Tag Archives: home sellers

How to Prepare your Home for Sale Before the Spring

Before you know it, spring will be here. Spring time is the ideal time for home buyers and home owners to buy and sell homes. In the winter, homes sales slow down and people focus on the holidays. Once spring hits, your home can shine its brightest. To prepare your home for sale before the spring hits, here are a few tips. Use them to help you prepare mentally as well as to help you budget your time and money, you will be glad you did.

Spruce up your curb appeal: The first part of your home that buyers will see is your yard. Believe it or not, buyers will make up their mind whether they like your house from your curb appeal. Take the time and tidy around plant beds with new mulch, cut and trim your lawn and remove unsightly plants and debris. Clean up your front entry, porch furniture and beautify with fresh potted plants to ensure your front entry area is ready to welcome guests.

Start upgrading now: if you are trying to get the most return on your investment (ROI), look at your home to see if any upgrades are necessary. Upgrades can mean repairing and restoring finishes and appliances or it can mean taking your existing finishes and purchasing higher quality ones. A vinyl floor upgraded to wood or a standard refrigerator upgraded to stainless steel are examples of well worth it upgrades, that you will see a positive return on your investment.

Do your homework: Research what other homes in your neighborhood that have recently sold or are currently up for sale are offering. Compare their sale prices, home area, amenities and how long their home has been on the market. This will give you an idea of how much to ask for, for the sale of your home, as well as what upgrades your competition offers(ed). This is important, to help you determine how much money you will need to spend to be competitive as well as gauge what home buyers are looking for. Your home is guaranteed to stay on the market longer if it’s considerably over or under the competition, so get armed with the information now. Being well informed will also help you for your next home.

Budget your money and time: Preparing your home for sale can be expensive and time consuming if you aren’t prepared. Take the time to thoroughly assess what parts of your home you are going to tackle first. Hiring a Realtor to help you prioritize may help if you’re getting overwhelmed. Keeping yourself sane during selling your home is often a challenge. By planning how much money and time you can dedicate to your home renovations, and preparations will help. The better you can do this, the more enjoyable the home selling process will be.

The spring is the ideal time to prepare your home for selling. While the weather is still mild, start preparing your home for sale now. For specific items to tackle in your home have a professional appraisal as well as a home inspection performed. Both of these will these provide valuable information to prioritize and plan your home selling checklist. Also remember, a professional Realtor can also help you make many of these key decisions and may save you time and money in the long run.

Debunking Your Credit Score

Reposted from Zillow BlogBy: Vera Gibbons, Zillow Contributor | March 2, 2011

If you’re considering buying a home, one of the first things you need to do — in addition to figuring out how much home you can afford — is take a look at your credit score. Seen as an indicator of your overall dependability and financial prudence, this all-important three-digit number, which ranges from 300 to 850, has literally become an outright measure of character.

Here’s what else you need to know:

720 is the new black
Prior to the housing collapse, a credit score of 620 or more qualified you for the best mortgage rates. Until recently, a credit score of 680 was something to be proud of. Today, our analysis of more than 25,000 loan quotes and purchase requests shows that you need a score of 720 or above to get the best rates.

620? Forget about home ownership
Nearly one-third of all consumers have a credit score of about 620, according to myFICO.com. What kind of interest rate does that get them? None — they’re unlikely to receive any loan quotes, even if they offer a relatively high down payment of 15-25%.

It’s your life’s report card
Lenders aren’t the only ones looking at this three-digit numerical summary of how much you owe and how promptly you pay your bills. In addition to landlords, cell phone, insurance and utility companies, hospitals and health-care institutions are also starting to check this number, as are an increasing number of employers. In fact, about 35% of them do, according to the Society for Human Resource Management. Why? Bad credit can be a signal of irresponsibility. Employers want someone who is going to focus on the job, not worry about their financial woes.

Just boost it!
While you probably have a basic understanding of how a credit score is calculated — your payment history is the most important factor, accounting for 35% of your score — Fair Isaac does not reveal the exact formula used. Regardless, with so much at stake — mortgages, insurance policies, car loans and more — know that the easiest way to improve your score is to pay your bills on time, pay down your debt, and watch the credit card spending, utilizing no more than 30% of your available credit; ideally, just 10%.

