It is very hard to put a price on a house. Unless you are selling for purely investment reasons, you are talking about a house with your family memories, carefully thought out renovations and decorating, and a place that has been home for a number of years. For the past couple of years, many owners have had to take big hits when they sell their home. Prices were low, inventory was high, and many people found themselves selling for less than they paid.
The good news is that things are improving. All the research shows that they expect home prices to be on the upswing. If you are looking to sell your home, now might be the right time. There are fewer homes on the market, which means that if you have a good property that is priced competitively, you may end up with multiple offer situations. Buyers who are watching the market know that the historically low interest rates are creeping back up, and that home prices are on the rise. They are ready to strike now to get that "deal" before it is too late.
One of the hardest thing about pricing a home is taking out the personal and just thinking business. One way to get the best price is to use comparable sales in your neighborhood. This article did a good job of explaining how to do it.
If you are local, call me, or email me at jmiller@cutlerhomes.com. I would love to sit down and talk about your home, and a good strategy for getting it sold.
Jennifer
How to Use Comparable Sales to Price Your Home
By: Carl Vogel
Published: August 5, 2010
Before you put your home up for sale, use the right comparable sales to find the perfect price.
Knowing how much homes similar to yours, called comparable sales (or in real estate lingo, comps), sold for gives you the best idea of the current estimated value of your home. The trick is finding sales that closely match yours.
What makes a good comparable sale?
Your best comparable sale is the same model as your house in the same subdivision—and it closed escrow last week. If you can’t find that, here are other factors that count:
Location: The closer to your house the better, but don’t just use any comparable sale within a mile radius. A good comparable sale is a house in your neighborhood, your subdivision, on the same type of street as your house, and in your school district.
Home type: Try to find comparable sales that are like your home in style, construction material, square footage, number of bedrooms and baths, basement (having one and whether it’s finished), finishes, and yard size.
Amenities and upgrades: Is the kitchen new? Does the comparable sale house have full A/C? Is there crown molding, a deck, or a pool? Does your community have the same amenities (pool, workout room, walking trails, etc.) and homeowners association fees?
Date of sale: You may want to use a comparable sale from two years ago when the market was high, but that won’t fly. Most buyers use government-guaranteed mortgages, and those lending programs say comparable sales can be no older than 90 days.
Sales sweeteners: Did the comparable-sale sellers give the buyers downpayment assistance, closing costs, or a free television? You have to reduce the value of any comparable sale to account for any deal sweeteners.
Agents can help adjust price based on insider insights
Even if you live in a subdivision, your home will always be different from your neighbors'. Evaluating those differences—like the fact that your home has one more bedroom than the comparables or a basement office—is one of the ways real estate agents add value.
An active agent has been inside a lot of homes in your neighborhood and knows all sorts of details about comparable sales. She has read the comments the selling agent put into the MLS, seen the ugly wallpaper, and heard what other REALTORS®, lenders, closing agents, and appraisers said about the comparable sale.
More ways to pick a home listing price
If you’re still having trouble picking out a listing price for your home, look at the current competition. Ask your real estate agent to be honest about your home and the other homes on the market (and then listen to her without taking the criticism personally).
Next, put your comparable sales into two piles: more expensive and less expensive. What makes your home more valuable than the cheaper comparable sales and less valuable than the pricier comparable sales?
Are foreclosures and short sales comparables?
If one or more of your comparable sales was a foreclosed home or a short sale (a home that sold for less money than the owners owed on the mortgage), ask your real estate agent how to treat those comps.
A foreclosed home is usually in poor condition because owners who can’t pay their mortgage can’t afford to pay for upkeep. Your home is in great shape, so the foreclosure should be priced lower than your home.
Short sales are typically in good condition, although they are still distressed sales. The owners usually have to sell because they’re divorcing, or their employer is moving them to Kansas.
How much short sales are discounted from their market value varies among local markets. The average short-sale home in Omaha in recent years was discounted by 8.5%, according to a University of Nebraska at Omaha study. In suburban Washington, D.C., sellers typically discount short-sale homes by 3% to 5% to get them quickly sold, real estate agents report. In other markets, sellers price short sales the same as other homes in the neighborhood.
