Category Archives: Seller Information

Three Ways Buyers Choose Homes

Seller Information

Buyers generally have three criteria for selecting the home they ultimately purchase.
These include  PRICE, CONDITION, and LOCATION.  Play these up to get your home sold quickly and for the best terms.

Make the price attractive:  Don’t price your home where you think it should be but instead, price it close to or slightly below market value. This strategy gives buyers the opportunity to compete for your home, and it could possibly sell above list price.

Make the condition move-in ready:  Keep in mind that many buyers are stretching their financial limits to afford your home. Buyer’s pet peeves are usually easy items to fix.  You don’t want your house to be disregarded because you failed to paint, mow, replace the carpet, fix leaky faucets, etc.  Your goal is to make buyers feel like they don’t have to do anything but move in.

Make the most of your location:  You can’t do much about your home’s location but you can make your home more attractive with lovely landscaping, fences to block out ugly views and sounds, and an outdoor entertaining area.  If your home is on a busy street, point out the easy access to amenities, like walking to the grocery store.

If these three criteria aren’t in alignment, you definitely don’t want to overprice.  Buyers expect to pay more for a great location near schools, transportation, shopping and restaurants but if you overprice, they will scrutinize the location and the condition more closely.

 

9 DIY Home Projects That Increase Sales Value

About the house..., Seller Information

When purchasing a home, you’ll probably have a list of must-do projects in mind. It’s difficult to find a home that fits your style and taste perfectly. When making updates to your home, however it’s important to keep the home’s long term equity in mind. You don’t want to spend your life savings on projects that don’t have an impact on your home’s resale value, and place it at a price tag too high for the neighborhood. One of the easiest ways to keep the costs of projects down are by taking matters into your own hands.

1. Paint Walls
The first and most straightforward DIY home project is painting. There are a variety of tools available for DIY painting including edging tools, and one-coat paint that includes primer that make painting your own home easier than ever before. By putting in some sweat equity, you can completely transform your home at a low cost. To build equity, make sure the paint colors you choose are neutral to appeal to the largest number of homebuyers.

2. Install or Paint White Trim
The trim is another area of your home that can be completely transformed with a coat of paint. Although this can be a tedious DIY home project, it’s one that can modernize and brighten your home making it easier to sell. By painting the existing trim in your home white, you can complement the bright neutral paint colors you’ve painted throughout the spaces in your home. If your home doesn’t have trim, adding trim can also build equity. Adding trim and other decorative trim work, such as wainscoting, can make your home appear higher end on a budget.

3. Resurface Countertops
A complete kitchen remodel isn’t always in a homeowner’s budget. Even if it is an affordable option for you, it might not always make sense in terms of building equity. The worst thing you can do to your home is make it worth far more than the comparable homes in your surrounding neighborhood. One of the DIY home projects that can completely transform your kitchen however, aside from paint on the walls and cabinets, is resurfacing countertops. There are a ton of different ways that you can resurface your countertops by yourself. You could follow a plan for how to build butcher block countertops, or update your existing laminate countertops with new laminate, countertop paint or heavy duty contact paper coverings that are on the market today.

4. Modernize Fireplace
Your fireplace is the focal point of your living room and is a major selling point for home buyers. Old styles, like red toned brick and oak mantles are found in many homes but doesn’t necessarily appeal to today’s homebuyers.  Another one of the most rewarding DIY home projects you can complete is modernizing your fireplace. Start by using paint to whitewash or refinish brick. You can even completely change the style if it makes sense with your home decor by using stucco and other materials. Once resurfaced, modernize the mantle by creating an updated wood stained piece that can fit directly over the existing mantel or simply using paint. This DIY home project, along with the corresponding paint on the walls can completely transform the look of your living room without the large price tag.

5. Refinish or Replace Floors
Floors complete a home by making cohesive spaces. Updating floors can have a huge impact on building equity. Especially if you save money by making it one of the DIY home projects that you work on. One option for transforming your floors, especially if they’re wood, is to resurface them. You can rent a floor sander and take off the existing finish completely to prep them for a new stain throughout your home. If you have carpet or tile in your home, you can also make them look brand new using a carpet shampooer or grout cleaner. If your floors are beyond repair, replacing your floors is fairly easy with the products that currently exist. By opting for a laminate wood, for example, you can find products that physically snap together making it a doable DIY home project.

