National Association of Realtors Existing Home Sale Report November 2014
Wednesday, November 26, 2014
Monday, November 17, 2014
Three Winter Home Upgrades That Add Resale Value
Three Winter Home Upgrades That Add Resale Value
According to the Appraisal Institute, homeowners should take steps to winterize their homes in order to reduce energy costs, increase comfort in cold months and improve resale value.
“With the fall season coming to a close, now is a great time for homeowners to consider making seasonal updates to their properties,” says Appraisal Institute President Ken P. Wilson, MAI, SRA. “Not only can these types of home improvements make the cold weather manageable, many can provide a nice return on investment in resale value.”
The Appraisal Institute encourages homeowners to focus on three main updates this winter: windows, exteriors and furnaces.
Adding vinyl or wood windows to a home can have an average payback of nearly 80 percent, according to the Remodeling Magazine’s 2014 Cost vs. Value Report. Vinyl and wood replacement windows have a higher projected return on investment than many other home improvement projects, including a bathroom addition, family room addition, garage addition or roof replacement.
That same study found that a combination of interior and exterior replacement projects retained the most value in home improvements. For example, a minor kitchen remodel returned nearly 83 percent of homeowners’ original investment, while a wood deck addition returned more than 87 percent.
A furnace doesn’t just provide heat and comfort during cold months, but proactively tuning or replacing a home’s furnace can alleviate issues when considering resale. According to Consumer Reports, the average lifespan of a furnace is 15 to 18 years. Homeowners should keep this timeframe in mind when debating servicing versus replacement.
Homeowners should contact an appraiser before deciding on any winterization projects. “A qualified, competent appraiser can make recommendations about which updates will likely provide the most impact on resale value, as well as how to not exceed community norms for the local area,” Wilson says.
Source: Appraisal Institute
According to the Appraisal Institute, homeowners should take steps to winterize their homes in order to reduce energy costs, increase comfort in cold months and improve resale value.
“With the fall season coming to a close, now is a great time for homeowners to consider making seasonal updates to their properties,” says Appraisal Institute President Ken P. Wilson, MAI, SRA. “Not only can these types of home improvements make the cold weather manageable, many can provide a nice return on investment in resale value.”
The Appraisal Institute encourages homeowners to focus on three main updates this winter: windows, exteriors and furnaces.
Adding vinyl or wood windows to a home can have an average payback of nearly 80 percent, according to the Remodeling Magazine’s 2014 Cost vs. Value Report. Vinyl and wood replacement windows have a higher projected return on investment than many other home improvement projects, including a bathroom addition, family room addition, garage addition or roof replacement.
That same study found that a combination of interior and exterior replacement projects retained the most value in home improvements. For example, a minor kitchen remodel returned nearly 83 percent of homeowners’ original investment, while a wood deck addition returned more than 87 percent.
A furnace doesn’t just provide heat and comfort during cold months, but proactively tuning or replacing a home’s furnace can alleviate issues when considering resale. According to Consumer Reports, the average lifespan of a furnace is 15 to 18 years. Homeowners should keep this timeframe in mind when debating servicing versus replacement.
Homeowners should contact an appraiser before deciding on any winterization projects. “A qualified, competent appraiser can make recommendations about which updates will likely provide the most impact on resale value, as well as how to not exceed community norms for the local area,” Wilson says.
Source: Appraisal Institute
Saturday, November 15, 2014
Friday, November 14, 2014
Happy Clients
My husband and I used Liz to buy our first home in Michigan from out of state, and were incredibly pleased with the way she negotiated the details or our contract and handled the transaction. Because we were out of town buyers, it should have been an especially stressful time, but Liz was on top of her game and made us feel like everything was being handled with professionalism and priority - and it was.
When we had the opportunity to purchase a piece of property for our future home, we of course went back to Liz, and again we were completely satisfied with the service that she gave us. Additionally, when we had an unexpected bump at our closing, she jumped in and handled it with both grace and fierce professionalism, ensuring that our terms were met and that the deal worked out in our best interest. We wouldn't trust anyone else but Liz to handle any future real estate transactions that we will have and cannot recommend her highly enough to others!
