Author: TFA Blogger

Technology Upgrades That will Add Value to Your Home

Over the past few years, smart technology has become more accessible and affordable. Not only can smart upgrades make your home more convenient and efficient, but they’ll also make it much more attractive to potential buyers in the future. In this healthy seller’s market, smart renovations will improve the value of the property of your home. Enhancements like your thermostat, lighting, keypad door locks, fire detectors, and security camera systems.

Smart Thermostat: The advantage is its ability to learn a household’s patterns and adjust heating and cooling according to when a home is occupied or is about to be occupied. This reduces the use of heating and cooling systems when nobody is home for significant periods of time. During the Summer, you can set your thermostat to a temp while you are away so you do not waste energy. You are able to program the thermostat to come on a few minutes before you get home. Many are able to be adjusted by your smartphone while on your way home. A thermostat might seem to be a basic feature of your home, but it can have a big impact on your energy bills. Almost half of the monthly energy costs are controlled by your thermostat.

Smart Lighting: To really impress potential homeowners, a good Realtor will showcase the smart lighting by demonstrating it throughout your home. Smart lighting gives flexibility because it can be controlled by timers, as well as by setting up schedules and monitoring bulb statuses remotely. Smart lighting eliminates the switch on the wall. The network does all the work for you, automatically, though you can still program the lights to respond as you wish. They can feature sensors with the ability to identify people and when they need light, as well as how much they may need. Smart lighting will save money on utility bills. They’re very energy efficient; allows for calibration of when each light should be on. When you travel, you won’t have to physically alter the settings of each smart light or check to see if it is off before you leave. Everything can be done remotely, from afar.

Smart Keypad Door Locks: Install a smart lock to keep your house secure.  It’s as easy as using an app that you will program new access codes into the lock, even set schedules for when those codes can be used. You will be notified when it’s used, which gives you the ability to keep an eye on who is in your house and when.

Smart Fire Detectors: A smart fire detector is the one essential every home should have. Traditional alarms depend on you being around to hear them, a smart smoke alarm will alert you when something is wrong, no matter where you are. A smart smoke detector can warn you of a fire in its early stages, allowing you and your family enough time to get to safety. If there are any potential problems with smoke (or CO2) these can quickly alert you, no matter where you are in or out of the house, and even tell you what room it’s sensing trouble in.

Smart Security Camera Systems: The latest smart home security systems pair with your smartphone so you can view cameras, lock doors, arm or disarm security points, and receive instant notifications on alarm triggers wherever you are. Home security systems often lower your home insurance cost since they can reduce the likelihood of home invasion or theft. 

The Bottom Line: Be in control. Smart technology doesn’t just stop at security. Home automation functions enable you to control various aspects of your home, too—such as adjusting your thermostat and turning on or off the lights, coffee pot, or other appliances. If you ever forget to switch your bedroom light off in the morning before heading to work, for example, you can correct your mistake, from anywhere. All you need is a smartphone, iPad, or desktop computer. Upgrading to make your home smarter by adding smart features is among the five best (and easiest) ways to increase your home’s value as well as help it to sell faster than traditional homes due to the spectrum of advantages offered.

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What Home Buyers Really Want Right Now

What do new home buyers want? The answer is simple: updated kitchens and bathrooms. But that’s not all. Too many homeowners make the mistake of not adding home features buyers want the most when it comes time to sell their house. A few additions on the top of “most wanted” in a home list beyond the popular large, open kitchen:

HOME OFFICE: More than 13 million Americans work from home, according to the most current U.S. Census data, and all signs point to that trend continuing. That makes a home office important for many buyers. As you would list rooms like kitchen and living room, a greater amount of people working and schooling from home means “home office” should be included in the listing. Or, consider saying there is a room as a potential home office.

ACCESSIBLE LAUNDRY ROOM: According to a nationwide survey of recent and prospective homebuyers conducted by the National Association of Home Builders, 87% of respondents wanted a laundry room, making it the most-requested feature on their list. No more dark basements. Today’s home buyers seek a bright and large laundry room with plenty of storage, counter space for folding clothes and it’s always a plus to have a utility sink.

ENSUITE MASTER BATH:  If your master bathroom only contains a shower stall or a tub and not both, you’re going to be at a big disadvantage when it comes to selling. According to the latest annual report published by the National Association of Home Builders (NAHB), a whopping 76% of millennial buyers consider this their top must-have. When pushed to specify, potential buyers also revealed that they’d want the tub to feature whirlpool jets and that the shower should have multiple heads. 