6. Build a Deck
Building equity isn’t only reserved for the inside of your home, sprucing up your outdoor space can make a huge impact as well. There are plenty of deck plans that you can find or purchase to build your own deck or porch. Although this obviously requires a set of power tools and knowledge about how they work. This is a DIY home project that will take some time, but will be well worth the return, especially by saving money on labor costs.

7. Upgrade your Exterior Doors
Exterior doors can not only tie together the look of your home, but also help immensely with your home’s efficiency. Updating the major exterior doors is a DIY home project that you can do on your own by taking proper measurements and purchasing a new door that fits in the same space. Opting for a modern door with a bright paint color can enhance your curb appeal making your home more desirable for homebuyers.

8. Update Light Fixtures
Another one of the simplest DIY home updates you can do is to update all of the light fixtures in your home. Opting for modern chandeliers for dining rooms, pendant lights in the kitchen and new updated hallway light fixtures can brighten and modernize your home in a cohesive way. Most light fixtures can easily be swapped out by following the instructions provided in the new light fixture and connecting the existing wires. New light fixtures are the focal point of each room, and can be the perfect finishing touch for a homebuyer.

9. Waterproof Basement
Finally, updating your basement is another DIY home project you can take on. One of the biggest fears of homebuyers is purchasing a home that has a wet basement. If you have an unfinished basement, you can make it more appealing by using waterproofing materials, like heavy duty waterproofing paint to finish off surfaces that may be susceptible to moisture. For example, covering concrete floors with waterproofing paint can make the space feel cleaner and can be a major selling feature for homebuyers.

Overall, these 9 DIY home projects take a range of time and sweat equity, but are well worth it in the end. They’ll ensure that your home looks great and is more efficient without breaking your budget. This will ultimately help you save money, giving you even more return on your investment. Sometimes, taking matters into your own hands through DIY projects can have a large return in the long term.

Four signs your home’s list price may be too high

Seller Information

Housing inventory is low!  Mortgage money is available!  Interest rates are low!  The Lansing area is in “Seller’s” market!  So, why is your home not selling?

Overall, there are a variety of factors that can cause your home to not get any offers. However, by doing some investigation and keeping the following warning signs in mind you’ll be better equipped to know when it’s time to lower your home’s list price. 

 1. You’ve received multiple “low ball” offers
The first telltale sign that your list price is too high is if you receive multiple offers that you perceive as low ball offers. Receiving one or two low ball offers is expected in a buyer’s market where there is plenty of inventory. However, receiving low ball offers in a seller’s market could mean that your list price is too high. Don’t panic. Repeated low ball offers provides an opportunity to assess the offers that you’ve received to see what range they fall in, and adjust your list price accordingly to be more competitive. 

2. There’s been high traffic but no offers
Another sign that your list price is too high is if you’ve had a ton of traffic at open houses and through private showings, but still have yet to receive an offer. High traffic means that at first glance your home is appealing enough for buyers to check out. If there isn’t a major problem that is scaring buyers off, it could mean that the list price is simply too high. Lowering your list price could put you in a position of receiving multiple offers from interested buyers, driving up the price of the home through competitive bidding.

3. Comparable homes have much lower list prices
One thing you and your agent should always keep an eye on is if comparable homes come up in your neighborhood. As this begins to happen, you could notice that your home is priced much higher than comparable homes in your neighborhood. This is another sign that your list price could be too high and scaring off buyers. Adjusting your home’s list price as more comparable listings become available will make your list price more competitive.

4. Your home has been on the market for multiple months
A final sign that your list price is too high is if your home has been on the market for a long period of time. This is especially true during the current seller’s market with low inventory and a surplus of buyers. Lowering your list price could make your home more appealing to potential buyers and help get your home sold.

 

Why you need a Realtor in the Digital Age

Buyer Information, Seller Information

As the digital world evolves, there are a wide variety of resources online to aide your home buying or selling process. Because of the large array of tools available, and mostly for free, there can be some questions as to whether or not a Realtor is really necessary. Regardless of the tools available however, Realtors are extremely helpful and a necessary part of selling or buying a home in 2017.

