Real Estate Information Archive

Good Monday Morning!

Even in the hot sellers market that we currently have here in the Eugene and Springfield area, it is important to prepare your home for sale if you are going to put it on the market. Paying attention to detail and having your home in great condition can mean a quicker sale and far more money.  Even in this market, I see homes sit out there and not sell.  You still have to price your home right, but condition is an extremely important factor for most homebuyers.  Here is an article from "Realty Time" that will give you some pointers on preparing your home for sale.

Unless you've never bought or sold a house before and have never looked at home listings or watched a single show about real estate (which is pretty hard these days), you have some semblance of an idea of how your home should look when you go to sell it. You probably also have a clue about how best to show off that home in photos (or, at least, you know the importance of showing off that home in photos), even if you personally lack the skill to take them yourself.

But what happens when you ignore the rules? Does a hot market render them irrelevant? Is it OK to list a home for top dollar when the condition is more fixer-upper? "You might think that buyers can see the potential of a house that just needs a little bit of work, but most are looking for a house that is move-in ready and doesn't need any major repairs," said Business Insider. "And even a home that only needs minor repairs may still look like a bad deal to some buyers, turning them off based on appearance alone."

The truth is that if you want good money for your home, you have to do a little work to get it "show ready." Buyers expect to be able to walk into a clean, decluttered home - at the very least. If it's not updated, it better at least look like it's move-in ready.

So how do you explain this listing, then? We'll leave the address and other identifying info out of it to protect the innocent. But a few things we can say: The home is brand-new to the market, and is no bargain, as you might think from looking at the photos; It's priced at least $10,000 over what it should be, just based on comparables, which, for a house in the low $200,000s, is considerable. The photos were obviously taken by the homeowner, who clearly didn't know how to best show off the property (although there were a couple snaps that were passable for an amateur) and who, it looks like, didn't even care enough to try to get it right by: Getting the camera in focus, cleaning out cluttered spaces, and even making sure there weren't random people in the frame of one shot.

At least it will serve as a great example of "what not to do" when selling your home.

1. Don't take your own photos

We'd be remiss if we skipped over one of the main problems here before getting into the details. Don't Take Your Own Listing Photos. Oh, were we screaming? Photos that were not professionally done stick out like, well, photos that weren't professionally done.

"You already know that a listing with pictures attracts a lot more attention than one without, but do you know how to take great pictures of a home? Whether you're an agent or a person trying to sell his own home, it's vital that you make a big first impression, and pictures are the best (and maybe only) opportunity that you will have to do just that," said Inman.

If you absolutely insist on taking your own photos, at least consult some basic rules. Most of which were broken in the listing in question. Note that the photo below was one of the better of the bunch.

2. Address your kitchen

Don't want to make any upgrades to your kitchen before you get the home on the market? That'll cost you (literally). Even painting out those cabinets, a cheap and easy fix, would make a huge difference. But, if you're not going to make changes to improve this key area, at least make the most basic effort to show it in its best light by removing as much clutter as you can. That means everything off your countertops. And your fridge. And the top of our fridge. There's no reason that stuff can't be put away for photos, and for showings. Basic staging rule #1. 

3. Emphasize the space and function, not the other way around

That printer on the kitchen counterop says: "We don't have room for a home office." Unplug. Put in closet. Problem solved. 

4. Always keep your selling points in mind

People like bedrooms - clean and tidy bedrooms that they can imagine their children sleeping and playing in. What, exactly, are we trying to show off here? The dead animal on the wall? The clutter on the floor? The glare from the windows? Perhaps the unique angle of the image that ignored all those basic listing photo rules? This shot shows none of the attributes of the room and only makes a potential buyer question the seller's taste level—and gives them closet space concerns. 

5. Focus!

Maybe check the photo to make sure nothing is blurry before posting it? Just a suggestion. Also, even if this picture was in focus, it still wouldn't be effective. You're not selling bedding, you're selling a home. This image tells a potential buyer nothing about the size or condition of the room. 

6. Show off your bathroom

Where do we even start here? From the weird angle that doesn't show the space, to the missing light bulb, to the clutter in the shower/hanging robe, this is just all wrong. 

