Daily News and Events
by Kathryn Godby Oram
When the Real Estate Industry was hot everyone was an expert on the “market”. Home values were on everyone’s mind and we all watched in wonder as our homes gained thousands in value. Now, the “market” has suffered drastic losses and the world is again buzzing about Real Estate, but mainly to ponder where we go from here.
Over the past 18 months the Fed has actively supported the housing market by keeping rates low. Even more proactively, the Central Bank, has purchased the majority of Mortgage Backed Securities in 2009 effectively owning all of the mortgages written this year. So what happens when the Fed stops its unprecedented buying and the private sector comes back into the mortgage market? What happens when the Fed starts to raise interest rates back to historically normal levels? Mortgage rates will rise. If, therefore, you want to take advantage of some of the lowest rates on record, now is to the time to buy.
In general, when rates go up prices go down and conversely, when rates go down prices go up. Over the past 18 months prices and rates have gone down simultaneously. This is a phenomenon not to be dismissed. If you are waiting for the bottom of the market you may find yourself facing an affordability dilemma. Consider the following example. A $500,000.00 purchase with 20% down or $400,000 mortgage at current rates, 5.5% on a 30 year fixed would require a $2,271 monthly payment ($27,254 annually), Fast forward to the same home in the near future. Even if the value dropped an additional 20%, so the purchase price is now $400,000.00, an 80% mortgage of $320,000.00 with a rate of 8.5% on a 30 year fixed would require a $2,461 monthly payment ($29,526 annually). If prices hold or rise from here, the difference is even more profound. Record low rates, putting affordability at an all time high is the reason to buy now even if values have further to fall
Now
Value $500,000
Rate 5.50%
LTV 80%
Mortgage $400,000
Amo 30 yr
Payment $27,254
2,271
Ratio 0.068135
Drop/ Increase 20%
Later
Value $400,000
Rate 8.50%
LTV 80%
Mortgage $320,000
Amo 30 yr
Payment $29,526
$2,461
Ratio 0.09227
Wednesday, September 30, 2009
Tuesday, September 29, 2009
Showing Your Home
by Laura Jacobus
The time it takes to prepare for sale is all worth the effort when your agent calls you with a "showing"!
If your home is properly marketed, and fairly priced, you should start to get multiple agents calling you or your agent for showings. It is important to realize at the time of the listing, who will be handling the calls? Do you want to handle the calls or can you leave it up to your agent? That depends on your situation at home. Many factors can influence your showings.
BUYER TURN OFFS:
PETS
Is there pets to be concerned with? Pets are the major reason that homes cannot be shown. Dogs are natural property protectors and your liability may be at risk if you are leaving your dog loose in the house. Even the friendliest dog, can be upset by surprise visitors or small children. Be sure to have your dog secured in a locked area or staying with a friend during your showing. If you need to make arrangements the day of the showing, you may loose the chance to show to that buyer for good. Agents try to schedule appointments, but sometime a buyer will throw a curve ball from the agents car and ask to see your home immediately. Try to be ready for those surprise visits. Any one can be your potential offer!
TENANTS
Although tenants can be income producers for you, they can be a hindrance in your sale. Most tenants are quite happy with their situation, and not really as eager to see the house sell as you are. Even the best tenants can be quite snooty about people coming through their belongings. If there is anyway to have the tenants prepare to leave the premises before you list, make those arrangements now. Most states require landlords give tenants 60 days to vacate. If your buyer wants a fast closing, your tenant can hold up your sale. Give your tenants fair warning and ask them to start the process of looking for a new home before your listing. Buyers have of fear of tenants refusal to vacate and no new buyer wants to be stuck with a hold over tenant.
ODORS
Pets, cigarettes, mold and old food in the trash can. Nothing says, "Lets get out of here!" more than odors. Keep windows open if possible. Dehumidify any basements or dark houses to keep the moldy smell out. Clean out fireplaces, ashtrays and litter boxes. Have carpets and drapes cleaned and wash down walls if possible. Remember that buyers are imagining their stuff in your house!
