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Top 3 Turn Offs for Prospective Buyers
When listing your home, you probably have many questions. Will the buyers like my home? Does it have an attractive layout? Is it decorated nicely? Is it priced right?
The truth is that most buyers form an opinion about a home within minutes, whether they see it online or in person. You want to make a good first impression so that you can lock in prospective buyers and show them what your home really has to offer. But, it’s important to know what types of things buyers don’t like. Let’s take a look at the top three turn offs for prospective buyers so that you can avoid them in your own home.
1. Dirt and Grime
Before listing your home, you need to do more than just vacuum and dust. The house needs to be in the best possible condition. Period. Prospective buyers expect to walk into a home that is bright, airy and clean, so don’t assume that people will look past everyday grime. Some things to consider: shampooing the carpets, cleaning grout on tile, vacuuming the vents, cleaning the baseboards, scrubbing around showers and tubs and washing the windows. Of course, keep all surfaces, especially countertops and sinks, spotless too.
2. Odors from Pets, Food or Cigarette Smoke
While the house is on the market, choose the foods you cook wisely. Fried foods, for instance, will create film on the cabinets and cause the home to smell. Pet odors easily go unnoticed by homeowners, but many pets leave their scent around the home. Not only should pet odors be eliminated, but so should their toys and accessories (litter pans, bowls, etc.). Have a plan so that Fido isn’t around during the showing. Smokers should also keep all things hidden (ashtrays, lighters), and smoke outside when the house is on the market.
3. Outdated Fixtures and Appliances
If your light fixtures and appliances are outdated, you’ll need to do an update. Buyers want to see modern homes that they can move right into with little work or updating on their part. Some easy, affordable fixes: changing cabinet hardware, installing new light fixtures and painting the cabinets. Naturally, having new appliances and cabinetry is best, so understand that if you don’t have it, you won’t get the highest possible price for your home.
Cedarcrest Realty, INC. Congratulations to Our 2014 Second Quarter Top Achievers
Making the Most of an Open House
As a prospective buyer, open houses are a wonderful opportunity to drop by, view a home and meet others in the neighborhood in a semi-relaxed environment. The advantage to an open house is that it’s completely open, and you can drop by during the specific window without an appointment or even being a serious buyer. Below are helpful tips for making the most of an open house.
Attend open houses early on in your search.
Before committing to a realtor, attend a few open houses and get a feel for the market. Seeing what homes are on the market, what they look like on the inside and how much they are selling for are all important criteria to learn about. Plus, it puts you in a position where you can meet realtors and agents who may be a good fit for your needs.
Introduce yourself when you walk in.
Prospective buyers are often concerned that if they sign in, they’ll be hassled for the next few months by the realtor. This can happen, but it’s not the norm. Still, if you don’t feel comfortable signing in, that’s okay. Politely decline. But, you should introduce yourself and be polite, as it’s important for safety reasons for the agent to know who is coming into the home. And, if you’re a serious buyer, make yourself known to the agent. Putting a name to a face is helpful when reviewing offers.
Ask the listing agent questions.
The realtor may ask you questions, but don’t be afraid to ask your own. Listing agents know the most about the property, and they can direct questions to the seller if need be. Some things to ask: how long the property has been on the market, why the home is being sold, what costs are attached to the property and what fixtures/furniture are being sold with the property.
Watch the other buyers.
If you notice that people are leaving as quickly as they came in, that’s a sign that there are issues with the property on some level. If people are asking questions, sticking around and envisioning their own stuff in the house, you know that it’s probably a good property you’re looking at. Take direction from the other buyers and gauge their confidence level.
10 Tips for Home Tours
Touring homes to buy can be a fun experience, especially as you start your search. It’s always exciting to envision yourself in a new home! Of course, it’s important to be mindful as you walk through the home, because if you do decide to make an offer, you want it to be the right home for you. Here are ten tips to help you along on your home tours.
1. Bring a Camera and Notepad
You won’t remember all the details of each home, so write down notes about what you like and don’t like about each one. Take photos of any concerns you may have, such as potential mold or structural issues.
2. Check for Mold or Rotting
Speaking of mold problems, check the bathrooms for signs of rotting. Key places to look include the baseboards, around the tub or shower and the ceiling above the shower.
3. Consider the Natural Sunlight
What will the home look like during the day? Does it get enough sunlight? Also think about how the trees will affect the natural sunlight, as they may be bare in the winter and full in the summer.
4. Identify All Storage Space
What types of storage space does the home have? Some have basements, attics and crawl spaces, so make sure you locate all available storage.
5. Listen to the Noise
What do you hear? If the home is located near a busy road or airport, for instance, you must be able to tolerate the noise level.
6. Check the Attic
There should be plenty of insulation in the attic. This is a good sign that the home is well insulated and won’t drain your energy bills.
7. Check the Water Spouts
All outdoor water spouts should be pointed away from the home. Water from the roof can cause damage to the foundation. If the spouts aren’t positioned correctly, take good note of the basement, its appearance and its odor.
