7 Quick Tips for Staging Your Home
July 13, 2010
Now that you put on your house on the market the next step is staging your home for potential buyers. It’s important to de-associate your home as the place you live. Remember, the end goal is to sell your home, so think of it as a product or commodity to potential buyers. The reason for staging your home is to present it in the most visually pleasing way possible so buyers are able to imagine themselves actually living there. Keep in mind that staging does not entail decorating. Executing on effective solutions to enhance your homes appeal will have immediate, positive impressions upon the potential buyer.
Enhance Curb Appeal –Since the potential buyer’s interest first lies in the exterior visibility of the home, you want to make sure that everything is up to par. Replacing front entry hardware alone will increase curb appeal tremendously. In addition, you want to update the front entry further by providing a fresh coat of paint to exterior doors, garages and window trim. You also want to take a look around the patio, walkways and steps to determine if there is cracking that needs to be fixed. In regards to landscaping, keep the lawn edged, cut and watered regularly and trim the bushes. Also, store away any landscaping tools, RVs and old beaten up cars so they are not visible to the buyer.
De-Personalize – Potential buyers ultimately want to picture themselves, family and friends in the home. Pack up all the personal belongings including photographs and family heirlooms. Having personal artifacts on display will distract the buyer from imaging their own personal possessions in the home.
Organize Closet and Storage Space – New homes buyers absolutely love to peek in the closets and cabinets. Make sure everything is well organized and not falling out on the potential homebuyer as they open a door! Neatly stack dishes and glassware, provide an organized utensil drawer, line up shoes, hang or fold clothing and place your hamper in a reasonable location, preferably out of site.
Provide a Clutter-Free Home – In retrospect, you have probably collected a majority of keepsakes and treasures, otherwise known as “junk” that are useless on day to day basis and even a yearly basis! Keep in mind that you will soon have to pack up your home and prepare for moving day. So why not de-clutter your home now, while your home is on the market. Remove books from the bookshelves, put knickknacks away, trash the magazines, donate old toys that have collected dust, dispense old towels, sheets and curtains, etc.
Rent a Self-Storage Unit – I’m sure you have heard of the saying, “less is more.” Keep this in mind when staging your home. Less furniture will actually open up space and have it appear larger by removing the pieces that block pathways or are there for comfort. There are a ton of self-storage locations where you can store all the photographs, books, furniture and RV’s. At FindMySelfStorage.com, you can locate a self storage unit near you, for both indoor and outdoor use. Also, make sure to store away any appliances you don’t wish to sell.
Make it Sparkle – Don’t forget to dust, vacuum and do all the necessity cleaning before opening your doors to the public. Make your furniture look brand new and have the glass and counter-tops sparkle.
Bake Cookies – It’s often recommended that the smell of cookies baking allows potential buyers to feel at home, in a warm environment. Make sure you lure the buyers in and put that cookie dough in the oven!
Of course, there are a variety of additional staging elements that can be done in prepping your home for sale. However, to make the most of the staging process, it is best to hire a staging expert or real estate agent that can better assist in all areas of selling your home.
Need Help Avoiding Foreclosure?
May 21, 2010
Millions of people go through the troubles of foreclosure each year, and in today’s market, that number seems to only increase. What should you do to avoid being the victim of such a predicament? When you come to the realization that you will not be able to or can’t make your mortgage payments on time, you should contact your lender as soon as possible. Ignoring this obstacle will only increase your risk of foreclosure. Not sure how to get a hold of your lender? Just take out an old mortgage statement and his/her contact information should then be easily accessed. Your lender will be able to provide you with some options that will help you avoid losing your home. Getting help early can aid in lessening the amount of damage placed on your line of credit.
Mortgage Forbearance
Forbearance is just one of the options your lender may offer you in order to put off your probability of foreclosure. With this option, the lender will place a hold on your monthly mortgage payments. The hold can usually last for about a year while you pull yourself back on your feet. If stopping payments isn’t an option, it might be possible to work with your lender to reduce your payments. Forbearance can also be combined with a repayment plan or reinstatement, both of which will be discussed in detail below.
Modifying Your Loan
Modifying your loan creates a permanent change within the terms of your original loan. When you collaborate with your mortgage company to modify your loan, you’re making a commitment to continue making payments but this time the amount you pay per month would be less, making it more affordable. It is also possible to change more than one term on a loan.