CENTRAL AIR CONDITIONING: Nearly seven in 10 homeowners said they would be willing to pay more on central air conditioning — the same as new kitchen appliances and more than any other feature. Central air conditioning was considered “very important” by more than 60% of people in all age groups.

ENERGY EFFICIENCY: This is a top home feature that has earned high marks to home buyers. As the cost of energy continues to rise, many home buyers today are looking for homes that are going to be easier and less expensive to run long term. Consider installing LED lights or using a programmable thermostat.  These features can be attractive to home buyers because they often result in saving money on utility bills.

The Bottom Line: Low inventory and hot listing features like the ones above can equate to multiple bids. If you are connected to the best Realtor in your neighborhood, he/she will be able to tell you what people are looking for right now.

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Title Insurance Myths

MYTH: Nobody needs title insurance

Everyone needs title insurance. You may think you know the entire history of the house you’re purchasing, but it’s impossible to know everything. Title insurance protects your right to the property in the event that a previously unknown heir claims ownership of the property if it is later revealed that the “sellers” were not the rightful owners, or if liens against the property resurface. If you have an owner’s title insurance policy, you will not be responsible for paying any of the fees associated with protecting your right to the property, should these types of issues arise.

MYTH: New construction homes don’t need title insurance

Your home could be brand new, but the land on which the house is built isn’t. Chances are, the land had several previous owners before construction began. Buying property on such land opens you up to certain risks tied to ownership issues from previous owners.

Disputed wills, easements, and property liens are just a few of the issues common to land ownership. You could get caught in between the mess and end up losing your resources or, worse still, your new property as well. Title insurance is crucial even for a new home and should be among your list of priorities during the closing process.

MYTH: If no one challenges ownership, then the title policy is a waste

At the closing, when you purchase a title insurance policy, the closing company does the bulk of the work behind the scenes. The title company goes through many steps to make sure that everything is in place by that time, including conducting a comprehensive title search and identifying any potential issues. The team investigates the entire history of the property to ensure that you, the buyer, will be aware of any problems that will need to be addressed before closing. By the time the closing comes around, the title company has completed a great deal of research and legwork for you.

MYTH: Title insurance offers only minimal protection

When you purchase a home, you receive the “title” to the property. This title is your legal right to own it. Early in the home buying process, a title search is conducted to review the history of the property and uncover any issues that could limit your right to ownership. Even after the most meticulous search of public records, there can be hidden title defects, such as tax liens, forged signatures, claims by ex-spouses, and recording errors. These title defects can remain undiscovered for months or even years after you purchase the home.

MYTH: Title insurance is the same thing as homeowner’s insurance

Homeowners insurance protects you so you have the resources to pay for any damage that might occur to your property. Title insurance protects you from anyone else claiming your home is theirs or for some prior owner’s back taxes or encumbrances or any other real property dispute

Title First Agency: Dedicated to innovation and passionate about service, Title First Agency is your comprehensive, nationwide resource for title and real estate settlement services. Headquartered in Columbus, Ohio, Title First has branch offices throughout the Midwest and a robust virtual partner network throughout the country. Title First got its start in 1956 as an affiliate of a local law firm and has since emerged as one of the largest independent title agencies in the nation. Proudly servicing Realtors, lenders, builders, developers, law firms, buyers and sellers, Title First is equipped to serve your residential and commercial title and settlement needs.

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Real Estate and School Districts

Families often choose the location of their next home by where their children will go to school. As the focus on school performance has become more astute thanks to a rising emphasis on test scores and completion rates, home shoppers have become more cautious in their selections as well.

When it comes to resale value, whether you have children or not, researching school districts is a crucial step when buying a new home. it’s best to invest in a home in a top school district. Living in a good school district doesn’t just bring better teachers, better books, and better test scores — it also can help preserve home values and ensure faster resale rates. These homes often sell faster than homes in lesser school districts. In a case of bad economic times, a home in the lower quality school district declines in home value, while the homes in the top school districts will hold their value.

Do the research. Any information you need for absolutely anything is available online. Do a search to determine the school district or even the specific school, that is the best in the town you will be searching for a new home. There are websites that offer test scores, rankings and demographic information, including student diversity by race and gender, the percentage of students on free lunch programs and the student-teacher ratio, to learn about the schools and school districts you are considering. One of the best ways to dig into specifics on districts you’re considering is by talking to other parents. If you’re moving to an unfamiliar area, Facebook groups and other social media sites can be a way to connect. There’s no better way to get a feel for a certain district than engaging with people who are actually in it. 

A survey on Realtor.com asked random people about their overall buying strategy and how they viewed school performance. The results found that a surprising number of people are willing to give up things to get within the boundaries of a good school district. That, for every five buyers, one buyer would be prepared to give up a garage or bedroom for a good school.