So you have to rely on your REALTOR’s® knowledge of the local market to use a short sale as a comparable sale.
More from HouseLogic
What You Must Know About Home Appraisals
6 Reasons to Reduce Your Home Price
Other web resources
What’s the Value of a View? Research from Texas Christian University
Carl Vogel, a freelance writer and former editor of The Neighborhood Works magazine, lives in a home in Chicago that is not typical of those nearby, so he appreciates a savvy comp.
Original article found here and reprinted with permission.
Thursday, February 28, 2013
Tuesday, February 26, 2013
5 Common First Time Home Buyer Mistakes
1. Not asking your lender enough questions. Find out if you qualify for a different kind of loan, what the options are for down payment, etc. If you have a lender you can't talk to? Find another lender.
2. Not acting fast enough. Hot real estate moves fast. If you see a great house at a great price, odds are good you are not the only one interested.
3. Not having the right agent. Is your agent responding to your calls? Showing you houses that fit your criteria, not theirs? Patient with your questions and helpful? If not? Talk to your agent about finding a new realtor.
4. Not making their offer look appealing to a seller. I think some buyers are surprised that sellers would turn down an offer. Have you done enough to make yours look serious? Are you lowballing, just because you can? It is up to a seller to accept or reject an offer, and you don't always get a second chance at the house of your dreams.
5. Not thinking about resale. Most first time buyers are in their first home less than 5 years. What may seem appealing to you now, might not be appealing to buyers in 5 years. Think about the resale value of a home before you buy it. Look at number of bedrooms, bathrooms, if it is in a good school district. These things could make it harder or easier for you to sell when you are ready to move up.
2. Not acting fast enough. Hot real estate moves fast. If you see a great house at a great price, odds are good you are not the only one interested.
3. Not having the right agent. Is your agent responding to your calls? Showing you houses that fit your criteria, not theirs? Patient with your questions and helpful? If not? Talk to your agent about finding a new realtor.
4. Not making their offer look appealing to a seller. I think some buyers are surprised that sellers would turn down an offer. Have you done enough to make yours look serious? Are you lowballing, just because you can? It is up to a seller to accept or reject an offer, and you don't always get a second chance at the house of your dreams.
5. Not thinking about resale. Most first time buyers are in their first home less than 5 years. What may seem appealing to you now, might not be appealing to buyers in 5 years. Think about the resale value of a home before you buy it. Look at number of bedrooms, bathrooms, if it is in a good school district. These things could make it harder or easier for you to sell when you are ready to move up.
Comments are my own, Original text is here, 5 Common First Time Home Buyer Mistakes.
Happy House Buying! I love first time home buyers!
Jennifer
Monday, February 25, 2013
Money Monday - How to Deduct Your Mortgage Interest & Equity Loan Costs
If you are like me, and haven't started your taxes yet, this article might just be for you! Also, if you are using your home equity line for a new Porsche, you probably have a tax accountant. At least I hope you do!
Happy Monday!
Jennifer
By: Richard Koreto
Deducting mortgage interest, as well as interest on home equity loans and HELOCs, can save money on taxes.
Know your loan limits
A good place to check out what you can deduct before you borrow is the chart on page 3 of IRS Publication 936. It'll walk you through the requirements you must meet to deduct all of your home loan interest. It's an hour well spent.
The first hurdle you'll run into is the total amount of your loan or loans. In general, individuals and couples filing jointly can deduct the interest on up to $1 million ($500,000 if you're married and filing separately) in combined home loans, as long as the money was used for acquisition costs, that is the cost to buy, build, or substantially improve a home, explains Scott O'Sullivan, a certified public accountant with Margolin, Winer & Evens in Garden City, N.Y. Any interest paid on loan amounts above the $1 million threshold isn't deductible.
The same $1 million limit applies whether you have one home or two. Buying a vacation home doesn't double your loan limits. And two homes is the max; you can't deduct a mortgage for a third home. If you have a mortgage you took out before Oct. 13, 1987, you have fewer restrictions on claiming a full deduction. The calculations for "grandfathered debt" can get complex, so get help from a tax professional or refer to IRS Publication 936.