What is a Repayment Plan?
Often combined with a forbearance offer, this type of plan allows you to pay your required monthly rate plus a certain percentage higher at a specified term after the forbearance. This helps you pay back what was not paid during the forbearance period within an agreed-upon time frame. Once that term is up, you will have paid back those payments you missed and will then be back to paying a set rate.
What is a Reinstatement Plan?
This type of plan is also often used in a forbearance offer, as well. With reinstatement, the lender allows you to pay back what you owe all at once by a set date. If you take advantage of this plan, you’ll seem more credible by showing them that you’ll be receiving some sort of lump sum in the near future, perhaps in stocks or bonuses. This allows the mortgage company to see that you mean business, that you won’t just tell them you’ll pay them back and then go against your word. Showing them proof reassures that they can trust that you’ll be able to return the necessary payments all at one time.
Refinance Your Mortgage
Refinancing your home is probably the most well-known possible option when you feel as though you might soon face foreclosure. By refinancing your home to pay a lower mortgage rate, you may have the money to pay off other debts.
Always be sure to look at all your options before choosing a plan that may not be to your best interest. Look out for those sites that suggest fees for learning how to reduce your risk or get out of foreclosure altogether, because the information you need is completely free and easily accessed by using the Internet. You have the world at your fingertips; take advantage of it!
GetMyHomesValue.com Supports March of Dimes
May 13, 2010
The other day, GetMyHomesValue.com (GMHV) employees gathered around outside during a lunch break that proved to be an exciting event for all involved, even spectators. It was time to get revenge on the bosses. It was time to pie some people in the face.
Fund-Raising for March of Dimes
The event was a fundraiser for March of Dimes, a well-known nonprofit organization that raises money to support the health of unborn babies. Their research and efforts have helped and continue to help reduce premature births, birth defects, and infant mortality. Throwing pies at the owners and employees was just one of the many opportunities offered during a silent auction in mid-April. Other options included offers such as a catered lunch for 6, a one hour massage, a weekend trip to a beach house in Wildwood, flight director of a rocket launch, guitar lessons and more. This and other fundraisers helped GMHV raise over $1600 to benefit the March of Dimes’ March for Babies campaign.
The Results
We all watched at noon as 6 vanilla cream pies were splattered in the managers’ faces, one by one. Donned in trash bags, Dave Conklin, Rory Wilfong, and Steve Young, the founders of GMHV, left the event with vanilla cream and purple dye dripping from their faces. They weren’t the only three though. Sales Manager Jim Bradford and Customer Success Specialist Mike King got pied as well. COO, John Fraunfelter placed the highest bid on his own pie hoping to avoid being smacked with it, so employees urged COO John Fraunfelter to eat his pie with no hands. Take a look to see what happened next!
Pies in the Face for March of Dimes from Dave Conklin on Vimeo.
B-A-B-I-E-S. There were 6 pies and only 5 victims, so the sixth pie was auctioned off on site to hit whomever the winner wanted. After a heated debate, Heather Heffner won the final pie and was thrilled to pie Mike King, smack in the face!
Events like these allow the employees to have fun in the workplace! That, along with the added benefit of a great cause makes for a fun-filled (and messy) day at GMHV!
Celebrity Homes Market is Falling
May 11, 2010
The housing market today isn’t horrible just for your average homeowner. Celebrities are experiencing the hardships of selling their multimillion dollar homes, as well. It’s important to take inflation into account, but sometimes people completely disregard this idea and charge whatever they please. Other times, people just want to get rid of their homes. Celebrities are no exception to these situations.
Nick’s Got High Expectations
Nicholas Cage decided to purchase a gorgeous home built in 1940 with 9 bedrooms as well as bathrooms on the market for about $7 million in 1998. In 2006, Cage decided he would put it on the housing market for approximately $35 million. From 1998 to 2006, the average house on the market increased from $138,925 to a whopping $303,517–that’s a 218% increase! However, Cage must not have paid much attention to this shift, as he increased his $7 million home by 500%.
Three years later, he made a wise decision to remove his house from the market but then put it back up a few months later at almost $20 million. From 1998 to 2009, the market experienced an increase of 193%, but this didn’t matter to Cage. He listed his home at around a 286% increase. Mr. Cage just won’t give up!