Vera Gibbons is a financial journalist based in New York City and is a contributor to Zillow Blog. Connect with her at http://veragibbons.com/.

NBC 33 Interview – First Time Home Buyer Tax Payback

With the tax season looming over us all, those who took advantage of the first-time home buyer tax credit may be in for a rude awakening. Many buyers didn’t realize that the credit they received in 2008, must be paid off over 15 years. Those who cashed in on the 2009 and 2010 credit were luckier in that they don’t have to repay it, however, if they sell within 3 years of their purchase, they have to pay the credit back IN FULL. Also, if the home is foreclosed on, the owner must pay back what credit is owed. Kelsey Scram with NBC 33 interviewed Janet on consumer’s reaction to having to pay back their tax credit. Click the link below for the video and article.

NBC-33 and Janet Anderson talk First Time Homebuyer Tax Credit

Make Some New Year’s Resolutions for Your Home

from Styled, Staged & Sold by Melissa Tracey Charlene

The holiday season is over for another year, and many of us use this time to make personal resolutions for the year ahead — such as promising to lose weight, spend less money, make more time for ourselves and our families, and the list goes on. If you’re like me, it’s a rolling list that gets carried over from year-to-year, yet never seems to get accomplished.

This year, I decided not to do that. Instead, I’ve made a list of resolutions for my home.

Have you made a home resolution list for this year? If not, give it a try, especially if you plan on selling your home in the not too distant future. It’s never too early to get your home looking its best for potential buyers.

Here are a few items that are on my list in random order:

Tackle the basement storage area. Items that have stayed in boxes since our move five years ago are obviously items I can live without. If I haven’t used them or missed them in that time period, chances are I won’t yearn for them if they are given away. The key for me will be to not look inside the boxes. If I do, I know I’ll find an excuse to still hang onto each and every item. Maybe I’ll get my hubby to take a peek inside each box before they “exit the building” though (just in case).

Sort through all my old decor and design magazines. Recycle any magazines that are older than July of 2009. Then by July of this year, I’ll set out to recycle any 2009 magazines that are still left on the shelves. If I keep a rolling one-and-a-half year subscription on hand of the many magazines that I subscribe to, it will be more manageable and take up less space. I’ve bought magazine holders to store them in so that they’ll be much easier to get to if I want to refer back to a particular issue.

Cleanse clothes closets. This is a particularly tough one for me. I have a hard time parting with any of my wardrobe. You just never know when that certain outfit will become trendy again. Logic tells me though that by the time a particular outfit comes back into style, I’ll be way too old to pull off the look anyway, so it’s best that I listen to my head and not my heart and/or ego.

The toughest to let go of: the ‘Remember When Collection’. You probably have a few pieces from the same collection – a.k.a. the “remember when this used to fit me” collection. You know the ones that you hang onto for when you drop those few pesky pounds. If you haven’t worn it in one year, it’s time to let go. If you’re planning on selling your home, remember that people will look inside your closets.

Go through the china cabinet and donate items that are never used. After all, how many of my grandmother’s non-matching china teacups and saucers do I really need to keep? Right now, they’re jammed into the cupboard below my cabinet teetering precariously every time I open the door. It’s a good thing we don’t live on an earthquake fault line!

But to justify their purpose: I vow to use my good china and silverware more often and not just saving it for special occasions. In fact, I’m going to make a four-place setting of “my good stuff” more accessible by keeping it in one of the kitchen cupboards. That way, I can use it whenever I want. In the end, who is going to want any of it anyway once I’m no longer around? I know that our kids won’t be interested in anything that can’t go in the dishwasher. And if I get dish pan hands from using them, so what — I’ll treat myself to a manicure!

These are just a few items on my home resolution list, but I’m sure that as the year goes on and I work through my list, I’ll come up with other items to add as fast as I tick these ones off. But hey, even if I strike a few of them off the list, I’ll be ahead of other years.

5 Tips for Marketing Your Home in Winter

from Zillow Blog – Real Estate Market Stats, Celebrity Real Estate, and Zillow News by Whitney Tyner

Spring is traditionally regarded as the season when eager home sellers spruce up their homes and put them on the market, increasing inventory levels for potential buyers. This year, however, the depressed state of the housing market has left a glut of unsold inventory lingering.

