How to Prepare for the Fall Real Estate Market

The fall market is the second-busiest time of the year for real estate. People want to conclude their home buying and selling before winter, and the temperatures drop to comfortable levels after months of hot, muggy weather that traps people inside air-conditioned havens. The fall real estate market starts just after the last of the summer vacation wraps up, and it can be a highly competitive arena.

Buyers, what might your to-do list look like for August? A few suggestions: Make sure your pre-approval letter is updated and that your lender/mortgage broker is standing by to customize that letter for the offer that you will be making. Select the right real estate broker/agent to work with, one who is on the same page with how you like to work, and on top of the market, both the inventory and the temperature (important in a multiple-offer situation). Know the inventory; go to open houses on the weekends to finely tune what you want and don’t.   If you do find a home that you're interested in buying, don't wait to put in an offer; make an offer as quickly as possible if you're truly interested in a home, as even a delay of a day can mean someone else gets their offer in before you do.  It is a highly competitive market and you do not want to miss out.

Sellers, get to work putting your house in proper order for your sale. Clean up the yard and do some pre-market planting now so that the plants will look more established when your lovely home makes its debut. Meet with your stager to walk through your house. Together you can determine what painting needs to be done and the extent of cleaning required to optimize the interior spaces for showing. Search real estate listings for homes that are comparable to yours. Note the upgrades, the age of the home, the size of the lot and the curb appeal. This knowledge, along with the help of your Realtor will give you a good idea of how to price your home to sell.

The market is still going strong. If you are considering selling or buying this year it important to know tat interest rates are still incredible.  Homeowners who have been thinking of moving are getting ready to act on their thoughts and take advantage of the fall real estate market, so don't miss this opportunity!


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How to find a good school system

Moving and relocating your child to a new home, a new neighborhood and a new school is always going to be difficult, especially if you've been involved in your child's education by helping out in the classroom. You know every teacher and feel confident your child is receiving a good education.  So, how can you be sure that you can find a home in a good school district?  Here are a few tips:

Start with online research.

The Nation's Report Card provides information on state performances in the essential learning areas, such as reading, math and geography. If you're moving to a new state, this is the place to start. Also go to the National Center for Education Statistics (NCES) to obtain facts such as student/teacher ratio, number of students and enrollment by gender and race.

Take a school tour.

The best way to determine which school is best for your child is to take a school tour. Most schools will accommodate parents. Just call ahead and ask for a staff person to show you the facilities. Try to book a tour when school is in session, so you can observe some classes and speak with students. Ask if you can bring your child with you so they can observe and provide their input as well. This is key to helping your child feel part of the process which in turn will help the transition to a new school.

While on the school tour there are some questions to ask and recommended by findgoodschool.com:

Question: How many classrooms do you have?

Question: What is the average number of students per class?

Question: What facilities do you have, above and beyond the usual?

Question: What extra-curricular activities do you offer? And are students and teachers actively involved?

Question: Can you provide me with a copy of the school's curriculum?

Question: What is the school's approach to reading, writing and math?

Question: What kind of supportive equipment do you have and is it readily available for each class?

Overall, you should get a good sense of the school by just being in it for a day, by listening to students and teachers and by asking lots of questions. And in the end, you should walk away feeling that this is the right place for your child and you are making the right move.

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Why work with a buyer's agent?

When you are involved in a business transaction it is always important to have someone working on your behalf.  Although buying a home is personal, it is no question that it is a business transaction.  I am often asked why a buyer would need a buyer's agent working for them.  Many think that just going through the listing agent of the home they would like to buy somehow get them the best deal. It is quite the opposite.  Here are the reasons it is always best to have a buyer agent represent you when purchasing a home:

It's FREE - That's right,  having a buyer's won't cost you a thing. It's the seller who pays the commission, not the buyer.

It's Convenient - Targeting the right neighborhoods,  finding homes that fit your criteria and scheduling showings can be a full time job. If you already work 9-5 it can become daunting and overwhelming very quickly.

 

Market Knowledge - Understanding the local market is key to finding the best home at the best price possible. And market knowledge is something that isn't easily attained in a short period of time.

