Thursday, March 28, 2013
Simple Tips for Better Home Showings Part 1
Today's Tips for Sellers comes from the National Association of Realtors, with my tips thrown in. You can find the original text in this article, Simple Tips for Better Home Showings. The article has 18 tips, I am going to make this a two part article!
Your home is a very personal thing. I have seen inside a lot of houses, and it is very clear to me that everyone has their own taste. One house on a street might be decorated with the latest of styles and look like it came out of a home design magazine while another right next door might look like it is stuck in 1974.
When buyers come to see your house, they want to see a lifestyle. They want to picture themselves in the house. Many agents will tell you to take down all your pictures and depersonalize your home. I won't say that's a bad idea, but I will say that I never tell a client to take down everything in the house that makes the house theirs. You do have to still live there while your house is on the market!
Here is a list of suggested tips that might make your house stand out to buyers.
1. Remove clutter and clear off your counters. It really is true that buyers can be nosy. You don't want them nosing through your mail, or knocking into a shelf holding your prize snow globe collection.
2. Wash your windows and screens - Spring is a great time to do this, it's amazing how much different natural light will make in a house.
3. Keep everything extra clean - My husband and I worked like crazy every time we had a showing, making sure the house was in top shape. With three kids and pets, there was always so much to do. The thing was, when we came home after a showing, it was amazing how much more welcoming our house felt even to US when it was in tip-top shape. If you are already a very neat and tidy person, use the time to do things you might not usually have time for. Wipe fingerprints off light switches, wax the hardwood floor.
4. Get rid of odors - Buyers will put up with a lot of things, but smells make people instantly turned off. Open the windows, make some cookies, use plug in air fresheners.
5. Brighten your rooms - Up the wattage in your light bulbs. Put a floor lamp in a room that doesn't have enough light of its own. Open up the drapes and blinds. If you can, use fresh and neutral paint on walls that might have been the victim of a bad trend or a teenager going through a phase.
6. Don't disregard minor repairs - Torn screens, missing screws in face plates, burned out light bulbs all make a bad impression that your house is being neglected.
7. Tidy your yard - Rake the leaves, weed the flower beds, trim the bushes in front of your house. All of these little things can add so much curb appeal. Add some flowers in a pot near your front door.
8. Patch holes - Don't neglect your driveway. Patch holes and reapply sealant.
9. Send your pets to a neighbor - Or take them with you. Dogs and cats get nervous when people are in their home. If you crate your dog, but it barks the whole time, that makes your home have a very negative feeling to it. I always wonder what the pets think about people traipsing through their house.
It is hard to have your house on the market. Keep your eyes on the prize - moving on to a better place for you. Keep these tricks in your toolbox to make your house stand out.
Jennifer
Tuesday, March 26, 2013
Buyers take note: FHA changes
I wish I could tell you that I completely understood the changes coming to FHA loans on April 1st, but I'm not a lender. The best I can do is give you links to a few articles I have found.
Basically, as I understand it, here are the changes.
They are changing the terms for MIP (monthly insurance premiums). The MIP is like insurance against your mortgage, usually when you hit a certain amount of your loan paid off, the MIP would go away. The exact changes are better explained by the experts, but there are changes coming as to when MIP ends during the life of your loan.
Credit score and debt ratio scores are going to get tougher. It has already been hard to get a mortgage if you have subpar credit, I don't know what the changes are, but as always, please look at your credit and make some improvements before applying for a loan.
Downpayments on larger loans for HCOL areas will be increased to 5%. FHA loans typically require a minimum of 3.5%, they are talking about doing this for loans of more than $625,500.
There may be other changes I am missing, but those are some of the key points.
Here are several links that I found helpful and I hope you do too. FHA is a great program, and I have worked with many clients who have been able to afford a home because of FHA. Just be aware that these changes are coming, and please, talk with your lender about what it might mean for you.
http://activerain.com/blogsview/3615501/fha-changes-for-2013-mip-increase-4-1-and-more-
https://www.lendingtree.com/fha-loan/fha-changes-for-2013-article
Jennifer
Basically, as I understand it, here are the changes.