If you are one of the 4 million homeowners with a property listed for sale on Zillow, consider giving your home a winter face-lift. There’s a ton of competition in the marketplace and your listings need to be in tip-top shape — regardless of unruly weather conditions and winter holidays.

5 Tips to Marketing Your Homes This Winter

1. Remove snow and ice.

If a buyer can’t easily park and access your property, it won’t sell. Shovel, salt, and tidy your walkway and driveway on a daily basis. If the home is vacant or you don’t have time, hire someone to do this on your behalf.

2. Create a warm atmosphere — and turn on the heat.

If you know a buyer is coming through, turn up the thermostat. It’s tempting to skim on heat to save a few pennies, but buyers who come in and aren’t comfortable (aka: cold) won’t stay long. To create additional ambiance during an open house, throw a log on the fire or turn on the gas fireplace.

3. Light it up.

Use timers and technology to your advantage to make the home feel lived in. Install motion sensors to light up a driveway in the evening, and program indoor lamps to automatically turn lights on in the evenings. Another trick to create an instant mood is to tune the radio to the local classical station. The soft music is welcoming and soothing to buyers.

4. Limit seasonal decorations.

When it comes to decorating, there’s a fine line between festive and tacky. A few tasteful winter wreaths and dried arrangements are OK, but an inflatable Santa in the yard mid-February is not. Decorating not your thing? Hire a home stager and remember the golden rule, “less is more.”

5. Showcase seasonal listing photos

Since buyers won’t be able to fully appreciate your landscaping or outdoor pool during the winter, show them an album of photographs taken during the warm months when everything is in full bloom and the pool looks enticing. If all your listing photos are taken during the snowy winter months, swap them out with a fresh set come spring.

The Most Desired Home Size

By Melissa Dittmann Tracey, REALTOR® Magazine

The “small home” craze continues as buyers say they find less square footage more desirable. Nearly half of Americans say their ideal home size would range from 1,000-1,999 square feet, according to a recent survey by Relocation.com of nearly 1,500 home owners and buyers.

Just five years ago, the National Association of Home Builders reported the average home size to be 2,400 square feet — that’s 400 square feet larger than what buyers say they now want.

So what’s to happen to all the McMansions out there from just a few years ago when big homes were in their heyday?

Naturally, you would assume that the cost of home ownership has gotten buyers thinking smaller. But according to this survey, when asked whether cost was a main deciding factor in choosing a home, most respondents said it wasn’t very important. In fact, only 29 percent of survey respondents said that living costs was the most important reason when considering a move.

So why have buyers gotten so practical with their home buying decisions?

“As home owners rethink how much space they need, I think we’ll continue to see more innovative approaches to living well and sustainably within a smaller footprint,” said Sharon Asher, Relocation.com chairperson and founder, in a public statement about the survey results.

Other notable findings among the survey results:

Sububia reigns: The Relocation.com survey also found that 54 percent of Americans continue to find a home in the suburbs the most desirable. They want to live near the city but prefer the peace and quiet of the suburbs. Urban and rural neighborhoods were only preferred by 24 percent and 22 percent, respectively.

Main priorities in selecting a home: Neighborhood safety was an important factor in choosing a home. Buyers judged neighborhood safety by the upkeep of homes and front lawns in the neighborhood, word of mouth reputation, and local crime reports and statistics. Besides neighborhood safety, respondents also ranked proximity to decent shopping and having a large backyard as important factors in selecting a home.

Most sought-after features: Survey respondents said the most desirable features of a new residence are central air conditioning (87 percent); custom, walk-in closets (50 percent); and “top of the line” dishwasher and/or refrigerator (43 percent).

Least sought-after features: The least desirable home features were custom window coverings, followed by an in-ground pool or spa.

Appraisals 101 – BPOs, Broker’s Price Opinions

A BPO or broker’s price opinion is commissioned by a bank (often because of a pending foreclosure) or an attorney handling a divorce or an estate. These are used in situations where the agent may be unable to access the interior of the house and must rely on a drive-by and information on comparable home sales from the public record. In presenting both CMAs and BPOs, agents are using their experience and instinct rather than any formal training in valuing property.

