4 Updates For Home Sellers on a Budget
December 13, 2008
Want to sell your home but tight on cash? These quick fixes add the most value for the least money:
1. Paint Your Way to Profits
Painting your home before you put it on the market is one of the cheapest ways to get the highest possible price for your property. But don’t use the same color for the entire house – white walls are dull. Use soft muted colors like pale green or muted beige. They can still be neutral while greatly improving the look and feel of each room. Add white baseboards for additional style.
2. Find a Higher Price Underfoot
If you’ve got hardwood under old carpet, rip up the carpet and refinish the floors. Sanding hardwoods is physically demanding. Make a mistake and you ruin the floor. Hire a pro to sand for $1 to $1.50 a foot and then do your own staining and sealing to save money. When carpet is your only option, buy the best padding. Mid-price carpeting will look and feel fine if the padding below it is thick.
3. Tweak the Front Yard
First impressions make a huge difference. Perspective buyers tend to make up their mind before they even walk into the house. If they don’t like the outside, they’re not going to like the inside. So:
- Trim your shrubs
- Cut your grass
- Place potted flowers at the entryway
- Paint the front door
- Invest in new doorknobs, a mailbox and house numbers
4. Follow the Light
Update old light fixtures in the kitchen, bath and hallways so buyers will see why your home is worth more. Florescent lights and brass are dated. Buyers like brushed nickel, stainless steel or blown-glass style light fixtures. Recessed lighting is also a huge selling point because it brightens up the room and creates a natural-looking light.
You never want to be the last homeowner on the block to remodel. Homebuyers will pass up your property in favor of the one down the street where everything is already updated. Your home will sell slowly and for less money.
If your thinking about selling in today’s market, contact me today to schedule a free Competitive Market Analysis (CMA). Register Below to begin the process:
10 Ways to Make Your Home Sell Faster
September 8, 2008
Simple fixes and staging practices can focus buyers’ attention in the right places and keep them from getting sidetracked by personal items in the home.
Here are some staging suggestions from Deborah Ehrlich-Layne of Staging Plus in Tampa, Fla., Handyman Matters, and HGTV’s The Stagers.
- Eliminate countertop clutter. A countertop covered with small appliances and utensils looks crowded, not spacious.
- Pack up the too-personal. Don’t leave toiletries on the counter. Stash family photos.
- Be prepared for snoops. Prospective buyers pull open drawers, look in closets and peek behind the shower curtain.
- Make sure items work properly. Ex. dripping faucets, burned-out light bulbs, and squeaking hinges detract from the home’s appeal.
- Think “white-glove clean.” Mop, dust, vacuum, clean baseboards, wash windows. Make sure the house looks fresh and smells neutral.
- Make sure the front door is clean and the hardware polished. Power-wash walkways.
- Store furniture that makes rooms feel crowded.
- Show every room for the kind of room it is. Maybe you’ve turned your formal dining room into a home office. Get rid of the desk and computer, and bring back the dining table and chairs.
- Clean your garage. Buyers want to see room available for a car, not stacks and stacks of boxes.
- Spruce up your curb appeal. Potential buyers judge your home before they have even seen the interior. Make this first impression count. Plant flowers, mow the lawn, put out a welcome mat, and make small repairs that you have been putting off.
If you need the assistance of a real estate professional to help sell your home, register below to schedule an appointment with a Trend Setter Realty Realtor.
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Tips for San Antonio Homeowners to Avoid Home Improvement Scams
April 9, 2008
May is National Home Improvement Month. During times of a softer economy paired with the approach of warmer weather, the National Association of the Remodeling Industry (NARI) wants to remind San Antonio homeowners to beware of unscrupulous people posing as remodelers.
One common issue exploited homeowners have run into is having to pay both the contractor and the subcontractors. The homeowner’s financial obligations should only be to the contractor. Some dishonorable contractors are collecting large, upfront payments from residents. When the work has been completed, instead of paying the subcontractors, the dishonest business owner instead pays the interest on properties they have already purchased and can only re-sell below cost. This predictably leaves subcontractors without paychecks and forces them to establish mechanics’ or materialmens’ liens on their customers’ properties.
The subcontractors secure payment for their work, but this causes difficulties for San Antonio homeowners, who then pay the same fee twice for one remodeling project. Since subcontractors have 90 days to file mechanics’ liens, it could take months for homeowners to realize that they have been defrauded. Residents should note that these types of liens will pay the subcontractors before the homeowners if occupants sell their properties.
Protect yourself
To avoid these circumstances and ensure that you only pay the cost of a project once, NARI suggests you take the following steps:
Be sure you hire an experienced remodeler and not a fly-by-nighter waiting for the building industry to pick up again.
Contact state or local licensing agencies to ensure a contractor meets all requirements.
Check with your local NARI chapter, the government Consumer Affairs Office or the Better Business Bureau to ensure the absence of any adverse files on-record for the contractor.
Ask to see a copy of the contractor’s certification of insurance or for the name of his or her insurance agency to verify coverage. Most states require a contractor to carry worker’s compensation, property damage and personal liability insurance.