PERSONAL ITEMS
Put away photos of your kids, your family and your personal icons and idols. A home that has no information about the owner is always a better seller. The mass appeal of a home with no attachments, presents a home that could be right for anyone. Buyers cannot help but notice your kids dance photos or your diploma from culinary school. And if you have an appointment with the un-employment office on Tuesday, for heavens sake, put the calendar away! What you put away, whether in storage or in a drawer can really help your buyer to see "the space" not the sellers situation. Obviously, important documents, jewelry and valuables should be out sight.
BE READY AT ALL TIMES!
Have beds made, clothes picked up and bathrooms clean every day. Try as we may to prepare you, the buyers sometimes call the same day and ask to see your home. Consider calling a neighbor to pick up if you had a bad morning!
SHOW AND SELL!
The time it takes to prepare for sale is all worth the effort when your agent calls you with a "showing"!
If your home is properly marketed, and fairly priced, you should start to get multiple agents calling you or your agent for showings. It is important to realize at the time of the listing, who will be handling the calls? Do you want to handle the calls or can you leave it up to your agent? That depends on your situation at home. Many factors can influence your showings.
BUYER TURN OFFS:
PETS
Is there pets to be concerned with? Pets are the major reason that homes cannot be shown. Dogs are natural property protectors and your liability may be at risk if you are leaving your dog loose in the house. Even the friendliest dog, can be upset by surprise visitors or small children. Be sure to have your dog secured in a locked area or staying with a friend during your showing. If you need to make arrangements the day of the showing, you may loose the chance to show to that buyer for good. Agents try to schedule appointments, but sometime a buyer will throw a curve ball from the agents car and ask to see your home immediately. Try to be ready for those surprise visits. Any one can be your potential offer!
TENANTS
Although tenants can be income producers for you, they can be a hindrance in your sale. Most tenants are quite happy with their situation, and not really as eager to see the house sell as you are. Even the best tenants can be quite snooty about people coming through their belongings. If there is anyway to have the tenants prepare to leave the premises before you list, make those arrangements now. Most states require landlords give tenants 60 days to vacate. If your buyer wants a fast closing, your tenant can hold up your sale. Give your tenants fair warning and ask them to start the process of looking for a new home before your listing. Buyers have of fear of tenants refusal to vacate and no new buyer wants to be stuck with a hold over tenant.
ODORS
Pets, cigarettes, mold and old food in the trash can. Nothing says, "Lets get out of here!" more than odors. Keep windows open if possible. Dehumidify any basements or dark houses to keep the moldy smell out. Clean out fireplaces, ashtrays and litter boxes. Have carpets and drapes cleaned and wash down walls if possible. Remember that buyers are imagining their stuff in your house!
PERSONAL ITEMS
Put away photos of your kids, your family and your personal icons and idols. A home that has no information about the owner is always a better seller. The mass appeal of a home with no attachments, presents a home that could be right for anyone. Buyers cannot help but notice your kids dance photos or your diploma from culinary school. And if you have an appointment with the un-employment office on Tuesday, for heavens sake, put the calendar away! What you put away, whether in storage or in a drawer can really help your buyer to see "the space" not the sellers situation. Obviously, important documents, jewelry and valuables should be out sight.
BE READY AT ALL TIMES!
Have beds made, clothes picked up and bathrooms clean every day. Try as we may to prepare you, the buyers sometimes call the same day and ask to see your home. Consider calling a neighbor to pick up if you had a bad morning!
SHOW AND SELL!
Tuesday, September 22, 2009
Should You Buy That Fixer-Upper?
by Kathryn Godby Oram
In commercial real estate lingo, a fixer-upper is called a “Value-Add” deal. Either term refers to a real-estate property that will require maintenance work (redecoration, reconstruction or redesign) and can usually be lived in as it stands.
The idea that you can add value to a property is why buying a 'fixer-upper' has so much appeal. Market data shows that while housing sales have increased, prices have not.
In fact, prices are not predicted to hit bottom until the first quarter of 2010. For buyers, rates are still historically low, prices are down, government tax incentives are due to expire, and there is an abundance of homes to choose from in every market. Yet despite the appeal of buying, many new buyers are afraid to pull the trigger and loose value immediately upon closing.
