Real Estate Information Archive

Some of us have heard that the worst time to sell a home is during winter months, but is it true? Do homes sell in winter? Is it a good idea to list in winter? No, winter is not the worst time to sell your home. The myth is just that: a myth.  In fact, listing your home in winter is a great idea. The following is an article from Inman News that provides data to disprove the myth. 

Conventional wisdom has it that winter is the worst time to sell a home.

But a recent study from Redfin casts doubt on that belief, finding that listings seem to fare better on the market from January to March than they do during the summer or fall — though spring still seems to take the cake as best the season to put your home up for sale.

From 2010 to 2013, the average share of homes that sold above list price during January, February and March ranged from 11 to 13 percent.

That range ticked up to between 12 and 14 percent during April, May and June, and then slumped for the summer and fall.

From July to November, the share of homes that sold above list price stayed steady at 11 percent before increasing to 12 percent in December.

According to the study, homes also tended to sell at the slowest rate during the summer and fall, with September (83) and October (83) registering the highest average number of days on the market between 2010 and 2013.

While the data suggested homes were most likely to sell the fastest and at the highest price during the spring, winter turned out to be the season where a homeowner has the best shot at selling within 90 days.

January (62 percent), February (64 percent) and March (62 percent) led the pack as the best months for selling a home in 90 days or sooner, while October (58 percent) and November (58 percent) came in  last.

Data provided by Redfin

Article originally posted on Inman News

It can be bittersweet to begin the selling process. Your home is where your life happens, where you have made memories over the years with family and friends. Perhaps now though, you are feeling as if your home has lost its spark. Maybe it's time to say goodbye. 

How do you know when it's really over? 

1. It doesn't help with the housework.

How are you supposed to keep the yard looking nice when the massive shade trees are starving the lawn? Or the two-story stone fireplace that used to be white is now more of a yellowy-beige?

Your house should be helping you out instead of making it more difficult.

2. It's in need of a makeover.

Broken down, randomly working dishwasher. Sticking doors. Warping floors. Sometimes it seems like the walls are actually rejecting paint. Is that even possible?

3. No matter how much you do for it, it's never enough.

As soon as you fix one thing, another one breaks. It's like it's trying to tell you something (It is; it's telling you to move!).

4. It doesn't make you feel sexy.

The shower water smells like dirt and it gets so humid in the bathroom it takes 30 minutes to clear the mirror. Even if you were feeling flirty, you couldn't get a good glance at yourself to make sure everything looks like it should.

Plus, you smell like mud, and that's a definite mood-killer.

5. It talks back.

If pipes that are way overdue to be replaced make embarrassing noises any time you flush or wash, you've got a back talker. And that's no good.

6. It's disrespectful.

The light in the living room flickers for no reason, no matter how many new bulbs you give it. Has it occurred to you it's just trying to get a look up your skirt?

7. All it does is sit around.

Those other houses do stuff. They turn on and off lights. They help you set the air conditioning. Considering it takes four hard slaps on the wall and a good stomp on the floor by the air conditioning unit just to make it pop on, this kind of upgrade may be out of the question. Or at least out of your budget.

8. You're drawn to another.

You're not a cheater. But you find yourself, well, looking at others lately. Driving down other streets and maybe lingering a little too long. Thinking about what life would be like if you lived there.

Maybe the grass really is greener.

And maybe your house would appreciate someone who appreciates it. Maybe it's just not that into you.

So cut it loose. Set it free. Set yourself free. Divorce that house. Your castle awaits.

Article originally written on RealtyTimes

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AND HERE'S YOUR MONDAY MORNING COFFEE!! 

Good Monday Morning!

Depending upon your stage in life and your economic position, the size of home you purchase can be a large consideration.  This article from "Realty Times" gives some insight into making the home size decision.

Do I purchase a large home or a smaller home? This can be a tricky question to answer. Partly because our needs change over the years and decades. After kids leave home, maybe smaller is better but prior to that, maybe a bigger home is what you're seeking–room for the kids, dog, and tons of the kids' sleepover friends.

The trends reflect our indecisiveness too. Sometimes McMansions are on the rise and then there's the complete opposite: tiny, tiny homes. In fact, you can watch fascinating shows online about families of four with a couple of dogs moving into these tiny well-designed homes or homes on wheels.

While that small may be far too small, size is a big consideration. It's also something you should think about before you go house-hunting for that perfect home.

Of course,while there are many personal reasons involved in choosing which size home is the best fit, there are also some very important considerations that can help you decide.

Here are few things to help you weigh your options.

The bigger the home, usually the higher the mortgage. You pay for what you get. It's likely the mortgage payments will be more. However, a smaller home with more amenities is sometimes not that far off in price from a larger home that gives you a bit more square footage.