Verify that the contractor’s insurance coverage meets all the minimum requirements. If homeowners request estimates from several different contractors, they should confirm that they are bidding on the same scope and quality of work. Discuss any variations in bids and beware of any bid that is much lower than the others.
Draw up a contract before a remodeler begins work that includes the contractor’s name, address, and phone and license numbers, if applicable. It should also include details about what the contractor will and will not do.
The agreement should offer a detailed list of materials for the project, with information such as size, color, model, brand name and product. The contract should include approximate start and completion dates.
Study the design plans carefully. Before any work begins, the homeowners should insist both that they approve the plans and that the contractor identifies the design plans in the written contract.
Known as the “Right of Recision,” federal law requires a contractor to provide a homeowner with written notice of the resident’s right to, without penalty, cancel a contract within three business days of signing it, provided it was solicited at some place other than the contractor’s place of business or appropriate trade premises.
Verify that you share an understanding of financial terms with the contractor and that the contract explicitly states them. The total price, payment schedule and any cancellation penalty should be clear.
The contract should include a warranty covering materials and workmanship for a minimum of one year, and identify the warranty as either “full” or “limited.” The contract must identify the name and address of the party that will honor the warranty, namely the contractor, distributor or manufacturer. Homeowners should make sure the document specifies the time period for the warranty.
In the event of a disagreement, a binding arbitration clause is useful. Arbitration may enable the homeowner to resolve disputes without costly litigation.
Before signing a contract, completely review it and confirm that you comprehend it. Consider the scope of the project and verify that the contract includes all requested items. If the agreement lacks mention of a specific, discussed item, consider it excluded. Never sign an incomplete contract, and always keep a copy of the final document for review.
San Antonio Homeowners can depend on NARI
NARI reminds all homeowners that its members must adhere to a strict code of ethics and that there are grievance procedures in place for members who do not. Under the NARI code of ethics, members pledge to always provide quality service and work and follow the high ethical standards of the association, to only promote products and services that are functionally and economically sound, and consistent with objective standards of health and safety, that any advertising or sales promotions will be factually accurate, and any agreements or warranties will be fair and mutually beneficial to all parties concerned.
NARI members also agree to honor all contractual obligations, until and unless all contractual parties involved alter or dissolve them. They also will promptly acknowledge and act on any customer complaints, and refrain from any act intended to restrain trade or suppress competition.
NARI is the only trade association dedicated solely to the remodeling industry, and its members voluntarily subscribe to a strict code of ethics. Consumers may wish to search www.RemodelToday.com to find a qualified remodeler who is a member of NARI.
Kitchens and Baths Continue as Focus of Design Activity in Homes
February 29, 2008
Renewable materials and energy-efficient products for kitchens and baths have risen in popularity, while economic concerns among homeowners has resulted in a decline in demand for high-end appliances and features. To accommodate an aging and less mobile population, there is also a greater emphasis on accessibility and adaptability throughout the home. These findings are from the American Institute of Architects (AIA) Home Design Trends Survey focused specifically on kitchen and bathrooms in the fourth quarter of 2007. Residential architects have reported the weakest business conditions in the three-year history of this survey, indicating that the housing market is not poised for a recovery in the near term.
Click here for link to the full report
“Kitchens continue to be the dominant design area within the home, with dedicated computer work areas or cell-phone and personal digital assistant recharging stations becoming an emerging trend. There is also a growing interest in eco-friendly features for kitchens such as bamboo and cork flooring, and concrete and bamboo countertops,” said AIA Chief Economist Kermit Baker, PhD, Hon. AIA.
A recent AIA poll of registered voters revealed that 90% of respondents said they would be willing to pay $5,000 more for a house that would use less energy and protect the Earth.
| Popular kitchen products and features* | 2007 | 2006 |
| • Renewable flooring materials: | 61% | 53% |
| • Computer area / recharging stations: | 56% | n/a |
| • Larger pantry space: | 51% | 64% |
| • Renewable countertop materials: | 49% | n/a |
| • Wine refrigerators / wine storage: | 49% | 53% |
| • High-end appliances: | 47% | 65% |
| • Drinking water filtration systems: | 44% | 37% |
| • Recycling center: | 45% | 48% |
| • Integration with family space: | 43% | 48% |
* Index score computed as % of respondents reporting increasing minus those reporting decreasing popularity
Baker added, “Water saving toilets and LED lighting options have become more popular in bathrooms, along with continued strong demand for radiant heated flooring. Conversely, there has been a drop-off among homeowners looking for high-end features including towel warming drawers, double-sink vanities and whirlpool baths.”
