Showing posts with label Seller. Show all posts
Showing posts with label Seller. Show all posts

Sunday, January 25, 2015

Home Equity is Improving NATIONALLY

Where are You Sitting??

         Has your equity position in your home improved???

For the most part, in many parts of the country, the huge losses in home equity have been erased in the past three years as the housing environment improved.   

Buyers have been out, investors and home owners.  In Hampton Roads and other markets, the lower price ranges now are having multiple bids on some homes.   For this market, homes even up to $400,000 are selling quickly.

It appears that this trend of "normal market" will expand to the $500,000 price range in 2015.  

What does this have to do with home equity??

As demand outstrips supply, values of widgets or homes goes UP!!!
Thus, with buyer confidence and improving financial markets have encouraged town home and apartment dwellers to purchase a first or second home, we have the sellers of those homes pushed to purchase a new place.  And so it repeats through the various price strata.

Thus, this new analysis of home equity is not surpising.  Only about 10% of home owners are now under water with their mortgage.

Imagine it!  Perhaps you are not where you once were!

It could be very likely it is time to make that move you been holding off on, fearing your equity situation.


Wednesday, December 31, 2014

Apps for Home Improvements




An App for That!

Now we have all heard that before.   Yet, it is so very often true.  What would we do without our
Smart Phones and Tablets??

If you read this blog regularly, you know that a few days ago, I passed an article regarding a Digital Detox in the New Year.   As I had noted, some readers may seriously need a Digital Detox as he or she never ever puts down his/her phone.  

Been eating watchin a family of four all on their phones all during dinner?   You would think they would at least ask some one in person to pass the ketchup but most likely they send a text!  
That family would need a Digital Detox it seems.

Yet, for "us regular folks", we rely on applications(APPs) to look up our stock portfolios, watch a game, look up a recipe while at the market or post a picture to PinInterest, Facebook or some other site.  

In seeing this article with the 10 best apps for Home Improvement, I know that many people need these applications.   In 2015, real estate will continue to improve.  Thus, sellers will need to take care of deferred maintenance in prepping to sell and home buyers will look to enhance homes puchased.  In addition, with job market improvement and the upswing in the economy, home owners will add the fence around the yard or a pool, replace windows or roof or complete other large ticket improvements.

Thus, these 10 best apps should serve you well in any of these functions that will touch probably a minimum of 20-30% of us.   With a few years of everyone holding off, there should be lots of activity in 2015 -2019.

Here is your link to the article and the apps:

  Top Ten

Monday, August 11, 2014

Seller: What's a Website Do for Me


What Can a Website
Really Do?

Talking to potential seller clients, numerous valid topics are discussed:   current competition
                   recent home sales
                   company market presences and benefits thereof
                   my experience and how I sell for more in less time

Yet one of the most interesting discussions is regarding the marketing plan.  As over 90% of home buyers begin their home search on line, web presence is essential.  Yet, the home seller frequently doesn't understand the market presence is very broad on the web.

If asked, the home seller frequently, believes home buyers search simply Zillow and Trulia or the company website. Thus a discussion of the value of presence across multiple portals ensues to help them know how a broad presence among other websites like those shown above(and many more) makes a difference.

Home buyers find varying amount of information on various websites.  Yet, in beginning or continuing a home search, the home buyer may have as little as the city to search or as detailed as the address of the house.

In either situation, multiple hits for a given home or Realtor across multiple sites provide improved information and assures the Seller of a given home a expotential improvement in exposure of their home.

As a result, any marketing plan not leveraging real estate information website will be ineffective in exposing home to every potential buyer for a given home.  Thus, perhaps failing to gain the highest price in the least amount of time that I offer and a seller expects.

Ignore the web at your own peril!!!

Thursday, May 22, 2014

Why hire a Realtor

5 Reasons to Hire a Real Estate Professional

by The KCM Crew on May 14, 2014 in For Buyers, For Sellers3.8k 2.6k 610 449 118 9 Whether you are buying or selling a home, you need an experienced Real Estate Professional to lead you toward your ultimate goal. In this world of instant gratification and Internet searches, many sellers think that they can For Sale by Owner or FSBO.The 5 Reasons You NEED a Real Estate Professional in your corner haven’t changed, but rather have been strengthened in recent months due torising interest rates & home prices as the market recovers.