8. Review the Exterior
Look for wavy or discolored wood siding. Assess the condition of the roof. Determine the quality of the windows. The exterior can tell you a lot about how well the previous owners took care of the home.
9. Request a Disclosure Packet
A disclosure packet will let you know of any potential issues such as asbestos, lead-based paint or pest infestations.
10. Compare the Tax Records
Sometimes, sellers stretch the truth, but you want the tax records to be accurate. Identify any discrepancies, such as differences in the square footage or number of bedrooms and bathrooms.
Real Estate Agent vs For Sale By Owner
If you’re considering putting your house up for sale, you are probably concerned about the costs related to selling, moving and repurchasing a home. After all, you may not be getting what you thought from the sale of your home, so it’s a good idea to be financially smart.
One of the first questions that you may have is whether you should sell your home on your own or hire a real estate agent. At first thought, it may seem best to sell your home on your own, as this is the ‘free’ route to go. But, even financial experts recommend using a real estate agent.
Here’s why.
They know their stuff.
You want to sell your home fast. This means that it needs to be cleaned up, repaired and placed on the market at a competitive price. Real estate agents can offer suggestions on what needs to be done to get your home up to par. They know what’s selling in your area and at what prices. Basically, they know their stuff. You’re not just paying for a service; you’re paying for essential knowledge as well.
They will give your home maximum exposure.
Nowadays, people comfortably search for homes through the Internet. You want your home to found online, don’t you? If you list your home on your own, you’re more limited on where you can post. Active real estate agents have access to all listing sites, including the MLS database. This means that your home will be placed in front of the biggest pool of buyers so that it gets maximum exposure. This leads to more traffic, a faster sale and perhaps even more than one offer!
They handle buyer calls and showings.
Chances are, you have a full time job, or at least a busy schedule. Do you really have time to handle all calls and emails from prospective buyers? Do you plan on being available for the showings? With a real estate agent, all of this is handled for you. The real estate agent will answer questions, handle phone calls and emails and arrange for showings. All you have to do is sit back, relax and let the house sell itself.
They handle the negotiating.
Will you know what to do when an offer comes in? Do you know how to negotiate? Active realtors do this all of the time, and they know how to negotiate in your best interest while also closing the sale. The final decision will be up to you, but at least you have an expert negotiating on your behalf.
Want to Keep Your Security Deposit? Here’s How.
No one wants to pay an extra month or two of rent, but it’s common for renters to lose their security deposit at the end of their lease. That money is vital to moving on to another rental unit, or to put toward the purchase of a home, so it’s important that you protect it from the start. Keeping the rental in good condition is one of the best things you can do, but there are additional steps you can take to protect your security deposit.
Take Photos or Videos When You Move In
Disputes over the condition of a rental property are hard to prove when it’s your word against your landlord’s. That’s why you should always take photographs of the home or apartment as soon as you move in. Walk through with your landlord and take photos of the complete rooms, as well as any damage that you see.
Email the photos or put them on a CD, and send them to your landlord. Make sure everything is stamped with the time and date. It may seem a little much to take the time to do this, but both you and your landlord will be satisfied later. Your main goal is to make sure that the property is left in the same condition as when you got it.
Restore Walls to the Master Paint Color
Most landlords don’t mind if you paint or hang up pictures, but you must return the paint to the master color when you move out, which will probably be a neutral cream, white or brown. You should also fill in holes and repair any additional wall damage.
Keep the Carpets Clean
There’s no reason for the carpets to get trashed if you take good care of them. It’s best to adopt a no-shoe policy in your home, but if you don’t, at least place carpets near the door and in common areas. If you notice that the carpet is very dirty, you can talk to your landlord about renting an inexpensive steamer to remove dirt and stains.
Don’t Leave Stuff Behind
No matter how heavy that dresser is, you don’t want to leave anything behind. You’re not technically moved out until all of your stuff is moved out with you, so you can potentially be charged rent until your stuff is removed. The extra cost and hassle of having to take things out of the rental can easily cost you your security deposit.
Tips for Selling Your Home – Fast!
The spring season is one of the most popular times to list a home for sale. Of course, you don’t want to miss out on this short window. Summer is still a great time to have your home up for sale, but people get busier with summer vacations and other plans. So, to make the most of the spring selling season, follow these tips.
Separate Yourself from the Neighbors
Just because there isn’t a lot of inventory on the market doesn’t mean that your house shouldn’t stand out. Find ways to attract attention and distinguish your home from every other one on the block. When potential buyers turn onto your street, you want them to see your home and think, “I hope this is the one for sale.” Ideas include freshly planted shrubs and flowers, landscape lighting, energy efficient windows, a new roof, newly painted shutters, professional landscaping or a functional backyard.