“To promote greater accessibility, there is a much greater emphasis on universal design elements in bathrooms and features like doorless and handheld showers.”
| Popular bathroom products and features* | 2007 | 2006 |
| • Radiant heated floors: | 60% | 62% |
| • Multi-head showers: | 59% | 62% |
| • Doorless showers: | 59% | 47% |
| • Accessibility / universal design: | 58% | 48% |
| • Water saving toilets: | 57% | n/a |
| • Hand showers: | 42% | 36% |
| • LED lighting: | 39% | n/a |
| • Linen closet / storage: | 30% | 36% |
* Index score computed as % of respondents reporting increasing minus those reporting decreasing popularity
Housing market business conditions
AIA Home Design Survey Index for Q4 2007 (any score above 50 is positive)
• Billings: 42 (down from 47 in Q3 2007)
• Inquiries for new projects: 40 (down from 50 in Q3 2007)
“With billings and inquiries both down substantially from last quarter and compared to the same period a year ago, the housing market does not have a favorable outlook. Of additional concern is the shrinking project backlog at residential architecture firms meaning there is less work in the pipeline to keep staffs fully billable,” said Baker.
Specific construction segments (index score computed as % of respondents reporting improving minus those reporting weakening conditions)
| • Kitchen and bath remodeling: | 25 |
| • Additions / alterations: | 22 |
| • Custom / luxury home market: | -15 |
| • Townhouse / condo market: | -34 |
| • Second / vacation home market: | -41 |
| • Move-up home market: | -45 |
| • First-time buyer / affordable home market: | -64 |
Don’t Skip On Title Insurance
February 24, 2008
TYPICAL TITLE PROBLEMS
To close on a house, the buyer usually must have title insurance guaranteeing that he or she will be the sole owner.
Insurance companies refuse to provide that insurance in some cases. Here are common examples of why title insurance would be denied:
•Grandparents die without leaving wills, and one child keeps the home without proper legal documents. It’s not found until two generations later.
•The property description differs from the sales contract.
•The previous owner forged mortgage documents to show that he or she had paid off a previous mortgage. But the former mortgage company still owns the property.
Source: Alamo Title Co.
WHAT DOES TITLE INSURANCE COST?
The Texas Department of Insurance sets the same on-time premium rates for all properties, regardless of type of home, its age or where the house is located. The insurance policy must cover at least the sales price of the property.
The minimum premium is $229 for the first $10,000 in sales price. Premium rates are broken down into six tiers and get smaller as the purchase price increases to $25 million.
For instance, buyers pay the minimum rate plus an average of $3.41 for each additional $500 of the price, up to $100,000.
A home priced at $100,000 would have an $843 premium.
The premium for a $200,000 house includes the $843 from the first $100,000, plus $2.67 per $500 of additional value, or $1,377.
Source: Texas Department of Insurance
Read “Title insurance protects buyers” Written by Aïssatou Sidimé Express-News Business Writer
Technorati Tags: Title Insurance, Title Policy, Closing Costs, Title Company, Mortgage Companies, San Antonio Real Estate
Home Staging Could Be The Difference Between Sold or Still On The Market
February 16, 2008
What is Staging?
- Home staging is anything that helps a home seller make a home more attractive and appealing to potential buyers.
- Typically, a home stager brings in furniture, artwork, plants, rugs and accessories to make a house look its best while on the market.
- Some stagers also offer contractor-consulting services, which may include choosing paints, tiles, carpets and working with contractors to get the house ready.
- When sellers want to use their own furnishings, the stager can consult with them on how to reduce clutter and to open up rooms.
- Professional stagers typically start off with an in-home consultation. The price depends on the condition and size of the home.
- Do-it-yourself stagers on a budget also can use a professional stager to get a list of items to help make their home more appealing.
- Stagers tend to work with sellers for several hours to several days at a time.
Home Staging Tips
Studies have shown that most buyers make a decision about a house within 15 seconds of walking in the door. Many other buyers make a decision without ever getting out of their car. The message here is that first impressions are very, very important when selling a home.
Home Staging Tips for the Outside of Your Home
The feeling that people get about the house from the street is called “curb appeal” and there are many home staging tips to improve it.
1) Eliminate any and all clutter. Trim back overgrown bushes, and generally do a thorough clean-up.
2) A fresh coat of paint goes a long, long way to making a house look good. Be careful not to pick too strong of a color. The idea is to appeal to the greatest number of buyers as possible.
3) Fresh sod or landscaping can make a major difference.
4) Eliminate any other negatives like oil stains on the driveway, an old T.V. antennae on the roof, etc.
5) Putting out some some simple flowers in a pot on the front porch, and a new doormat can create an inviting feeling to buyers.
Home staging tips to improve the inside of the home also:
1) Eliminate all clutter. Homes look bigger and more stylish without any clutter. Many stagers have the clients move out entirely, and the stagers bring in their own items. Take all of the pictures off of the refrigerator, remove any stacks of paper on your desk, etc. Also, having a professional house cleaning service come in and do a thorough once-over is almost always well worth the cost.
2) Fresh paint can make a real difference. It is the frosting on the cake. Use colors that will appeal to the greatest number of people. You may prefer something bolder or outrageous for yourself, but when selling a house, neutral-colored interior paints work best. Also, replace any worn carpets or other flooring. If you have hardwood floors that are in rough shape, having them refinished can often return many times the cost of the refinishing, and sell the home much faster.
3) In many parts of the country homes are shown with no window coverings at all. This creates an open and airy feeling.
4) Make sure there are no unpleasant pet or cooking odors. Some sellers now bake cookies for the open house, creating a warm feeling in they buyer’s mind.