Think about if you are planning to stay in the home a long time. If so, getting a bit more square footage now might be better than having to move again in a short period of time when you may outgrow the home.

Decide how much home you're willing to maintain. For instance, do you want the responsibility of a big back yard or do you want to have something in a planned development, such as a town home, where there is limited yard space to decorate and maintain. That reduced yard size can give you a lot more freedom and leave you with more money in your bank account as opposed to paying for landscaping maintenance.

Do you work from home or might you someday? This is really important these days as more and more people are working from home and setting up desk space on the dining room table is not optimal. If you think you might be working from home someday, look for a home that will have enough space for you to work, even it it's just a screened-off nook somewhere in the house. No doubt, you'll find a good use for the space, whether or not you actually work from home

If you want a bigger home but aren't sure you can afford it, consider your options. Can you get a roommate? Increase your income? Decrease your debt? Or maybe you can wait a little bit longer and save more to get into the home you really want.

The important thing is to think about the size and style of home you want before you start your house-hunting. This will help you target homes that are most suitable for your needs. Be sure to consult with experts to get the best advice and find out how much home you can really afford.

 Have An Awsome Week!

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Good Monday Morning!

One oif the most frequent questions I am asked comes from potential first time home buyers who are exploring the possibility of shifting from being a renter to being a homeowner.  The following is an excellent article from "Realty Times", that addresses the question as to whether now is the time to become a homeowner.

You've done the math. With the down payment you've saved, you can safely buy a home for less money than you could ever have as a renter.

Yet, you seem unable to make a commitment. Are you sure you're really ready to buy a home?

If you find yourself saying any of the following to family, friends, or your real estate agent, you're not ready.

"I'll know when I see the right place."

"I want to see what I can find on my own."

"I'll only buy if I can get a fantastic deal."

"I'm waiting for interest rates to go down."

With houses for sale all over the place, you can easily find the right place, especially with your real estate agent screening houses for you. Prices are still lower than they were at the peak. Interest rates are still low. So what are you waiting for -- prices to rise more than they already have, for interest rates to go up? You get the idea.

Owning a home is a big responsibility, and the market has been volatile for years. If you're scared, that's understandable. So, maybe you need to examine your tolerance for risk.

Like the stock market or any other money investment, there is no sure thing, but there is plenty of evidence that returns are built over time. You'll eventually get your money back, or you might even make money on your home, if you:

1. Are realistic. A home should meet your needs for shelter and your family's activities. Don't expect your home to make you rich.

2. Buy within your means. It's no fun dreading your monthly mortgage payment.

3. Occupy your home long enough. It takes approximately four years just to get your closing costs back in equity.

4. Keep your home repaired and updated. If you have to sell quickly, you'll get a better price if your home doesn't need work.

Currently, market conditions are in your favor. High inventories in most areas, lower prices than others have paid in the past and low mortgage interest rates combine to lower your risk.

In addition, you have all kinds of incentives, like the ability to buy with a federally subsidized or guaranteed loan, as well as income tax and capital gains benefits. And there are unexpected dividends - homeowners are automatically assumed to be more responsible than renters, which is why you get a discount on auto insurance if you own a home.

If you're really ready to buy a home, you take action to make a good deal happen. You get preapproved by a lender so you're ready to make an offer on a home within your means. You give your wish list to your real estate agent, attend open houses, search on the Internet, and tell friends and family what kind of home you're looking for. Everyone and everything is working in your favor to get you to your goal.

You find the home you want, and you put your money down and you close.

That's ready.

Have An Awesome Week!

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AND HERE'S YOUR MONDAY MORNING COFFEE!! 

Good Monday Morning!

Is this the right time to purchase a home?  Here are some compelling reasons that will say yes.  In fact you may never find a better time to purchase than rihgt now.  Just when we thought the mortgage interest rates would start going back up and home price would begin soaring, just the opposite has taken place.  With current low interest rates and affordable home prices, right now is when you need to take action.  Here is an articel from Realty Times that gives yoou some great reasons for purchasing a home now!

The nature of market bottoms is that it's hard to tell one's occurred until prices and sales volume start to rise again. That's why the best time to buy is when market conditions suggest a bottom.

That means there's still some risk for homebuyers, since no one has a crystal ball that predicts the future. To take advantage of low mortgage interest rates and home prices still well below previous records, you may have to take a risk, such as riding out another short-term dip in property values.

But the rewards may be well worth it. Here are five reasons to buy a home right now.

1.   More jobs are available Total nonfarm payrolls rose by 217,000 in May, and the unemployment rate is 6.3 percent, according to the U.S. Bureau of Labor Statistics. Employment increased in professional and business services, health care and social assistance, food services and drinking places, and transportation and warehousing.