When putting their homes on the market at such high increases, it is a sign that these people are either not really interested in parting with their homes or perhaps their hopes are just too high.
Slash’s Price Gets Slashed
In January of 2006, former Guns N’ Roses crazy guitarist Slash purchased a home in Hollywood Hills for $6.2 million. Though included on the property was a swimming pool and private gym, the guitarist claimed that the house with such outstanding views was not nearly as attractive as the real estate agent had portrayed it to be. A dissatisfied Slash sold this home for $5.7 million in December of the following year and pursued suing his private agent to justify the deception he faced when dealing with this particular agent.
Houses listed at over $20 million dollars are sitting and have been sitting on the market for a number of years now, because not many people are looking for something that large or expensive. Celebrities are even holding off from purchasing such highly priced homes, even if they have a 35-seat movie theater or private gym.
The Worth of a Spectacular View
May 3, 2010
Are you in the market for a home on the beach or something in a small town? Do you want to know just how much the values of these houses differ depending on their location? Check out the differences of values based on their locations below to get an idea of just what you’re looking for.
Unobstructed View at Ground Level
Neighboring houses are at the same level as your home, but with this view, you are able to see land that is nonresidential or commercial. If you’re living in the country, the probability of your house’s view being of woods is very high. Though for some people this view may be calming, it isn’t the most desirable view. With what the majority of people perceive as a fairly attractive view in this sort of environment could increase the home’s value by close to 3%.
Partially Obstructed View on a Rooftop
Sometimes a view from above isn’t always the best option. If you’re in the city, other roofs may be higher than your location. This can be a turnoff for some people, but others may like this inner city atmosphere. If you have a passion for living in the city and you enjoy a view from the top, there is a chance that the value of your rooftop home may climb up to 5%.
Medium Elevation with an Unobstructed View
Medium elevated homes with this type of view can be found on small hills. Their inhabitants are able to view their surroundings to a certain extent from each side of the house. However, since they are not highly elevated, the inhabitants cannot usually see past the other houses within small communities. Within a small community, a view like this may lift up your home’s value by approximately 8%.
High Elevation with an Unobstructed View
The worth of these buildings often depends on where they are located. Buildings in major cities like Las Vegas are going to cost much more than buildings of high elevation in small towns. If the house you are looking at is highly elevated in a secluded location, the price is also going to be higher than in a small town. The house’s value can rise up around 12%.
Water View Unobstructed
Depending upon the house’s location in relation to the body of water it overlooks, its value may increase anywhere from 15 to an outstanding 80%, possibly even higher! Small, fairly unknown rivers won’t raise the value of a home nearly as much as an open view of an ocean, enhanced by a golden yellow sunset on the horizon. A house on the market for nearly $200,000 located somewhere like on a small hill could easily be worth $317,000. A place on the shores of a lake in this situation could be worth nearly $450,000.
Always make sure you do your research, with a strong focus on values in your desired location(s), before you purchase a home. Also, don’t rule out the power of a real estate agent. It would be a good idea to consult an agent for advice.
Residential Appraisals: The 411
April 21, 2010
There are plenty of things to keep in mind when getting your home appraised–everything from choosing the right appraiser for you to being sure you know just what your appraiser is doing.
Choosing Your Appraiser
Are you refinancing or buying a home? If so, your lender will most likely be choosing who appraises the home. If the choice is up to you, however, there are a few things you should do, including the following:
* Find a real estate broker, possibly by going online or looking in your phone book, to get a reference for an appraiser who is licensed.
* Double-check with your prospective appraiser his or her rates, and ask him or her when the appraisal will take place and ideally how long it will take to complete.
* Meet with your appraiser at a time that is most convenient for him or her, and ask that person when a good time for him or her to take a look at your property would be so that you are able to be home at the same time.
* Be sure to have the appraiser include the following in appraisal:
o A brief survey of your home and your neighborhood, and
o A note as to the sales of three homes within your area over the past three months.
* Make sure the appraiser you choose has no personal connection with you. This is especially important in that if you know the appraiser, you may not receive a fair appraisal. That person may be biased, and it may even cause problems with your relationship further down the road.
What You Can Find in an Appraisal Report
Ever wonder what exactly goes into the final appraisal report? It focuses specifically on your property, more commonly known among appraisers as the subject property, and its significantly noticeable negative qualities (i.e., a decaying foundation) that will bring down the subject property’s monetary value.
