Tag: realtor

Home Selling in The Fall

There’s less competition

Spring seems to steals the show when it comes to selling a home. Reason being that sellers want to capitalize on the weather and with it the beautiful curb appeal. However, because so many sellers want to take advantage of this, the market becomes more competitive making your own home more difficult to stand out from the rest. It’s thought that Fall is a quieter real estate market, but there are many advantages to putting your home on the market for the season, including less competition.

The serious buyers are out

Summer vacations are over giving buyers less time to spend house hunting. Those that are shopping in the Fall are dedicated buyers. Chances are that those who come to view your home are in the middle of a serious house search, which could perhaps make an offer all the more likely. You are now dealing with a more serious pool of buyers. By the time September or October rolls around, these buyers are itching to get their move settled. Nobody wants to move in the snow or during the busy holiday season, so potential buyers usually want to get things signed and sealed as quickly as possible.

Curb appeal

Curb appeal is thought to peak during the Spring, and we all know how important it is to have your property looking its best when you have it on the market. The colors of the leaves are turning beautiful golds and reds making for a dramatic and incredible backdrop for your home. Throw in some potted flowering mums and keep the late-flowering plants cleaned up and you’ve got curb appeal that blows away Spring. Be sure to keep up with the raking as the leaves fall!

Appeal to the senses

The fall and winter months are associated with certain smells and flavors ( pine needles, cinnamon, peppermint, and pumpkin pie). Beyond setting the mood with decorations, you could try appealing to buyers’ senses in multiple ways. When it’s chilly outside, it’s important to make buyers feel warm in more ways than one. Aside from keeping your thermostat at a comfortable level, it’s a good idea to make your home seem inviting.

The Bottom Line: Marketing from a good Realtor will always be a big part of selling any home, and if you sell at their busiest time, which is spring, you run the risk of getting a little less attention than you may want. However, grab them during the off-season of Fall or Winter and your home will be given more attention. There will be extra challenges in selling in the Fall, but if you embrace the season, you shouldn’t have a problem finding a buyer. Take all the necessary steps to improve your chances of selling.

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The Essential Guide to Your Search For an Accessible Home

Key, Castle, Heart, Keychain, Close To, Door Key, Close

If you’re about to embark on the search for an accessible home, you may be worried about your chances of finding a property that suits your needs. It’s normal to feel nervous, but with a strategic approach, you’ll have no trouble putting down an offer on a home you can easily modify! These simple steps will provide you with a road map to buying an accessible home.


Considerations for First-Time Buyers

If you’re buying your first home, you’ll have quite a few important tasks on your to-do list! For instance, you’ll need to look up your credit score and start creating a house-hunting budget. Additionally, you’ll have to start looking up local real estate agents, preparing necessary paperwork for your lender, and identifying organizations that may be able to help you cover your down payments or the cost of home modifications. In the early stages of house hunting, you may want to create a checklist outlining these items so you don’t overlook anything important!


Financing Your Home Purchase

As a homebuyer with a disability, you might be eligible for financial assistance through the Housing Choice Voucher program or Habitat for Humanity, but while you may qualify for certain forms of assistance, there’s a good chance that you will still have to take out a mortgage to buy a home. If this is the case, Money Under 30 notes that FHA loans can be a great option.

First-time homebuyers with short credit histories and who can only afford small down payments can qualify for FHA loans. However, it’s always important to research all of your loan options when applying for a mortgage.


Choose a Great Realtor


In your search for an accessible home, working with a reliable realtor will be essential. You’ll undoubtedly have some unique concerns and questions, and your realtor can help you find the perfect home without compromising on your needs. With the help of a group like Title First Agency, you can connect with a realtor who will look out for your best interests during the house-hunting process and support you all the way through closing day.


Touring Properties


Once you’ve connected with a realtor, you’ll be ready to start visiting a few properties in person! This is where it’s important to be selective. While older, historic homes may be beautiful, they will also be harder to modify. Therefore, it’s crucial to check out homes that were built recently. Chances are, you’ll also prefer to tour single-story homes – while you could add a stair lift or elevator to a two-story home, those projects could prove to be quite expensive.


Find Reputable Movers


As soon as you close on a home that you love, it will be time to start packing and searching for a moving company. It’s best to start saving for moving costs well before closing day so that you’re not caught off guard! To find a trustworthy moving service, compare online reviews for a few different companies so you can make an informed choice.