Whatever you do, don't forget that you can also deduct the points and fees associated with a first or second mortgage when you initially buy your home, says Jeff Rattiner, a CPA with JR Financial Group in Centennial, Colo. If you refinance the same house, you have to deduct those costs over the entire term of the loan. If you refinance again, you can deduct all the costs from the earlier refi in the year you take out the new loan.
Spend loan proceeds wisely
The other limitation on how much you can borrow and still get your deduction comes into play when you take out a home equity loan or HELOC that you don't use to buy, build, or improve your home. In that case, you can deduct the interest you pay only on the first $100,000 ($50,000 if married filing separately). This loan limit also applies in a so-called cash-out refi, in which you refinance and take out part of the equity you've built up as cash, says John R. Lieberman, a CPA with Perelson Weiner in New York City.
That means if you decide to take out a $115,000 home equity loan to buy that Porsche, you can deduct the interest on the first $100,000 but not on the $15,000 that exceeds the limit. Use the same $115,000 to add a new bedroom, however, and the full amount is allowable under the $1 million cap. Keep in mind, though, that the $115,000 gets added into the pot of whatever else you owe on your other home loans. In many cases, points and loan origination costs for HELOCs are deductible.
Consider this simplified scenario: You borrow $250,000 against your home at 8% interest. That means you'll pay $20,000 in interest the first year. Spend the $250,000 on home improvements, and all of the interest is deductible. Spend $150,000 on improvements and $100,000 on your kids' college tuition, and all the interest is still deductible.
But spend $100,000 on improvements and $150,000 on tuition, and the improvement outlays are deductible, though $50,000 of the tuition expense isn't. That'll cost you $4,000 in interest deductions. Preserve the $4,000 deduction by coming up with the extra money for tuition from another source, perhaps a low-interest student loan or by borrowing from a retirement plan. For someone in a 25% bracket, a $4,000 deduction lowers taxes by $1,000, plus applicable state income taxes.
Beware the dreaded AMT
Even if you've followed all the loan limit rules, you can still get stuck paying tax on mortgage interest. How come? It's all thanks to the Alternative Minimum Tax. Congress created the AMT, which limits or eliminates many deductions, as a way to keep the wealthy from dodging their fair share of taxes.
Calculating the AMT can be complex, but if you make more than $75,000 and have several kids or other deductions, you might well be subject to it. Problem is, if you fall into the AMT group, you may not be able to deduct interest on a home equity loan, even if the loan falls within the $1 million/$100,000 limit. If you're subject to the AMT and borrow money against the value of your home, you'll have to use it to buy, build, or improve your place, or you may not have a chance to deduct the interest, says Rattiner, the Colorado CPA.
This article provides general information about tax laws and consequences, but shouldn’t be relied upon as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice.
Original article can be found here and is reprinted with permission.
Happy Monday!
Jennifer
How to Deduct Your Mortgage Interest & Equity Loan Costs
By: Richard Koreto
Published: December 21, 2012
Deducting mortgage interest, as well as interest on home equity loans and HELOCs, can save money on taxes.
Know your loan limits
A good place to check out what you can deduct before you borrow is the chart on page 3 of IRS Publication 936. It'll walk you through the requirements you must meet to deduct all of your home loan interest. It's an hour well spent.
The first hurdle you'll run into is the total amount of your loan or loans. In general, individuals and couples filing jointly can deduct the interest on up to $1 million ($500,000 if you're married and filing separately) in combined home loans, as long as the money was used for acquisition costs, that is the cost to buy, build, or substantially improve a home, explains Scott O'Sullivan, a certified public accountant with Margolin, Winer & Evens in Garden City, N.Y. Any interest paid on loan amounts above the $1 million threshold isn't deductible.
The same $1 million limit applies whether you have one home or two. Buying a vacation home doesn't double your loan limits. And two homes is the max; you can't deduct a mortgage for a third home. If you have a mortgage you took out before Oct. 13, 1987, you have fewer restrictions on claiming a full deduction. The calculations for "grandfathered debt" can get complex, so get help from a tax professional or refer to IRS Publication 936.
