help you establish a fair, and unbiased, asking price. They find the sellers. They show the house. And they help you sign on the dotted line. The middle man is extremely beneficial in separating from your emotions.
Your emotions may surface as soon as you list the house for sale, since many agents will suggest you remove many of your personal items from the house for staging. This is neither a personal attack on your decorating nor your memories. Staging is a wonderful way for homeowners to see the house as their future home, instead of seeing your house and your home.
Don't fret over lost memories; take pictures of your home and make a scrapbook. Channel your emotions into the joy of moving. And have fun imagining the new memories you'll make in your new place. This is not a time for mourning, instead it's a time for celebrating!
Are you ready to sell your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Written By Carla Hill
It can be easy for the selling experience to become clouded by emotion. A homeowner may have years of memories stored within the walls of a home. They look at a room, and instead of resale potential, they see a baby's first steps and early Christmas mornings. When the time comes to sell, however, the time has also come to sever emotional ties with a house.
Emotions can cloud your reasoning. And they can misguide you during a very expensive and important business transaction. Sellers sometimes overvalue their homes, adding in sentimental value on top of property value. They refuse offers that, while reasonable, don't add up to the value of their memories. Or they turn down a potential buyer, because they don't garden and won't "leave the rose bushes," or aren't the "type" of person they'd like living in their home.
For a smooth transition, hire an experienced real estate agent. Once you've turned yourself over to their guidance, you can then turn your focus onto the new phase of your life. And agent can help you establish a fair, and unbiased, asking price. They find the sellers. They show the house. And they help you sign on the dotted line. The middle man is extremely beneficial in separating from your emotions.
Your emotions may surface as soon as you list the house for sale, since many agents will suggest you remove many of your personal items from the house for staging. This is neither a personal attack on your decorating nor your memories. Staging is a wonderful way for homeowners to see the house as their future home, instead of seeing your house and your home.
Don't fret over lost memories; take pictures of your home and make a scrapbook. Channel your emotions into the joy of moving. And have fun imagining the new memories you'll make in your new place. This is not a time for mourning, instead it's a time for celebrating!
Are you ready to sell your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Wednesday, November 3, 2010
Top Ten Tips On Selling Your Home With Style
Provided By IndigoHomes
You only have one chance to make a good first impression, and when it comes to selling your home its presentation impacts on how quickly your home will sell and for how much.
Photos on Internet property sites must stand out from the crowd to encourage potential buyers to turn up to an inspection.
Cramped, dark rooms cluttered with furniture, kids’ toys or pet mess along with completely mismatched décor and furnishings just puts people off as it’s hard to see the potential a place might offer when there’s so much in the way.
Buying a home is a very emotional decision, so you want potential buyers to walk in and imagine themselves living there. It also needs to be memorable after the tenth house they inspect in a day (and only for the right reasons!)
So unless your home already looks like something out of Vogue Living, here are some simple tips you can follow to make your home photo and inspection ready.
Picture perfect
o Add space - Remove excess furniture to make rooms look bigger while still being functional.
o De-personalise - Put away any personal items, photos and knick-knacks.
o De-clutter - Don’t just clean, you need to clear all surfaces of household clutter. It’s better to have a few larger display pieces (like vases or a stack of books) rather than lots of little bits and pieces. When in doubt - remove it.
o Set up - If possible set up rooms as they would normally be used. If a bedroom is used as an office or storage area, it’s best to put a bed in there so people can get a better feel for the space. It’s always better to sell a house with furniture in it, as empty rooms can make a home look smaller and it’s harder for people to visualise the space.
Inspection day
o Street appeal - Make sure the front of the property is clean, tidy and welcoming - it’s the first thing your home will be judged on.
o Light up - Open up window coverings and blinds to let in as much natural light as possible and switch on lights and lamps (yes, even during the day).
o Storage sells - Don’t think you can fill your storage spaces with that clutter you cleared. People will open cupboards so you want them to be clean and tidy so the space seems bigger not smaller.
o No pets allowed - not everyone is pet friendly so it’s best to remove them at inspection time along with litter trays and other pet items.
o Set the mood - Appeal to the senses by using fresh cut flowers, candles or home scents (vanilla gives a ‘just baked’ smell, while verbena is fresh and uplifting).
o Finishing touches - Keep an extra set of clean fluffy towels and ironed pillowcases aside for a clean, crisp finish.
Style counsel
If you’re after some expert advice, consider engaging a professional stylist. They often work in two ways:
Do-it-yourself
The stylist evaluates your property with you and advises on changes to be made, inside and out, room-by-room. Many changes can be made on the spot and you’ll be left with a plan for implementing the rest.
Complete service
This could involve creating a whole design scheme, furniture rental, or just accessorising with linen, lighting and artwork.
"You can tell the homes where the owners have gone to a little extra effort. Professional advice on styling can also really pay off. Remember, your property is in a competition and it needs to stand out in the marketplace.” - Tim Douglas, Director of Place West real estate agency, Brisbane.