1. What do you do with all this paperwork?

Each state has different regulations regarding the contracts required for a successful sale, and these regulations are constantly changing. A true Real Estate Professional is an expert in their market and can guide you through the stacks of paperwork necessary to make your dream a reality.

2. Ok, so you found your dream house, now what?

According to the Orlando Regional REALTOR Association, there are over 230 possible actions that need to take place during every successful real estate transaction. Don’t you want someone who has been there before, who knows what these actions are to make sure that you acquire your dream?

3. Are you a good negotiator?

So maybe you’re not convinced that you need an agent to sell your home. However, after looking at the list of parties that you need to be prepared to negotiate with, you’ll realize the value in selecting a Real Estate Professional. From the buyer (who wants the best deal possible), to the home inspection companies, to the appraiser, there are at least 11 different people that you will have to be knowledgeable with and answer to, during the process.

4. What is the home you’re buying/selling really worth?

Not only is it important for your home to be priced correctly from the start, to attract the right buyers and shorten the time that it’s on the market, but you also need someone who is not emotionally connected to your home, to give you the truth as to your home’s value.According to the National Association of REALTORS, “the typical FSBO home sold for $184,000 compared to $230,000 among agent-assisted home sales.”Get the most out of your transaction by hiring a professional.

5. Do you know what’s really going on in the market?

There is so much information out there on the news and the Internet about home sales, prices, mortgage rates; how do you know what’s going on specifically in your area? Who do you turn to, to tell you how to competitively price your home correctly at the beginning of the selling process? How do you know what to offer on your dream home without paying too much, or offending the seller with a low-ball offer?“When getting help with money, whether it’s insurance, real estate or investments, you should always look for someone with the heart of a teacher, not the heart of a salesman.” – Dave RamseyHiring an agent who has their finger on the pulse of the market will make your buying/selling experience an educated one. You need someone who is going to tell you the truth, not just what they think you want to hear.

Bottom Line:

You wouldn’t hike up Mt. Everest without a Sherpa, or replace the engine in your car without a trusted mechanic, why would you make one of your most important financial decisions of your life without hiring a Real Estate Professional?

Sunday, February 16, 2014

Deferred Maintenance--The Bane of a Home Selling

Deferred Maintenance

The Bane of Home Sales


Frequently, whether previewing a home with seller looking to prepare a home for sale or showing homes to a buyer, deferred maintenance is more present than not present.

What is deferred maintenance?  Deferred Maintenanc is needed repair work in a given house that has not been performed.

At times, deferred maintenace is as show in the picture above.  Walls with "stale" paint and tile grout needing cleaning are maintenance items that are common.  These items reduce a home's value to the buyer as the "home doesn't shine" and there is money/time/labor to be expended to correct the issue.

Factors like dated lighting, peeling mirrors, brick steps needing pointing and like are really cosmetic issues that could have been resolved easily by the seller at any time for minor cost.

On the other end of the spectrum, expensive deferred maintenance that will frighten away many home buyers and are frequently unaffordable(by finances or perception) for the home seller.



Roof issues are one of the most frequent.  Samples above could be simple tab replacement or may be indicative of a roof past its prime.  With roof replacement typically being in excess of $3000 tends to be passed on to buyers.  This can be due to cost or perception of "the roof isn't leaking so the buyer has nothing to worry about".  In such situations, the buyers highly discount the price due to inflating the cost of repair.

Another major deficiency is stained or warned carpet.  Though the cost is more reasonable to the seller and typically is acknowledged as a item to address.  The logistics of moving furniture and disrupting the daily event of the house causes sellers to refrain from replacing the carpet.  

You can think of any major factor of a house that hasn't been addressed in years and most likely cost and the fact that the item not addressed still serves its purpose is the reason that deferred maintanence is present.  Heating and cooling are prime examples.