Read more Research & Statistics by the New Jersey Association of REALTORS »
Buying a “Value-Add” house, if done right, can be a hedge against falling prices. The potential exists to buy the cheapest house in a desirable area way below market price, invest some time and money for renovations, and raise the property's potential value to get a return on your investment.
Make sure you have a realistic idea of what you're getting into. Here's a few things to look for:
Chances are if you’re reading this, you’ve not gone the fixer-upper route before. Finding your subject property is not an easy task. Even the best house with the best renovations will not pay you dividends if it is not in a good locale. Keep playing that old Realtor tune “location, location, location”; A great yard, a well sited home and nicer more expensive homes in close proximity are guidelines. In this market look for a house that has been overlooked because buyers cannot see past the orange shag carpet, the scary kitchen and the overgrown garden. Put on a pair of rose-colored glasses and squint. You can see it. I know you can! The best fixer-upper is a home that is out-dated but has been maintained. If the house is not sold because it needs paint and a new kitchen then there is your winner!
Once you’ve decided on a specific property find a good inspector. Cull recommendations from friends or co-workers. You might also use a screening agency such as service magic, or go to the American Society of Inspectors for help in finding a competent inspector. Your inspection report is your Golden Ticket; it tells you whether to halt or go forward. It can be your guide to assess what the house needs and if the process is manageable or will be too taxing on you and your checkbook.
Your inspection will cover everything from the roof to foundation. Pay close attention to water, mold, septic, oil tank and structural issues. Lead tests, Termite and radon may or may not be included. Pest and Radon inspections are a necessity but check with your Realtor to assess weather or not you need a lead test.
With your report in hand walk through your prospective purchase with a contractor get estimates on all proposed work. Remember that budgets expand not just because of unforeseen problems but because you may want to add more projects along the way. Add 20% to the estimate if your plan is simple. The more complex your job, the more overages you may encounter.
Keep in mind that the house was standing when you bought it and the nasty bathroom won’t kill you. If some projects can be done over time than let them. Waiting is it’s own reward. Many homeowners, myself included, have had to scale back projects because of budget and then come to realize that their original ideas were not optimal. Sometimes living in a space for a while gives you a vision that you may not have had before. Think about doing projects in phases to give yourself time to save more money and space out your expenses.
Doing a Value-Add project is not for everyone. Take stock of your time, your desire, your talents and decide if this is the right move for you. Can you do dishes in the bathroom? Do you like to paint? Can you use a hammer? These are only a few of the questions you should ask yourself. In the end, you need to decide if you are the type that likes to do things yourself. If so, this will be a trying but rewarding and profitable experience. At the end of your project, though these things never truly end, you will have a home that is absolutely yours.
I walked into the closing of my first home and signed the papers and cried. I was young, newly married, pregnant with my third child and wondering that the heck I’d just gotten myself into. Years later, I have a wonderful house, it’s nothing like the one I bought. I didn’t move, I renovated and I kept going. I bought a dump on a great street. It had good bones but a sad face. I stood in front of that house and squinted and saw what that house could be. It’s almost there. People always tell me that I have a great house and I say, “It will be” Once you get the bug you keep improving, take pride in your work, and enjoy the journey.
I have six kids now and my old farmhouse works well for us, thank goodness. The reason is works is because I followed my own advice. I bought in a good neighborhood, I knew the floor plan would work for me and I was totally aware of the scope of the work that was needed. I never thought it would be simple or cheap and I never needed to have everything done immediately. That said, it was hard but it was worth it. While others in my neighborhood have loan to value ratios that are less than desirable, I am safe. Safe at Home.
In commercial real estate lingo, a fixer-upper is called a “Value-Add” deal. Either term refers to a real-estate property that will require maintenance work (redecoration, reconstruction or redesign) and can usually be lived in as it stands.
The idea that you can add value to a property is why buying a 'fixer-upper' has so much appeal. Market data shows that while housing sales have increased, prices have not.
In fact, prices are not predicted to hit bottom until the first quarter of 2010. For buyers, rates are still historically low, prices are down, government tax incentives are due to expire, and there is an abundance of homes to choose from in every market. Yet despite the appeal of buying, many new buyers are afraid to pull the trigger and loose value immediately upon closing.