Looking to sell your home? Call us at 972-772-7000 or email us at rockwall@kw.com.
You only have one chance to make a good first impression, and when it comes to selling your home its presentation impacts on how quickly your home will sell and for how much.
Photos on Internet property sites must stand out from the crowd to encourage potential buyers to turn up to an inspection.
Cramped, dark rooms cluttered with furniture, kids’ toys or pet mess along with completely mismatched décor and furnishings just puts people off as it’s hard to see the potential a place might offer when there’s so much in the way.
Buying a home is a very emotional decision, so you want potential buyers to walk in and imagine themselves living there. It also needs to be memorable after the tenth house they inspect in a day (and only for the right reasons!)
So unless your home already looks like something out of Vogue Living, here are some simple tips you can follow to make your home photo and inspection ready.
Picture perfect
o Add space - Remove excess furniture to make rooms look bigger while still being functional.
o De-personalise - Put away any personal items, photos and knick-knacks.
o De-clutter - Don’t just clean, you need to clear all surfaces of household clutter. It’s better to have a few larger display pieces (like vases or a stack of books) rather than lots of little bits and pieces. When in doubt - remove it.
o Set up - If possible set up rooms as they would normally be used. If a bedroom is used as an office or storage area, it’s best to put a bed in there so people can get a better feel for the space. It’s always better to sell a house with furniture in it, as empty rooms can make a home look smaller and it’s harder for people to visualise the space.
Inspection day
o Street appeal - Make sure the front of the property is clean, tidy and welcoming - it’s the first thing your home will be judged on.
o Light up - Open up window coverings and blinds to let in as much natural light as possible and switch on lights and lamps (yes, even during the day).
o Storage sells - Don’t think you can fill your storage spaces with that clutter you cleared. People will open cupboards so you want them to be clean and tidy so the space seems bigger not smaller.
o No pets allowed - not everyone is pet friendly so it’s best to remove them at inspection time along with litter trays and other pet items.
o Set the mood - Appeal to the senses by using fresh cut flowers, candles or home scents (vanilla gives a ‘just baked’ smell, while verbena is fresh and uplifting).
o Finishing touches - Keep an extra set of clean fluffy towels and ironed pillowcases aside for a clean, crisp finish.
Style counsel
If you’re after some expert advice, consider engaging a professional stylist. They often work in two ways:
Do-it-yourself
The stylist evaluates your property with you and advises on changes to be made, inside and out, room-by-room. Many changes can be made on the spot and you’ll be left with a plan for implementing the rest.
Complete service
This could involve creating a whole design scheme, furniture rental, or just accessorising with linen, lighting and artwork.
"You can tell the homes where the owners have gone to a little extra effort. Professional advice on styling can also really pay off. Remember, your property is in a competition and it needs to stand out in the marketplace.” - Tim Douglas, Director of Place West real estate agency, Brisbane.
Looking to sell your home? Call us at 972-772-7000 or email us at rockwall@kw.com.
Wednesday, October 13, 2010
Increasing Seller's Property Value
Provided By Yahoo!
Understand first of all that there IS a difference between price and value. Price is the amount you are asking for the property. Value is buyer perceived, and this perception of value is influenced by many factors such as location, features, condition, comparison to other purchase option, etc. By attending to details that can have a positive impact on the value, sellers can significantly increase their chance of attracting qualified buyers willing to pay the asking price.
Some tips to achieve a positive impact on value are:
1.Perceived size impacts value, even more so than actual square footage. Open floor plans make a room feel bigger than larger spaces with smaller rooms. Showing property that is furniture free, or at reduced clutter, helps to make the space feel bigger.
2.Vacancy increases sale-ability. Property is easier to show and easier to sell, and quicker to take possession of when it is vacant at the time it is offered for sale. Evidence of problems to take possession of the property -- such as encroachments, or tenants who wont allow buyer tours -- negatively impact value. Vacancy also helps the buyer walk through the property imagining ownership. Sellers should remove personal trinkets and family pictures as well as being conveniently absent during a buyer tour.
3.Cosmetics are important.
•Fresh paint will always add more value than it costs.
•Clean or new carpet/flooring adds more value than it costs.
•Landscaping adds more value than it costs. At the very minimum, make the entrance area neat.
•If you can, add some colorful flowers and new sod.
4.Take care of the obvious! The spot on the ceiling from the roof leak takes thousands of dollars from the perceived value and the offer price.
5.Condition affects value. Do a seller's home inspection to identify and fix the problem BEFORE closing. No point holding up your check a few extra days; plus a failed buyer's inspection could cost you the sale. Buyers will often bargain down your asking price to accomodate for property condition and repairs.
6.If you can, remodel/update the kitchen and master bathroom. These two areas have a big impact on home buying decisions.
7.Strategic renovations impact value and your bottom line. Don't spend more money to renovate the place than you can recapture in value on the sales price.