2. Houses are a great hedge against inflation The Labor Department also says the May Computer Price Index is up 2.13 percent year-over-year. The index for all items less food and energy rose 0.3 percent in May, its largest increase since August 2011.The CPI excludes volatile food and energy, so you can bet that the accelerating cost of things, otherwise known as inflation, also includes housing. You may be paying more for goods and services, but if you're a homeowner, you're better off financially. A major asset such as a home, purchased at a fixed cost, becomes more valuable when prices inflate.

3. Housing price increases are slowing The median existing-home price was $213,400, over 5 percent above May 2013. Considering that the national median existing-home price was $158,800 in January 2011. That's when the PMI Insurance Company said home prices relative to income are below market fundamentals in more than half of U.S. states. Prices overcorrected during the recession, and then they soared by the double-digits in 2013.Now housing is correcting once again from an overcorrection. Now's the time to take advantage of better homebuying conditions.

4. Mortgage interest rates are still low During the recession, mortgage interest rates for a benchmark 30-year, fixed-rate loan, averaged 4.32 percent. Now they're close to that and there's no recession. That means mortgage rates have nowhere to go but up.

5. Pent-up demand ready to release

 Since the recession, household formation fell dramatically to one percent of the national population. But considering that the leading age of the largest generation ever - 81 million Echo Boomers -- is now over 30, the numbers should be closer to the 2.3% annual growth of the 1970's, when 78 million Baby Boomers reached adulthood.The National Association of Homebuilders (NAHB) said about 2.1 million households delayed formation due to the recession which allegedly ended in 2011. Now there's pent-up demand for housing that should continue to drive home prices higher.

The takeaway A housing recovery doesn't occur in a straight line. There are surges and dips. Buyers could wait for better conditions, but the present alignment of falling mortgage interest rates, slower home prices, and larger selection is highly unlikely to reoccur.

 This may not be the bottom, but it's close enough

Have An Awesome Weekl

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Good Monday Morning!

Home inspections are an important part of the home sellling, home buying process.  For sellers, home inspections can be nerve wracking and uncertain.  Just a little prep work by the seller can have a huge influence over the success of the inspection.  Here are some tips from an article I found in" Realty Times".

One of the big things that sellers sweat is the home inspection. What will the inspector find that is wrong with my home? Don’t just sweat it, be aware of what the inspector will be looking at and for and do some things to help make it go more smoothly. You should actually be hoping that you get a good, competent inspector, one that is thorough and honest. That is good for both you and the buyers. 

Many sellers think all they have to do is leave during the inspection and that is their role. While it is recommended by most Realtors that the home owners leave during the inspection, there are some things that you can do to be ready for your home inspection and make it go more smoothly:

Clear out the closets that have the attic access scuttles in them. The inspector will need to get into the attic spaces. Please note that some attic insulation may fall out through the scuttle during this process. The inspector will normally try to clean it all up, but that is one of the reasons that they ask that you clear out the closet – so that the insulation doesn’t get on your clothes or stuff.

If a Radon test is to be part of the inspection, leave the windows in the basement closed for 2-3 days before the test. The Radon test equipment will be placed in the basement and will need to be there for at least 48 hours, maybe 72 hours, in order to collect enough data for the test. The inspector will need to come back to pick up his equipment.

Make sure that the mechanicals (HVAC and water heater) are accessible. The inspector will run the heating and cooling systems and they will inspect the hot water heater too. The electrical service panel needs to be accessible too. The water softener will also likely be cycled during the inspection to make sure that it is working properly. 

Make sure that all appliances that are staying are plugged in and working. The inspector may cycle the dishwasher and try all burners and the oven on the stove. He will run the microwave and will check the ice maker in the refrigerator. If there are other appliances, like a trash compactor, he will cycle that, too. A good inspector will be able to give the buyer a report on the condition and operation of all appliances. 

Make sure the that the garage door openers work and hopefully the safeties on them are set correctly. The inspector will check to see if something breaking the safety beam causes the door to stop closing and if pressure on the door that might indicate that it has hit something (or someone) makes it stop, too. Improperly installed or adjusted garage doors kill people every years.

If the inspector will be doing well and septic tests Identify and mark the septic tank cleanout location or dig down to it to expose the top. The septic inspector will need to open the septic tank. For the well they be pressure testing the bladder tank (holding tank) to make sure that the pressure bladder is not ruptured. They will also take a water sample which in Michigan will be sent to the County Health Department for analysis.

Other things to be aware of that will be checked by a good inspector -

Usually all faucets will be run, all toilets flushed and the sinks and tubs will be filled and then drained to test the plumbing for leaks or other problems

All windows may be opened and closed to see if they are stuck or working properly

The inspector will get on the roof and inspect it and all valleys and flashing, especially around any chimney.

In the basement the inspector will be looking for cracks that might indicate excessive foundation settling or problems and any signs of water intrusion. If you have obvious cracks or stains that indicate water issues, you may wish to leave some explanation for the inspector and proof of any repair/water proofing work that has been done.