The report also compares your property to a few others in your area, including the type of area in which your house is located, such as a development. This helps when the appraiser is estimating the overall value of your home. The appraisal report also includes, in relation to the subject property’s value, your area’s general real estate market.
Lastly, the appraiser includes in the appraisal report an estimated sales time for your property.
Two Approaches to Appraising in the Residential Appraisal Field
Sales Comparison
The appraiser uses surrounding properties, or comparables (comps), to better estimate the subject property’s value. He or she then alters the characteristics of the comps so that the appraisal of the subject property is more accurate.
Cost
This type of approach is used mostly and most efficiently for newer properties. In this case, the price it costs to put together a house is readily available, so the appraiser can have a better idea of the monetary value. He or she is better able to estimate the cost it would take to rebuild the house if it was demolished in some way.
When looking to get your home appraised, be sure to keep the above in mind. It will be to your benefit in the long run.
Buying a “Hot” Vacation Home
March 24, 2010
It’s that time of year again—time to forget about school or work for a well-known nation-wide week known as Spring Break! Many people reserve beach front houses or hotel rooms each year. But what if you had your own getaway home overlooking a gorgeous view of the sun rising and setting over the ocean?
If you had your own beach front property, it would save you the stress of registering for a house every year. By renting for a week each year, you don’t get the opportunity to make your vacation spot your own. Sure, it’s nice not worrying about the responsibility of furnishing a house when you’re renting, but being able to personalize your own space makes such a difference. Perhaps, when the weather is bad for a day or two and you’re stuck inside, you may feel more [comfortable/at home] surrounded by photos of friends and family and around other treasured, personal items. You can remodel the home to fit your preferences, as well.
Determining the Ideal Season to Buy
It’s springtime. The snow is gone, the sun seems brighter with each day it rises. Though the spring is known to be the busiest time to purchase real estate around the beach, especially in the Outer Banks of North Carolina, that doesn’t mean it’s the worst time. The earlier you buy a summer home, the better off you are. Purchasing a second home around this time of year allows time to close the deal by late spring. It is also much easier to take a look at many prospective vacation homes because no one usually leases them around this time. It’s simply not beach weather just yet.
Summer, on the other hand, is the worst time to consider purchasing beach front property. Owners and companies are leasing to strangers left and right, so going to visit the houses to see their conditions is almost impossible. Tourists are everywhere! If a house happens to be available to show, it’s typically not a convenient time for you as the potential buyer.
When the leaves begin to turn and a chill is in the air, you’re more likely to have an opportunity to browse the homes along the shores. Why? Well, no one wants to be on the beach in the cold! The water is too cold to draw in foreigners at this point, so not many people will occupy the types of homes you’re interested in. Purchasing a second home now, in the fall, gives you plenty of time to make any sorts of repairs you find necessary, and you’ll have any time between that winter and spring to move in your belongings.
Real estate sales are generally lower around wintertime. Some people say this is due to the lack of available attractions. Summer shops are closed along with some of the locally popular restaurants. Though sales are down, it’s much easier to shop for a house along the beach in the winter because not everyone is thinking about their summer vacations. Many of us are concerned with preparing for family get-togethers to celebrate the holidays.
It would be best, then, to take advantage of sales during the fall and winter seasons. Prices tend to be lower, and there are lest tourists roaming the towns. Less traffic means you’ll have a much easier time searching for what could be the vacation home of your dreams.
Average Home Values Based on Zip Code Locations
March 11, 2010
Areas with neighboring zip codes often have differing price ranges when it comes to home value. Factors that play a role in the differences can range from anything like the number of schools to the number of tourist attractions in the areas.
Zip Codes Near Historical Attractions
It’s expected that homes in places with more attractions, such as Gettysburg, will draw more prospective buyers than the nearby Spring Grove. Many more people have heard of Gettysburg; most of us learned about the battles in middle school. Real estate in this area, then, will cost you much more money than homes found in Spring Grove, a lesser known borough.
In Gettysburg, the average single family home with three bedrooms and two and a half bathrooms will run you about $377,000 for approximately 1760 square feet. Though the average home with these same features will run you $289,000 in the nearby location of Spring Grove, the average square footage is significantly higher at a whopping 3577. Though you won’t be as close to the historical battlegrounds, you’ll be gaining more land for less money in an area with significantly less tourists.