Have questions about the process of selling your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Understand first of all that there IS a difference between price and value. Price is the amount you are asking for the property. Value is buyer perceived, and this perception of value is influenced by many factors such as location, features, condition, comparison to other purchase option, etc. By attending to details that can have a positive impact on the value, sellers can significantly increase their chance of attracting qualified buyers willing to pay the asking price.
Some tips to achieve a positive impact on value are:
1.Perceived size impacts value, even more so than actual square footage. Open floor plans make a room feel bigger than larger spaces with smaller rooms. Showing property that is furniture free, or at reduced clutter, helps to make the space feel bigger.
2.Vacancy increases sale-ability. Property is easier to show and easier to sell, and quicker to take possession of when it is vacant at the time it is offered for sale. Evidence of problems to take possession of the property -- such as encroachments, or tenants who wont allow buyer tours -- negatively impact value. Vacancy also helps the buyer walk through the property imagining ownership. Sellers should remove personal trinkets and family pictures as well as being conveniently absent during a buyer tour.
3.Cosmetics are important.
•Fresh paint will always add more value than it costs.
•Clean or new carpet/flooring adds more value than it costs.
•Landscaping adds more value than it costs. At the very minimum, make the entrance area neat.
•If you can, add some colorful flowers and new sod.
4.Take care of the obvious! The spot on the ceiling from the roof leak takes thousands of dollars from the perceived value and the offer price.
5.Condition affects value. Do a seller's home inspection to identify and fix the problem BEFORE closing. No point holding up your check a few extra days; plus a failed buyer's inspection could cost you the sale. Buyers will often bargain down your asking price to accomodate for property condition and repairs.
6.If you can, remodel/update the kitchen and master bathroom. These two areas have a big impact on home buying decisions.
7.Strategic renovations impact value and your bottom line. Don't spend more money to renovate the place than you can recapture in value on the sales price.
Have questions about the process of selling your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Wednesday, September 29, 2010
Sell Your Home Faster, Give Your Cabinets a New Look
Written By Phoebe Chongchua of Realty Times
As the fall season sets in and the weather gets colder, it's just another reason to spend more time in the kitchen cooking up warming soups and maybe some hot cider. But no matter which season, kitchens and great rooms tend to be very popular for homeowners and, of course, buyers.
For this reason, it's important to make sure your cabinets are looking good--not laden with holes from chipped or worn off paint or stain. Kitchen cabinets often take a beating from all the opening and closing of the doors and drawers; however getting them looking good again can seem like an overwhelming project.
According to the National Kitchen & Bath Association, "The variables that affect the cost of kitchen cabinets relate to quality, appearance, and functional effectiveness."
So, if you're really sprucing them up and using high-end handles, adding more shelving inside them, the costs will rise. But what if the insides of your cabinets aren't really in poor condition? Maybe the hinges and the hardware are still in good shape, it's just the outside that could use a makeover.
That's when giving your cabinets a new face might be your best option. Stripping the cabinets and painting or refacing them can add a lot of value to the overall appeal of the home without incurring the bigger expense of replacing your cabinets.
The NKBA says that, "This will cost about half of what you would spend for comparable new kitchen cabinets, but such a strategy will only work if the basic room configuration and cabinet placement in your existing kitchen are to remain the same." However, if your cabinets are sagging or you need a new configuration for more space, for instance, this option won't work. But, again, if your cabinets simply need a new face, this can be a good solution especially when you're listing your home for sale. The investment isn't nearly as high as replacing them.
There are a few steps involved in refacing: remove/prep the veneer, strip the surface, fill in missing chips, clean cabinets, apply new veneer and trim, prep veneer, and finally stain and finish. Some homeowners decide to do their own handyman work.
There are many articles on the step-by-step process, so this column won't focus on that but instead will let you know a few things that you should be aware of to ward off bigger problems. Actually, the first is an issue I had when refacing my kitchen cabinets. (After one painter messed up the cabinets, I ended up having to hire a qualified professional to successfully finish the job.) What you should know before you start. Especially in tract homes, certain types of cabinets may have a protective layer (veneer) on top of the wood or pressed particle board. If you remove this layer you can end up with a big mess. While it often chips off over the years, and appears easy to remove, in fact you can peel it off with your finger tips, removing it completely will require the under material to be sanded and prepped so that the surface will allow paint to stick to it. But, removing it may also cause harm to the cabinets.
"Most kitchen cabinets are made with pre-veneered laminated wood (particle board in some cases) and the hardwood veneer is rolled onto the laminated wood with terrifically high pressure and in most case you would damage the wood underneath trying to remove the veneer," according to RefinishFurniture.com. The site indicates that the old veneer can be left on as a base. The old must be lightly sanded to remove the finish and then a new veneer can be added. RefinishFurniture.com also recommends marking all the cabinet doors before you remove them to strip them or prep them for paint or stain. It'll save you so much time and frustration when you go to put them back on.