In summary, deferred mainteance items are present in many homes.   Buyers hate to see it. Sellers frequently acknowledge the issue. Yet, the cost of repair and the knowledge that "nothing is really broken" makes the Sellers resilient to do the repair.



Saturday, November 2, 2013

Online Auctions: Future of the Housing Market?

                  Online Auctions: Not for the Faint of Heart

Very interesting blog that I came upon regarding Online Auctions.
These auctions have been conducted by banks and a few metro areas as way to get rid of distressed/foreclosed properties.   

This article discusses a bit if this will be the wave of the future.  I wonder if it will as there are numerous pitfalls for the buyer and a seller.

One particular pitfall for a buyer is the lack of interaction with the seller and waiting for an arbitrary date for a reply.  On a foreclosed property that has a built in assumption that a buyer must wait for an answer due to bank involvement is one thing.  But for a buyer to
wait 10 or 30 days or such  time frame to know if they won the bid may not be as acceptable if the deal is a great savings to the buyer.

Time will tell!   But read and learn!



Online Auctions: Future of the Housing Market?

Thursday, October 10, 2013

How to Mess Up Closing on Your Home


You may wonder why any one would write on how to ruin one's closing day.   The trucks packed, the utilities are changed and the buyer and seller are ready to move on.  

"So who would stop closing for what good reason?? "  You may ask.

You would be surprised!  Some of the most unbelievable statements
that I have witnessed or heard from compatriots that killed or delayed a closing to every one's frustration:

*   I didn't know I was to leave the ceiling fans
*   The storm last week broke two of the windows.  We should
         have told you?
*   Why can't a bank close in 5 days?
        Note: Bank changed mortgage company a week prior to closing

*   My "advisor" told me not to close today. I should wait until 
         a Tuesday.
*   We needed to have the house empty today??    But our truck 
        doesn't come to Friday!  I thought we were only closing today.
*   Title wasn't order until Friday(Monday closing) so we can't
        close for at least two weeks
*   Of course, the yard is a bit overgrown.  I have been busy 
        packing.
*   I was suppose to clean?
*   The cabinets weren't wiped out!  I am not going close!
*   The garbage cans our full at the curb!!! I need them emptied
         now!
*   I decided to get that survey you mentioned(two days prior 
          to closing).
*   The underwriter had a headache and went home early yesterday
         so we need 48 hours to finalize the loan.
*   The seller won't sell for that now(contract price).

Hard to imagine isn't it?   Fortunately, all of these can be avoided!! Fortunately, I have faced only one of these and the rest were from a broad swath of compatriots.

If you are a buyer or seller, be aware of the ones you can prevent when you are looking to buy or sell.

As a Realtor, I help buyers and sellers avoid such pitfalls by explaining the process and keeping them fully updated and informed.
Yet, as currently running car commercials,we are working with humans...and any of us can make a mistake!

Thursday, August 29, 2013

Pending July Homes Sales-Video



From the lips of our lead economist at the National Realtor Association to your ears, a discussion on July Pending sales.

As you will hear, the 2nd month pending sale decline is not of great concern as the 6 month trend is better than any time since 2006.

In addition, the general strength of the market is so positive that the temporary reduction in activity due to higher interest rates is not anything to worry about.   As the discussion notes, the shortage of housing inventory will continue though higher interest rates may slow inventory turn down a bit.

Great discussion...don't miss out


July Pending Home Sales

Wednesday, August 21, 2013

Housing continues to Soar

Time to shout!!!

Home Builders, a very important signal in the housing market, "haven't felt this upbeat since the waning days of 2005".   Jim goes on to talk about how rising...yes more restatement that home prices are rising...are making the professional investors in housing(the home builder) very bully on the market.

Note:  Interest rates should stay stable.  Jim's words:  "we don't see mortgage rates moving material higher in the short term" .

If you have been hanging around the fringe of the market, it is time to act!  

Though each local market is different,  interest rates are the same every where and every market is improving.   Some much better than others but all are on upswing.

So act know before you are on the wrong side of the curve!!!!!