Read more Research & Statistics by the New Jersey Association of REALTORS »
Buying a “Value-Add” house, if done right, can be a hedge against falling prices. The potential exists to buy the cheapest house in a desirable area way below market price, invest some time and money for renovations, and raise the property's potential value to get a return on your investment.
Make sure you have a realistic idea of what you're getting into. Here's a few things to look for:
Chances are if you’re reading this, you’ve not gone the fixer-upper route before. Finding your subject property is not an easy task. Even the best house with the best renovations will not pay you dividends if it is not in a good locale. Keep playing that old Realtor tune “location, location, location”; A great yard, a well sited home and nicer more expensive homes in close proximity are guidelines. In this market look for a house that has been overlooked because buyers cannot see past the orange shag carpet, the scary kitchen and the overgrown garden. Put on a pair of rose-colored glasses and squint. You can see it. I know you can! The best fixer-upper is a home that is out-dated but has been maintained. If the house is not sold because it needs paint and a new kitchen then there is your winner!
Once you’ve decided on a specific property find a good inspector. Cull recommendations from friends or co-workers. You might also use a screening agency such as service magic, or go to the American Society of Inspectors for help in finding a competent inspector. Your inspection report is your Golden Ticket; it tells you whether to halt or go forward. It can be your guide to assess what the house needs and if the process is manageable or will be too taxing on you and your checkbook.
Your inspection will cover everything from the roof to foundation. Pay close attention to water, mold, septic, oil tank and structural issues. Lead tests, Termite and radon may or may not be included. Pest and Radon inspections are a necessity but check with your Realtor to assess weather or not you need a lead test.
With your report in hand walk through your prospective purchase with a contractor get estimates on all proposed work. Remember that budgets expand not just because of unforeseen problems but because you may want to add more projects along the way. Add 20% to the estimate if your plan is simple. The more complex your job, the more overages you may encounter.
Keep in mind that the house was standing when you bought it and the nasty bathroom won’t kill you. If some projects can be done over time than let them. Waiting is it’s own reward. Many homeowners, myself included, have had to scale back projects because of budget and then come to realize that their original ideas were not optimal. Sometimes living in a space for a while gives you a vision that you may not have had before. Think about doing projects in phases to give yourself time to save more money and space out your expenses.
Doing a Value-Add project is not for everyone. Take stock of your time, your desire, your talents and decide if this is the right move for you. Can you do dishes in the bathroom? Do you like to paint? Can you use a hammer? These are only a few of the questions you should ask yourself. In the end, you need to decide if you are the type that likes to do things yourself. If so, this will be a trying but rewarding and profitable experience. At the end of your project, though these things never truly end, you will have a home that is absolutely yours.
I walked into the closing of my first home and signed the papers and cried. I was young, newly married, pregnant with my third child and wondering that the heck I’d just gotten myself into. Years later, I have a wonderful house, it’s nothing like the one I bought. I didn’t move, I renovated and I kept going. I bought a dump on a great street. It had good bones but a sad face. I stood in front of that house and squinted and saw what that house could be. It’s almost there. People always tell me that I have a great house and I say, “It will be” Once you get the bug you keep improving, take pride in your work, and enjoy the journey.
I have six kids now and my old farmhouse works well for us, thank goodness. The reason is works is because I followed my own advice. I bought in a good neighborhood, I knew the floor plan would work for me and I was totally aware of the scope of the work that was needed. I never thought it would be simple or cheap and I never needed to have everything done immediately. That said, it was hard but it was worth it. While others in my neighborhood have loan to value ratios that are less than desirable, I am safe. Safe at Home.
Real Estate Market Value - What's my Home Worth?
by Laura Jacobus
With so many homes on the market, how do you get yours to stand out and get sold?
The reality of today's real estate market is tough for most homeowners to accept. Living in the present means understanding the price is not what the seller wants to believe his home is worth, but what the buyer will actually pay. We call it "Market Value".
In the spike of the 2005 real estate market, many homeowners had their properties refinanced or had a realtor do a comparative market study (CMA). The lenders were eager to give out loans and the property prices were climbing. The crash of reality is difficult for many homeowners to face. They had now overextend credit and the value of their home declined.