Another word of advice. While many homeowners like the do-it-yourself projects, when you're selling your home, this kind of project can become tedious and too time consuming. Refacing your cabinets will help your home show better but the question is: Do you do-it-yourself or hire a company to do what they do best? Either way, newly painted or stained cabinets go along way when it comes time to sell your home.
Do you need help with selling your home? Call us at 972-772-7000 or email us at rockwall@kw.com.
As the fall season sets in and the weather gets colder, it's just another reason to spend more time in the kitchen cooking up warming soups and maybe some hot cider. But no matter which season, kitchens and great rooms tend to be very popular for homeowners and, of course, buyers.
For this reason, it's important to make sure your cabinets are looking good--not laden with holes from chipped or worn off paint or stain. Kitchen cabinets often take a beating from all the opening and closing of the doors and drawers; however getting them looking good again can seem like an overwhelming project.
According to the National Kitchen & Bath Association, "The variables that affect the cost of kitchen cabinets relate to quality, appearance, and functional effectiveness."
So, if you're really sprucing them up and using high-end handles, adding more shelving inside them, the costs will rise. But what if the insides of your cabinets aren't really in poor condition? Maybe the hinges and the hardware are still in good shape, it's just the outside that could use a makeover.
That's when giving your cabinets a new face might be your best option. Stripping the cabinets and painting or refacing them can add a lot of value to the overall appeal of the home without incurring the bigger expense of replacing your cabinets.
The NKBA says that, "This will cost about half of what you would spend for comparable new kitchen cabinets, but such a strategy will only work if the basic room configuration and cabinet placement in your existing kitchen are to remain the same." However, if your cabinets are sagging or you need a new configuration for more space, for instance, this option won't work. But, again, if your cabinets simply need a new face, this can be a good solution especially when you're listing your home for sale. The investment isn't nearly as high as replacing them.
There are a few steps involved in refacing: remove/prep the veneer, strip the surface, fill in missing chips, clean cabinets, apply new veneer and trim, prep veneer, and finally stain and finish. Some homeowners decide to do their own handyman work.
There are many articles on the step-by-step process, so this column won't focus on that but instead will let you know a few things that you should be aware of to ward off bigger problems. Actually, the first is an issue I had when refacing my kitchen cabinets. (After one painter messed up the cabinets, I ended up having to hire a qualified professional to successfully finish the job.) What you should know before you start. Especially in tract homes, certain types of cabinets may have a protective layer (veneer) on top of the wood or pressed particle board. If you remove this layer you can end up with a big mess. While it often chips off over the years, and appears easy to remove, in fact you can peel it off with your finger tips, removing it completely will require the under material to be sanded and prepped so that the surface will allow paint to stick to it. But, removing it may also cause harm to the cabinets.
"Most kitchen cabinets are made with pre-veneered laminated wood (particle board in some cases) and the hardwood veneer is rolled onto the laminated wood with terrifically high pressure and in most case you would damage the wood underneath trying to remove the veneer," according to RefinishFurniture.com. The site indicates that the old veneer can be left on as a base. The old must be lightly sanded to remove the finish and then a new veneer can be added. RefinishFurniture.com also recommends marking all the cabinet doors before you remove them to strip them or prep them for paint or stain. It'll save you so much time and frustration when you go to put them back on.
Another word of advice. While many homeowners like the do-it-yourself projects, when you're selling your home, this kind of project can become tedious and too time consuming. Refacing your cabinets will help your home show better but the question is: Do you do-it-yourself or hire a company to do what they do best? Either way, newly painted or stained cabinets go along way when it comes time to sell your home.
Do you need help with selling your home? Call us at 972-772-7000 or email us at rockwall@kw.com.
Friday, September 10, 2010
Maintain an Organized Entryway
Published By Realty Times
Written By Carla Hill
The goal of homeowners everywhere should be to have not only functional, but beautiful entryways.
The reasoning is simple. For most families, entryways see a lot of traffic. And it can easily become a dumping ground. They house shoes, coats, purses, and keys, as well as often used toys and tools.
And for every home, the entryway is the very spot where guests and buyers will form their first impression. This means disorganized is out and clean is in. Let's look at a few simple design and organization tips that can take your entryway from shab to fab.
The key to a clutter-free entry is storage. Option one would be built-in cabinetry. Pick materials and colors that follow the design ascetic of your home. Traditional homes look great with clean, white cabinetry and simple pulls. A more eclectic home can dare to use colorful patterns and bold hardware. Hang and fold your items and then shut away the clutter.
If you don't have room for built-ins, then consider a free-standing shelving unit with cubbies. Baskets are an attractive way to keep everything from mittens and hats to ball gloves and racquets organized. And use smaller cubbies for shoes!
Have even less space? Even simple hooks can have a great organizing effect.