They also found that for every three buyers surveyed, one buyer would even settle for a smaller home to get access to a good school. And over half of those surveyed said they would sacrifice nearby shopping options for a better school.

Beyond sacrificing things in their home purchase, buyers were willing to pay more money for a home in a good school district. One out of five of those surveyed said they would pay between six and ten percent more for a home – and one out of ten people surveyed stated that they’d go even higher, paying up to 20 percent more for a home with access to the right schools.

The Bottom Line: Consult with the best Realtor in the area in which you are looking. The next best resource for neighborhood and nearby school knowledge is your local real estate agent. Even if you don’t have kids, between the Realtor and the research you do, buying a home in a good school district affects the value of the home.

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Smooth Closing

Buying a home can be chock full of complications and setbacks, or it can go remarkably smooth and fast if it is planned carefully.  The end goal needs to be addressed right from the start, and that goal is to have a smooth closing. Be sure to choose a Realtor that is experienced and one that you trust to stay focused and be the voice of reason as they facilitate the process at closing and make sure all parties have completed all unfinished business prior to coming to the “closing table”. Here are a few tips that can help you make it go as smoothly as possible.

Repairs: It’s a good idea to have a complete inspection done so that any issues can be addressed before closing. You may want more than just a code inspection, because there may be issues that don’t have to be revealed since they don’t have anything to do with building codes or laws regarding seller disclosure.

The Realtor should check on the status of all repairs that were to be made on the home the day before closing. If there was an agreement that something needed to be fixed by closing, make sure that it is. If there was an arrangement for repairs to be taken care of after closing, make sure all the necessary paperwork shows this as fact.  A final walk-through should be done with the buyers. The sellers should make sure, with their Realtor, that the property is in the condition promised and all of their personal items are removed. 

Title Insurance:  Your title company plays an essential role in closing your real estate transaction. All of the title work should be checked to ensure a clear title and that the property can be transferred without any obstructions.  Should there be any title issues that might include judgments or liens,  they must be settled prior to the hour of closing.  The moment of truth in a real estate transaction happens at the closing table. Title First Agency will work hard to ensure a seamless experience for you and your clients. From contract to closing, we handle all the details to help a transaction run smoothly and close on time. 

Financing: The lender should be contacted the day before the closing to be certain that all the documents they need have been received. Occasionally, the closing is delayed due to one document or one final verification.  The interest rate for the loan should be locked as well as the final mortgage and monthly payments.  The Realtor should make sure the buyer has all the funds available and ready to close.  Having everything in hand the day before gives both the buyer and the seller 24 hours to review everything. If there are any questions, you can have them ready and any issues addressed.

The Bottom Line: A thorough Realtor will make sure the buyers are ready for the closing. First-time buyers may not realize all the people that could possibly be at the closing table, and all the paperwork there will be that needs their signature. The buyer needs a cashier’s check or arrangements made to wire the closing funds to the escrow company.  The seller should bring all the keys, garage door openers, alarm codes, and any other controls to the settlement. The Realtor should make sure and confirm that all utilities have been disconnected by the sellers and set up ready for the buyers upon closing. 

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Red Flags in Real Estate Investing

Investing in real estate isn’t flawless. There are some pros and cons to consider before, but it’s especially important to evaluate the situation and the property you’re about to buy. Is it worth it? Let’s look at how to identify signs of a bad real estate investment.

It is normal for a Realtor to seem excited to sell you a property, it is literally their job to do so. However, if they seem overly avid or even pushy, there might be some details about the property that could make it hard to sell which is making the Realtor extra aggressive to sell it. If this happens, make sure to listen to your instincts and, if necessary, investigate as much as you need to ensure you are making a good investment. And, have the property fully inspected before agreeing to sign anything. The very best Realtors will be transparent and forthright, offering their professional guidance on the best course of action, even if it’s not what you were expecting or hoping to hear.

One of the most important factors that determine if a property is worth investing in is the location. Even if the property is in a perfect state, if it’s poorly located, chances are you will be losing money. Some of the factors that determine if a location is the local economic health, the levels of vandalism and crime, the school district, etc. Before coming to a final decision, make sure you do a thorough investigation of the location. Choose areas, for instance, that have great schools, fun attractions, quality transportation options, high walkability, and great retail spots. Proceed with caution—no matter how the numbers look on paper.