Pricing your home accordingly means being in step with the current market value, not expecting your overinflated CMA to be in line with current conditions. The fact is the higher you price your property, the fewer people who will come see it. Buyers actually run searches based on their comfort range of monthly payments. The range is usually within $25,000 increments. If you overprice your home, you miss a potential showing simply due to being outside of the buyers range of sight.
Have your listing agent review sale prices in your area, and pay attention to homes that did not sell. Take notice of the reason. Most homeowners will overprice their home, hoping the buyer will come along who will pay top dollar, only to drop their asking price a few months later, and miss hundreds of virtual showings.
Understanding the fair price of your home, means understanding the appraisal. The money spent on certain upgrades do not necessarily equal higher asking price. Outdoor upgrade have virtually no impact on appraisal. Although your home has better "curb appeal" a bank appraiser doesn't really care about your zen garden or waterfall spa. Emotional attachment on the sellers side to these items are not important to a buyer or appraiser.
Internet savvy buyers are looking for best value for their dollar, not
making up for your idea of of custom upgrades and fancy wallpaper. More showings equal higher percentage of possible offers on your home.
The bottom line is, set a higher price and play the waiting game, or
set a realistic price and prepare to move!
With so many homes on the market, how do you get yours to stand out and get sold?
The reality of today's real estate market is tough for most homeowners to accept. Living in the present means understanding the price is not what the seller wants to believe his home is worth, but what the buyer will actually pay. We call it "Market Value".
In the spike of the 2005 real estate market, many homeowners had their properties refinanced or had a realtor do a comparative market study (CMA). The lenders were eager to give out loans and the property prices were climbing. The crash of reality is difficult for many homeowners to face. They had now overextend credit and the value of their home declined.
Pricing your home accordingly means being in step with the current market value, not expecting your overinflated CMA to be in line with current conditions. The fact is the higher you price your property, the fewer people who will come see it. Buyers actually run searches based on their comfort range of monthly payments. The range is usually within $25,000 increments. If you overprice your home, you miss a potential showing simply due to being outside of the buyers range of sight.
Have your listing agent review sale prices in your area, and pay attention to homes that did not sell. Take notice of the reason. Most homeowners will overprice their home, hoping the buyer will come along who will pay top dollar, only to drop their asking price a few months later, and miss hundreds of virtual showings.
Understanding the fair price of your home, means understanding the appraisal. The money spent on certain upgrades do not necessarily equal higher asking price. Outdoor upgrade have virtually no impact on appraisal. Although your home has better "curb appeal" a bank appraiser doesn't really care about your zen garden or waterfall spa. Emotional attachment on the sellers side to these items are not important to a buyer or appraiser.
Internet savvy buyers are looking for best value for their dollar, not
making up for your idea of of custom upgrades and fancy wallpaper. More showings equal higher percentage of possible offers on your home.
The bottom line is, set a higher price and play the waiting game, or
set a realistic price and prepare to move!
Wednesday, September 16, 2009
Congratulations, you’re buying a home!
by Kathryn Godby Oram
Exciting and daunting at the same time, this experience can be very stressful. To reduce the amount of stress involved in purchasing your home the first thing you need to do, before you even peruse the Internet, is get pre-qualified.
Finding a Mortgage Broker is not difficult. Ask for referrals, talk to your friends, neighbors, or your Real Estate Agent. Get a few recommendations, talk over the phone to narrow down the choices. Choose someone who has experience and offers a range of products from which to choose.
Meet your new broker with the following information:
Be ready to give permission to your Broker to run your credit. Your credit score will determine your rate of interest. The best rates are available to people with a credit score of 740 and above. Your Mortgage Broker will further assist you in understanding how much you can afford to pay per month. He or she will also be able to advise you on the most expedient actions you can take to best optimize obtaining a mortgage. Should your credit score not be optimal, your Mortgage Broker will also be able to suggest ways to strengthen your numbers.
With a Mortgage Broker in place, you’ll have taken your first step towards becoming a homeowner. Having your pre-qualification gives you the knowledge you need to be an educated and confident buyer.