Thank you Liz for all of your advice, help, and expertise!
When we had the opportunity to purchase a piece of property for our future home, we of course went back to Liz, and again we were completely satisfied with the service that she gave us. Additionally, when we had an unexpected bump at our closing, she jumped in and handled it with both grace and fierce professionalism, ensuring that our terms were met and that the deal worked out in our best interest. We wouldn't trust anyone else but Liz to handle any future real estate transactions that we will have and cannot recommend her highly enough to others!
Thank you Liz for all of your advice, help, and expertise!
Sincerely,
Lila Armock
Tuesday, November 4, 2014
8 Costly Home Seller Mistakes
8 Costly Home Seller Mistakes
Homeowners who
want to sell their home know they need to get the place spruced up for
marketing, but a tougher challenge for some sellers is to get mentally prepared
for putting their residence on the market.
After all, if
you’ve been happily living in your home for years, it can be emotionally hard
to detach yourself from your memories and look at the place as a commodity
you’re selling.
For a smoother
sales transaction that garners the most possible profit from your sale, avoid
these common, yet costly, seller mistakes:
1. Skipping a
home inspection. Depending on the age of your
home, scheduling a pre-listing home inspection could save you a lot of time and
aggravation. You can address issues on your own time and budget before
negotiating with a buyer to fix problems.
2. Skimping on
your sales prep. While you may be tempted to ‘test
the waters’ and put your home on the market without painting it or making minor
repairs, your home is likely to languish on the market and get a reputation for
having a major problem. A thorough, professional-level cleaning should be your
bare minimum seller prep.
Your eventual sales price is likely to be lower if you don’t sell within the
first few weeks after you list your home.
3. Choosing the
wrong REALTOR®. Instead of picking a REALTOR® who’s a friend of a friend, a
relative or perhaps someone who’s great at working with buyers, take the time
to pick a REALTOR® with an excellent reputation for listing homes. Your
payoff will be much larger if you list your home with a REALTOR® with
local market knowledge and sales expertise.
4. Neglecting
to ramp up your curb appeal. If you polish and primp inside
your home but neglect to pull weeds or paint your front door, you run the risk
of potential buyers leaving without ever entering your home.
5. Withholding
information from buyers. If you hope that the buyers or
their inspector won’t find out about the leak under your bathroom sink or the
fact that your basement gets flooded every winter, you run the risk of a nasty
negotiating period, or worse, a lawsuit after the settlement.
6. Overpricing
your home. If you've hired the right REALTOR®, someone who can give you a
strong market analysis and help you determine a reasonable price for
your home, then you can avoid overpricing your home. If you don’t listen to
your REALTOR® and base your listing price on an inflated view of your
home’s value, you’re likely to end up selling after multiple price drops for
less than you would have if you priced it right the first time.
7. Being
unprepared for your next step. Whether you should buy your next
home or sell your current home first is only one part of the preparation you
need to make to move. You need a back-up plan in case your transaction on
either end takes longer or shorter than you think, and you need to understand
your mortgage payoff and the closing costs you
must pay.
8. Letting your
pets and kids spoil a sale. Part of your emotional detachment
from your home is recognizing that while you love Fluffy and your darling
twins, buyers want to visualize themselves and their own family in your home.
Bribe your kids if you have to, but make sure the house is neat and as
neutral-looking and smelling as possible. Take the kids and your pets out (or
lock up your pets) when prospective buyers are visiting – you never know if
someone who is terrified of dogs or cats will be turned off from making an
offer because of your adorable pet.
Selling a home
can be challenging, but with the help of a reliable REALTOR® you can avoid
making mistakes and reap the rewards of your sale.
Source:
Realtor.com, written by Michelle
Lerner, http://www.realtor.com/advice/8-costly-home-seller-mistakes/
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