They are changing the terms for MIP (monthly insurance premiums). The MIP is like insurance against your mortgage, usually when you hit a certain amount of your loan paid off, the MIP would go away. The exact changes are better explained by the experts, but there are changes coming as to when MIP ends during the life of your loan.
Credit score and debt ratio scores are going to get tougher. It has already been hard to get a mortgage if you have subpar credit, I don't know what the changes are, but as always, please look at your credit and make some improvements before applying for a loan.
Downpayments on larger loans for HCOL areas will be increased to 5%. FHA loans typically require a minimum of 3.5%, they are talking about doing this for loans of more than $625,500.
There may be other changes I am missing, but those are some of the key points.
Here are several links that I found helpful and I hope you do too. FHA is a great program, and I have worked with many clients who have been able to afford a home because of FHA. Just be aware that these changes are coming, and please, talk with your lender about what it might mean for you.
http://activerain.com/blogsview/3615501/fha-changes-for-2013-mip-increase-4-1-and-more-
https://www.lendingtree.com/fha-loan/fha-changes-for-2013-article
Jennifer
Monday, March 18, 2013
Money Monday: State of the Market
You may have heard it on the news, read it in the paper, or heard it on the street. The real estate market is coming back. It really is! I just got a beautiful set of graphs in my email and I would like to share the overview.
Key Points:
Jennifer
Here are the remarks from the experts:
Here are some quick observations from the 10K Research and Marketing team about our region as a whole…
Days are getting longer, snow is turning to rain and homes start to look less like emergency shelters and more like barbeque hot spots. As well, the CRIS-MLS housing market seems to be awakening according to historical pre-spring trends.
New Listings posted a modest gain compared to last year, making both months in 2013 so far showing improvement over last year. Following suit, Pending Sales rose 9.1% over last year. And at 1,351, Pending Sales is the highest since October of 2012. Days on Market drooped 12.4% compared to last year—a slight uptick from last month, but still better than where 2012 ended.
Prices have begun to trot towards what we hope is a spring gallop. Even though at $87,000 prices are lower than last month, they’re 8.7% higher than last year. All of this results in 16.6% less inventory than last year, proving to be the sixth month of steady declines. And at 6.1, Months Supply is as closer to balanced than we were at 8.1 from this time last year.
Francis Skamser | 952.988.3141
Production Coordinator
10K Research and Marketing | 10Kresearch.com
a division of the Minneapolis Area Association of REALTORS®
Key Points:
- Prices are going up. Average house prices are rising, this is good news for sellers
- Inventory is low. Again, this is good news if you want to sell, there is less competition
- Percentage of sale to list price is going up. With fewer homes on the market, buyers are having to put in more competitive bids
- Now is a great time to sell!
Jennifer
Here are the remarks from the experts:
Here are some quick observations from the 10K Research and Marketing team about our region as a whole…
Days are getting longer, snow is turning to rain and homes start to look less like emergency shelters and more like barbeque hot spots. As well, the CRIS-MLS housing market seems to be awakening according to historical pre-spring trends.
New Listings posted a modest gain compared to last year, making both months in 2013 so far showing improvement over last year. Following suit, Pending Sales rose 9.1% over last year. And at 1,351, Pending Sales is the highest since October of 2012. Days on Market drooped 12.4% compared to last year—a slight uptick from last month, but still better than where 2012 ended.
Prices have begun to trot towards what we hope is a spring gallop. Even though at $87,000 prices are lower than last month, they’re 8.7% higher than last year. All of this results in 16.6% less inventory than last year, proving to be the sixth month of steady declines. And at 6.1, Months Supply is as closer to balanced than we were at 8.1 from this time last year.
Francis Skamser | 952.988.3141
Production Coordinator
10K Research and Marketing | 10Kresearch.com
a division of the Minneapolis Area Association of REALTORS®
Wednesday, March 13, 2013
Open Houses this weekend in Cuyahoga Falls!
Just a little advertising today, I have two open houses this weekend. I would love to see you stop by!