Appraisers, on the other hand, are formally trained and either licensed or certified by their state. Most will certify that they prepared their work in conformity with the requirements of the Code of Professional Appraisal Practice of the Appraisal Institute.

Appraisals 101 – CMAs, Comparative Market Analysis

Appraisals are often confused with two other types of less formal home evaluations, CMAs and BPOs. When an owner prepares to sell a home he usually requests a Comparative Market Analysis (CMA) from one or more real estate agents. Agents look at comparable homes in the neighborhood that are on the market or have recently sold and use these “comps” to come up with a suggested listing price. There are no rules for CMAs and every agent has her own approach. Some are verbal, straight out of the agent’s mental data bank; others are quite elaborate, with information on a number of properties, pictures and detailed descriptions based on the agent’s actual inspection of the properties while they were on the market. A CMA is a background to or justification of a suggested price and is, in no way, an appraisal. Sometimes an agent will even “cherry pick” comps to back up her predetermined listing price.

If you would like a CMA for you home give us a call at 225-368-3237 or send us an email at sold@artofhomeselling.com by clicking here.

Appraisal 101 – 4 Part Series on Appraisals and What is Inside Them

Appraisal is probably a word that was brought up when you were buying your home or refinancing. You dug into your pocket and paid $300 or $400 but you probably have never seen your home appraisal. You paid for it, you own it, you have a right to a copy of your home appraisal, but to get a copy, a homeowner usually must request it from the mortgage company – in writing. Between the goings on of day to day life, someone is not likely to place a written appraisal request high on their priority list.

Most homeowners really don’t care about the appraisal. As long as the conclusion was the house was worth enough to justify the mortgage, homeowners are happy and, by the time the ink is dry on the closing documents, have forgotten they were ever required to spend the money.

Still, an appraisal is interesting and, in the future, might help you track your home appreciation in light of other sales in your neighborhood. Make the effort, you can probably request a copy by email, read it, then save it for future reference.

In the next week we will cover the basics of appraisals such as what goes into a Comparative Market Analysis (CMA), what is a Broker’s Price Opinion (BPO), and how an appraiser estimates your home’s value. Stay tuned! And for more information on appraisals or to get a referral for an appraiser in your area give us a call at 225-368-3237

15 Best Ways to Increase the Value of Your Home

Reposted from freshome

The value that you have in your home is the single most important reason why you own instead of rent a home. In the this recent economy of falling house values and unstable housing market statistics, every home owner should know how to put more value back into their homes. Although making home improvements is not a sure-fire way to increase the value, it will at the very least make you more competitive against your competition. Use these tips to increase the value of your home and enjoy the rewards when it is time to sell your home.

1.) Update kitchen appliances: The most sought after room in your home is the kitchen. It is worth the most per square foot and will make the difference of your home appealing to buyers or not. If your appliances are more than 3-5 years old consider updating them to the comfortability of your wallet. A newer model, a more designer finish, or more features will help home buyers take a second glance at your kitchen. For top of the line appliances consider stainless steel and professional series lines.

2.) Kitchen cabinetry makes the look: When you walk into a kitchen the first thing you notice is the cabinets. Cabinetry is at the top of the percentage of kitchen costs, but also shows the most return. Opt for wood over laminate surfaces and add custom features like crown molding, wine racks, glazing, and custom woodworking to set your kitchen apart from your competition. Reface cabinets and add door and drawer hardware for less expensive updating.

3.) Add value by upgrading your countertops: Any room you have countertops – kitchen, bathroom, bars, or utility rooms the more money you can spend into a higher end countertop the better. Plastic laminate countertops are considered the lower end grade, solid surfacing, concrete and granite is considered to be the higher end grade. Consider overlay countertops that are made from composite granite/resin combination for the look of granite at a fraction of the cost.

4.) Flooring is a forgotten upgrade: The rule of thumb for flooring is the more resilient and long lasting, the higher the upgrade is, but the higher return is on investment (ROI). Vinyl flooring and low end carpet is at the bottom of the upgrade spectrum. Consider wood, tile, and natural stone for flooring options to add value to your home.