Whatever you do, don't forget that you can also deduct the points and fees associated with a first or second mortgage when you initially buy your home, says Jeff Rattiner, a CPA with JR Financial Group in Centennial, Colo. If you refinance the same house, you have to deduct those costs over the entire term of the loan. If you refinance again, you can deduct all the costs from the earlier refi in the year you take out the new loan.
Spend loan proceeds wisely
The other limitation on how much you can borrow and still get your deduction comes into play when you take out a home equity loan or HELOC that you don't use to buy, build, or improve your home. In that case, you can deduct the interest you pay only on the first $100,000 ($50,000 if married filing separately). This loan limit also applies in a so-called cash-out refi, in which you refinance and take out part of the equity you've built up as cash, says John R. Lieberman, a CPA with Perelson Weiner in New York City.
That means if you decide to take out a $115,000 home equity loan to buy that Porsche, you can deduct the interest on the first $100,000 but not on the $15,000 that exceeds the limit. Use the same $115,000 to add a new bedroom, however, and the full amount is allowable under the $1 million cap. Keep in mind, though, that the $115,000 gets added into the pot of whatever else you owe on your other home loans. In many cases, points and loan origination costs for HELOCs are deductible.
Consider this simplified scenario: You borrow $250,000 against your home at 8% interest. That means you'll pay $20,000 in interest the first year. Spend the $250,000 on home improvements, and all of the interest is deductible. Spend $150,000 on improvements and $100,000 on your kids' college tuition, and all the interest is still deductible.
But spend $100,000 on improvements and $150,000 on tuition, and the improvement outlays are deductible, though $50,000 of the tuition expense isn't. That'll cost you $4,000 in interest deductions. Preserve the $4,000 deduction by coming up with the extra money for tuition from another source, perhaps a low-interest student loan or by borrowing from a retirement plan. For someone in a 25% bracket, a $4,000 deduction lowers taxes by $1,000, plus applicable state income taxes.
Beware the dreaded AMT
Even if you've followed all the loan limit rules, you can still get stuck paying tax on mortgage interest. How come? It's all thanks to the Alternative Minimum Tax. Congress created the AMT, which limits or eliminates many deductions, as a way to keep the wealthy from dodging their fair share of taxes.
Calculating the AMT can be complex, but if you make more than $75,000 and have several kids or other deductions, you might well be subject to it. Problem is, if you fall into the AMT group, you may not be able to deduct interest on a home equity loan, even if the loan falls within the $1 million/$100,000 limit. If you're subject to the AMT and borrow money against the value of your home, you'll have to use it to buy, build, or improve your place, or you may not have a chance to deduct the interest, says Rattiner, the Colorado CPA.
This article provides general information about tax laws and consequences, but shouldn’t be relied upon as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice.
Original article can be found here and is reprinted with permission.
Friday, February 22, 2013
Project Inspirations - Gel Staining Makeover
When I was looking for some remodeling tips and before and afters to share, I asked one of my friends if she would do a guest post since she had recently done a bathroom makeover. If you are on Pinterest, you may have already heard about the wonders of gel stain. Jen had tried it and done blog posts describing her success, so she was a perfect person to use for a before and after. I will let her tell you the details, make sure to click on her links to see the step by step directions and the pictures of the results.
If you have a similar project you can share, or any other ideas you would like to see featured, please contact me!
Have a great weekend, and happy remodeling!
Jennifer
We aren't sure if we are in our forever home, and our completely builder-grade kitchen was driving me nuts. Lots of oak staring me in the face. Unfortunately a total kitchen overhaul is not in our budget, and is not something we want to even pursue in a house that may only be ours for another couple of years.
After lots of Pinterest-surfing, I decided that gel stain was the way to go - cheap, easy, big results. I was afraid that I would screw up my kitchen and totally regret the whole idea. So I started in our upstairs full bath, because we are really the only ones who see it and if it looked bad it wouldn't be as big of a repair as fixing the kitchen. And everyone sees the kitchen!
The bathroom stain project took less than two weeks and cost around $50. And it looks so great that I decided to move forward with the kitchen! I am still finishing up in the kitchen, so I don't have before and after pictures to share. But if you are in need of a cheap upgrade with big results, please take a look at my How To posts, which include before and after pictures of our bathroom project:
How to gel stain your cabinets:
Gel Stain Cabinets: Six Steps
It really is very simple! Good luck!