Thursday, March 7, 2013
Sellers Take Note - The Painful Truth
When you are selling your home, you want it to look it's very best. Much like when you are trying to impress company, or you are hoping to keep your house in top shape, it is time to put away the mess and shine things up. We have talked in this blog about staging, photography, and pricing your home competitively. Today's topic inspiration came from an article by Tara-Nicholle Nelson from the Trulia blog, 4 Ways to Hater Proof Your Listing. It was a very catchy title I saw in my email, but reading it made me think of something else. Just like the good friend who will tell you when you have something between your teeth, let me tell you about some things that might just make your listing go sour. The truth might hurt, but someone has to say it.
1. It smells funny. Whether it is pets, smoking, or just last night's dinner, you want to get all bad odors out of your house ASAP. It might just be a matter of getting the Glade plug ins (try something neutral, like eucalyptus). It might be a little more involved. There are companies that will come out and de-pet your house. You do need to follow up with that and temporarily house the pet somewhere else, but believe me, that could make all the difference in the world. You probably don't have a guest who will come over and tell you that your house smells like dog. But you better believe, if a potential buyer came through and noticed, they mentioned it to their agent.
2. It's overpriced. Like way overpriced. Not just a little high, within a little wiggle room of a fair market value. Pricing is a tricky thing. Ultimately, it is up to a seller to set the price. Your agent will guide you, show you comparables, and give suggestions, but in the end, the seller sets the price. Hopefully you have an honest agent who will tell you the truth if your number is too big. If houses don't sell, it is typically price or condition. If your house is in good condition, it might be time to look again at the price. Also remember that at the end of the day, even if someone is willing to pay you above market value for your home, their bank is only going to lend them what the house appraises for.
3. Your house is messy. I have three kids, a dog and two cats. Believe me, I understand how quickly a house can get messy. Your job as a house seller is to keep that mess under control. Dirty dishes shouldn't be in the sink. Mail can be stacked up and stuck neatly in a drawer, but not on the counter. Look for the everyday clutter you are used to working around and get rid of it. You do not need to be a professional organizer to do this. You would do just as well for the sale of your house to do a good job of hiding it instead.
People will open your closets, your drawers and maybe even your dishwasher. This shocked me. I don't know why. I guess on House Hunters they don't do that, but real people are nosy. Put it somewhere else instead if you were trying to hide it. Rubbermaid tubs are great for this. So is your car. Here's my dirty little secret - more than once, I had dirty dishes, laundry, or mail piled in a laundry basket in my car because we had a showing. As long as that car isn't in the garage, no one will know. Do whatever it takes, just get it out of your house!
4. Your DIY wasn't as perfect as you thought. Buyers will notice a lot of little things about a house. It's true that maybe your furnace has been inspected regularly, your plumbing is up to date, and you repainted your master bedroom. But look around at the little things. Maybe your tile floors aren't even. Maybe you are missing a couple of pieces of trim in your laundry room. Look around your house with fresh eyes, and do everything you can to correct those little flaws. Little things have a tendency to become big things to your buyers, especially if they are not very "handy" themselves.
So there you go. Sometimes the truth hurts. But someone had to tell you!
Jennifer
1. It smells funny. Whether it is pets, smoking, or just last night's dinner, you want to get all bad odors out of your house ASAP. It might just be a matter of getting the Glade plug ins (try something neutral, like eucalyptus). It might be a little more involved. There are companies that will come out and de-pet your house. You do need to follow up with that and temporarily house the pet somewhere else, but believe me, that could make all the difference in the world. You probably don't have a guest who will come over and tell you that your house smells like dog. But you better believe, if a potential buyer came through and noticed, they mentioned it to their agent.
2. It's overpriced. Like way overpriced. Not just a little high, within a little wiggle room of a fair market value. Pricing is a tricky thing. Ultimately, it is up to a seller to set the price. Your agent will guide you, show you comparables, and give suggestions, but in the end, the seller sets the price. Hopefully you have an honest agent who will tell you the truth if your number is too big. If houses don't sell, it is typically price or condition. If your house is in good condition, it might be time to look again at the price. Also remember that at the end of the day, even if someone is willing to pay you above market value for your home, their bank is only going to lend them what the house appraises for.
