Tag Archives: houses for sale

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.

TGIF – Weekend Activities for Baton Rouge

This week is round two of our TGIF Weekend Activities posts. Baton Rouge’s beautiful fall weather is holding steady so let’s get out and enjoy it! Here are some events going on this weekend:

LSU vs McNeese @ LSU – tickets required for the game (free to tailgate), Saturday Oct. 16., 7 PM
Whether you have tickets to the game or you just plan on tailgating with some friends, the place to be this Saturday is under the Oak trees at LSU. Kids will love sliding down the Indian Mounds or stopping by Mike the Tiger’s cage to catch a glimpse of him splashing in his pool. Parking and traffic may be a little hectic, so make sure to get out early to avoid the rush.

Oak Alley Fall Arts & Crafts Festival @ Oak Alley Plantation – $5 ($2 for kids 12 and under) Saturday Oct. 16., 9 AM-5 PM, Sunday Oct. 17 9 AM-4 PM
More than 160 artists and craft vendors from throughout the country will be on hand featuring original and handmade creations such as jewelry, furniture, clothing, home accessories, paintings and prints, pottery, wooden crafts, toys and much more! Bring the kids out for pony rides, a petting zoo, face painting as well as Bungy jumpin’! Click the link for directions and more information.

Sundays in the Park w/ Tizer featuring Karen Briggs @ The Shaw Center Downtown – free, Sunday Oct. 17, noon – 3 PM
Sundays in the Park is a great event put on at the Shaw Center Downtown. The free event features music from local artists and cuisine from the city’s finest. It may be a little chilly to play in the fountains but it still guarantees a good time for all ages.

And as always, nothing is better than looking at homes for sale when the sun is shining. Give us a call to set up an appointment! 225-368-3237

Fall & Winter Seasonal Maintenance Guide

Certain home maintenance tasks should be completed each season to prevent structural damage, save energy, and keep all your home’s systems running properly. These maintenance tasks are most important for the South in fall and winter.

Fall and winter conditions in the South vary dramatically from the northern part of the region to the southern coastline. But basic maintenance tips apply no matter where you live.

Key maintenance tasks to perform

• Get your heating system in order. Heating systems in the South vary—there are generally more gas furnaces in the northern areas, and more electric heat pump systems toward the coastal South. Programmable thermostats are important for both kinds of heating systems, as they can help save around $180 a year on your energy bills.

If you have a heat pump, make sure you install a programmable thermostat especially designed for heat pumps, says home inspector Bill Loden of Insight Home Inspection in Madison, Ala. Programmable thermostats for heat pumps are specially designed to keep these systems working at peak efficiency.

Schedule your fall HVAC checkup promptly; you can expect to pay $50 to $100 for a heating tune-up. Make sure your HVAC professional checks all electrical connections, lubricates any moving parts if necessary, and inspects the condensate drain and trap. If you have a gas furnace, make sure he also checks gas connections and pressure, burner combustion, and the heat exchanger.

Inspect your furnace filters monthly and change them whenever they are dirty. Inspect floor grates and return ducts regularly and clean them out with a vacuum cleaner brush.

• Clean your gutters. In the South, you’re less likely to have ice form in your gutters than in other parts of the country. Nevertheless, debris in your gutters can easily divert water onto the roof or siding, setting the stage for mold and rot and dramatically shortening the lifespan of shingles and paint. Inspect and clean your gutters in the late fall after leaves have dropped.

• Put away lawn and garden equipment. Pick up anything in the yard that could be damaged by cold or snow, such as garden tools, hoses and nozzles, and patio furniture and accessories. Run your lawn mower until it’s out of gas, if possible; if you leave gas in the tank over the winter, it can degrade and lose some of its combustion ability. Worse, gas can react with the air in the tank and oxidize, forming deposits that affect the machine’s performance; worse still, moisture can condense inside the tank and cause rust that blocks the fuel lines.