If a property has been on the market for six months or longer, other investors have probably checked it out. There’s a reason it’s not selling. It could be a bad neighborhood, too many issues to fix, whatever the reason…a property that has been for sale for months and hasn’t sold might be too much trouble than it’s worth. Dig deep into why it has been for sale for far too long to find out why exactly. While it’s possible for a property to simply evade the attention of other prospective buyers and investors, this isn’t the most likely explanation of a listing that’s been up for a long time. If it seems like there’s no interest in a given property, it’s a red flag there isn’t sufficient market demand for that type of investment.

The Bottom Line: Nobody wants to deal with the fallout after a bad real estate investment, so you must do everything you can to minimize your risk and do a lot of investigating on each property.

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What’s Your Home Worth?

Want to jump into this seller’s market? Do your due diligence to ensure you will be selling your home for the best price possible. Hire the best Realtor in your area and get on board. A seller’s market often means bidding wars, higher prices, and faster sales for homeowners. And while this is all good news for sellers, you’ll still need to be strategic if you want to sell your home for the most money possible.

What will your house sell for?  Realtors base their price opinions on comparable sales (comps). They look at sales that have closed within the last three to six months in your neighborhood. When looking at the comps to help determine the price of your home they look at several factors. These include your home’s condition, age, square footage, location, and the number of bedrooms and baths. The sale date is also important since it will reflect the most recent changes in your market.

Typically, the most important home feature to concentrate on is the number of bedrooms and baths. This usually plays a bigger role in valuation than square footage. For example, two-bedroom homes in a neighborhood of predominately three-bedroom homes will almost always sell at a discount despite the number of square feet. The same is true for a home with one bath since a majority of buyers look for more than a single bath. If most homes in the neighborhood have a certain feature – like air conditioning – the absence of that feature will drop the price.

Not ready to find a Realtor?  Home appraisers are highly-trained, licensed professionals who can determine a very accurate value for your home. You can hire them to get them to come and inspect and measure your house, noting its condition, amenities, and any issues that might impact its marketability – zoning, “offbeat” floor plans, environmental hazards, renovations, deferred maintenance, lot characteristics, and more.

A home appraiser will spend time completely looking over the exterior of the home to ensure it is structurally sound. They will look for any signs of water damage or other problems, such as a chimney that is cracked or leaning away from the home (which could indicate structural damage) along with a lopsided porch or stairs leading up to the home. 

The quality of the roof will also play an important role in your home’s sale value. Damaged roofs bring on infestation, leaking, and other problems, so the appraiser will assess the home’s roofing quality. The appraiser will also inspect the condition of the siding, garage, porch, deck, and any other exterior elements. 

Real estate agents and appraisers will gather and examine similar information, both will look at the Multiple Listing Service (MLS) for information on comps. Appraisers have access to public records, but the key difference lies not in the information they gather, but in how they use it.

Real estate agents promise to represent their clients’ best interests. They want the listing of the home to be the best possible and will use gathered market information to this end.

Appraisers are paid outright – not on commission – and they do not have a vested interest in serving the client’s needs beyond providing a thoroughly completed estimate. In fact, they must clearly indicate that they are third-party professionals and not advocates for either buyers or sellers.

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Renovations That Will Increase Value of a Home

Kitchen: Start small at first. Replace the kitchen faucet, add new drawer knobs, pulls & faucets in a matching style and replace old light fixtures with modern, energy-efficient options. Rather than replacing cabinets, paint the cabinets a new color, or hire a refacing company to refinish the cabinet boxes. If your appliances don’t match, consider ordering new doors and face panels from the manufacturer. This will give your kitchen a more cohesive look without the high costs of replacing the appliances.

Laundry Room: A separate laundry room topped the National Association of Home Builders (NAHB) list of most-wanted home features by buyers.  Carrying loads of laundry to a basement and then back upstairs again is a thing of the past. Now, buyers want their laundry rooms in a convenient area – near the kitchen or bedrooms with plenty of folding space and cabinets.

Exterior: Does your home have curb appeal? Paint the front door – it’s the first thing buyers see after the landscaping. Make it clean and consider new hardware (door-knocker, knob). Replace and add to the exterior lighting. Wash the siding. How is your walkway to the front door? Fix any broken or loose brick or flagstone. Pull the weed regularly. Add pops of color with flowers and plants.

Windows: Big-ticket items buyers want is new energy-efficient windows. Not only are they a great selling point, but they will also save the owners money on energy bills while they occupy the home.

Ceiling Fans: The most-wanted decorative home feature by potential buyers, according to the NAHB. Ceiling fans can be inexpensive and practical – they keep the air moving with the air conditioning or the heat. Plus, now they have reversible controls that allow the air to be drawn up, or blown down.