Modifications


You may need to make certain modifications before and after you move in. Depending on your specific needs, 101Mobility recommends replacing entrance stairs with ramps, installing a safety frame around your toilet, and adding handrails along the walls where necessary. In order to move forward with these projects, you’ll need to bring a few contractors on board. Popular Mechanics states that you should make sure any contractor you hire is insured and officially licensed to work in your area.

When you’re on the lookout for an accessible home, it can be difficult to peruse local listings and identify properties that will fit your personal requirements. That’s why it’s important to work with a great realtor, seek out available assistance, and plan for modifications. If you’re proactive about this process, you’ll be surprised by how quickly you find a comfortable, accessible home.


Photo via Pixabay

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Buyer’s Market Vs. Seller’s Market

What is a Buyer’s Market?

A buyer’s market occurs when the availability of homes (supply) exceeds the number of buyers looking for a home (demand). Anyone looking for their next home to buy, a buyer’s market is the ideal time to make the move. The ability to but a fabulous home for a lower cost is greater.

Homes may remain longer on the market if trying to sell during a buyer’s market. There are so many homes available thus securing a buyer is tougher and lowering the price might need to happen.

What is a Seller’s Market?

A seller’s market occurs when demand exceeds supply. In other words, there are many interested buyers, but the real estate inventory is low. Since there are fewer homes available, sellers are at an advantage.

In a seller’s market, homes sell faster, and buyers must compete with each other in order to score a property. These market conditions often make buyers willing to spend more on a home than they would otherwise. Therefore, sellers can raise their asking prices.

Due to the shortage of housing, these conditions often lead to bidding wars. During bidding wars, buyers will make competing offers and drive up the price, typically above what the seller initially asked for.

Determining if it’s a Seller’s Market or a Buyer’s Market

You can use supply to determine if the market favors buyers or sellers. As a general rule, a neutral market will have 6 months of housing supply. This means that if there’s less than 6 months worth of inventory, it’s a seller’s market, and if there’s more than 6 months’ worth of inventory, it’s a buyers market. When determining if it’s a buyer’s or seller’s market, you must look at housing supply on a local level, usually by neighborhood or zip code, as it’s not uncommon for areas in the same city to be in different markets. 

How well a home is bought or sold is dependent upon the market the home is currently in. Just because the news says the nation is in one market doesn’t mean it is the same everywhere. Meet with a Realtor for the best information. Any strategy used to buy or sell a home is also dependent on the market it is in and the Realtor. Choose an agent wisely, stick to the strategies and homes can be bought and sold in any market.

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Red Flags When House Hunting

Red flags can appear anytime during a house-hunting process and depending on the size of the problem, it could signal that it’s time to walk away. Some slight problems or minor defects can be fixed, but some issues can seriously detract from your investment, and even endanger your health and safety.

Foundation Issues: If your home inspection report lists concerns with the integrity of your home’s foundation, don’t ignore them.  While all poured concrete foundations will crack at one time or another, hairline cracks are not an indication of a problem. If a crack is wider than 1/2 inch, however, it’s a good idea to have a foundation contractor examine the area. This also holds true for cracks that appear to have been recently patched. Large cracks can indicate an unstable foundation. Not all foundation issues are expensive to fix. However, major structural problems that require stabilization using hydraulic piers can cost a lot of money.

Electrical Issues: If a light switch does not work when you flip it, it’s probably just a minor electrical issue that can be fixed later. But, Outdated wiring or too little voltage is cause for concern. Not only will you not be able to hook up all your electronics and appliances, but problems with your electrical setup can also increase your risk for a home fire. Major electrical issues can end up being costly projects that require permits, professionals, and inspections to bring up to code. 

Roofing Issues: A complete roof teardown is a substantial investment, so it’s important to know how old the roof is, particularly important in areas of the country where there is a lot of snowfall since that can shorten the life span of a roof.  Besides the costs of replacement or repairs, leaky roofs can lead to other problems like mold, rot, and water damage. 

Mold: If water damage or mold is found in the home, consider it a red flag. In truth, most homes will have some mold in crawl spaces and attics, and not all mold is bad for your health. But, important: mold can mean there are other problems, like water leaks from the roof or major appliances, that could be costly to correct. It’s imperative that the source of the mold is found. Otherwise, the problem could worsen, and you could end up with a health hazard.

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Pre-Inspection

A pre-inspection gives the seller of a home a heads-up if there are any problems that a potential buyer will probably want to have repaired. Once you know what is wrong, you can have the issues fixed before you even put your home on the market. Too often, a home inspection is where the deal falls apart because buyers will make their offer contingent on approval of the results. Hidden defects or problems can turn any negotiating into the buyer’s favor. Even if you offer to fix a problem that arises on the buyer’s inspection report, skittish buyers may be hesitant to close the deal. Knowing before you list your home gives you the opportunity to fix the problem or price accordingly.