1. Realtors have access to potential homes before anyone else
When searching for a new home, especially when the market is a strong seller’s market, it can be challenging to find the time to look at potential homes before they’re swiftly off the market again. That’s why a Realtor can be an incredibly helpful tool. Realtors will have access to homes immediately, and sometimes even before they hit the market. This gives them a chance to assess their customer’s needs and exclusively show them homes before others have the chance to submit offers. Realtors have strong relationships with other Realtors and community members making this a possible option during your home search. If you were to forego a Realtor, the chances of you having access to potential homes wouldn’t happen nearly as quickly, dragging out your home buying process even more.

2. Realtors know the ever-changing market
A large piece of buying or selling your home is to be able to assess the state of the real estate market. Understanding the state of the market will give you imperative information about when the best time to list your home or search for homes is. For example, during a seller’s market where there are a ton of buyers and low inventory, this is a great time to put your home up for sale to get top dollar. Seeking the assistance of a Realtor will help you expertly assess the market and will give you key information about when the right time to buy or sell is. This will help you get top dollar for your current home, or buy a home at a great price.

3. Realtors have expert negotiation skills
When purchasing a home, it can be overwhelming to consider potential work that needs to be done. On the other hand, when selling your home you want to get top dollar in order to afford your next house. Hiring a Realtor will help you get more house for your money or a higher price for your home by using their expert negotiation skills. Realtors who are experienced consider many factors, including past experiences, when finding a fair price for a home and know how to negotiate with other Realtors. Not all negotiations are straightforward monetary negotiations either. For example, let’s say you’d like to purchase a home but the carpet throughout the home is in bad shape. A Realtor will be able to, in this instance, negotiate either a lower price for the home or updated carpet as a contingency for the seller. These case by case situations are commonly identified by qualified Realtors, making them a valuable resource for your home search.

4. Realtors handle the behind the scenes work for you
Another reason to hire a Realtor in 2017 is for the work they do behind the scenes. There are many steps that take place throughout the process of buying or selling a home that a Realtor handles throughout the process. They will typically have relationships with mortgage lenders, title companies and other Realtors which will help them aide you throughout the entire process. There are many pieces of crucial paperwork that are ultimately required throughout the process from the initial seller’s agreement to lead based paint disclosure agreements for example that a Realtor knows like the back of their hand. Without their help it can be extremely cumbersome to ensure each detail is taken care of on your own.

How a Realtor’s Market Analysis and an Appraisal Differ

Buyer Information, Seller Information

property valueEstablishing a home’s market sales price is equally important to buyers, sellers, lenders and real estate professionals. To help transactions proceed quickly and efficiently, Realtors and appraisers both utilize information from the local Multiple Listing Service (MLS).

The MLS is a professional member-based cooperative that contains a wealth of information including active listings, homes that have recently sold, tax roll data, historical data, and market trends such as how quickly homes are selling and how close they sell to the original listing prices.

Using this data, licensed real estate professionals prepare a comparative market analysis (CMA) to help sellers choose a listing price for their homes and to help buyers make offers. The CMA is a report that includes recently sold homes and homes for sale that are similar to the seller’s home in location, appearance, features, and general price range.

If the buyer is receiving financing through a bank, the bank will order an appraisal, using the same MLS data, but with some differences. A bank appraisal is performed by a licensed appraiser to determine market value. Comparable homes similar to those in a CMA are used to compare physical features, property tax records and recent solds to determine whether values are trending up or down.

In short, the CMA introduces consumers to the ever-changing marketplace of homes for sale and those properties that have recently sold. The appraisal determines market value for the bank so that the bank doesn’t lend too much money on a single property. Together, CMAs and appraisals help consumers buy and sell homes.

13 Factors That Influence Your Home’s Appraisal Value:

Seller Information

Understanding what factors are taken into consideration when determining your home appraisal value will help you get the most value and avoid overpricing your for sale home.

Location:  First, your home appraisal value is based on the location of the home. Different neighborhoods will increase the value of your home. Where your home is positioned in the neighborhood will also hold some weight. For example if you have a large lot in the back of the neighborhood it will be worth more than the corner lot parallel to the main road. The neighborhood’s value is based on multiple factors including its crime rate, how close it is to schools and hospitals, the neighboring school system’s rating and other surrounding amenities like beaches and parks.