Professional Negotiation - Making an offer and negotiating with a seller is by far one of the most specialized parts of the home buying process. A good buyer's agent will be skilled and experienced in the negotiation of the price you will pay for a home.

Professional Connections - Getting to the closing table requires the expertise of a number of professionals. Mortgage brokers, inspectors, contractors just to name a few. Buyer's agents have worked with a number of providers, both great and not so good. When you hire a buyer's agent you get access to their network rather than having to research and build relationships from scratch.

Access to Comps/Sales Info - Comps are extremely valuable when you're considering how much to offer on a home. Agents have access to the latest sales prices of comparable homes and can help you submit an offer that will be acceptable to both parties. This is just one way that a buyer's agent can save you money during the home buying process.

Mitigator of Emotions - Buying a home stirs up a lot of emotions, which is to be expected. However, if those emotions aren't kept in check it can cause many problems that could otherwise be avoided. A good agent removes the 'emotion' in a transaction and helps all the parties keep on track with their goals and more or less 'neutralizes' most situations.

 

Buying a home can be a long, emotional, expensive process. It is also an exciting, life changing step in a person's life, whether it is your first home or your 10th home. It is important to have expert advice, every step of the way, to make sure that you make a sound investment and get the most from your money. Plus, it can take some of the pressure off while you attend to other responsibilities in your life.

 

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Making Small Spaces feel Larger

Even if your home is not for sale or you do not plan to sell, there are ways to make the best of what you have, and that includes making a small living space feel larger.  If you are selling, then you will want to consider making a small space feel larger so that buyers do not feel cramped.  Here are a few ways to make the best of a small space:

Get rid of clutter. A small room is going to feel even smaller if you have a lot of clutter. Try to  keep a minimalist decorating approach.

             

Remove all furniture that is not essential. This will depend largely on the type of room that you are dealing with. For example, a bedroom really only needs a bed and a nightstand. Your dresser can be placed in the closet if necessary, and big nightstands can be replaced with smaller versions. You can also purchase a bedframe without doors. You will still have enough room for your clothes, but it won't take up any extra space.

 

Paint the walls a light, neutral color. Avoid dark colors when you are painting a small room. White, cream or a light tan will make the room seem lighter and bigger.

 

 

Replace any dark upholstery or bedspreads. Once again, dark colors make the room feel smaller. Replace any dark bedspreads with lighter colors. You can change the color of dark sofas, couches, and chairs with slipcovers.

 

Add mirrors.  If you want to make a small room feel bigger, try adding mirrors to one wall. That will give the illusion of having more space.
             

 

Consider changing the flooring. A carpeted room can feel smaller than it actually is. Replace it with wood floors and add a small throw rug in the center. This will increase the amount of visual space in the room and it will feel bigger.


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Buying & Selling at the same Time

Now that the real estate market has picked up again, many are taking that leap of faith to sell their homes.  Obviously when you sell, you have to move somewhere, so that usually means purchasing another home. While doing both at the same time can be challenging, a little planning can help for a smooth transition.  Here are 5 things you can do to successfully sell and buy a home at the same time:


Prepare for the stress. Buying a home is stressful, so guess what? Selling a home is stressful too! When both cross paths it can be, to say the least, overwhelming.  It can bring on emotions that can be difficult to deal with on many levels. The potential of two mortgages and trying to time everything just right will probably cause a lot of sleepless nights and pressure on the family.

Part of making it a little easier is accepting up front that it will be stressful. It is best to try and understand that most homeowners go through this, and that there is a light at the end of the tunnel. Do your homework, plan as much as possible, and most importantly, take care of yourself.

Meet with an agent early on.  Researching online tools  will help to guide you,  but a local agent will help you understand your home’s true current market value and marketability. A good agent is in the trenches daily and knows your neighborhood and market inside and out. Many homeowners are far off from what the value of their home is or what the current market will bear. A good agent will put them on the right track.

Learn about the market where you want to purchase. After getting some numbers for your home’s sale you need to do the same on the purchase side.  What are your priorities? Determine your needs and understand what you will get for your money when you buy. You need to know this to factor in how financing will work with the buy/sell. Ask these questions about that market- Is it more or less competitive than where you live now? How long can you expect to search for a home? This will factor into your sale timing. If you’re moving within the city or town where you live, your listing agent will likely serve as your buying agent. If you’re moving just outside your area, you may need to ask your agent to refer you to an agent knowledgeable about that area.