Most Realtors will tell you to make major repairs before you list your home. The buyer’s inspection will uncover significant defects, and you will be expected to repair them if you want to get the full price for your home. The problem is that you will only have until closing to get the repairs done after the buyer’s inspection.

The limited time frame leaves sellers scrambling to get everything fixed in time. With a pre-listing inspection, you set your own schedule for repairs. There is no rush to list the property until you have made sure the home is in good shape.

You’ll be putting your home on the market with the confidence you’ve corrected any large problems.

Sellers can justify listing price through a pre-inspection. You can feel confident in the price you are asking with the results available to buyers. In a hot market, some buyers will make an offer on a home without the home inspection contingency.

According to Forbes: …”pre-inspection is a goodwill gesture. It demonstrates a willingness to go beyond what’s expected, and that sets you apart from other sellers. You’re sending a signal that your house is an ‘open book,’ and that you’re being upfront about the property. All of this can give potential buyers peace of mind and confidence.”

Once you have the pre-inspection report in your hand you can’t ignore any issues that came up. You’ll be required to disclose that information as a known defect or fix it before anyone makes an offer.  There may be some issues that you aren’t able to take on and it will be reflected in the price. You and your Realtor will be able to establish the right sale price including what you can or can not fix before putting your house on the market.

The bottom line: As a seller, getting a home inspection before listing your home gives you more time to make the repairs that you can and to shop around and control the costs for the work.  Be sure to hire an experienced Realtor that will know how to interpret inspection reports, and to let you know which issues are vital to address before listing your home.

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Pricing Your Home Right The First Time

No matter what anyone tells you, the very first thing that buyers look at in their home search is the price. Does not matter how perfect your home is, if the price isn’t in the budget, they won’t even consider it. In order to sell your home for the most money possible, you must price it right. So, when it is time to sell your home, find the best Realtor that will price your home properly – in fact, this might be the most important thing a skilled Realtor can do. Too many Realtors will tell sellers what they want to hear instead of what they need to hear to sell their home.

Realtors see this every day. Homeowners have a price in their mind that they want even though it doesn’t align with the market. Pricing a home is a skill that takes training, understanding of the market and the comparable sales (comps). When a home is listed too high, buyers pass on even looking at it. It will end up being on the market for a long period of time and the price will eventually be forced to be lowered to be competitive. But, by that time buyers assume there must be something wrong with the home and it will gain a bad reputation and continue to be bypassed. Even the buyers who do look at it will lowball the new price and the home will end up being sold for less than what it would have had you priced it correctly to being with. Homes sell for the most money when they are on the market for less than 30 days in almost all markets.

You don’t want your home priced lower than it is worth, but you want it low enough to create excitement among buyers and possibly even multiple offers coming in. This is an excellent option if you want to sell a home fast.

A good Realtor will make sure that the seller’s home shows up in online searches. To make sure this happens, a proper price is paramount. If the neighborhood comps are lower, the house may not show up if it’s even slightly higher! For instance, if the comps top out at $300,000, and the buyer wants a 4 bedroom home in that neighborhood under $300,000, the house listed at $325,000 won’t even show up in the search.

Pricing a home to sell properly is a skill that the best Realtors have. It is the most critical piece to selling your home. The right price is 75% of the marketing for any home on the market. It’s what will attract buyers. So, when you are interviewing Realtors to sell your home, ask the question “what’s my home worth” and know they can’t tell you what it will sell for but expect comparable sales, pending sales, and active sales. Finally, ask to see a track record of their previous listings – the original price and the final sale number. And, don’t be afraid to ask for a personal guarantee from them.

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Use Social Media to Sell Your Home

Whether you’re working with an agent or selling your home on your own, how the listing is marketed is crucial. Especially now, during the COVID pandemic. MLS will get you the most exposure for your home because it reaches other websites and most people online. Ask friends and family why they know, and look online for the busy Realtors using all the social media platforms and then interview her to see how she will take advantage of all the opportunities to get your home in front of people.  It is now more important than ever that the person hired to sell any home utilizes the internet and social media for promotion. Most American adults are online. More than 1 billion people in the entire world log in to Facebook on any given day. The potential to reach a huge number of people is exceptional.