Structural Construction Materials and Updates:  Another factor that determines your home appraisal value is the construction materials used to build the foundation of your home. A house built more recently with modern materials, or updated to use modern materials will hold a higher value than a home that hasn’t been updated since it was originally built decades ago. Updating other materials like the roof, siding or windows will also add to your home appraisal value because they improve the overall efficiency and safety of the structure of the home.

Age of the Home:  The age of your home will also be a factor in your home appraisal value. A newer home won’t necessarily always be appraised higher than an older home. There are advantages to having a new and old home. New homes that were built within the last 10 to 20 years are less likely to have major issues, so are lower risk to buy and this will therefore increase the home appraisal value. Older homes that are located in historic districts or have been maintained fabulously for decades will also have a high appraisal.

Design Style of the Home:  Another area that will be evaluated to determine your home appraisal value is the overall design of the home. There are certain timeless home designs that will not affect the long term value of your home. However if you opt for trendy decor and overall finishes in your home it could be appraised at a lower value when it’s no longer in style. For example if your home was last updated in the 70s, and the finishes in the home reflect that, it may be appraised at a lower value because it does not appeal to all buyers.

Curb Appeal:  The curb appeal and general landscaping of the home also impacts the home appraisal value. If your home lacks curb appeal it could lower the value of the home. On the other hand if your yard is filled with hard to care for plants and a hazardous dead tree this could also negatively affect your home appraisal value. It’s best to go with an easy to care for and clean landscape design to appeal to most buyers and increase your appraisal value.

Number of Bedrooms:  The number of bedrooms your home has will also increase your home appraisal value. The home appraiser will compare your home to other homes in the area with the same number of bedrooms to make a value comparison.

Number of Bathrooms:  The number of bathrooms in your home will also increase your home appraisal value. If you have 3 full bathrooms in your home for example, your home will be appraised higher than a home that has 1 and a half bathrooms.

Square Footage:  Another area that’s evaluated to determine your home appraisal value is the overall square footage of the home. Once that number is determined, the appraiser will look at how that space is distributed throughout the home. How much of your square footage is usable and livable space? How many stories does your home have? These are all areas that will be taken into consideration when evaluating the square footage of your home.

Heat and Air:  The type of heat and air your home has will also be a factor in your home appraisal value. Homes that have central air for example will be appraised higher than homes that require room by room air conditioning units. In addition, how your heat is fueled, whether by electric, gas or oil will also be taken into consideration. Any outdated systems will lower the appraisal value of your home.

Storage Space:  Another area that’s considered is storage space. A home that has an ample amount of large closets, a useable basement and a large attic for storage will be appraised at a higher value. Many home buyers who are looking to upsize their home take into consideration how much storage space a home has, so this is also something that an appraiser will look at to determine value.

Garage Space: The size of the garage, or if the home has a garage at all, will also contribute to the home appraisal value. A home with a 3 car garage will be appraised higher than a home with a 1 car garage with comparable features. In general where a home buyer is able to park their cars will influence the appraisal value.

Recent Home Renovations:  If the home has undergone large home renovations since the last time it was appraised, this will also contribute to the home appraisal value. Newly updated kitchens and bathrooms hold a lot of value in today’s market, so an appraiser will take these renovations into consideration when determining the value of your home. Before putting your home on the market, choosing high impact areas of your home to renovate could have large returns on the appraisal value of your home.

The Current Real Estate Market:  Finally, the current real estate market has a large influence on how your home is appraised. Homes appraised during a “seller’s-market”, or a market that’s saturated with a ton of buyers and not enough inventory to accommodate all of them, will be appraised higher. On the other hand your home appraisal value during a “buyer’s-market”, or a market that’s saturated with a ton of homes and little buyers, will be appraised lower.

 

Inexpensive DIY Projects to Help Sell Your Home

Seller Information

You don’t have to undergo major home renovations to add value to your home before putting it on the market. Sometimes minor updates around the house can have a huge impact on how quickly your home sells and at what price. Homebuyers want to know they are getting their money’s worth when searching for their new home. These inexpensive DIY projects could be just the updates your home needs to sell.