7. Emphasize outdoor space

It goes without saying that showing off your outdoor space is important. A little effort to repaint the unkempt patio would have helped. At the very least, mow the yard, trim the bushes, and remove the ladder. An unkempt backyard will only make a potential buyer wonder what else needs attention, especially if they've seen some questionable spaces indoors. 

8. Keep people out of your photos

Stalker alert! The straggler near the fence draws attention away from the other features of the yard - which, in this case, might not be so bad, really. Still…If you only have one photo of the yard or if the best of the bunch has a person in the frame, there's still one thing you can do: Learn how to use the camera's crop feature.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

755 Horn Ln

Price: $295,000  Beds: 4   Baths: 2   Sq Ft: 1868

Tranquil & spacious property! Beautifully landscaped 0.41 acre lot provides seclusion & great entertaining spaces. Remodeled home offers updated kitchen & baths, large living rm w/ gas fp, formal dining, large windows+skylight. Private master ste w/...View Home for Sale>>

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Good Monday Morning!

The low inventory of homes for sale that we currently have in our local Real Estate market has made home buying much more difficult.  The current shortage of homes for sale has driven prices up and made our home purchase market very competitive, especially in the price ranges where most first time homebuyers are looking.  It is easy to get caught up in this competitive market and pay too much for a home or purchase a home that may not fit your needs.  In this market, the help of a knowledgeable homebuyer specialist Realtor is a must.  They can help keep you from making mistakes that will haunt you down the road. It is also important to educate yourself about the current market and to not be forced into a rush purchase.  The following article from "Realty Times" talks about how to deal with a home purchase during this market.

There's no perfect home, but some homes are more ideal for your household than others. When you look for your next home, carefully consider these four criteria - price, features, location and condition. The closer you get to meeting all four criteria, the better your chances are of making a good buy.

Price

In any market, price has to come first. To determine what you can comfortably afford, talk to your real estate professional. He or she can recommend a lender who will prequalify you for a purchase loan. When you know how much you can spend, it will be easier to shop for homes within your price range. With luck, one will stand out.

Features

The size of your household and your activities determine the features you want in your next home. The number of bedrooms, baths and living areas are a matter of comfort and convenience. You may want an extra bedroom for guests or a second master suite for parents.

If you work a lot at home, you'll want a private home office or a computer nook. You may want a playroom for the kids, a separate laundry area, and fenced yard and covered patio for entertaining. An eat-in kitchen may be more important to you than a formal dining room. You may want an outdoor kitchen or at least an entertainment area.

Think about your daily life from morning to bedtime, and how your next home can make these activities more pleasant. This should be your "must-have" list, and will help you look at homes more objectively.

Location

Some areas will always be more expensive to live in than others. Neighborhoods that are well-kept tend to maintain higher home values. Homes that are close to jobs, schools and shopping centers tend to sell for more money than homes without as much infrastructure.

What is the best home you can find in the area where you want to live? If these homes are out of your range, you can compromise -- buy a smaller home or a home that needs lots of work in the best neighborhood you can afford.

Condition

Condition refers to the state of repair. Does the home have curb appeal? Is it updated and well-maintained, or does it need extensive and expensive remodeling? Carefully consider any deferred maintenance, such as a roof that may need to be replaced in only a few years. Consider the design and functionality -- is the kitchen too small and would you be able to afford to remodel it? Look closely at repairs, cleanliness and traffic flow.

The one advantage of buying a home that needs updates and repairs is that these homes cost less than updated homes in the same neighborhood.

Be prepared to compromise. Don't frustrate yourself or your family looking for perfection. Sometimes the home of your dreams doesn't have every feature on your checklist, or it may be a little further away than your favorite neighborhood, but you'll be happy if it has most of criteria you want at the price you can afford.

Have An Awesome Week!

THIS WEEK'S HOT HOME LISTING!

32538 Hatfield St

Price: $485,000 Beds: 5 Baths: 3 Sq Ft: 2472

Beautiful new craftsman style home located in the heart of Coburg. Located within walking distance to restaurants, shops and city park. Master suite and guest suite on the main level. Great room concept with a bonus room upstairs. Front yard landscaping and RV parking. Completion date mid-July. Hurry so you can select your own colors! Updated exterior view/picture coming soon. Taxes not yet determined.