The next tip is to have some sort of seating. Make an inviting spot for children to sit while removing winter boots. Bench seating with storage underneath can be a perfect combination of functionality and looks, and you can add a pop of color with a colorful cushion.
Pay careful attention to flooring choices in your entryway. You want something that is durable and hides dirt easily. A popular trend in today's home is slate tile, with its dark hues doing wonders for masking dirt.
If your entryway is more formal and you choose not to have any cabinets, then be sure to hide away coats and clutter in the nearest closet. A simple console table with drawers can be used to hold keys and phones. Consider installing a docking station in the drawers of the table to hide chargers and cables for iPods and phones.
These simple tips can make a big difference in keeping your entry organized.
Looking for more simple tips and tricks to organize your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Written By Carla Hill
The goal of homeowners everywhere should be to have not only functional, but beautiful entryways.
The reasoning is simple. For most families, entryways see a lot of traffic. And it can easily become a dumping ground. They house shoes, coats, purses, and keys, as well as often used toys and tools.
And for every home, the entryway is the very spot where guests and buyers will form their first impression. This means disorganized is out and clean is in. Let's look at a few simple design and organization tips that can take your entryway from shab to fab.
The key to a clutter-free entry is storage. Option one would be built-in cabinetry. Pick materials and colors that follow the design ascetic of your home. Traditional homes look great with clean, white cabinetry and simple pulls. A more eclectic home can dare to use colorful patterns and bold hardware. Hang and fold your items and then shut away the clutter.
If you don't have room for built-ins, then consider a free-standing shelving unit with cubbies. Baskets are an attractive way to keep everything from mittens and hats to ball gloves and racquets organized. And use smaller cubbies for shoes!
Have even less space? Even simple hooks can have a great organizing effect.
The next tip is to have some sort of seating. Make an inviting spot for children to sit while removing winter boots. Bench seating with storage underneath can be a perfect combination of functionality and looks, and you can add a pop of color with a colorful cushion.
Pay careful attention to flooring choices in your entryway. You want something that is durable and hides dirt easily. A popular trend in today's home is slate tile, with its dark hues doing wonders for masking dirt.
If your entryway is more formal and you choose not to have any cabinets, then be sure to hide away coats and clutter in the nearest closet. A simple console table with drawers can be used to hold keys and phones. Consider installing a docking station in the drawers of the table to hide chargers and cables for iPods and phones.
These simple tips can make a big difference in keeping your entry organized.
Looking for more simple tips and tricks to organize your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Wednesday, July 21, 2010
Avoid These Huge House Seller Mistakes
Written By Darline Bazile
Provided By Real Estate Articles
You would like to get the best price for your house, plus sell it in the least amount of time. In a buyers’ market like the one emerging now, houses will take longer to sell. For that reason, it’s important that you make the right moves in the very beginning of your homeselling process to remain competitive. Here are some top house seller mistakes and traps that home owners fall into and how to avoid them.
* Over-pricing – It’s easy to believe your house is worth a lot more than the current market may support, especially after the long run-up in home prices. Given that house costs have cooled down in markets around the country, house sellers should be willing to negotiate on price and terms, and stay flexible to other stipulations benefiting the buyer. Sellers should also keep their feelings under control during the process. After all, your house is special to you and the family, and you’re pleased with the improvements you’ve made over the years. However, how does your house really stand up to the others? And are those upgrades important to a potential buyer? To find out a fair listing price, get sales statistics on homes in the neighborhood including listing prices and actual sales prices, how long it took for the homes to sell, and government valuation comparisons. You’ll also need a market appraisal on your property. Visit properties for sale in your area and examine what you see in terms of sales appeal.
* Negligent Housekeeping – Buyers have to be able to imagine themselves living in the house. Have a good, objective look at the actual condition of your house. Clean, well-kept homes with an updated appearance always stand out, and a little decorating appeal can go a long way. You don’t have to purchase new furniture in order to produce charm, however , you can put toys and clutter away, freshen up paint and carpet, make the most of window coverings, and give a few key accessories in order to send out welcoming signals.
* Failing to Fix-It – Buyers, unless they are searching for a fixer-upper, would prefer to move into a house that’s in perfect or near-perfect condition. If they have to repair the roof, a broken tile floor, the garage door, worn carpet or just about anything, this could give them pause about buying. At the minimum, it may reduce the value of the home in the prospective buyer’s mind.
* Not Identifying Exclusions – This can be a cause of contention just at a critical point in the sale. Make sure to specify any special sales factors or exclusions from the fixtures and furnishings list. Generally, anything permanently fixed to the house is an asset that stays with the home after the sale. Therefore you intend to take your grandmother’s antique chandelier that’s hanging in the dining room, clearly specify the chandelier isn’t included in the sale price.
* Not Understanding the Agent Agreement – Your sales endeavor will certainly go easiest when all parties have a clear understanding of exactly what is expected. Understand the types of agency agreements when you sign with a real estate professional or company. Make sure to check on fees, commission percentages, marketing plans and timeframes. Just remember, get everything in writing.