Paint DIY Projects:

Update bedrooms & main areas with neutral paint

Appeal to a larger range of home buyers by updating the rooms in your home with neutral paint colors. Although painting can be time consuming it can have a huge return when selling your home. Pick neutral colors that are trending right now, like light grays, to give your home an updated and current feel. Home buyers will be thrown off by bright paint colors and outdated wallpaper, so this DIY project is one of the most important to complete prior to putting your home on the market.

Decor DIY Projects:

Upcycle furniture pieces

Make a statement in your home with upcycled furniture. For example, you could buy an old dresser and paint it with a bright paint color to add to your front entry way. This is a great way to bring a pop of color to an impactful area of your home. Home buyers want to see updated decor, so this type of trendy statement piece could make a great first impression on potential buyers.

Update hardware around the home

One minor, inexpensive DIY project is to update all of the hardware around your home. First you should get new and modern drawer pulls for the kitchen and bathroom cabinets. Next you should remove brass and other outdated door handles and hardware and replace them with new modern handles. This DIY project can give the appearance of an updated, cohesive space, and completely transform the look of a room in your for-sale home.

Update throw pillows with new fabric

No-sew pillows are the latest way to update throw pillows without having to spend money on completely replacing the pillows you already have. There are two ways to update your throw pillows with new fabric. One way is to tie fabric around the pillow creating a decorative knot in the front. The second way is to buy fabric glue and create a pillow cover by simply gluing cut fabric together and turning the fabric inside out. These DIY pillows will help you tie a room together for half the price of completely replacing all of your throw pillows.

Cleaning DIY Projects:

Clean out showers, bathtubs and sinks

Clean the surface of your bathtubs and sinks with a powerful solution made of ingredients you have around the house. A magic cleaning recipe has circulated around Pinterest and simply uses a vinegar and dawn solution to blast through surface stains. How do you create this magic concoction? It’s simple! First heat up 12 oz. of Vinegar in the microwave until hot. Once heated, add to a squirt bottle to make it easier to apply. Next, add 12 oz. of Dawn to the squirt bottle and shake to mix the two ingredients together. Once combined, spray it on to the stained surface, and depending on the severity of the stain, let it sit for up to 24 hours. After the solution has sat for your desired amount of time, simply scrub it off with a sponge and rinse. You will have surfaces that look brand new.

Organize storage spaces

Last but not least, a DIY project you can do to help sell your home is to update storage spaces. First start by de-cluttering your current spaces. Closets that are half full give an illusion of larger, more ample space. You can also add inexpensive organization shelving to basement storage spaces to get your belongings off the floor. Finally, you should add baskets to closets to hide small objects, like bathroom supplies, and make the storage area seem even more de-cluttered.

These DIY projects will help you update your home in a way that appeals to more buyers. Simple and inexpensive design and cleaning projects can have a huge impact on how fast your home sells and the perceived value of your home. Putting in the time to get your home ready for the market is well worth the reward.

7 Remodeling Projects That Will Add Value to Your Home

Seller Information

painting

Selling your home can be a long, drawn out process if it isn’t up to snuff or is unfairly priced. Remodeling your home can be a great way to increase value and your overall return on investment when it comes time to sell. But not every project affects the price tag. Here are seven remodeling projects that will help to increase the overall value of your home.

1. Steel Entry Door Replacement
It’s a classic case of out with the old, in with the new. According to National Association or Realtors 2015 Cost vs. Value Report, replacing any type of entry door with a 20-gauge steel unit will produce a 117.7% recoup on the initial investment. Steel doors come in many different styles and colors to fit the color scheme of your exterior and majorly increase your curb appeal.

2. Replace Your Garage Door
Even if you currently only use your garage as extended storage space, making sure the garage door looks nice will add bonus points to your house’s curb appeal. When replacing your garage door, it is recommended that you keep the existing motor and replace the door and steel tracks. The best part about replacing the door is that you don’t have to be too fancy — a simple 4-section door will do the trick!

3. Luxury Vinyl Tiles
Luxury Vinyl tiling upholds all of the glitz and glamor as a ceramic tiling without hurting the wallet as much. Vinyl tiling is easy to install yourself, and you have the freedom to orient the tiles in any way to produce the best look for your bathroom or kitchen. Vinyl tiling is an excellent choice for high-traffic rooms because they can easily withstand shoe scuffs, spills and dents.