5.) Upgrade plumbing fixtures in kitchen and bathrooms: If your plumbing fixtures are more than 10 years old, consider upgrading them. If you have standard grade fixtures, such as chrome finish, opt for higher end finishes and materials. Brushed nickel, antique copper and brass fixtures are relatively inexpensive to replace. At kitchen sinks choose plumbing fixture collections that offer matching faucet, control, and sink sprayer. Similarly in bathrooms, choose bathtub/shower/and sink controls that coordinate for a unified look throughout your home.

6.) Master bedrooms should feel like a retreat: The master bedroom or suite as some like to refer to it is a high commodity for home buyers. Upgrade flat ceilings to raised tray ceilings and allow for several lighting options. Recessed lighting with dimmers, lighting wall sconces help create an ambiance that has a high value in appeal and for the value of your home.

7.) Upgrade master bathroom with spa-like features: Part of the master bedroom is the master bathroom. Buyers want to have spa features from the shower to the over-sized garden tub. Similarly to the kitchen, put upgrades where you can most afford it. Upgraded tiled floors and showers will add value over pre manufactured units. Jetted soaking tubs, multisprayer showers and large square footage will also add value to your overall home.

8.) State of art audio and sound: Consider adding surround sound systems in your living areas as well as master bedroom area for a notch above your competition. If you are selling electronics with your home, plasma and flat screen televisions are a plus and media rooms are now becoming well sought after. Add seating areas for multiple screen viewing and add theater sound if considering a media room. These upgrades will be an amenity that adds value and buyer appeal.

9.) Eco-friendly homes bring in a higher value: In this green modern age, eco conscious upgrades have a big return on investment. From water saving plumbing fixtures to tankless hot water heaters, investing in the earth can add value to your home. Choose rapidly renewable resources for finishes like bamboo flooring and opt for systems that save on energy costs. Regardless of the method, green living upgrades are always worth the investment.

10.) A fully usable garage is an asset: A garage can add usable storage space for the home buyer as well as dry, clean area for parking cars. All homes don’t have garages and therefore can add value on to your home. If your home is on the market, spend time cleaning and organizing your garage so it can be shown. Install garage wall or ceiling organizing shelves to fully take advantage of vertical storage and space.

11.) Invest in curb appeal: To be able to meet the demands of the average home buyer you will need to create curb appeal. A well manicured lawn, trimmed landscaping and clean drive and sidewalks will help bring greater buyer appeal, and in turn will add value on to your home. Keep your flower beds free of weeds and full of thriving and colorful plants. Nothing says ‘buy me’ like a front yard that has quality upkeep behind it.

12.) Have fully functioning irrigation system: The more ways you can add convenience of time and energy to a home buyer, the greater appeal is created for your home. An irrigation system that works properly and covers the full yard can add value. Consider having a maintenance check by an irrigation professional that can service and recommend the proper maintenance of your irrigation system.

13.) The more closets the better: At the top of buyers’ lists is always storage. The more you can provide the more value you add on to your home price. Make sure closets are fully functioning and are not being used to hold so many belongings that a home buyer can’t see how much space the closet offers. When choosing how to upgrade your home, storage is one of the easiest and often overlooked suggestions.

14.) A quality roof is a plus: The roof of your home protects and beautifies the structure beneath. A quality roof will add value to your home and reduce the risk of damage in the near future. For roofs older than 15 years, consider having a roofer inspect and possibly replace. Upgrade from asphalt shingles to clay tiles, copper, slate or standing metal seam to add durability and value.

15.) Windows are for more than viewing: Your windows are the source for your light, but also the source for conditioned air gain and loss. Upgrade to windows with higher R values to resist heat and cold transfer from the outdoors. Double paned windows, windows with integral window treatments and insulated varieties all equate to saving energy and therefore will add more value to your home.

Spend the money now to invest in your home. The value that you create now will increase in time. Even if you don’t plan to sell your home soon, you will enjoy the upgrades that are made and in turn will add value to your own life. Use these 15 tips to increase the value of your home and enjoy the process.

Art of Home Selling Real Estate, Homes for Sale in Baton Rouge

Art of Home Selling Real Estate