Understand your financial position. Once you understand the numbers on both the purchase and the sale, you need to know your financing options. Most people today do not have the financial means to purchase another home before selling their own, so knowing this upfront can help you plan. Ask a  local mortgage broker to give you an idea of what kind of down payment you’ll need to make a purchase, given the price point and type of home you wish to purchase. How much equity do you have in your current home, and is the equity available? Do you have enough of a down payment already available and would a lender allow you to make the purchase before selling the home? Knowing these things are invaluable and will avoid any unnecessary surprises.

Make a plan. Now that you know your numbers, it’s time to come up with a plan. The plan can vary greatly, depending upon any number of conditions. 

Buying in this competitive market?  Adding a contingency that your current home must sell before may not always work.

Selling in a competitive market? You may be able to negotiate with the buyer for a longer escrow. This would buy you time on the purchase side.

Need temporary housing? Start researching those options now.

There are so many variables that can come into play when buying or selling. Each  affect your decision-making process. Planning for the variables as much as possible early on will help you avoid sleepless nights, stressful days, or even fights with your loved ones! 

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Making an Offer in a Seller's Market

In today's fast paced real estate market it is not uncommon to see multiple offers and buyers are feeling the heat.  Low inventory  has buyers scrambling to put their best foot forward when making an offer.  Sometimes home buyers wonder if it's even worth trying to compete against other buyers in a sellers market and can often get frustrated.  If you love the home, it's almost always a good idea to write an offer anyway. Here are tips to make your  offer more appealing than the rest:

 Submit a good earnest money deposit. 

Many sellers are worried that once they commit to an offer, the winning buyers might back out of the transactionafter all the other buyers have disappeared. The earnest money deposit is part of your down payment. By increasing it above normal limits, you are showing the seller you are serious about closing. You're only offering the seller more money a little sooner than later, but it shows you mean business.

Show the Sellers You Are Qualified.

Almost every multiple offer will be accompanied by a lender letter. To stand out, ask your lender for a pre-approval letter, which is different than a prequalified letter. Being preapproved makes you a stronger buyer in the seller's eyes.

Shorten Contingencies.

By federal law, you have 10 days for inspections due to lead based paint, unless you waive that right in writing. Always get a home inspection, but tighten the time period so the sellers don't feel like they have to wait too long.  Leaving less time from offer to close, granted your lender can live up to the deadlines, is a great way to entice sellers

Write Your Best Offer.

Last word of advice-don't hope for negotiation. Offer your highest price and make it attractive, even a bit above list price if you know there are multiple offers. Ask your agent for a market analysis to determine pricing. Sometimes sellers deliberately set a price below comparable sales in an effort to generate multiple offers, so paying a little extra doesn't necessarily mean you are paying over market value.

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Securing your home while on vacation

 

Summer is here which, for many of us, means vacationing and long weekend getaways.  No matter where you  live, you are always vulnerable to burglary when your home is left unattended for an extended period of time. I found some tips from the National Association of Mutual Insurance Companies to help keep your home secure while away:

Ask a neighbor to take in the newspaper, mail, and any other deliveries.

Arrange to have the lawn mowed at regular intervals.

Store all valuables.

Leave window shades and draperies in their usual positions, but do not close them all the way on the street side of the house.

Lock all doors and windows including those in the garage, the basement, and the attic.

Disconnect electrical appliances and lower air conditioning/heating units to energy-saving levels.

Make sure auto, fire, and health insurance policies are correct.

Leave a house key and itinerary with a neighbor, friend, or relative. Be sure someone knows how to operate your alarm system if your home has one.

An alarm system is a very effective deterrent to burglary especially if the system is advertised by a window sticker or a sign on the property.

 

You've packed up your suitcase and planned your itinerary be sure to take the time to protect your home while you’re away.  Keep in mind that July and August are popular vacation months, and not surprisingly, they’re also the months when home burglaries peak. You want to fully enjoy your trip, so be sure to give yourself that peace of mind that your home is secure.

 

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