4. Attic bedrooms
Utilizing as much space as possible is a great way to maximize your home’s value, which is why turning your attic into a bedroom is one of the top remodeling trends of 2015. Adding a bathroom to the attic would be an additional perk, but not necessary.

5. Improve Your Landscape
Curb appeal, curb appeal, curb appeal! There is no such thing as “too much landscape” for a front yard. Start by adding some eye-catching flowers along the foundation, then step it up a notch by adding small shrubbery or even trees.

6. Deck Addition
Building a wooden deck for your backyard invites potential buyers to look at not only your interior space as valuable, but your yard as well. A deck adds points to the “lifestyle” category of your home by providing relaxation and entertainment to your backyard. Families can utilize deck space with a grill, patio furniture or even a hot tub.

7. Sunroom Addition
Again, adding as much space as possible to your home is a sure-fire way to increase the property value. One way to do this is to build a small sunroom addition to your home. Potential buyers will look at this as a “bonus” and will rank your house higher on their list of choices. Sunrooms can be used for family space, a playroom, a breakfast nook, or an entertainment room. The potential buyer will see this room as a blank canvas to make it anything they want it to be.

There are hundreds of ways that you could update your home, but there are a distinct few that actually influence the overall value of your home. Sticking with these seven updates are sure to help you increase the sale price and marketability of your home.

How to Select the Right Local Real Estate Agent for You

Buyer Information, Seller Information

Young couple buying new home

Whether you are buying or selling a home, experienced or new to the game, choosing the right local real estate agent is key to a successful transaction. Not sure what to look for in an agent? Here are the most important skills and characteristics to look for when choosing a real estate agent to work with:

Establishing a trust relationship is key.
You should be able to assess at the first meeting whether the agent is right for you.  Did they focus on taking the time to listen carefully to your needs and wants? Did they ask questions to help clarify how to best work together?  Did they concentrate on telling you how good they are, how many houses they sell, or credentials they have? If it’s the latter, run away as fast as you can. You are hiring a partner to help you with one of the most significant and possibly stressful transactions you’ll be involved in, and working with someone who you trust to be on your side and represent your interests is critical.

Market knowledge is important.
Can the agent demonstrate an understanding of the current market dynamics and statistics and the housing types and neighborhoods you are interested in? You have to remember that you are paying for insights and consultation. Make sure you get exactly that and that your agent is qualified..

Skills are critical.
Years of experience do not necessarily translate into competency.  In both buying and selling a property, it will be important to do a thorough analysis of comparable sales to determine the right listing price or purchase price.  If an agent merely says they “feel” the price should be ‘X’ without presenting a market analysis, then tell them you “feel” like you should work with someone else.  Another important skill is negotiation ability.  Good agents understand their role is to put transactions together so that BOTH the buyer and seller are in a win-win situation.

Communication is key.
Establish early on if you are the kind of person who needs more hand-holding or only wants to be communicated with when something important happens.  How do you want to be contacted? Phone? E-mail? Text? Does your agent employ all modes of communication? How quickly will they respond to your questions?  Do they answer their own phone or do you have to go through assistants to get an answer.

Some of the top producing agents may not have time for you.  When you’re in the buying or selling process, do not allow your agent to become invisible. They work for you, and if it is not working for you, let them go. You are in control.

When selecting an agent to assist you in buying or selling a home, take the time to assess if they are the right fit for you and your current needs. Don’t be afraid to ask them questions and communicate how you work best together. You’ll be glad you did.

 

Selling Before You Buy Is Scary

Seller Information

The buyer activity in the greater Lansing market is head-spinning. Add a shortage of good marketable listings and you’ve got a situation that results in listings selling very quickly with multiple offers being common. One implication of this situation is the affect on contingent offers.

Sellers today who have decided to move up or downsize find not only a more limited selection of properties for sale but are also discovering that an offer contingent on the sale of a property is not likely to get any consideration at all. As hard as it is to say, an offer contingent on a sale is not a real offer in most sellers’ minds.

So what does this mean? Buyers already owning a property must sell before they buy. Now that’s a scary situation for most. Scary yes, but also a market reality. There are ways to mitigate the issue with extended occupancy or temporary housing but the pressure is still there.

Seek out the counsel of an experienced Realtor and put a plan together that will meet your needs but be aware of the challenges this market is presenting.