3. Your house is messy. I have three kids, a dog and two cats. Believe me, I understand how quickly a house can get messy. Your job as a house seller is to keep that mess under control. Dirty dishes shouldn't be in the sink. Mail can be stacked up and stuck neatly in a drawer, but not on the counter. Look for the everyday clutter you are used to working around and get rid of it. You do not need to be a professional organizer to do this. You would do just as well for the sale of your house to do a good job of hiding it instead.
People will open your closets, your drawers and maybe even your dishwasher. This shocked me. I don't know why. I guess on House Hunters they don't do that, but real people are nosy. Put it somewhere else instead if you were trying to hide it. Rubbermaid tubs are great for this. So is your car. Here's my dirty little secret - more than once, I had dirty dishes, laundry, or mail piled in a laundry basket in my car because we had a showing. As long as that car isn't in the garage, no one will know. Do whatever it takes, just get it out of your house!
4. Your DIY wasn't as perfect as you thought. Buyers will notice a lot of little things about a house. It's true that maybe your furnace has been inspected regularly, your plumbing is up to date, and you repainted your master bedroom. But look around at the little things. Maybe your tile floors aren't even. Maybe you are missing a couple of pieces of trim in your laundry room. Look around your house with fresh eyes, and do everything you can to correct those little flaws. Little things have a tendency to become big things to your buyers, especially if they are not very "handy" themselves.
So there you go. Sometimes the truth hurts. But someone had to tell you!
Jennifer
Tuesday, March 5, 2013
Tips for Buying in a Tight Market
It is hard to believe, but the real estate market is really turning around. What that could mean to a buyer is a tighter market than we have seen in a few years. In my area, listing inventory is down, meaning there are fewer options on the market. If a seller has a home in good condition that is priced right, they are likely going to sell quickly, and they might even see multiple offers.
When you are the seller, that is great news. When you are the buyer, you need to be poised to make smart and quick decisions when it comes to these highly desirable homes. Following is a list of suggestions from an article from Realtor Magazine, Tips for Buying in a Tight Market. I have condensed it from the original version.
Jennifer
1. Get prequalified for a mortgage. Get it in writing, and get letters at different price points.
2. Stay in close contact with your real estate agent to find out about the newest listings. Be ready to see a house as soon as possible — if it’s a great home, it will go fast. Realtors also hear about listings before they even hit the market, so ask!
3. Scout out new listings yourself. Use the internet and other resources to find houses you like to make the process more efficient!
4. Be ready to make a decision. Decide what your must haves are, and where you would walk away.
5. Bid competitively. This isn't the time to lowball a seller. If they are getting multiple offers, you want to go in with a strong and serious offer or you are going to lose out.
6. Keep contingencies to a minimum. This isn't the time to be making a lot of demands on the seller.
7. Don’t get caught in a buying frenzy. If you don't like the house, don't make the offer just because there are other offers! And even though you want to make your offer attractive, don’t neglect inspections that help ensure that your house is sound.
When you are the seller, that is great news. When you are the buyer, you need to be poised to make smart and quick decisions when it comes to these highly desirable homes. Following is a list of suggestions from an article from Realtor Magazine, Tips for Buying in a Tight Market. I have condensed it from the original version.
Jennifer
1. Get prequalified for a mortgage. Get it in writing, and get letters at different price points.
2. Stay in close contact with your real estate agent to find out about the newest listings. Be ready to see a house as soon as possible — if it’s a great home, it will go fast. Realtors also hear about listings before they even hit the market, so ask!
3. Scout out new listings yourself. Use the internet and other resources to find houses you like to make the process more efficient!
4. Be ready to make a decision. Decide what your must haves are, and where you would walk away.
5. Bid competitively. This isn't the time to lowball a seller. If they are getting multiple offers, you want to go in with a strong and serious offer or you are going to lose out.
6. Keep contingencies to a minimum. This isn't the time to be making a lot of demands on the seller.
7. Don’t get caught in a buying frenzy. If you don't like the house, don't make the offer just because there are other offers! And even though you want to make your offer attractive, don’t neglect inspections that help ensure that your house is sound.
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