5) Use size-appropriate furniture. If you have a small bedroom, don’t put a king-sized bed in there. Conversely, if you have a huge master suite, putting a single bed in there would look unbalanced.
6) Leave the lights on even during the day to make the home as bright as possible.
All of these home staging tips are really geared towards making the whole package seem as pleasant and comfortable as possible. One would think that buyers buy with their heads, but it’s often their hearts that make the decision!
Source: www.HomeStaging.com
Technorati Tags: Staging, Home Staging, Home Staging Tips, Curb Appeal, San Antonio Real Estate
Natural Look Is In For Home Decor
February 12, 2008
By JESSIE MILLIGAN
FORT WORTH STAR-TELEGRAM
What’s in store for home decor in 2008? Expect to see a lot of anything that looks “natural.” Slubby undyed linen upholstery. Neutral-colored natural-fiber rugs. Tables made to look like logs.
“Anything that looks like something that helps save the environment will be big,” says Amy Larrabee, spokeswoman for the Color Marketing Group in Annapolis, Md. “It does not necessarily have to be better for the environment, but it will look that way.”
We’ll see textured neutral backdrops-sofas and tables-punctuated with bright and bold color-saturated accessories, the non-profit color-marketing group predicts.
The Color Marketing Group gathers about 400 of its members each year to forecast color. It’s serious business. Color can be up to 85% of the reason people decide to buy one product over another, the group said. Marketing folks from all manner of companies-Cadillac to Kleenex to Thomasville Furniture-gather each year to look at social, political and economic trends and events, and then translate those ideas into colors they think will be appealing to buyers.
Here’s a breakdown of what you’ll see in stores, and simple ways to incorporate it into your home decor, whether you want to spend a lot of money or a little.
Natural Looks
“Seriously fashionable.” That’s the term the marketing group uses to describe anything that looks handmade, undyed, unbleached.
What color is environmentally “green”? Turns out, it is not just green but also shades of bleached shell, sand, stone and wood. Think whites, off-whites, beiges and browns.
Texture is as important as neutral color. Natural imperfections are big in high-end home decor.
Design tip: Get the high-end look without going broke. Jute rugs, neutral sofa slipcovers and coats of wall paint are widely available and easily done for a few hundred dollars.
Or go high-end, as does Williams-Sonoma Home in its spring spreads of neutral backdrops. “When the economy is low, people want safe, soft, comforting colors,” says Larrabee says.
Accents of blue and green create a calming environment, but consumers this year may be flipping for bolder, zestier accent colors as well.
Vivid Accents
Taking a cue from the upcoming Beijing Olympics and the global economy, the marketing group predicts hot hues will be sizzling in throws, pillows and other accents. Think of the colors of India, Asia, Africa and Latin America-deeply saturated reds, oranges, yellows and rosy pinks.
Design tip: Vivid accent colors work well on accent walls, table lamp bases, vases, throws and pillows. The splashy colors add zip to a neutral room. Check out Pottery Barn’s throws and floral pillows. The retailer also is carrying milk-glass lamp bases in marigold (a bright yellow), green, espresso, white or orange ($90).
Mixing blues
Trend spotters at the large New York-based advertising agency JWT are predicting blue will replace green as the symbolic color of the environmental movement.
Either way, sky blues and deep navys already are showing up in home decor and products, even in the kitchen.
Design tip: Martha Stewart already is on to this trend. Her Macy’s line includes light blue silicone bakeware. A three-piece set costs $40. Bed, Bath & Beyond carries a light blue Kitchen Aid stand mixer. Kitchen Aid products are particularly colorful, especially in its line of mixers that get put away in cabinets most of the time. The manufacturer also is on to another trend: bronzes and coppers.
Metallic Finishes
Stainless, chrome and nickel still are big, but expect to also see a warmer range of metallic finishes in everything from vases to refrigerators.
Technological innovations are making a wider range of metallic finishes easier and less expensive to produce, says Larrabee of the Color Marketing Group.
Design tip: Bronze-finished Jenn-Air refrigerators, dishwashers and ovens already are on the market, but not yet widely available. We found them at www.us-appliance.com, where the refrigerator retails for $2,570.
Technorati Tags: Home Decor, Design Tips, Natural Looks, Interior Design, San Antonio Real Estate
What Should I Do With My Pets?
February 2, 2008
If you own a pet, remember that not every potential buyer is familiar or comfortable with all types of pets. Buyers can be frightened or turned off when viewing a home where a pet is present if you don’t take certain steps.
A barking dog may sound bigger than it really is, so it makes more sense to prepare a prospective buyer than to scare him. In order to make the showing agent and his client aware of the animal’s existence, the agent can list the information in the local MLS agent remarks and also with the showing service. State where the animal is located and whether it is okay to enter that area. Additionally, make a note and place it on the door of the area where the animal is kept.
Dogs or cats can be put in their kennel in the home for easy showing. However if the animal is large, send it to a kennel during the day. Keep reptiles and birds in their cage and covered if at all possible. Don’t make it the showing agent’s responsibility to let the animal in or out of the house during the showing. Agents are concentrating on showing the home and instructions often take away from their primary purpose of entering the home and showing it to prospective buyers.