Keeping you updated on the market! For the week of 
August 19, 2013

MARKET RECAP
Optimism Reigns, Tread Cautiously
 Homebuilders haven't felt this upbeat since the waning days of 2005. We know this because the NAHB/Wells Fargo Homebuilder Sentiment Index hit 59 this month, a number last seen nearly eight years ago.
Moreover, it appears unlikely optimism will fade anytime soon: Many homebuilders are reporting higher current sales and stronger pricing. Spirits are always buttressed when buyers are willing to enter the market when prices are rising.
On the existing-home side, the logjam of tight supply appears to be loosening. Nationally, the number of existing homes for sale remains 5% lower than the number that existed this time last year. Inventory, though, was up 1.4% in June. In many local markets inventory is being drawn in by persistent price appreciation. This is no surprise: rising prices always draw more supply to market.
Rising prices have also drawn more housing scrutiny. This, too, is no surprise. The closely followed S&P/Case-Shiller Home Price Index is up 12.1% year over year. Of course, real estate markets are local markets, and in many local markets gains far exceed the national numbers ( Las Vegas and Phoenix come ready to mind).
Double-digit average annual price increases are unsustainable over the long term. Price growth within the 2%-to-5% range is the norm. Therefore, we're not surprised to see growing speculation on the prospects of another housing bubble.
On that front, we're not terribly concerned. We don't think housing is even close to approaching the bubble that developed seven years ago. Much of the strong price gains we're seeing are off a severely depressed base (again Las Vegas and Phoenix come to mind).
When the bigger picture is brought into focus, prices nationally remain reasonable.
Since the housing bubble burst in 2007, people continually question whether housing is a safe investment? This is understandable: The perception before the bubble burst was that houses were always a safe investment.
It's important to keep in mind that safety, reward, and risk aren't imbedded in an asset class – houses, stocks, bond, etc. – they're embedded in time and price. A house purchased in 2000 was safe and offered a lot of reward with little risk. By 2007, the paradigm had reversed – houses were unsafe and risk was high. As a general rule, the longer the uptrend is sustained, the more risky an asset class becomes.
We liken today's housing market to the middle innings of a baseball: There is still more action (price gains) ahead. But there is also plenty of action already behind us, which is why when housing was skimming along the bottom (at the beginning of the game), we continually pounded the table to get in the game.

Economic
Indicator
Release
Date and Time
Consensus
Estimate
Analysis
Mortgage Applications
Wed., Aug. 21,
7:00 am, ET
None
Important. Rising rates could stimulate higher purchase-loan activity.
Existing Home Sales
(July)
Wed., Aug. 21,
7:00 am, ET
5.12 Million (Annualized)
Important. Rising inventory is helping to lift sales volume.
Federal Reserve FOMC Minutes
Wed., Aug. 21,
2:00 pm, ET
None
Important. Hawkish commentary on low rates and bond purchases will push interest rates higher.
New Home Sales
(July)
Fri., Aug. 23,
10:00 am, ET
485,000 (Annualized)
Important. Sales are expected to ease in July, but the long-term trend remains on an up-sloping trajectory.

Pressure is Mounting
For the past six weeks, mortgage rates have been placid – trending in a very tight band. Next week, they could break out of the upper band. We say that because the 10-year U.S. Treasury note – a benchmark lending rate – has broken out to the upside. As the 10-year note goes, so, too, usually goes the 30-year fixed-rate mortgage.
Over the past few months, we've frequently opined that the days of the 3.5% 30-year loan that prevailed earlier this year were gone and were unlikely to return anytime soon. At the same time, we've opined that rates are primed to rise. We continue to hold these opinions to this day.
That said, we don't see mortgage rates moving materially higher in the short term. Economic growth remains anemic, and job growth continues to lag behind the Federal Reserve's target rate. Therefore, the institutional imperative supports keeping rates low.
Our assessment of the mortgage-rate environment points to mildly rising rates (perhaps five to 10 basis points). Longer-term – over the next year – the probabilities overwhelming point to rates moving higher, which is why we continue to say that the risk in this market resides in procrastination.



EQUAL HOUSING LENDER

Friday, August 16, 2013

8 Never Fail Secrets to Make Your Rooms Ready

Selling a home for the best price possible is a carefully orchestrated event!!  And it all starts with the
house itself.  If the house "WOWs" the buyer, the contract is written.