If you know you’re going to leave gas in the tank over the winter, add a stabilizer to the last gallon of gas you put in (mix it in the gas can, not the mower tank, so that you get the mixing ratio correct).

• Trim back vegetation. In some areas of the South plants grow year-round, so it’s important to keep an eye on whether they’re encroaching on the roof and walls. Trim trees so that branches don’t hang over the roof, and keep heavy, dense growth away from siding. A good rule of thumb is to trim back bushes and shrubs so that there’s enough room to walk easily between plantings and your house.

• Pick up a paintbrush. Fall is a great time to paint your house’s exterior if necessary, sealing all surfaces before winter’s moisture has a chance to do damage. It’s possible to touch up small areas only, but note two things: 1) odds are you’ll end up with a slightly different color than the rest of the house, so don’t do it in a prominent spot; and 2) if you have a small area that’s consistently peeling or losing paint, you likely have a moisture issue that needs to be addressed first. Look for signs of leaky gutters, crumbling caulk, and loose siding that can trap moisture underneath.

• Check weatherstripping and caulk. Open all your exterior doors and check the weatherstripping; if yours is crumbly or has gaps, replace it. Remove the old weatherstripping with a utility knife and clean the surface with household cleaner, getting as much of the old debris and adhesive off as possible. When the surface is dry, apply peel-and-stick foam weatherstripping. Start at the top of the door frame and work your way down, being careful not to stretch the foam strip, which can weaken the adhesive.

Inspect windows and doors for any gaps between the trim and the exterior siding that allow air to penetrate from the outside; these gaps should be caulked. Be sure to scrape out any crumbling old caulk or paint — applying new caulk over old is fine, but first get rid of loose chunks and remove any grit with household cleaner.

Spending a few hours here and there on home maintenance tasks helps you spot developing problems quickly and prevent costly repairs.

Protecting your home for sale: NBC 33 News Interview with Janet Anderson

This month is National Realtor Safety Week. In light of a recent arrest in the Baton Rouge area, NBC 33 interviewed Janet Anderson about how sellers can keep their home safe when showing it to the general public. Click the link below for the video and article.

NBC 33 News – Consumer Alert: Protect your “for sale” home from theft

Tips to Keep Your Home Safe During Showings and Open House

As real estate agents we take special precaution to make sure that while showing a home we are looking out for both the interests of the person looking, as well as the homeowner and their valuables. However, we are only human and professional criminals have devised tricks that even the most experienced agents may not realize are putting the home in jeopardy. For Sale by Owners are especially vulnerable as they are left with the responsibility of showing their own home without turning off the potential buyer by smothering them with attention. If you are a For Sale by Owner, here are some tips to make sure that you and your home are safe when opening your home to strangers.

1. It goes without saying, lock up all of your valuables in a safe or a cabinet. Keep expensive jewelry, money, or keepsakes out of view and while showing the home try to avoid wearing flashy jewelry. Never tell anyone that you have recently had surgery or anything that would indicate you have medication in the house. Criminals will ask to use your restroom and then steal them from your medicine cabinet.

2. Have an “escape” route from your home. Make sure all deadbolt locks are unlocked to facilitate a faster exit.

3. When prospects begin to arrive, jot down their car description, license number and physical description.

4. DO NOT, under ANY CIRCUMSTANCES, allow a stranger to tour your open house BY THEMSELVES! Stay alongside them at all times. Direct them, by gesturing for them to lead and saying things like, “the kitchen is on your left.” Keep a watchful eye on how they act and what they touch. Especially note anyone who opens and closes cabinets. This could indicate they are looking for things that may be hidden such as medications or jewelry. You don’t want any of your possessions walking out the door.

5. Never show people through your open house on your own. However, if that is unavoidable then consider these options:

– Make appointments and open your house by appointment only.
– Let your spouse, friend or neighbor know when you have open house appointments.
– Arrange to ring your spouse, friend or neighbor as soon as the open house appointment is finished.
– Have a prearranged time for your spouse, friend or neighbor to phone you
if you haven’t already phoned them back.
– Have a prearranged PASSWORD you can use on the phone if you are in any way uncomfortable with the situation. The password code might be something as simple as “don’t forget the birthday cake.”