Stage Your Home
We all think our homes are the greatest, but remember that potential buyers will have a completely different idea of what’s attractive. Therefore, all of your personal belongings and clutter should be removed so that your home is a clean, neutral palate. You can hire a professional stager to help with this step, but even realtors can offer a few pointers. You’ll be moving in the near future, so now is a great time to de-clutter anyway.
Add an Incentive
Selling your home quickly offers plenty of rewards: you get to move on sooner, and you don’t have to have any more showings. So, don’t be afraid to sweeten the pot a bit. Money toward closing costs, a transferable home warranty or fast closing times are all examples of what can be done to get you that contract sooner.
Get Your Home in “Move In” Condition
What this means is that your home is ready to be moved into. Families today are short on time and money, so being able to move in over the weekend and start enjoying a new home is invaluable. This equals more time and money for the buyers, and it will set your home apart from the many other short sales and foreclosures that still flood the market.
List at a Competitive Price
Most sellers are taking a hit on the sale of their home because of the housing market’s slow recovery, but there are gains to made on the other side. Instead of sticking it out to get a certain amount from your home, price it competitively and get it sold fast. If you’re planning to purchase again, you’ll be pleased to know that housing prices are still competitive and interest rates low.
5 Things Homeowners and Buyers Should Watch For This Month
It’s no secret that the US economy has had a shaky start in 2014, but this doesn’t mean that things won’t perk up. It will be an interesting selling season to say the least, as everything is rather low: interest rates, housing prices and inventory. If there is enough inventory to keep buyers happy, we could see some of the best sales yet.
Here are five things that homeowners and buyers should watch for this month and beyond.
1. Mortgage rates are still at historical lows.
Mortgage rates do fluctuate, and while they are rising a little more each month, rates still remain at historical lows. As long as the economy is poor, mortgage rates will continue to remain low. When the economy is booming, the opposite happens. For new homebuyers, low mortgage rates will save hundreds off their mortgage each month. This could make that difference for you, too.
2. Housing inventory is still limited.
Housing inventory remains very low, which isn’t helping speed up the housing market. But, if you put your home up for sale, chances are strong that you will have a home that is in demand and will sell quickly since there isn’t that much on the market. Low inventory also leads to bidding wars, which can help your home sell for more. On the flip side, buying a home gets a little more tricky – and competitive.
3. Expect stricter lending rules.
The new qualified-mortgage rule makes the collection of asset documentation super important. Basically, the banks want to make sure that you can make your mortgage payments and repay your loan. Even though these rules are a good thing, they create a lot of extra paperwork. If you’re applying for a loan, be prepared for these changes.
4. Refinancing is slowing down.
Homeowners were refinancing like crazy a while back, but now that mortgage rates are rising and new loans are being given, this side of the banking industry has slowed. If you’re interested in refinancing your current loan, don’t hesitate to fill out the paperwork to do so. You can always ask to have your paperwork set aside for when mortgage rates dip back down.
5. Flexible loan options are available.
Things are not like they were during the housing boom, but there are some flexible loan options available. FHA loans are backed by the government and have more gracious terms as far as down payments and credit score requirements. Some say that adjustable rate mortgages will also become more common during 2014 because mortgage rates are on the rise.
What are the Benefits to Buying a Short Sale?
Even though the housing market is strengthening, current buyers will find that inventory is still rather low, and there is a good number of short sale properties to choose from. What is a short sale exactly, and are there benefits to you, the buyer?
During a short sale, the homeowners agree to sell the house for less than what they owe on the loan, which means the lender must also agree. If you are in the market for a new home, short sales are a good option to consider. They do take time, however, since the banks must approve the offer. This makes it difficult to pinpoint an exact closing date. Short sales are not recommended for people who need to move quickly or before a certain date, but if you have some flexibility, you can enjoy the following benefits with a short sale.
Low Housing Price
Short sales are listed lower than the normal selling price. Not only can you scoop up a nice property for less, but also you can negotiate with the seller and the banks, something that is hard to do with a foreclosed property. In a traditional sale, the homeowners would be responsible for fixing things up, but with a short sale, this will be your responsibility. It’s important to understand that you may have to purchase a fixer upper, but again, this will be reflected in a lowered cost.
Cooperation from Homeowners
With a short sale, the sellers are eager to sell their home. The sooner the house sells, the sooner they can move on and start repairing their credit. This is a much different scenario than if you were to buy a foreclosure where the people need to be evicted and may cause damage to the home out of anger. This cooperation between the sellers and the buyers is helpful in making the sale work to everyone’s advantage.
Favorable Financing Terms
Short sales are generally in the best interest of the bank. Instead of having to pay all the costs associated with a foreclosure – eviction, administrative costs and repairs to the home – a short sale allows the lender to take a loss on the loan, but then start getting some of that money back by approving the short sale and moving the new buyer into the home. Since sellers are behind on their mortgage payment by a few months, it makes sense to get someone in there who can pay. This often gives buyers the advantage by getting buyer-friendly terms such as low interest rates.
If you’re considering purchasing a short sale, call Cedarcrest Realty today!