Looking for help and the right answers in regards to selling your home? Give us a call at 972-772-7000 or email us rockwall@kw.com.
Provided By Real Estate Articles
You would like to get the best price for your house, plus sell it in the least amount of time. In a buyers’ market like the one emerging now, houses will take longer to sell. For that reason, it’s important that you make the right moves in the very beginning of your homeselling process to remain competitive. Here are some top house seller mistakes and traps that home owners fall into and how to avoid them.
* Over-pricing – It’s easy to believe your house is worth a lot more than the current market may support, especially after the long run-up in home prices. Given that house costs have cooled down in markets around the country, house sellers should be willing to negotiate on price and terms, and stay flexible to other stipulations benefiting the buyer. Sellers should also keep their feelings under control during the process. After all, your house is special to you and the family, and you’re pleased with the improvements you’ve made over the years. However, how does your house really stand up to the others? And are those upgrades important to a potential buyer? To find out a fair listing price, get sales statistics on homes in the neighborhood including listing prices and actual sales prices, how long it took for the homes to sell, and government valuation comparisons. You’ll also need a market appraisal on your property. Visit properties for sale in your area and examine what you see in terms of sales appeal.
* Negligent Housekeeping – Buyers have to be able to imagine themselves living in the house. Have a good, objective look at the actual condition of your house. Clean, well-kept homes with an updated appearance always stand out, and a little decorating appeal can go a long way. You don’t have to purchase new furniture in order to produce charm, however , you can put toys and clutter away, freshen up paint and carpet, make the most of window coverings, and give a few key accessories in order to send out welcoming signals.
* Failing to Fix-It – Buyers, unless they are searching for a fixer-upper, would prefer to move into a house that’s in perfect or near-perfect condition. If they have to repair the roof, a broken tile floor, the garage door, worn carpet or just about anything, this could give them pause about buying. At the minimum, it may reduce the value of the home in the prospective buyer’s mind.
* Not Identifying Exclusions – This can be a cause of contention just at a critical point in the sale. Make sure to specify any special sales factors or exclusions from the fixtures and furnishings list. Generally, anything permanently fixed to the house is an asset that stays with the home after the sale. Therefore you intend to take your grandmother’s antique chandelier that’s hanging in the dining room, clearly specify the chandelier isn’t included in the sale price.
* Not Understanding the Agent Agreement – Your sales endeavor will certainly go easiest when all parties have a clear understanding of exactly what is expected. Understand the types of agency agreements when you sign with a real estate professional or company. Make sure to check on fees, commission percentages, marketing plans and timeframes. Just remember, get everything in writing.
Looking for help and the right answers in regards to selling your home? Give us a call at 972-772-7000 or email us rockwall@kw.com.
Friday, July 2, 2010
Tips for a Successful Garage Sale
Provided By Realty Times
Written By Carla Hill
Whether you are jump-starting a move, decluttering for a showing, or looking to make some extra cash, a garage sale can be a great way for a homeowner to declutter. Here are some helpful tips to make your next garage sale a success.
1. Plan Ahead: Some cities require that you have a permit or a license to hold a garage sale. These may be free, or they may cost a small fee. After you've gotten a permit, be sure to give yourself plenty of time to organize in preparation for the event. It can take more time than you'd expect to select items, price them, and then move them to your sale area.
2. Group Effort: Ask neighbors in your community if they'd be interested in having a sale the same day! This can be quit a draw to the garage sale crowd. Can't get the neighbors interested? Ask if any friends or family want to bring items over to have a combined sale. Simply use different colored price stickers to keep the profits separate. A block or "multi-family" sale is a great way to draw a crowd.
3. Advertise: There are a ton of great, and free, places to advertise your sale. Most of these are online. Be sure to mention in your add the following items: the neighborhood or area of town you are located in, especially if in a big city; your address; the date and run time; some of the items you are offering (appliances, women's clothing, baby items, etc.) The day of the sale be sure your home is easy to find. Use signs and balloons to direct traffic off of main roadways.
4. Price Items: When you price items, keep in mind that you are marketing to a customer that wants a deal. Be realistic about what an item is worth. Pricing items ahead of time can speed up the buying process.
5. Set Up Shop: Arrange items by type. Put furniture together, glassware on a table, and have clothes hanging. Also provide access to an electrical outlet for customers who want to turn on appliances and electronics to verify their condition.
6. Plenty of Change: Visit the bank the day before the sale to have lots of change. There will be buyers who use twenties, and will use of lots of your smaller bills. Stock up on ones, fives, tens, and lots of small change.
7. Take Care: If you have extra newspapers and plastic bags on hand, then keep them by your cash desk during the sale. Use the newspaper to wrap breakables. And use the plastic bags to help customer get small items conveniently to their car.