When an animal is left outside, you are running the risk of losing potential buyers if they want to view the back yard. The outdoor areas of the home and back yard are just as important as the rest of the property and should be seen by potential buyers in addition to the house. You often have only one chance to make a good impression, so allow buyers to see the whole property.
Some people are allergic to animals, so it would be a good idea to clean the flooring and wipe down cabinetry and walls before putting the home on the market. Vacuum and mop regularly to make your home sparkle and to avoid animal smells. You may also offer to have the carpets, air ducts, and home cleaned by professionals as an incentive to sell your house.
Technorati Tags: Texas Real Estate, Seller Tips, Potential Buyer, Real Estate Tips
Remodeling That Pays You Back
February 1, 2008
Upgrading your home is always appealing, but which enhancements really get you a good return for your money when it’s time to sell? The 2007 Cost vs. Value Report by Remodeling magazine and REALTOR® Magazine has the answer. San Antonio numbers are listed below.
| Project | Project Job Cost: | Resale Value: | Cost Recouped: |
| Siding Replacement | $12,926 | $14,472 | 112.0% |
| Deck Addition (Wood) | $9,048 | $9,362 | 103.5% |
| Window Replacement | $10,172 | $9,851 | 96.8% |
| Kitchen Remodel | $20,121 | $19,128 | 95.1% |
Visit CostvsValue.com for more information.
Technorati Tags: Remodeling, Home Project, Real Estate, San Antonio Real Estate
7 Tips to Make Sure the Price is Right
January 20, 2008
It’s tough being the seller in a buyer’s market. But your clients can improve their odds with the right research. And you can be the knight in shining armor who provides it.
In many cases, making a smart deal and getting the best price comes down to studying your market and being an educated seller.
“You’ve got to know more than you would have if you’d sold a year ago,” says William Poorvu, professor emeritus at Harvard Business School and author of the upcoming book “Creating and Growing Real Estate Wealth.” “If you want to protect yourself, you have to become knowledgeable.”
1. Recognize that housing markets are local.
Home prices are like the weather — very different in different areas. In many markets, home prices have actually gone up from last year, says Dick Gaylord, president of the National Association of Realtors.
In addition, demand will change depending on the price range and even the neighborhood. What you need to know: What’s the demand for a house like yours in your area?
“You have to look at what’s being sold and at what price,” says Poorvu. “That’s important.”
Look at comparables for similar houses. Study prices and sales for one year ago, six months ago, three months ago and current numbers, says Gaylord.
What are the trends? Are prices going up or down — and by how much? How many days are homes staying on the market? If they are on the market longer, how much of that could be seasonal? In many areas, spring and summer are the busy seasons.
Pay special attention to “the delta between the list price and the sales price,” says Ron Phipps, broker with Phipps Realty in Warwick, R.I. That is, look for a meaningful relationship between list price and sales price. Perhaps most homes are selling for 5% less than the list price.
“An agent who works the market will be in the best position” to find “the tipping point between nice, attractive and interesting — and being sold,” Phipps says. You want to find the point between, “Hey, that’s interesting,” and “It’s too good to pass up.”
2. Analyze who is buying and selling in your market.
What’s your competition? Who are the buyers, and why are they shopping?
Do you live in an area like Phoenix, “a growing market with people coming in,” says Poorvu. Or are you living in an area that doesn’t attract a lot of new residents, where many shoppers are “bottom fishers” who don’t have to buy but are “looking to pick up a bargain,” he says.
Are you competing against a flood of new houses from builders eager to sell, or are you selling a newer home in an area where most of the housing stock is older?
3. Ask the professionals.
When you interview real estate agents, ask about the market conditions for your area and price range.
Specifically, ask about the “absorption rate” says Phipps. What that means: In the current conditions with the current inventory, how long would it take the market to absorb or sell, all the houses on the market?
If the supply is much larger than the demand, ask potential agents how they would “price to offset that inventory,” he says.
4. Know what your house is worth.
Talk to a handful of agents. Get an appraisal from a certified professional appraiser. Look at your comparables. Taken together, that information will give you a pretty good idea of what your home is currently worth.
5. Consider strategic pricing.
Here’s how it works: If prices in your area are dropping 1% each month, and you want to sell within the next three months, you take 3% off your price right off the bat, says Phipps. So if you were going to put your home on the market for $400,000, you set the price at roughly $388,000.
The upside: You’ll have the competitive edge over the guy who’s dropping his price every month, without the air of desperation. Plus, in a market where prices are falling, you’ll make more money if you sell quickly.
The downside: Predicting the market is a tough call, even for the pros. And it’s really difficult to raise the price if your market starts to rebound, Phipps says.
6. Evaluate whether you really have to sell now.
If you want to get the best possible price for your home and the local market is tanking, “see if you can delay the sale,” says Poorvu. Otherwise, in a lot of markets, sellers have “to be willing to accept a pretty good haircut over what they thought their home was worth last year,” he says.