Zip Codes Close to Aquatic Attractions
Some people prefer less populated areas. If an area has a smaller number of residents, it may be more difficult for you to find a home that’s reasonably priced. For example, Baltimore, MD, has a high number of residents. However, the city is broken down into a number of zip codes. In one zip code, 21209, homes with three bedrooms and two and a half bathrooms are more expensive than those with the same characteristics in the 21207 zip code region. One reason for this is because 21207 has many more schools, including nine elementary, compared to 21209 which only has two. 21209 is much closer to most main attractions in Baltimore, including the ever-popular aquarium and Inner Harbor. More people are interested in these, and many would soak up the opportunity to feed rare fish all day rather than slop together fish sandwiches at the local fast-food restaurant.
When comparing prices and looking to save money, your best bet is to look at homes in the 21207 region. The average cost of a three bedroom, two and a half bathroom home is around $208,000. That includes an average of 1700 square feet! In 21209, you’re paying more for the same structure and square footage because of the closer access to well-known attractions. The average home in this area will cost you around $292,000.
Can you base a home’s value strictly on the location of zip code regions? Not always. It’s always important, though, to consider the types of attractions within the area where you’re hoping to purchase a home before you decide you’re unwilling to pay the asked amount.
Why Should I Share Buyer’s Feedback?
January 24, 2010
It’s not uncommon among real estate agents to question the idea of a buyer’s agent sharing the buyers’ feedback to the listing agent after a showing. Some would argue that it’s not their responsibility or they can’t remember the specifics about the property in question, and for some, they feel they simply can’t take the time unless the buyer wants to put in an offer. But paying attention to and sharing a buyer’s feedback can actually help you in the long run.
It can be extremely frustrating for the listing agents because such information would be extremely helpful to get the home sold. But, if the buyers or the buyers’ agent isn’t leaving feedback it can leave sellers frustrated not knowing why their home isn’t selling. So…. what are the benefits of you taking the time to give feedback?
My Ideal Home Is Not…?
When you’re working with a client, you can offer better service by continually learning and adapting to what turns them on and off about a home. Why? Because you’ll have a better idea of that perfect home. Yes, you know the basics, location, number of bedrooms, bathrooms, square footage etc. etc. But it’s going to be the things they DIDN’T tell you that will keep them from putting in an offer. The more you know about what they like and dislike, the more apt you are for find the one home they fall in love with the moment the step inside.
The Golden Rule
And since you have the information handy – you should pass it onto the listing agent. Striking up a conversation with them means that you’re being a better agent for your buyer by building your network of influence. This helps you down the road because if you’re willing to help out another agent, chances are they’ll do the same for you. Sharing information about your buyer’s reaction will ultimately help a listing agent sell more quickly and when the time comes and the roles are reversed – you too could find the information handy. It’s about making yourself known and useful.
With the economy the way it is today, people are sometimes hesitant to give without the guarantee of getting something back, but this isn’t rocket science. It’s just taking a few minutes of your day to offer help to a fellow agent. You’re not handing them your business, just offering a hand.
2010 Emerging Trends – Compact Communities?
December 31, 2009
So here it is… New Years Eve. As 2009 draws to an end, and agents, buyers and lenders all vamp up for the new year… I found myself pondering what it has in store on the real estate front. In doing so, I found an interesting post by The City Fix called “The End of the American Exurbs and the Death of Sprawl?”
In it, it talks about a shift that began happening even before (and in part because of) the financial and real estate crisis of 2009. It states that communities across the US are compacting themselves. What once were new and lively suburban areas, are now littered with empty homes largely due to the fact that Americans are moving inward. We’re seeing a greater desire for smaller, more practical homes and shorter commutes. The article quotes from the Urban Land Institute’s Emerging Trends in Real Estate 2010 annual report, who had some interesting observations including specifics on the types of homes that are being snatched up and what developers might expect to see in 2010.
Keep in mind, that these trends are – simply put, good guesses for what the New Year has in store. We’re not seers or soothsayers, but this article seemed interesting to me and gave me some insight as to how I might critique my business plan for 2010. Still, nothing is set in stone, so be flexible, be prepared for whatever may come your way and from all of us at GetMyHomesVale.com, have a very safe and happy New Year!