8. Eagle Eye. Be sure to keep an eye on your cash box! Never leave the box unattended.
9. Salvation Army: There will be items that don't sell. To expediate your clutter cleanse, look up local donation centers ahead of time to find out about donation pickup and drop-offs.
10. Free box: For items that need cleansed, but you aren't worry about making any money on, consider setting up a free box. You'll be surprised what other people will consider "treasure"!
11. Emily Post Touches: If morning weather is chilly, consider having small cups of coffee for sale. In summertime, have the kids set up a cookie and lemonade stand!
12. Have fun. A garage sale can be a stressful event, but if you stay committed to making it a positive and fun experience, it will be just that.
Good luck with your sale!
Done with decluttering your home and are now ready to sell? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Written By Carla Hill
Whether you are jump-starting a move, decluttering for a showing, or looking to make some extra cash, a garage sale can be a great way for a homeowner to declutter. Here are some helpful tips to make your next garage sale a success.
1. Plan Ahead: Some cities require that you have a permit or a license to hold a garage sale. These may be free, or they may cost a small fee. After you've gotten a permit, be sure to give yourself plenty of time to organize in preparation for the event. It can take more time than you'd expect to select items, price them, and then move them to your sale area.
2. Group Effort: Ask neighbors in your community if they'd be interested in having a sale the same day! This can be quit a draw to the garage sale crowd. Can't get the neighbors interested? Ask if any friends or family want to bring items over to have a combined sale. Simply use different colored price stickers to keep the profits separate. A block or "multi-family" sale is a great way to draw a crowd.
3. Advertise: There are a ton of great, and free, places to advertise your sale. Most of these are online. Be sure to mention in your add the following items: the neighborhood or area of town you are located in, especially if in a big city; your address; the date and run time; some of the items you are offering (appliances, women's clothing, baby items, etc.) The day of the sale be sure your home is easy to find. Use signs and balloons to direct traffic off of main roadways.
4. Price Items: When you price items, keep in mind that you are marketing to a customer that wants a deal. Be realistic about what an item is worth. Pricing items ahead of time can speed up the buying process.
5. Set Up Shop: Arrange items by type. Put furniture together, glassware on a table, and have clothes hanging. Also provide access to an electrical outlet for customers who want to turn on appliances and electronics to verify their condition.
6. Plenty of Change: Visit the bank the day before the sale to have lots of change. There will be buyers who use twenties, and will use of lots of your smaller bills. Stock up on ones, fives, tens, and lots of small change.
7. Take Care: If you have extra newspapers and plastic bags on hand, then keep them by your cash desk during the sale. Use the newspaper to wrap breakables. And use the plastic bags to help customer get small items conveniently to their car.
8. Eagle Eye. Be sure to keep an eye on your cash box! Never leave the box unattended.
9. Salvation Army: There will be items that don't sell. To expediate your clutter cleanse, look up local donation centers ahead of time to find out about donation pickup and drop-offs.
10. Free box: For items that need cleansed, but you aren't worry about making any money on, consider setting up a free box. You'll be surprised what other people will consider "treasure"!
11. Emily Post Touches: If morning weather is chilly, consider having small cups of coffee for sale. In summertime, have the kids set up a cookie and lemonade stand!
12. Have fun. A garage sale can be a stressful event, but if you stay committed to making it a positive and fun experience, it will be just that.
Good luck with your sale!
Done with decluttering your home and are now ready to sell? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Monday, June 14, 2010
Five Ways to Wow Buyers
Written By Phoebe Chongchua
Published By Realty Times
These days, tax credits and high housing inventory make it a buyers’ market. If you’re a seller, don’t despair. There are a variety of renovations that can help make your home stand out. Many buyers look at numerous homes when shopping for a house; so enhancing your home to make it more memorable is vital and increases the chances of a successful sale.
Clearing clutter, taking down personal photos, applying a fresh coat of paint, making minor repairs, and keeping a pleasant aroma are all basic techniques to make your home more appealing. But there are a few other creative enhancements that you can do to wow buyers without emptying your wallet. The results not only attract more attention, but also paint a picture of a well-cared-for home.
While not everyone has the same taste in housing, typically buyers are attracted to larger kitchens, extra storage space, light and bright rooms, and open floor plans. Special finishing touches on a home can be the needed incentive to generate an offer.
Kathy Gerstenberg has owned her home for nearly 20 years. Over the decades she’s made many improvements but now she’s considering selling and wants to make sure she gets top dollar in a down market. So, she’s examining her home the way a buyer would.
“We live in a tract home and I know there are many homes for sale; we don’t want ours to be seen as the same ‘cookie-cutter’ model as the others,” says Gerstenberg.
With that in mind, Gerstenberg has carefully made enhancements that make her home more comfortable and aesthetically pleasing. “I wanted to do improvements that would catch a buyer’s eye and also make it enjoyable for our family,” says Gerstenberg.