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Good Morning!

Today, with home prices rising faster than wages and a slight bump in mortgage interest rates, the home market for first-time homebuyers is tougher than it has been in a long time.  Saving enough money for a downpayment and also enough money to keep monthly payments in check can be a tough task.  The following article from "Realty Times" gives would be first-time homebuyers some good advice on how to prepare for a home purchase.

According to Harvard University's "State of the Nation's Housing" report, while more people than ever before want to own their own home, fewer feel financially ready to do so yet. Reasons range from high rents to student loan debt. Millennials, in particular, are waiting longer to get married, start families and purchase their first home. But this is not necessarily bad news for the housing market. In fact, it could mean that the millennial generation has something to teach us all about saving consistently towards a big life goal such as owning your own home!

In this article, learn three important steps to take when you start saving for your dream home.

Step 1: Pay down your debt to clean up your credit.

Your credit score is a tricky business when it comes to saving for your first home. You have no history of carrying a mortgage, so you can't make any real impact there. What you can do is to clean up your overall credit report so your general credit score is as healthy as possible before you apply for your mortgage loan.

According to the National Foundation for Credit Counseling (NFCC), a surprising number of Americans think they have "above average" (60 percent) to "very good" (41 percent) credit, although a full 48 percent have not seen their credit score in the past three years or ever.

So clearly, this is where you need to start. The best way to differentiate yourself from your competition (other people who are trying to convince a direct lender to give them a mortgage loan) is to pay down your debt, clear up any disputes on your credit report and, in so doing, boost your credit score so you can qualify for the best mortgage at the lowest interest rates.

Step 2: Separate and automate your savings.

Saving money is never going to be the easiest goal you attempt. In fact, according to The Atlantic, one of the chief reasons that nearly half of all Americans have little or no emergency savings to fall back on is taking on too much mortgage debt.

So here is a clear area where you should proceed with caution. First, save. Then, buy a home. The best approach to make saving as painless as possible for you is to automate your savings. You can do this by setting up direct deposit on your paycheck and then regular auto-drafts into a savings account reserved just for dream home savings. This way, you never even touch those funds and feel tempted to spend them instead.

Step 3: Downsize to upsize

Finally, one effective change many adults today are making to save more towards their dream home is to downsize while they save. This can mean anything from moving to a smaller apartment to getting rid of your cable television subscription. Also, you must continually remind yourself why you have downsized in order for this step to work well.

But the key to making downsizing work to serve your greater goals is to make sure you deposit every cent of what you save into your dream home fund. Referring back to Step 2 here, the easiest way to do this is to calculate for yourself exactly what you are saving by paying less rent, giving up cable, etc., and then setting up a monthly auto-draft in that amount to deposit directly into your dream home savings account.

By following these three steps, you can make tangible financial progress in saving to buy your dream home. If you can save 20 percent towards a downpayment, you can avoid paying expensive Private Mortgage Insurance (PMI) and you may even qualify for a lower interest rate. Scrimping and saving is never fun or easy, but it will be worth it when your realtor hands you that brand-new set of house keys!

Have An Awesome Week!

THIS WEEKS HOT LISTING!

Hilltop Drive #1

Price: $225,000    Beds: 0    Baths: 0    Sq Ft: 0

Development property platted for 8 residential building lots. Easy access for roads and utilities. Lot sizes range from 6,700 sq. ft. to 14,000 sq. ft. Plat map and estimate on development costs available upon request....View this property >>

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Good Morning!

If 2017 is the year that you are planning on making a home purchase, the environment is going to be good for doing this.  The following are some guidelines for a home purchase that were published in "Realty Times".  

Thinking about buying your first home? What an exciting time this is bound to be. And, also, what a (potentially) overwhelming, confusing, and stress-filled time. It can easily veer into scary territory if you're not prepared and not surrounding yourself with professionals who can help guide you in the right direction.

These seven tips can help you make that dream of homeownership come true in 2017.