Photographs:  The very best Realtor should help stage and prepare the home for professional pictures. All rooms should be clear of any clutter. The pictures MLS displays are usually grainy and poor quality. Homebuyers more times than not, begin the search for their new home online. Take advantage of this. Stand in the doorway to rooms and snap the photo shooting into the room.  There are never too many photos!

Facebook:  Now those beautiful photos need to be posted and announced, showcased and marketed. A good Realtor might even host open houses via Facebook LIVE and interact with people that are watching. Another option is to make a targeted ad and pinpoint people by location, interests, behaviors, age and more.

Instagram:  The worlds largest photo sharing platform is the perfect place to showcase the photos taken of the home.  A good Realtor should know how to use hashtags because that is how Instagram helps users find relevant content. Spread the pictures throughout the day.

The Bottom Line: Everyone wants a Realtor that can be trusted and will do everything she can to get the most money for a home in the least amount of time. The Realtor is the homeowner’s advocate. The marketing of the home should be exceptional.  Beyond using the MLS (Multiple Listing Service) there should be professional pictures to use on websites and every social media platform available.

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Your House May Not Be Selling Because…

Smell

Why is smell so important in selling a home? Research suggests that one of the first impressions someone has walking into your home may be of the smell. If you have a house that doesn’t smell good it can be a harder sell. Odors that turn a home buyer off include dogs, cats, small caged animals, cigarette smoke, last night’s dinner, mold, and others.  Wall to wall carpeting can harbor bad smells as well, especially if pets are present in the home. Before you sell your home walk through with a friend, a Realtor, or someone you can rely on to give you an unbiased opinion. You will want to get rid of the source of any bad odor as soon as possible.

Dirt

Dirty houses, especially bathrooms and kitchens. If you don’t have time to clean your house daily concentrate on your kitchen and bathrooms. In the kitchen, make sure floors are vacuumed and devoid of spills, crumbs and dirt. Make sure counters are wiped clean and that there are no dirty dishes in the sink. Buyers want to see a like-new bathroom. Take the time to clean even the smallest areas of your bathroom such as the drains, corners and grout. Now is a great time to go through the bottles of bath products your family owns. Get rid of any empty containers or old products and leave only what you’ll need. Organize what’s left in shower caddies and cabinets.

Light

No one wants to enter a dark house, especially someone who wants to buy your home. Replace dim or burnt out light bulbs with high efficiency, bright bulbs to brighten up your space. If you have big windows, take advantage of them. Make sure they are clean and make sure that drapes and curtains are not blocking the natural sunlight.  When it comes to selling your room, lighting really can be everything. If a house is too poorly lit they may tend to wonder what you are trying to hide. Maybe they think there is a repair that you are trying to avoid. Either way, you want to avoid the perception that you have something to hide. On the other hand, well-placed lights can make a huge difference in highlighting the best qualities of your home, creating a cozy ambiance, and illuminating essential work and play spaces.

Personal Belongings

Personal items in your home may offend or provoke buyers. They are there to see the house, no you and your family. Get rid of your collection of figurines or weapons, sports memorabilia from your favorite teams, expressions of religious faith or political belief, and diplomas. If you ensure that your prospect feels as comfortable as possible walking through your home during the viewing, as if they already live there, then you are halfway to selling the home. Watch out with holiday decor as well. It can be hard for buyers to overlook as they may not celebrate the same holiday as you.

Carpeting

Many buyers expect and want hardwood floors. If you have the original hardwood floors under carpet in your home, remove it, even if the wood isn’t in the best condition. In negotiating you might want to offer to have the floors refinished when you move out or give the buyer an allowance to do it on their own. Someone out there probably likes and appreciates having carpet in the bathroom, where it will absorb moisture and more, but most Realtors will recommend pulling it out.

Old Appliances

Although potential buyers realize they can replace a refrigerator, if your appliances look old and mismatched, they may wonder what else might need replacing. Although brand-new appliances can be a significant selling point for your home, they’re not a requirement. For most buyers, appliances that are clean and functioning with plenty of life expectancy left will probably be good enough. Do your appliances match? Homebuyers love appliances that are the same color, quality, and brand. After two decades, stainless steel is still the most popular kitchen appliance finish, but consistency among appliance finishes is your first goal as a seller. 

The Bottom Line:

A house fails to sell for all kinds of reasons. Most of the issues are an easy fix and with a bit of work, you can get your house ready for the market fast. It’s important to find the best Realtor.  Their job is to help you get your house sold. If they are good at their job, they will be able to advise you on the likely cause of why your home is not selling and provide you with the assistance you may need to rectify the problem.