Hardwood Flooring: A cleaner look, easier to maintain, and more durable than carpet. If hardwood floors are already in the home, get it sanded and refinished to make it like new again. If there is carpet – it could increase your home’s selling price by 2.5%.  according to Realtor.com Paint and flooring are also some of the easiest repairs to make and can be very affordable if done right.

Fresh Walls:  Take the wallpaper down. One of the easiest and most cost-effective ways that can help to increase a home’s value is also one of the simplest.  Freshly painted walls. Neutral colors are best and can make it easier for potential buyers to see themselves in the home.

The Bottom Line: It may be a seller’s market, but you still have to make your home stand out. It would be wise if you want to sell your home as quickly as possible to put your best foot forward for potential buyers, and especially those who come in to take a physical walk-through of the property.

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Will Your Home Be The Only One Not Selling Right Now?

Seller’s Market. Some say your home will sell in a matter of days, even hours in some markets. Some may say that there is absolutely no guarantee that your home will sell, even if it’s a hot seller’s market. Are you ready? It’s enticing. You keep seeing your neighbors’ homes selling – FAST. Is your home ready? Here are some reasons your home may be THAT home not selling.

PRICE:  Any house, in any condition, will sell – if the price is right. But buyers expect discounts for several reasons including dated kitchens and old plumbing. The danger of setting a price too high and then dropping it gradually is that when a home stays on the market too long, especially in this seller’s market, buyers assume there is something wrong with it and pass on looking at it. Your best bet is getting the price right the first time. A good Realtor will know the magic that it takes to do this.

PHOTOS: That first online impression – 90% of all buyers start their home search online and it’s then that they decide if they should make an appointment to go see it. If there are not many photos, buyers assume the worst. If there are few photos but they are clearly not professionally taken, or the photos show the clutter, many buyers will move on to the next listing. When you hire a skilled Realtor, he or she will have access to a professional photographer, hire one or have one on the team. Some agents still rely solely on traditional marketing tactics, like flyers and postcards, to market home listings. But, this is a mistake. Most buyers go online first. And the photos need to be perfect.

STAGE: It might be a hot market right now but that doesn’t mean you can just hire a Realtor and list it. You’ve got to put in some work and make the home worthy of its price. Declutter, fresh coats of paint, clean up your front and back yard. The overall goal is to make each room feel fresh and inviting and easy for buyers to envision themselves and their belongings in.

The Bottom Line: Know that you are selling in an extreme seller’s market and are more likely to sell for closer to your asking price than you would usually. Choosing the right Realtor is paramount when putting your house on the market. One who is knowledgeable on the local market and with experience selling in your neighborhood. Selling a home is a big life milestone and can be complex with all the many steps involved. The consequences of a mistake can make a big impact. It pays to spend the time and money to make sure you are getting your home on the market and ready for success.

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Seller’s Market: Make Your Offer Stand Out

Buying a home is one of the biggest and most important decisions a person will make in their lifetime. Financial stress is often compounded in a seller’s market when there is heavy competition among buyers. If you want your offer to be the most attractive, here are some tips.

Get preapproved. The one resounding rule all real estate experts will agree on is to get a mortgage preapproval before you begin your search for a new home. If you want to look like a serious buyer, the first thing you need to do is show the seller that you can actually close on the home. Get a mortgage preapproval – not just a pre-qualification – letter, and if you are a cash buyer, submit proof of funds with the offer.

Work with an experienced Realtor. Find someone you trust who truly knows the local market. Even better when that Realtor has connections to other Realtors — not only to view the non-public listings but also will know what other properties in neighborhoods you like might come on the market soon.  In today’s hot seller’s market, you’ll need someone who can steer you away from pitfalls, is a master negotiator, fiercely devoted to putting your best interests first, and can multi-task. The right agent can make a world of difference.

Up your earnest money deposit. If the house you’re making an offer on is the be-all-end-all, and you can’t imagine not living in it, prepare to boost your earnest money deposit. Show the seller that you mean business and you’re prepared to do what it takes. Your Realtor will be able to guide you to that perfect number that will prove your worthy.

Waive the inspection contingency. Most sellers are anxious about the home inspection. They worry that the buyer will ask for major repairs. This is an aggressive tactic that can be risky but yield positive results. Talk to your Realtor because right now, buyers have had an inspector attend home showings with them to do a quick on-site inspection. In the end, if you have the financial means to play it out this way, then the additional cost of making your own repairs is a risk you might be willing to take in order to get the house you want.

The key to getting your offer accepted in this heated market is to present the easiest, stress-free scenario for a seller.  The fewer demands you make as a buyer, the more likely it is that your offer will be accepted. Contingencies come in many forms, and the fewer of them you have, the more attractive your offer will be. Keep the offer straightforward.

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