When you know what you can afford, get on that computer and start looking!
Exciting and daunting at the same time, this experience can be very stressful. To reduce the amount of stress involved in purchasing your home the first thing you need to do, before you even peruse the Internet, is get pre-qualified.
Finding a Mortgage Broker is not difficult. Ask for referrals, talk to your friends, neighbors, or your Real Estate Agent. Get a few recommendations, talk over the phone to narrow down the choices. Choose someone who has experience and offers a range of products from which to choose.
Meet your new broker with the following information:
- Two years W2’s
- Three months current bank statements including investment accounts
- List of all your monthly expenses
- Know how much money you have for your down payment
Be ready to give permission to your Broker to run your credit. Your credit score will determine your rate of interest. The best rates are available to people with a credit score of 740 and above. Your Mortgage Broker will further assist you in understanding how much you can afford to pay per month. He or she will also be able to advise you on the most expedient actions you can take to best optimize obtaining a mortgage. Should your credit score not be optimal, your Mortgage Broker will also be able to suggest ways to strengthen your numbers.
With a Mortgage Broker in place, you’ll have taken your first step towards becoming a homeowner. Having your pre-qualification gives you the knowledge you need to be an educated and confident buyer.
When you know what you can afford, get on that computer and start looking!
Tuesday, September 15, 2009
Low Cost Improvements for a Quick Sale
by Laura Jacobus
Maybe you're not even thinking about selling your home right now. When the time comes, however, these lost cost improvements could make a difference.
First impressions are always important so you want to make sure the entry to your home shines. As the buyer approaches the front door, the last thing they want to see is an old, worn door with cobwebs hanging from above.
Right off the bat, most buyers are going to assume that if the home is not well maintained on the exterior, the interior won't be much better.
THE ENTRYWAY
Painting the front door or even replacing it if it's beyond help can make a real difference. A nice shiny door set always stands out. If you have vinyl siding and haven't cleaned it in a while, mildew, dirt and grime can accumulate. Giving it a quick spray can surprisingly make a big difference in your home's appearance.
PLANT SOME COLOR
Planting some flowers around the entryway can really make your property come alive. Choose a variety of colors that really stand out. Adding a few potted plants in a covered entry or a large enough stoop is always a nice touch, too.
PAINT THOSE WALLS
Painting is one of the cheapest, most effective improvements you can make in your home - especially if the colors aren't neutral to begin with. I know you love the pink entryway and purple bathroom, but most buyers may not appreciate it as much.
You may be thinking painting is cheap and the buyer can just do it later, but there are many people who just don't have the vision. They need to see it done. Painting your home with off white or earth tones is the best way to go. Remember: you're selling your home to appeal to the masses.
ADDRESS THE FLOORING
Flooring is a little more expensive, but will bring a better return on your investment - especially if you're still hanging on to the orange shag. Even if you have more modern carpet but don't have enough in the budget for new carpeting, a good cleaning by a professional can help dramatically. The same can be said for wood floors, too. A good scrubbing can go a long way.
CLEAN WINDOWS & TREATMENTS
Cleaning your windows can really spruce up your home. A bright home always shows far better than a dungeon. Removing heavy drapes and curtains can help brighten it up and breathe new life into your home. It's far better to have nothing than to have a pattern or fabric that was popular 20 years ago.
CHANGE OLD LIGHTING
Lighting is a subtle enhancement to make, but a buyer will notice if a home's lighting is outdated. There are some great lights that can be purchased rather cheaply in many lighting stores. Even little things like upgrading to brighter bulbs can make the difference that matters.
Dark or poorly lit rooms turn off most homebuyers. Although it's a little more expensive to add, recessed lighting can really change the look in a room. Recessed lights work especially well in kitchens and baths.
DECLUTTER YOUR HOME
This one can really go a long way. Buyers like spacious rooms they can envision their own belongings in. Getting rid of things you don't need or can put into storage while your home is on the market can transform the appearance of your home.
Hold a yard sale for those items that still hold value. For things you want to keep but will spoil how well your home shows, get a POD (portable on-site storage) or consider putting your stuff in a short-term storage facility.