The downside of waiting: The market could decline or your circumstances could change to the point that you might need to sell quickly.
But for situations where the move is optional (or you might be able to rent the property until your local market improves), waiting is a solid option.
Just because you’ve already planted that “for sale” sign doesn’t mean you can’t change your mind if you’re not seeing the interest you anticipated.
“If you know there are no sales or sales are decreasing, and you have the opportunity,” taking it off the market is a decent solution, says Healy. “I think we’re seeing a lot of that.”
7. Assess the market where you plan to buy.
If you’re selling one house and buying another, look at the market where you plan to move. Says Poorvu, “It might be that, with the housing there, it’s a great time to buy.”
Tags: san antonio real estate, san antonio texas real estate, san antonio real estate news, san antonio real estate tips
17 Ways to Get Buyers Inside Your Home
January 16, 2008
Here are some easy, inexpensive fixes that will help create that outside appeal and get you one, giant step further to a sale.
1. Paint or stain the front and garage doors, especially if they show any weathering. These are the first visuals where a potential buyer focuses. If garage doors are metal and dented, they may need to be replaced.
2. Any old, basically abandoned sheds or small structures, must be removed, the area graded and the grass replaced.
3. Change any dated, outside light fixtures.
4. Fix that driveway. If it is blacktop, make sure cracks and crumbling areas are dug out and filled and then the whole driveway sealed. If it is cement, have large cracks filled and repaired professionally. The buyer must at least feel they can drive the moving truck in confidently!
5. Make sure landscaping bricks are in their proper placement. Mowing, weed-whipping sometimes moves them and this is something the homeowner rarely notices, but makes the property look unsightly.
6. Fill in bare dirt under large shade trees. Plant shade-tolerant plants in defined planters or groundcover. Landscape properly for that area.
7. All landscaping beds should be cleaned out and updated for the time of year it is in your region. Place new bedding material down.
8. Have trees and bushes pruned and trimmed. If a bush or tree is looking old or about to expire, remove it and replace it with a similar size and type if you can. If there is a tree limb(s) over the roof, have them removed.
9. If the house needs painting and a full paint job is not in the cards; have it touched up professionally in the worst, most visible spots. Paint shutters and fix them if they are hanging crooked. At least this may help get your client in the front door, even if they negotiate a full paint job into the sale later.
10. If the house is sided, have it power-washed and have gutters and windows cleaned. Window cleaning inside and out makes the house feel updated and fresh, rather than old and dingy.
11. Make sure grass is in good shape, weeds are removed, trimming done regularly. So many sellers fall down on this job the minute the house is listed, and this is critical to selling a house quickly, especially one where the owners have already moved out. In snowy climates, removal must be done regularly too. If owners have moved out, make sure you have an HWA Home Warranty to re-assure buyers.
12. Keep garbage and recycle containers inside the garage, along with all toys and equipment. Make sure the garage is neat and organized. Painted walls and floors also go a long way in this area and are inexpensive to do.
13. Decks should be washed and repainted or re-sealed; plantings around them cleaned, weed-free and looking good. Patio furniture should be in excellent condition. Even though it is in the backyard, this is the area where the family can envision enjoying the warm days and the new yard.
14. If the roof has missing shingles and they can be replaced inexpensively, suggest this be done as it may save negotiation over a completely new roof. Roof repair needs and costs should be minor or the homeowner might as well replace the entire roof.
15. If the homeowner wants to do a bit more, suggest solar lights lining the driveway or installing a more attractive front door with lead glass inserts and replacing plain doorknobs with something more custom.
16. If you have an evening showing, make sure lights are on outside and inside the house. This is warm and inviting.
17. If it’s a holiday season, by all means decorate the home! Just like sugar cookies or vanilla scent on the inside of the house, this really says “it’s a home” and I can see myself enjoying life here! In the least, always have some greenery or flowers for the season on the front step or porch; even a birdbath with a little garden around it says home.
Remember, most home buyers cannot visualize even these simple changes and clean ups in a house and the ones who can, will be looking for a reduced price. So to sell the house at top dollar and quickly, make it “appeal” to the many who will be seeing it rather than the few who are looking for a “fixer upper.” These people know what they want, go after it and need less assistance.
Finally, have neighbors or friends look at the finished results to see if you or the home owner has missed anything key that would be quick and easy to do. Use this article in your listing presentations so they can get started right away on these easy, inexpensive fixes and adapt the ideas to their home. When that home looks fabulous, update that picture on the Internet! This is especially important if the season has changed too and it’s a reward to your client too!
Written By David Sobel
The Selling Process
January 7, 2008
Step 1: Choosing a REALTOR®
Selling a home is one of the largest decisions of your life. The first thing to do is to find a Texas REALTOR® you trust.
Ask your friends and relatives who have sold homes recently for their recommendations. Or, you can use the find-a-REALTOR® search to locate one in your area.
Before working with a Texas REALTOR®, you should know that their duties depend on whom they represent.
The REALTOR® who lists the property for sale represents the owner. Your REALTOR®’s sole duty is to ensure that your home sells quickly, easily, and at a suitable price.