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Seller Disclosures

A Seller Disclosure is a set of documents completed by the seller of a home, listing any known issues with the property and any remodel projects completed during the time they owned the home. In most states, the seller is required to provide this disclosure within a few days of mutual acceptance. The buyer then has a certain amount of days to review the disclosures.

While mandatory disclosures can vary from state to state, here are some of the more common ones:

  • Lead paint. You are required by law to provide a lead disclosure form. This is a federal law and applies to every state. Even if you believe the lead paint has been removed, it must be disclosed. If you are not aware that there was ever any lead paint you are not required to investigate.
  • Asbestos disclosures. Up until the early 1970s, asbestos insulation was commonly used in both residential and commercial buildings. If your home contains asbestos, it can represent a significant health hazard. Before putting your property on the market, make sure to have the insulation removed by a firm that specializes in asbestos removal and cleanup. While it is legal to sell your home with asbestos, you MUST disclose the information if you know about it.
  • Environmental hazards. If your property contains other environmental hazards such as oil, gasoline, or toxic chemicals, you must disclose the presence of these materials at the time of sale. If water has gotten into the home where it shouldn’t it may undermine the home’s structure and possibly create a health hazard if mold is growing. As a seller, you should disclose past or present leaks or water damage.
  • Faulty equipment. If you are including any equipment in the sale of your business, you must disclose upfront whether or not any of that equipment is potentially faulty. It pays to have equipment that you are including in the sale checked beforehand.
  • Natural hazards disclosure. These are fairly new. With all the flooding and hurricane damage to properties in the last few years, it is now necessary to let the buyer know the good, the bad, and the ugly about your property. Is your home located within a natural hazard zone? Such as an earthquake fault, a seismic hazard zone, seasonal flooding, or wildfires?
  • Miscellaneous disclosure. To be on the safe side, you should disclose everything there is to know about your property at the time of the sale. Most state laws mandate that disclosures be on special forms that the seller must sign and date. Be sure the buyer acknowledges receipt of the disclosures by signing and dating the forms as well. If your state doesn’t require a specific disclosure form, be sure the buyer otherwise affirms receipt of your disclosures in writing.

There can and will be legal backlash for the Realtor and the seller if any problems are knowingly withheld from the buyer.

The bottom line: If you are not sure if you should disclose something, you probably should. It is always best to have an experienced Realtor on your side to help you navigate these required legal disclosures. Even if a certain disclosure is not required in your state, but you know of information that could make a buyer uncomfortable, you should disclose it anyway. Beyond the moral reasons for being honest with the buyer, it will avoid the expense and hassle of a lawsuit down the road.

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Short Sale

If you are facing foreclosure and can no longer afford your home, you may qualify for a Short Sale—even if you don’t think you can or haven’t been able to sell your home.

What is a short sale?

A short sale, also known as a pre-foreclosure sale, is when you sell your home for less than the balance remaining on your mortgage. If your mortgage company agrees to a short sale, you can sell your home and pay off all or a portion of your mortgage balance with the money you sell it. Depending on your situation, you may be required to make a financial contribution to receive a short sale.

  • You are ineligible to refinance or modify your mortgage
  • You are facing a long-term hardship
  • You are behind on your mortgage payments
  • You owe more on your home than it’s worth
  • You have not been able to sell your home at a price that covers what you still owe on your mortgage
  • You can no longer afford your home and are ready or need to leave

When is a short sale a benefit?

  • Eliminate or reduce your mortgage debt
  • Avoid the negative impact of a foreclosure
  • Start repairing your credit sooner than if you went through a foreclosure
  • May be able to get a Fannie Mae mortgage to purchase a home sooner (in as little as 2 years) than if you went through foreclosure (up to 7 years)

What is the process for a short sale?

If you qualify for this option, the process is similar to a normal real estate sales transaction. You will work with a real estate agent to market and sell your home. However, your mortgage company will also be working with you and your real estate agent every step of the way to:

  • set the sale price based on the market value at the time
  • collect financial information and negotiate with other lien holders
  • review acceptable offers,
  • agree to the terms of the sale once a buyer is in place

A short sale may take up to 120 days, but this could be shorter or longer depending upon your specific situation. If you are unable to sell your home, you may be able to transfer the ownership of your property to the owner of your mortgage.

The Bottom Line: Your mortgage company wants to help you avoid foreclosure and, in most cases, will be willing to work with you. The biggest mistake you can make is to wait any longer to take action. Contact your mortgage company today to determine if you are eligible for a Short Sale.

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