If you have a similar project you can share, or any other ideas you would like to see featured, please contact me!
Have a great weekend, and happy remodeling!
Jennifer
We aren't sure if we are in our forever home, and our completely builder-grade kitchen was driving me nuts. Lots of oak staring me in the face. Unfortunately a total kitchen overhaul is not in our budget, and is not something we want to even pursue in a house that may only be ours for another couple of years.
After lots of Pinterest-surfing, I decided that gel stain was the way to go - cheap, easy, big results. I was afraid that I would screw up my kitchen and totally regret the whole idea. So I started in our upstairs full bath, because we are really the only ones who see it and if it looked bad it wouldn't be as big of a repair as fixing the kitchen. And everyone sees the kitchen!
The bathroom stain project took less than two weeks and cost around $50. And it looks so great that I decided to move forward with the kitchen! I am still finishing up in the kitchen, so I don't have before and after pictures to share. But if you are in need of a cheap upgrade with big results, please take a look at my How To posts, which include before and after pictures of our bathroom project:
How to gel stain your cabinets:
Gel Stain Cabinets: Six Steps
It really is very simple! Good luck!
Monday, February 18, 2013
Money Mondays: The Foreclosure Process
It is unfortunate that today, many people have come to the point of losing their home due to foreclosure. There are a lot of factors that created this problem, and there are many homeowners that never imagined being put in this position. Also, there are many buyers who are looking to get a deal, and see foreclosures as the way to go.
But what is it? What are the steps, and what can you do if you are faced with a foreclosure? For the full article, please refer to Grasping the Foreclosure Process - For Dummies. For a brief recap, see the steps below.
Ohio is a judicial foreclosure state. The process can take a very long time, I have heard up to one or two years. If you believe you might be facing foreclosure, contact a realtor about your options. Often, a short sale can be arranged, and that is better for your credit. Generally speaking, a foreclosure will be on your credit report for 10 years. You cannot apply for a mortgage for three years. Your credit score takes a big hit.
But what is it? What are the steps, and what can you do if you are faced with a foreclosure? For the full article, please refer to Grasping the Foreclosure Process - For Dummies. For a brief recap, see the steps below.
Ohio is a judicial foreclosure state. The process can take a very long time, I have heard up to one or two years. If you believe you might be facing foreclosure, contact a realtor about your options. Often, a short sale can be arranged, and that is better for your credit. Generally speaking, a foreclosure will be on your credit report for 10 years. You cannot apply for a mortgage for three years. Your credit score takes a big hit.
- Pre-foreclosure - this can happen as early as 10 days after missing a mortgage payment. You will get a notice in the mail, or possibly a phone call that you are in danger of foreclosure. If you end up paying that bill, you may be charged a late fee, and your credit might take a ding, but you are not in danger at that point of losing your home. If you know that you are not going to be able to make your payments, and cannot foresee that changing, this would be a great time to contact your Realtor and see if it might be possible to sell your home with a short sale.
- Foreclosure Notice - The lender posts an official notice in the paper, sends you a letter, and posts a sign on your residence.
- Reinstatement Period - There is a period of time after this notice where you may be able to get the process reversed by catching up with your payments.
- Auction or Sale - If you have not been able to make up your payments, this is the point where you house is sold either to an investor or back to the lender in an auction.
- Redemption Period - In most jurisdictions, you will have a chance to essentially buy your house back during this time. The time varies, but the rules do not. You would need to make the full payment of what you owe, plus any fees you have incurred during the foreclosure process.
- Eviction - After the redemption period is over, you need to move out. If you do not do so voluntarily, the lender must go through a legal eviction process.
I will be publishing more blog posts on this topic, and on short sales over the next couple of months. Whether you are a homeowner who might be facing foreclosure or a home buyer looking to find a foreclosed property for purchase, contact me. I can help you, and would be happy to be by your side during this process.
Have a great week.
Jennifer
Jennifer
Thursday, February 14, 2013
Just Listed: 829 S. Rockhill, Alliance OH
Here are a few pictures as a sneak peek, but be sure to check out the full listing on my website. Let's get this one sold!