As she scouts the market for her next home there are various aspects of a potential home that she notices right away. “I love crown molding and finished doors and windows,” says Gerstenberg. She adds, “So many times builders just don’t complete the look of a home but when you frame a door or window and add some crown molding to a room it gives it a finished look.”
Industry experts agree; Americans are expected to spend $217 billion on remodeling in 2009. Here are five areas where homeowners may spend some of their remodeling money to add the “wow” factor to your home.
1. Go green. Energy efficient products and household goods are attractive to buyers. Renovations or replacements that help make the house more energy efficient are popular. Things such as better insulation, replacing old windows, caulking, and adding skylights can increase value.
2. Crown molding and wider baseboards. Some homeowners are shy to experiment with this, especially if they live in a small home, but it can be very attractive in any size home. Wider baseboard. The measly baseboard that builders often use in tract homes doesn’t draw attention. Adding a wider baseboard and a fresh coat of paint makes the room come to life. Also, framing windows and doors helps complete the look of a room.
3. Textured paint. Faux finishes, accented walls, or even just a little fresh paint on them makes a lasting impression. Choose colors and textures wisely. Don’t get carried away with a color you love (e.g. purple walls—I’ve seen it in a home for sale). Remember, that you want your home to appeal to the masses. You can always paint your new home purple—and then change it when it comes time to sell it!
4. Improved flooring. Wood, tile, and new carpet can be a showstopper. But if the flooring is chipped, torn, or dirty, you’ll get the opposite reaction from buyers. They’ll think your home hasn’t been cared for properly which could result in a lower offer -- or no sale at all.
5. Add a deck. Adding a deck can add value to your home. It’s a nice feature in a yard and many buyers are happy to purchase a home that already has a deck so that they don’t have to take on that home improvement project.
Are you looking for advice on selling your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Published By Realty Times
These days, tax credits and high housing inventory make it a buyers’ market. If you’re a seller, don’t despair. There are a variety of renovations that can help make your home stand out. Many buyers look at numerous homes when shopping for a house; so enhancing your home to make it more memorable is vital and increases the chances of a successful sale.
Clearing clutter, taking down personal photos, applying a fresh coat of paint, making minor repairs, and keeping a pleasant aroma are all basic techniques to make your home more appealing. But there are a few other creative enhancements that you can do to wow buyers without emptying your wallet. The results not only attract more attention, but also paint a picture of a well-cared-for home.
While not everyone has the same taste in housing, typically buyers are attracted to larger kitchens, extra storage space, light and bright rooms, and open floor plans. Special finishing touches on a home can be the needed incentive to generate an offer.
Kathy Gerstenberg has owned her home for nearly 20 years. Over the decades she’s made many improvements but now she’s considering selling and wants to make sure she gets top dollar in a down market. So, she’s examining her home the way a buyer would.
“We live in a tract home and I know there are many homes for sale; we don’t want ours to be seen as the same ‘cookie-cutter’ model as the others,” says Gerstenberg.
With that in mind, Gerstenberg has carefully made enhancements that make her home more comfortable and aesthetically pleasing. “I wanted to do improvements that would catch a buyer’s eye and also make it enjoyable for our family,” says Gerstenberg.
As she scouts the market for her next home there are various aspects of a potential home that she notices right away. “I love crown molding and finished doors and windows,” says Gerstenberg. She adds, “So many times builders just don’t complete the look of a home but when you frame a door or window and add some crown molding to a room it gives it a finished look.”
Industry experts agree; Americans are expected to spend $217 billion on remodeling in 2009. Here are five areas where homeowners may spend some of their remodeling money to add the “wow” factor to your home.
1. Go green. Energy efficient products and household goods are attractive to buyers. Renovations or replacements that help make the house more energy efficient are popular. Things such as better insulation, replacing old windows, caulking, and adding skylights can increase value.
2. Crown molding and wider baseboards. Some homeowners are shy to experiment with this, especially if they live in a small home, but it can be very attractive in any size home. Wider baseboard. The measly baseboard that builders often use in tract homes doesn’t draw attention. Adding a wider baseboard and a fresh coat of paint makes the room come to life. Also, framing windows and doors helps complete the look of a room.
3. Textured paint. Faux finishes, accented walls, or even just a little fresh paint on them makes a lasting impression. Choose colors and textures wisely. Don’t get carried away with a color you love (e.g. purple walls—I’ve seen it in a home for sale). Remember, that you want your home to appeal to the masses. You can always paint your new home purple—and then change it when it comes time to sell it!
4. Improved flooring. Wood, tile, and new carpet can be a showstopper. But if the flooring is chipped, torn, or dirty, you’ll get the opposite reaction from buyers. They’ll think your home hasn’t been cared for properly which could result in a lower offer -- or no sale at all.
5. Add a deck. Adding a deck can add value to your home. It’s a nice feature in a yard and many buyers are happy to purchase a home that already has a deck so that they don’t have to take on that home improvement project.
Are you looking for advice on selling your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
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