Want to make sure your home is ready for the buyer....have it ready for the camera.  Most if not all buyers want to see pictures of a house before touring the house.  Thus, the pictures taken of your home will set the stage for the number of buyers to see your house.

And here are some absolutely wonderful tips!!!


REAL ESTATE

8 secrets to designing a camera-ready room

Live like a star
Live like a star © MaxFX/Shutterstock.comWish your home looked more like the ones you see on TV?
From those cool backdrops on hot, prime-time dramas to the jaw-dropping "afters" on do-it-yourself design shows, wouldn't it be great if you could give your own home that camera-ready treatment?
Whether you're staging for a sale or just want to enjoy the space you have, you can raise your design game without spending big bucks.
Here are eight tips from those masters of home magic -- decorators and set designers who style everything from Hollywood sets to design-show fixer-uppers -- to get your home ready for its close-up.
Kill the clutter
Kill the clutter © MaxFX/Shutterstock.com"Obviously, one of the very first things to do is get rid of the clutter -- the room dandruff," says Christopher Lowell, designer and author of "Christopher Lowell's SevenLayersof Organization."
"Nothing should be in the room that isn't intended to be there," he says.
One of his tricks: Stand in the doorway and squint. "If you can't make out what's on the table, it's clutter," he says. "It's too small."
If you're a collector, remember, "There's power en masse," he says. So either find a way to showcase your star pieces, or display the collection together (rather than scattered throughout the house), he says. Try mounting a few of the best pieces onto block-style shelves, so the collection becomes an artinstallation, he says. With that volume, the collection "takes on drama."
Lighting is your (room's) best accessory
Lighting is your (room's) best accessory © Artazum/Shutterstock.comWith the right lighting, you can totally reshape a room, says Lowell. "Lighting allows you to see only what you want to see," he says. For a well-layered look, he recommends mixing the types of lighting in a room.
Try these strategies to brighten up a space.
  • Use recessed or "up" lights (available at home decor and home supply stores) to balance the light. Ideally, you want an equal amount coming from above and below, he says.
  • Light up the corners. "You're basically blowing out the corners -- and it makes the room appear bigger," he says. One cool effect is to put a can light under an umbrella palm (real or artificial) in a corner.
  • Put all your lighting on dimmer switches. "It adds a very theatrical quality," says Lowell.
  • Pin spotlights can "make a room feel sexy," like an intimate, upscale restaurant, he says. Use them to highlight some of your favorite objects in a room.
Weave a thread through a room
Weave a thread through a room © Kasia Bialasiewicz/Shutterstock.comWant to tie a room together? Repeat a color, fabric or finish throughout, says Corey Kaplan, a Hollywood production designer for the hit TV series "Scandal."
On the show, you may have spotted that technique in character Jake Ballard's apartment -- with silver objects placed throughout the room, she says.
"(Set decorator) Amy Wells purchased a lot of silver elements -- ashtrays, balls, bowls," says Kaplan. "It's interesting, it's all-around eye-level, and it ties an eclectic room together."
It's also something you'll see in magazine layouts, Kaplan says. "You'll see one element that threads a room together."
Another luxurious touch is flowers.
"Everything looks great with flowers," says Cortney Novogratz, co-host of "9 by Design" on Bravo and "Home by Novogratz" on HGTV.
So put those on your redecorating list first, she says. "If you're able to have a plant or fresh flowers -- some greenery or some life is nice."
If you look for it, you'll see that just about every television show -- drama, sitcom or talk show --includesa set styled with flowers, Novogratz says.
The 1 splurge
The 1 splurge © yampi/Shutterstock.comWhen Kaplan was a production designer on "The X-Files," she had to solve her own baffling mystery: how to make agent Dana Scully's apartment visually compelling on a budget.
While the character was living on a government salary and wearing virtually the same outfit every day, viewers needed to glimpse Scully's interesting, quirky side, says Kaplan.
The solution? Go with one attention-grabbing piece.
In Scully's case, Kaplan selected a pricey, vintage refrigerator and stove set.
"It looked fantastic," she recalls. "It was a very common space, but you see it and say, 'This kitchen is amazing.' The kitchen's not amazing, but the refrigerator made the space. Everything else I got at Ikea."