Remember: not every improvement has to be expensive. Sometimes it's the small things that make the biggest difference in a buyer's mind.
Maybe you're not even thinking about selling your home right now. When the time comes, however, these lost cost improvements could make a difference.
First impressions are always important so you want to make sure the entry to your home shines. As the buyer approaches the front door, the last thing they want to see is an old, worn door with cobwebs hanging from above.
Right off the bat, most buyers are going to assume that if the home is not well maintained on the exterior, the interior won't be much better.
THE ENTRYWAY
Painting the front door or even replacing it if it's beyond help can make a real difference. A nice shiny door set always stands out. If you have vinyl siding and haven't cleaned it in a while, mildew, dirt and grime can accumulate. Giving it a quick spray can surprisingly make a big difference in your home's appearance.
PLANT SOME COLOR
Planting some flowers around the entryway can really make your property come alive. Choose a variety of colors that really stand out. Adding a few potted plants in a covered entry or a large enough stoop is always a nice touch, too.
PAINT THOSE WALLS
Painting is one of the cheapest, most effective improvements you can make in your home - especially if the colors aren't neutral to begin with. I know you love the pink entryway and purple bathroom, but most buyers may not appreciate it as much.
You may be thinking painting is cheap and the buyer can just do it later, but there are many people who just don't have the vision. They need to see it done. Painting your home with off white or earth tones is the best way to go. Remember: you're selling your home to appeal to the masses.
ADDRESS THE FLOORING
Flooring is a little more expensive, but will bring a better return on your investment - especially if you're still hanging on to the orange shag. Even if you have more modern carpet but don't have enough in the budget for new carpeting, a good cleaning by a professional can help dramatically. The same can be said for wood floors, too. A good scrubbing can go a long way.
CLEAN WINDOWS & TREATMENTS
Cleaning your windows can really spruce up your home. A bright home always shows far better than a dungeon. Removing heavy drapes and curtains can help brighten it up and breathe new life into your home. It's far better to have nothing than to have a pattern or fabric that was popular 20 years ago.
CHANGE OLD LIGHTING
Lighting is a subtle enhancement to make, but a buyer will notice if a home's lighting is outdated. There are some great lights that can be purchased rather cheaply in many lighting stores. Even little things like upgrading to brighter bulbs can make the difference that matters.
Dark or poorly lit rooms turn off most homebuyers. Although it's a little more expensive to add, recessed lighting can really change the look in a room. Recessed lights work especially well in kitchens and baths.
DECLUTTER YOUR HOME
This one can really go a long way. Buyers like spacious rooms they can envision their own belongings in. Getting rid of things you don't need or can put into storage while your home is on the market can transform the appearance of your home.
Hold a yard sale for those items that still hold value. For things you want to keep but will spoil how well your home shows, get a POD (portable on-site storage) or consider putting your stuff in a short-term storage facility.
Remember: not every improvement has to be expensive. Sometimes it's the small things that make the biggest difference in a buyer's mind.
Saturday, September 12, 2009
Welcome to Morris County New Jersey Real Estate
MORRIS COUNTY, NEW JERSEY - Flanders NJ News is happy to announce our new section 'Morris County New Jersey Real Estate'.
Here you will find Weekly home buying and selling tips, articles and professional advice from Real Estate agents Kathryn Godby Oram, of Godby Real Estate and Laura Jacobus, of Remax Realty.
Look for great articles about Staging, Home Improvement Mistakes, Divorce Sales, Home Inspection, Mortage Loans, First Time Buyers, Best Time to Buy, Disclosures, Home Styles, and more.
Can't find what you are looking for? Drop us a line info@flanders-nj.com
Here you will find Weekly home buying and selling tips, articles and professional advice from Real Estate agents Kathryn Godby Oram, of Godby Real Estate and Laura Jacobus, of Remax Realty.
Look for great articles about Staging, Home Improvement Mistakes, Divorce Sales, Home Inspection, Mortage Loans, First Time Buyers, Best Time to Buy, Disclosures, Home Styles, and more.
Can't find what you are looking for? Drop us a line info@flanders-nj.com
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