All brokers must treat you honestly and fairly regardless of whom they represent.
If you choose to have a REALTOR® represent you, you should enter into a written contract that clearly establishes the obligation of both parties and specifies how your REALTOR® will be compensated.
Step 2: Setting a price
When setting a price, the important thing is to be realistic. If the price is too high, you may not find a buyer. Too low, and you cheat yourself out of money.
Appraisal
Regardless of what you originally paid for your home and the cost of improvements you have made, the only price that matters is what the market will bear at the time you decide to sell. You may consider hiring an independent real estate appraiser with specialized training and experience. Don’t rely on assessed valuations made for tax purposes. Such valuations may not be reliable indicators of value, as they are usually made using mass appraisal techniques.
Comparative market analysis
Whether or not you get an appraisal, your REALTOR® can develop a comparative market analysis. This analysis will describe homes in your area that have recently withdrawn from the market and may compare specific features of your home to others–the value of a corner lot, a city view, or an extra bedroom, for example. The analysis may also point out market fluctuations caused by the opening of a new school or business, as well as long-term trends.
Net proceeds
Once you’ve decided on a price range, the REALTOR® can help you calculate an estimated amount you might net from the sale. If you have owned your home for several years, you may have built up sizable equity. Equity is the difference between the value of your home and the balance on your mortgage. After subtracting what you owe on your mortgage, ask your REALTOR® what costs you will incur in closing. These may include title fees, taxes, a penalty for prepaying your mortgage, brokerage commission, attorney fees, and charges for preparing and recording documents. Finally, ask your tax adviser or attorney about the tax implications of your proposed sale.
Step 3: Signing a listing agreement
After you choose a REALTOR®, you will most likely sign a listing agreement–a contract in which you agree to allow a REALTOR® to sell your home during a given period and pay the REALTOR® a fee when your home sells. Most REALTORS® are independent contractors who work for a company operated by a licensed real estate broker.
The amount of compensation you pay a broker is negotiable, but the REALTOR® will generally follow the company’s policy regarding compensation. The amount of the fee will be spelled out in the listing agreement. Make sure you understand how the fee will be paid before signing.
Exclusive listing
Most REALTORS® will ask for an exclusive right-to-sell listing. This means that you will owe the broker a commission regardless of who finds a buyer during the listing period. In other words, if you decide to sell the house to your cousin, your broker still gets a commission. In an exclusive listing, the broker is usually motivated to work harder to sell your home.
It’s possible that a REALTOR® from another company will find a buyer for your home. In that case, your broker is the listing broker, and the second agent is the cooperating broker. Many times the listing broker will agree to pay the cooperating broker a fee from the amount you pay the listing broker. Your listing broker cooperates with other brokers who procure buyers interested in your property and offers to compensate the other brokers for procuring a buyer. Cooperating and compensating other brokers is discussed in the listing agreement you sign with the listing broker.
Length of listing
The listing agreement will specify how long you agree to list your house with a company. You want a period that’s long enough to motivate your REALTOR® to advertise your home and respond to buyers, yet short enough to allow you to change to a different company if you become unhappy with the REALTOR®’s service.
Remember that the listing agreement is a contract. You should get a copy for your records. Your REALTOR® is bound to the terms just as you are. You can expect the REALTOR® to keep appropriate information confidential and effectively market your property.
Step 4: Marketing your property
Preparing your home
In preparing your home for viewing by prospective buyers, remember that people buy on emotions. Your home has to feel right, or buyers will look elsewhere. Ask your REALTOR® and some honest friends to look at your home objectively and suggest ways to make your home more inviting and sellable. Consider both the exterior and interior. Since you will be appealing to buyers’ feelings, you need to pay attention to detail. An extra $50 you spend on red geraniums or new bath towels might mean a significant increase in a buyer’s offer.
Clean your home thoroughly and make minor repairs such as tightening towel racks and gluing wallpaper edges. For larger repairs, consult your REALTOR® as to whether repairing the item will generate a good return on the sale. Repainting the woodwork may be worth it, but replacing the carpet may not. Hire a professional inspector to examine your house for structural and mechanical defects. Get an inspection early, and you can avoid surprises.
Honesty and candor
If your home has a major problem you don’t intend to correct, be candid about it. Don’t paint over the watermarks on the ceiling to hide a leaky roof. Buyers will find out about the problems anyway, especially if they are smart shoppers and hire a professional to inspect your home. In an age when lawsuits are as common as family sit-down dinners, it pays to be open about everything.
You should consider including a one-year residential service contract with the sale of your home. This buyer perk is a common practice and helps ease concerns. Typically, after the first year, the buyer has the option of renewing the coverage at his or her expense. A residential service contract is simply an agreement with a company to repair certain items on the property if such items fail to function or are in need of repair (for example, air conditioning unit, heating equipment, plumbing system, etc.).
Attracting and screening buyers
As part of the overall marketing strategy, your REALTOR® may arrange a tour of your home for local REALTORS® and perhaps schedule an open house for the public. Your REALTOR® may also run ads in local newspapers, Web sites, and other publications tailored specifically for the type of home you are selling. As responses come in, your REALTOR® will screen out sightseers and half-hearted inquirers and make appointments with the serious prospects.