1. Work with the right real estate agent

The guy next door or your brother's girlfriend's cousin who just got his real estate license may be hungry to get your business, but that doesn't mean he's your best bet. An experienced agent quite simply knows things that someone who is brand new probably doesn't. An experienced agent will also have important relationships in place that may be able to help buyers in every facet of the home purchase, including:

• Finding houses that aren't even listed yet
  
  
• Finding homes that may be slightly outside of a buyer's criteria but that are worthy of consideration
  
  
• Leveraging industry relationships to get you great deals or better terms
  
  
• Managing appraisals and inspections
  
  
• Working through every step of the purchase process and handling any issues that pop up along the way
  
  
• Negotiating a deal that works for both sides

2. Don't be afraid to talk to multiple lenders

Your Realtor will most likely have several lenders they have worked with and can refer you to. You may also want to speak to loved ones and get a referral or two from someone they've worked with successfully. Each lender may have a different recommendation and/or knowledge of a special loan that works for you, so it makes sense to look at a few different options.

3. Mind your credit

Many people have no idea what their credit score is, but if you're thinking about buying a home, knowledge is power. Different loans have different minimum credit score requirements, and it could be that your score doesn't measure up for the best loan rates, or maybe you need to do some work to qualify for even the most lenient loan.

A good mortgage lender can advise you on your best options to raise your score, from removing any errors on your credit report, to paying any delinquent accounts, to exploring credit repair options. The earlier you learn your score and delve into the details with a qualified lender, the more time you have to address any issues you find.

4. Save, save, save

For many people, getting the down payment together is the hardest part of buying a home. And the closing costs can be an unwelcome surprise for those who weren't expecting to have to come up with even more cash. When you first set out to buy a home, make sure you know how much you have to save. Your lender should be able to give you a pretty good ballpark based on a certain home price. Housing experts recommend adding 5% to that number just to be safe.

Even if you've never been a great saver in the past, there are strategies you can use that will help you build the nest egg you need for your down payment and closing costs, including these tips from nerdwallet:

• Automatic transfers from your checking account to your savings can help to make the process mandatory - and maybe a little less painful.
• Save raises and bonuses rather than spending them.
• Set aside tax refunds.
• Keep the change. At least a couple of banks have variations on this theme. For example, Bank of America allows debit card users to sign up for a service that rounds up purchases to the nearest dollar and puts the change into a linked savings account.
• Visualize your goal. Slap big, beautiful photos of your dream house on the refrigerator, near your office workspace - and wrap a small one around the primary credit card in your wallet. You might charge less and save more."
• As for where to put that money while you watch it grow, experts recommend that "If the plan is to become a homeowner in the next 12 months, the money should be kept completely liquid. That means you can easily access it at any time," said CNN Money. "The best way to do that is in a good old-fashioned savings account, Schulte said. Look for one with a higher yield. In today's low rate environment, that probably means an online-only account like Ally or Synchrony Bank, which currently pay around 1% annually."

5. Lock in your rate

Rates can be unpredictable. Locking in a rate when you get close to buying, which your lender will undoubtedly recommend, can protect you if rates rise. Many lenders also offer a one-time adjustment in case rates go down.

6. Stay at your job

Not happy at work and thinking about making a change? If you're looking to buy a home, you may have to delay that plan. Part of your qualification for a mortgage will be based on your job history. Making a big change just before you buy or during the escrow process will be problematic. Lenders advise buyers to stay the course until after the home closes escrow.

7. Don't open new credit cards or buy a new car

Your lender will spell out the do's and don'ts of how to protect your credit when trying to buy a house, but if you haven't yet talked to anyone and you think you're getting close to be purchase-ready, that Kohl's card you take out to save 20% on your $100 bill could cost you. Before you take out any new debt, check with a lender.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

2445 Elysium Ave

Price: $350,000    Beds: 4    Baths: 2    Half Baths: 1    Sq Ft: 2172

Remarkable remodel! Luxurious updates, lots of natural light, abundant storage, large corner lot. Large atrium entry with flagstone tile. Spacious family room with vaulted ceiling, beams, Coretec Plus vinyl wood floor, 2 sliders & gas fireplace. Ope...View Home for Sale >>

AND HERE'S YOUR MONDAY MORNING COFFEE!!