6. Never tell a stranger that you can’t show them the house because you won’t be home. That is an open invitation to any criminal. Simply say something like “I’ll be busy then… how about 10:30 instead?”

7. While showing the home, try to avoid answering distractions like children or phones. These provide great opportunities for criminals to steal things while you aren’t paying attention.

8. After showing the home, check every window and door to make sure they are locked. Sometimes criminals will unlock windows and break back into the house later.

Go with your gut instinct. If you feel anything is suspicious try to coax them out as calmly as possible or call the police. Remember, your life is more valuable than your belongings so if something does go wrong, get out immediately!

Tips to Help Owners Spot Foreclosure Scams

According to an article by the REALTOR Daily Real Estate News, “Last year, the U.S. Federal Trade Commission identified 71 companies running suspicious foreclosure rescue ads. This year, the Better Business Bureau named foreclosure rescue rip-offs among its top 10 scams.

Here are just two common scams identified in the September “Foreclosure Resource Guide” now available at the REALTOR® Content Resource:

1. A representative of a so-called foreclosure rescue company promises to negotiate a deal with your lender, instructing you not to contact your lender, lawyer, or credit counselor during the supposed negotiations. Once you pay an up-front fee or a few months of mortgage payments, the scam artist will disappear.

2. A scam artist promises to fend off foreclosure in exchange for an up-front fee. Instead of getting you legitimate relief, the fraudster will pocket the fee and secretly file a bankruptcy case in your name.

Losing your home is hard enough, make sure you don’t get caught in a foreclosure scam. When looking for options to avoid foreclosure you should always contact a Certified Distressed Property Expert (CDPE) like Janet Anderson. She is professionally trained and certified in dealing with foreclosures and short sales. If you or someone you know is possibly facing foreclosure, you can’t afford to wait another minute. Contact Janet today and let her get your life back on track. Go to our contact page here to send an email requesting information or call 225-368-3237. And for more information visit our CDPE website at www.BatonRougeForeclosureHelpNow.com

Is it the Right Time for You to Buy?

Here at Janet Anderson & Company, we always think it is a great time to buy. Jill Simmons at the Zillow Blog just wrote a great article with some tips for those of you who may be curious as to whether now is a good time for you to purchase your dream home.

Reposted from Zillow Blog, By: Jill Simmons, Zillow PR Manager | September 1, 2010

It seems like a great time to buy a house (if you don’t have to sell), values are down (so affordability is up), interest rates are at all-time lows, and high levels of inventory are languishing on the market. It all adds up to buyers who have negotiating power.  Yet, the latest housing reports are undoubtedly making many home buyers skittish about entering the market.  Here are just a few tips for people trying to figure out if now is the time to buy:

  • Set realistic expectations about home value appreciation. Zillow is expecting minimal appreciation in most markets over the next few years, so the first thing any buyer should do is figure out how long they are planning on staying in the home. If it’s not at least five years in most markets,  consider renting a home, instead of buying.
  • Don’t try to time the bottom, you’ll never get it exactly right.  While some markets have further to fall, the steep drop in values are most likely behind us.  Some markets like San Francisco and San Diego are already seeing 5% appreciation year-over-year. If you are planning to buy within the next year or so, you should definitely start shopping.
  • Research your loan options. Yes, interest rates are at historic lows, but it’s hard for many potential buyers to get financing let alone a super low rate.  Increase  your chances of finding  the lowest rate available to you by shopping around. Shameless plug:  Zillow Mortgage Marketplace allows you to get custom rates from a variety of banks (national and regional) and brokers. Don’t worry, you can compare rates and lender reviews without sharing any personal information.  You call the lender if you are interested, not the other way around.