"Get that one thing that ties the space together," Kaplan says.
It may take a little research and time, she says, "But it's worth your while."
Neutral rooms, bright accents
Neutral rooms, bright accents © Asparuh/Shutterstock.comOne trick set designers like to use is keeping a space neutral.
"We like things to be simple and elegant," says Kaplan. "I think that's the most important element for any of our environments. We leave our colors to the accents."
So walls and big pieces might be off-whites or grays, she says. Smaller pieces, such as chairs, add a punch of color. "That way, it's easy to get them out of the way when you're done with them," Kaplan says.
The set of "Scandal" uses this tactic, as seen with the two red chairs in Quinn Perkins' office.
Novogratz agrees. In a neutral room with a bright throw pillow or colorful vase, "automatically," your eyes go to that, she says. "It just kind of freshens everything. The brightness stands out."
Another idea would be to reupholster an old couch in a bright color, says Paul DiMeo, host of "Second Act" on RLTV, and lead designer for Major League Baseball's Fan Cave.
If you don't have the skill to DIY or money for a pro, try decorating the couch with a bright blanket or throw, he says.
Small changes, big difference
Small changes, big difference © pics721/Shutterstock.comSometimes, it's the little things that make all the difference.
Recently on the "Today" show, Novogratz demonstrated how a simple, white cabinet could look completely different with just a quick switch of its hardware.
Switching from plain fixtures to something "big and bold changed the whole piece of furniture," she recalls.
A new set of knobs -- vintage glass, new chrome pulls, tribal designs or even a flea-market find -- can make cabinets look totally different, says Novogratz.
So whether it's that credenza in the living room or those kitchen cabinets, it's a simple solution with big results, she says.
Another small job you can do to make a big difference is painting the trim of a room.
"I don't think people realize you can paint (just) the trim on the walls and the door itself," says Novogratz. "I think people just assume crown molding and trim and doors are white."
She loves using a bold color for the baseboards. "You can do that in color and have a more neutral wall."
Mirror, mirror
Mirror, mirror © Kasia Bialasiewicz/Shutterstock.comSure, you can see your own reflection in mirrors, but did you know they can also be used to amplify the light and make a room look bigger?
To make mirrors really brighten a space, place them on the wall opposite a window -- you can almost double the light in the room, says Lowell.
Do it on the cheap by hanging a grouping of mismatched mirrors on one wall, says Novogratz. Using different frames and different sizes helps the installation become "funky and quirky," she says.
Once you have the mirrors, you could use paint to create a flowing motif. Make the mirrors more uniform by repainting the frames in a matching color. Or try a built-in look by painting them to match the trim. You can even make the frames "disappear" by matching the paint to the walls.
Another quick and cheap tip for a high-dollar look is moving the furniture away from the walls.
"In great rooms, the furniture floats," says Lowell. It's not lined up against the wall.
Instead of putting furniture against the walls and using that to define an area, try using an area rug, he says. "Think of that really smart hotel lobby," and cluster conversation areas in a living room or den, he says.
Save "the walls for art and storage units," Lowell says.
Use original artwork
Use original artwork © Andre van der Veen/Shutterstock.comOriginal artwork can make a room, but it doesn't have to be pricey, says DiMeo. If you frame it the right way, you can display family photos, kids' art or even a colorful scarf for an original piece that shines.
"Artwork can be done for a few dollars," says DiMeo. "I don't have one single poster in my house. I have all our friends' artwork in our house."
If you have kids, blow up a couple of their art projects to 30 inches by 30 inches or 30 inches by 20 inches, he says. Not only are you designing a room with something unique and original, you're also telling your child, "Look at that," says DiMeo.
Or, for a DIY project, you can use stencils to try your hand at a mural, he says.
"Stencils are a way of doing something cheaply and having a room like no other," says DiMeo. "It's only paint, and you can always paint over it. Don't be afraid to throw some color on the wall."
 


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