Tuesday, February 12, 2013
Buyer Snapshot: The Miller Family
Full disclosure, this real life buyer is my husband. All answers are his, with the occasional contribution from me. I decided he would be the first person I could convince to do one of these posts!
When did you first decide to buy a new home? After the birth of our twins
What were your reasons? The condo was too small for our growing family. We wanted a house with a yard and more space.
How did you start your search? We looked online and started going to open houses
When did you decide to contact a Realtor? When we decided to put our house on the market we contacted a Realtor
How many houses did you look at? We probably looked at a couple hundred online, and probably went to visit between 40-50, either at open houses or with an agent.
How long did it take to find the right house? It took awhile for us to sell our condo. We didn't want to look seriously until we knew we were close to selling. Once we knew we had a serious buyer, we narrowed it down to the last few houses. We put an offer in and started negotiations a few days after we had accepted an offer on our condo.
What were some of the things you were looking for in your new home? More room. 4 bedrooms, a yard, a nice neighborhood
Any interesting stories to tell about properties you saw? We saw one that looked like it had an illegal addition - it was an addition that looked like it was built on top of the old deck and was sloping away from the house.
Any “ones that got away”? Yes, but nothing we both agreed on. The one sold before our condo did.
Tell me about the house you bought – favorite features? Our house was built in 1977, so we have a lot of updating to do. My favorite thing about it is the potential it has to become what we want it to.
Did everything go smoothly during your transaction? Yes
Any updates since you moved? We are returning the fourth bedroom back from a closet into a bedroom, and have gutted the upstairs bathroom. We also have been taking down a lot of wallpaper.
Any advice to future buyers, or tips on moving? Try and leave yourself some time with the house before you have to be in it. Make sure you are working with a Realtor as fabulous as my wife, Jennifer S. Miller. (This is really what he said!)
I hope you enjoyed my first Buyer Snapshot!
Jennifer
Friday, February 8, 2013
Photo Friday - The Importance of Light
When it comes to taking photographs for real estate, there is a lot of bad stuff out there. I love the posts of bad MLS photos, where you can see the realtor in the mirror, there are other people in the pictures, or the house is full of taxidermy. Since starting in real estate, and looking through other people's listings, I have found that there is more than just the funny, horrifying photos out there. There is a shocking lack of light in real estate photos.
And last example. This is now my son's room, it is one of the upstairs bedrooms. When we came to the house, there was a feature in that room that I fell in love with that you don't see in this blurry photo.
That window seat. Also, this bedroom faces the back of the house, so there is a wooded view out that window. Notice how much warmer this room looks with a different camera, and a good flash.
I have gone back and forth about posting photos that I pull from my local MLS. I don't want to offend anyone, and I will honestly say in my case, it was a HUGE advantage to us that our house was not photographed by someone like me! In our case, I think it was overlooked by people who couldn't see past the photos.
Three points then to leave you with.
If you are a homeowner looking to sell, don't be afraid to ask your realtor if there is a professional photographer they work with. Offer to take the pictures yourself, or at least ask your realtor to come during daylight hours. The pictures of your home are what buyers want to see.
If you are a realtor, get an external flash, and get a good working knowledge of your camera. A few little tweaks, and your photos can improve by leaps and bounds.
And last, if you list with me, know that part of my job is to make your house look its best, and I have the tools and the background to do better! I am by no means a professional, but I do hope that my sellers understand that listing with me is not settling for bad photos!
Have a great weekend!
Jennifer
I take a lot of photographs in my personal life. I have three children, and I am one of those moms who always has her camera ready. Since I consider it a hobby of mine, and something I am pretty good at, I have spent the past few years learning how to take better pictures. I am now trying to use that in my real estate photos and I wanted to show you some examples of what better photography can do for a room.
All of these examples are of my own house. We bought our house in November of last year, and I had told my husband that if we didn't buy it, I was going to offer to retake the listing photos, since it was listed with another agent in my company. This is not a problem unique to real estate photos, but since I had good before and afters, I thought they would make good examples. Please note that the pictures are not staged at all, but notice the differences.
First example. The Family Room, pulled off of the MLS. My absolute favorite part of this room is that big wood burning fireplace. Not only does this room look dark, it is blocked by that chair.