While as fire will not be built; if there is a fireplace, the inspector will look up the chimney and/or check the damper (if any). If there is a wood burning insert or wood-burning system installed the inspector will look at it to see if he can see any defects or installation mistakes. Would you be surprised that many of these DIY wood burner installations are done wrong and pose a safety hazard?

Keep in mind that a good inspector will look under and behind things, so don’t try to cover up a problem by sliding a piece of furniture in front of it.

The home inspection doesn’t have to be scary for either the seller or the buyer. The reason that I said above that you should be hoping for a good, thorough inspector in that a good inspector will explain things to the buyers as he goes along and give them his opinion on whether what he is reporting is a minor or major problem. He may also offer the buyers some advice as to the potential cost of dealing with the issue (again major cost or minor). A good inspector will report what he finds without causing undue alarm on the part of the buyers. About 95% of the issues that an inspector might find are usually minor and involve delayed maintenance or improper installation or maintenance. Most are things that can be fixed or resolved for a few hundred dollars or less. The buyers will definitely get back to you for relief on the ones costing thousands.

So, why do Realtors ask yo to leave during the inspection? There are a couple of reasons:

1. Homeowners can tend to be overly defensive and argumentative with the inspector if they are there listening to him as he goes along. That sets a bad tome with the inspector and the buyers.

2. Some homeowners are “overly helpful”, pointing out defects that they know about that the inspector might have overlooked or wouldn’t otherwise have found. If the homeowner has been honest on reporting what he knows about the home on the Seller’s Disclosure, there is no need for him to go above and beyond that report to point out everything.

And, 3. Sellers tend to get in the way as they follow the inspector around. 

So get the house ready for the inspection and then get out of the way. You’ll have your chance to argue the points in the report later.

Have An Awesome Week!

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AND HERE'S YOUR MONDAY MORNING COFFEE!! 

Good Monday Morning!

This is the time of year that most people who want to sell their home choose to put it on the market.  Typically the inventory is higher because of the time of year. and the competition can be tough.  Here is an article from Realty Times that will give you some tips on how to make your home show better than your competition.

Your home is listed on the Multiple Listing Service (MLS) and the sign goes up in your front yard. Now what? Sit back and let the offers roll in. Of course, that's what every seller wants but that's not always what happens.

So, let's rewind a bit and see what can be done to make buyers want your home. The steps you take before you actually put your home on the market can help to ensure interest in your home.

Start by creating a "buy-me-now" attitude. How's that done?

Several ways. Take a good look at your home and decide which, if any repairs, need to be made. Are you selling "as is" or do you want to put a little money into your home and fix some surface problems that could potentially distract or concern buyers?

Next, clear away clutter. If you don't have any place other than your home to put your boxes and extra furniture that you're taking with you on the move, try storing them in the garage or on the side of the house. If you do this be sure that you don't stack your boxes so high that you block views to the outside.

When you block a view, buyers may think you're hiding something bad about the property or they may have a very closed-in feeling when they enter that particular room. Buyers do understand that you're moving and things may be a little out of order, but try to keep that to only one room or half of the garage. You want to make sure that buyers can see your entire home. Limiting them from viewing one or several rooms may discourage them. Tidy up and keep things packed away.

Always keep in mind that more room and more storage space are two things buyers really like. Create a feeling of openness and spaciousness by trading out, or removing entirely, bulky pieces of furniture that suck up square footage in a room. Instead find another piece of furniture that can fit into the room... maybe something from another area of your home. Even if it's not an ideal placement for you, do it anyway.

Remember, the idea is to show your home in its best light. More space is a huge plus. Another way to make a room look larger is to use mirrors. Strategically hanging a mirror on a wall can help open up the room.

Your agent may elect to hold an open house and prior to that list your home on the MLS but not allow any showings until the weekend of the very first open house. This can be an excellent strategy because you may end up with lots of buyers passing through for that first open house since they couldn't see your home sooner. You can then allow showings by appointment for a period of time. This strategy can generate a lot of interest and even start a bidding war. May the highest and best offer win.

Do your work and clean up before you open the doors to buyers. You don't always get another chance, so make buyers want your home by showing them that you've loved and cared for your home and now you'd like to see it go to buyers who will enjoy it like you did.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

2659 TANDY TURN Price: $415,000 Beds: 3 Baths: 2 ½ Baths: 1 Sq Ft: 2493 Picturesque & Exclusive! Enjoy the gated & quaint subdivision of Tandy Court. Lots of architectural features, high & vaulted ceilings, lots of natural light, accent lighting, hardwood & tile floors, granite counter tops and gas fireplace. Second sto... View this property >>

AND HERE'S YOUR MONDAY MORNING COFFEE!! 

Sincerely,
Galand