When the showings begin, keep your home clean and ready. Your REALTOR® will try to give you advance warning before showing your home but be prepared anyway. If people drop by and are not with a REALTOR®, it’s best not to show them your home. Ask for their names and phone numbers and refer them to your REALTOR®.
Purposeful absence
When a REALTOR® comes to show your home, it’s best if you are not there. Many buyers feel like intruders when the owner is present; they tend to hurry away. Letting the buyers walk through your property at their own pace will help put them at ease. They will feel free to look around and ask questions. If you must be there, let the REALTOR® handle the showing. Sit quietly and be courteous, but avoid engaging the buyer in conversation. The REALTOR® needs the buyer’s complete attention to show your home properly.
Fair housing
REALTORS® are required by law to make your property available to all persons without regard to race, color, religion, national origin, sex, disability, or familial status. Your REALTOR® will not discuss any matter that may potentially discriminate against any person.
Step 5: The offer
When a buyer makes an offer on your home, your REALTOR® will contact you promptly. The REALTOR® will scrutinize the document, review it with you carefully, and answer your questions. The written offer lays out all the terms of the proposed transaction–the price the buyer is willing to pay and the financing terms–and becomes a binding contract if you sign it.
The offer may be contingent on the buyer selling a home first or obtaining an inspection. Ask your REALTOR® how these terms affect you and whether the offer is in line with the market. The offer describes the property, states who pays for which closing costs, and specifies dates of closing and possession. Along with making the offer, the buyer may place some earnest money with the escrow agent as a sign of good faith. The earnest money will be kept in an escrow account and applied to the buyer’s down payment or closing costs when the sale closes.
Your options
In reviewing the offer, you have three options: accept, reject, or make a counteroffer. A counteroffer is a rejection of a buyer’s offer with a simultaneous offer from you to the buyer. Carefully review the figures compiled earlier to determine your net proceeds–closing costs may be quite different from earlier calculations. Discuss the possibilities with your REALTOR®, your attorney, and a tax adviser.
Seller’s disclosure
In most residential sales, Texas law requires that the seller deliver a seller’s disclosure notice to the buyer on or before the effective date of purchase. This document provides important information about the seller’s knowledge of the condition of the property. Complete the notice to the best of your knowledge and belief. Your REALTOR® will most likely ask that you complete the notice at the time the listing is first taken. Copies of the completed notice will be made available to those looking at your property.
Lead-based paint disclosure
If your property was built before 1978, federal law requires that before a buyer is obligated under a contract to buy the property, the seller shall: 1) provide the buyer with a lead hazard information pamphlet (as prescribed by EPA); 2) disclose the presence of any known lead-based paint or hazard; 3) provide the buyer with a lead hazard evaluation report or records available to the seller; and 4) permit the buyer to conduct a risk assessment or inspection for the presence of lead-based paint or hazards. A contract for the sale of property built before 1978 must contain a statutorily prescribed Lead Warning Statement to the buyer. Your REALTOR® will provide you with the forms necessary to comply with the law and will suggest procedures to follow in order to comply.
Accepting the offer
Once you and the buyer agree on terms and sign the contract, the buyer will generally have to find a lender and apply for a loan. Your REALTOR® may monitor the loan process, which could last several weeks. During this time, your REALTOR® will also be busy coordinating other arrangements to prepare for the final sale.
Title search
As part of the process, the title company may order a survey of your property and research the title to your home, making sure the chain of title is clear. Clearing the title may require paying off liens–that is, any monetary claims against your property. Examples are: mechanic’s liens, unpaid state and federal tax liens, court judgments, and probate considerations (if a co-owner has died). The product of the title search can be in the form of title insurance, abstract of title, or certificate of title, depending on what is commonly used in your area.
Inspection and repairs
If the buyer requires it, your REALTOR® can coordinate an inspection of your home. A buyer may hire an inspector to review many items in the property such as the structural components, mechanical items, electrical systems, and plumbing systems. The inspector will report to the buyer the items that the inspector finds to be in need of repair. Most likely, the buyer will provide a copy of the inspection report to you and may ask you to complete certain repairs. Don’t be surprised if the inspection notes some items in need of repair. An inspector is trained to see items and defects that are not obvious to you and your REALTOR®. No matter how new or well-maintained a home is, an inspector may find some items in need of repair.
Step 6: Closing the deal
The sale is formally ended at the closing table. In most transaction, the closing lasts less than an hour and often occurs at the title company office. Your REALTOR® and the buyer’s agent may be present, and a title company officer or escrow agent will preside.
Basic documents
The sale actually consists of two transactions:
• Transferring the property to the buyer.
• Paying off the existing mortgage on your home (or allowing the buyer to assume your mortgage).
To transfer the property, the title company will present documents proving that you have the title. Proceeds of the sale may be disbursed at closing or shortly thereafter, once all paperwork and verifications has been processed. When you give your house key to the new owners, the sale is completed.
REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is a Member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics.