A picture I took of that room when we came for a showing. As a seller, wouldn't you want that feature highlighted? Also, look at the color difference a little light can make!
Second example, we actually referred to this house as the house with the horrible couch when we were looking. When you look at this basement shot, it is all you see.
Same basement, same couch, different angle, lights on, with my flash. Not a perfect shot (I am even reflected in the mirror - pet peeve), but what do you see back there? A mirrored dance floor! You can notice the fireplace, and not just the couch.
And last example. This is now my son's room, it is one of the upstairs bedrooms. When we came to the house, there was a feature in that room that I fell in love with that you don't see in this blurry photo.
That window seat. Also, this bedroom faces the back of the house, so there is a wooded view out that window. Notice how much warmer this room looks with a different camera, and a good flash.
I have gone back and forth about posting photos that I pull from my local MLS. I don't want to offend anyone, and I will honestly say in my case, it was a HUGE advantage to us that our house was not photographed by someone like me! In our case, I think it was overlooked by people who couldn't see past the photos.
Three points then to leave you with.
If you are a homeowner looking to sell, don't be afraid to ask your realtor if there is a professional photographer they work with. Offer to take the pictures yourself, or at least ask your realtor to come during daylight hours. The pictures of your home are what buyers want to see.
If you are a realtor, get an external flash, and get a good working knowledge of your camera. A few little tweaks, and your photos can improve by leaps and bounds.
And last, if you list with me, know that part of my job is to make your house look its best, and I have the tools and the background to do better! I am by no means a professional, but I do hope that my sellers understand that listing with me is not settling for bad photos!
Have a great weekend!
Jennifer
Wednesday, February 6, 2013
Wacky Wednesdays: A Magical Hobbit House
From time to time I come across an interesting article, or home that just needs to be shared. I decided this would be my first article for Wacky Wednesdays. Today's home is a Hobbit House, being used as a guest house in Southeastern Ontario.
Great Escapes: A Magical Hobbit House
Have you seen any unusual houses? How about bad MLS photos? Send them my way for a future post!
Jennifer
Great Escapes: A Magical Hobbit House
Have you seen any unusual houses? How about bad MLS photos? Send them my way for a future post!
Jennifer
Monday, February 4, 2013
Money Monday: Credit 101
Bad credit? No credit? In commercials for used cars, that's no problem. But when it comes to real estate and obtaining a mortgage, it is a huge problem. First of all, what is credit?
Credit is basically a score that creditors use to assess your creditworthiness. You are given a score between 300 and 850. Just like when you were in school, the higher the score the better the "grade". Each lender has their own cutoffs for credit, and different types of loans have different requirements for your credit score. As a basic guideline though:
There are number of factors that go into this score such as:
Jennifer
Credit is basically a score that creditors use to assess your creditworthiness. You are given a score between 300 and 850. Just like when you were in school, the higher the score the better the "grade". Each lender has their own cutoffs for credit, and different types of loans have different requirements for your credit score. As a basic guideline though:
- 300 to low 500s – Poor
- Mid-500s to mid-600s – Fair
- High 600s to low 700s – Good
- 720 and above – Excellent
There are number of factors that go into this score such as:
- Percent of on-time payments
- Using the credit cards you have open
- Derogatory marks, such as accounts in collections and bankruptcies
- How long you have had your open credit accounts
- Total number of accounts
- Total hard credit inquiries
All of this information can be found in your credit report. Your credit report is basically a laundry list of every little thing you ever did regarding bills or credit cards. Medical bills, utility bills, rent payments, and that credit card you opened in college to get the free t-shirt, all of these credits get reported to the credit bureau and the information is stored.
It is a good idea to get a copy of your credit report if you are thinking of getting a mortgage. People are often surprised by things they find on theirs. It is not uncommon to find mistakes on your credit report. Bills that you paid off that are still showing in default, accounts that aren't yours, etc. It is a good idea to get any mistakes cleared up before you get turned down by a lender.
More information about your credit can be found by following this link to an article from LearnVest. There are a lot of good articles there. If you have any questions, talk to your lender. If they can't answer your questions, find another lender.
Happy Monday!
Jennifer
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