Date Archives: July 2022

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buying a home | 94 Posts
mortgage | 3 Posts
real estate news | 44 Posts
selling a home | 28 Posts
Uncategorized | 8 Posts
July
6

Getting ready for a home inspection is one of the more nerve-wracking things about selling your home. The good news is that you don't have to wait until after the inspection to fix some of the most common trouble spots.

There are certain spots in a home that every inspector will check. Focusing on these issues now is the best way to maximize your budget and your chance of a favorable inspection result.

  1. Address Electrical Issues
    Electrical systems are always an area of focus during home inspections as old or damaged wiring can present a significant safety hazard. You can take care of some of the simple stuff like replacing broken switch plates and making sure that all light bulbs are working. It's also a good idea to contact a trusted electrician for a full review of your electrical systems. Better to find and fix it now rather than learn about a problem on inspection day.


  2. Freshen Your Fireplace
    A fireplace can be a major attraction to homebuyers as long as it's clean, safe, and well-maintained. Staying on top of fireplace maintenance is always a good idea because an inspector will check it thoroughly. In addition to cleaning up, make sure your fireplace meets all relevant safety codes.


  3. Eliminate Mold and Mildew
    Mold and mildew in a home are enough to scare off most buyers before things even reach the stage of inspection. Scour bathrooms, basements, kitchens, and anywhere else mold might develop. You can find specially formulated cleaning products to deal with mold at most hardware stores. If you have a serious mold problem, it's worth calling in the pros to get the job done thoroughly.


  4. Fix Roof and Basement Leaks
    If you do have mold or mildew issues in your home, there's a good chance that leaks play a part. Roof and basement leaks are among the most common ways for water to enter the home and often cause significant damage before being detected. Have a professional contractor repair any leaks. It's an absolute must if you're preparing for inspection.


  5. Check Your Plumbing
    Leaks don't just come from the outside of the home and faulty plumbing is sure to draw the attention of any home inspector. Taking care of any leaks is the first priority, but it's also a good idea to make sure that your water systems are functioning at their best. Check that the water pressure is high and your water heater works properly.

Investing the time and resources to repair these problems now will save a lot of stress in the long run and will likely save you some money at closing time. Better yet, a positive inspection result puts you one step closer to turning your dreams of a home sale into a reality.

 

July
6

Moving doesn't have to be a stressful experience.

You're moving! Let's face it; whether you're moving across the street or across the country, it can be one of life's more stressful events. Before you surround yourself with cardboard boxes and packing tape, use these tips to find and hire a reliable moving company in your area.

  1. Stay Local
    Use someone in your local community. Ask your real estate agent, family, or friends who they trust for moving projects. They will point you in the right direction.

    The majority of moving scams are found online so stay local by searching businesses in your hometown. You can search online but remember, by staying local, it is easier to verify that they are a legitimate business.


  2. Read Reviews
    In the moving industry, reputation is everything. You're going to tell everyone how great the movers were and that word of mouth is what keeps their business going.

    Further, check out the reviews posted for several moving companies that you are researching. In doing so, you will help ensure that you get a great company for a good value.


  3. Visit the BBB
    Visit the Better Business Bureau and check for any complaints or reports against the moving company. Look for customer complaints and business reports, and even check their Department of Transportation license. Simply ask your moving company for their DOT Number.

    You can then search the database to investigate their record. Make sure the company is insured. Check their insurance number. Visit the moving companies beforehand to see what their operations are like.


  4. Get Estimates
    Get at least three estimates from three different companies that have passed your initial screening tests. Try to ask for a not-to-exceed binding estimate. This means a cap will be placed on the maximum amount they can charge you for the move.

    When the moving company comes to your home, show them your belongings. Further, let them see your home's layout and what challenges they may face with stairs or other obstacles in moving items out of your home. Estimates should be free and always conducted in person. Phone estimates are bad.


  5. Check the Paperwork
    Just like selling your home comes with paperwork, so should a good moving company provide you with several documents. They should give you a bill of lading, which is a legal document that serves as a receipt of the shipment of goods.

    Further, an inventory list should include all of the items they are moving for you. The most important document is the estimate itself which should be a written binding estimate which is dated and signed by the moving company.

You Are Ready to Move

You have checked potential companies thoroughly and should feel good about your choice. You have done your homework. Now choose the best one. A smooth transition awaits.

July
6

Your vacation is just around the corner. One thing you might not have planned is double-checking your home security.

The security of your home is just as important as your hotel reservations and flight schedule. These simple steps will help you avoid coming home to find your valuables were stolen or your house damaged.

  1. Newspaper and Mail
    Either ask a neighbor to bring in your newspapers and mail or stop deliveries until after vacation. You can also stop any scheduled UPS package deliveries. UPS will hold them for up to 30 days. Mail and newspapers piling up in your mailbox are sure signs that you're away.

  2. Light Timer
    Plug several lights throughout your home into a timer. It's also a good idea to have your television or speakers on the timer to create noise. Stagger the settings so your lights don't always come on simultaneously every day. You can pair many timers with an app on your smartphone so that you can control it from anywhere.

  3. Home Improvement
    Before leaving for vacation, mow the lawn, trim your shrubs, wash the windows and clean up the yard. An overgrown lawn is a sure giveaway that no one is home. Burglars are less likely to target a well-maintained home, thinking someone is there. If you're planning an extended trip, hire someone to mow and water the lawn and make other small home improvements while you're away. For example, if a storm blows through, have someone pick up fallen branches and knocked over lawn furniture.

  4. Check the Locks
    If you don't have durable deadbolts, consider replacing them before you leave. Lock all your windows, the garage door, the basement door, and any deck entryways. Secure every entry into your home. If you have a house key hidden outside, remove it because an experienced burglar will find it. Give your house key directly to any person you have coming to your house to water your plants or feed your fish while you're away.

  5. Let The Authorities Know
    Before heading out the door, call the local police and let them know the dates you'll be out of town. Most local PDs send a police car by your home a few times, making sure nothing looks amiss.

  6. Leave The Blinds Open
    Many people think it's better to close the window blinds, so no one can peek into the house while on vacation. This is actually not a good idea. If everyone in the neighborhood has window shades pulled up and your house has the shades down, it's a red flag.

With these tips, you can relax on your vacation without worrying about what's going on back home.

July
5

No matter what's going on in the housing market, the process of selling a home can be challenging. Some sellers have a hard time saying goodbye to a treasured family residence. Others want to skip ahead to the fun of decorating and settling into a new place. Almost all sellers want to make the most money possible.

Whatever your circumstances, the road to the closing table can be riddled with obstacles — from issues with showings and negotiations to inspection surprises. But many of these complications are avoidable when you have a skilled and knowledgeable real estate agent by your side.

For example, here are seven common mistakes that many home sellers make. These can cause anxiety, cost you time, and shrink your financial proceeds. Fortunately, we can help you avert these missteps and set you up for a successful and low-stress selling experience.

MISTAKE #1: Setting an Unrealistic Price

Many sellers believe that pricing their homes high and waiting for the "right buyers" to come along will net them the most money. However, overpriced homes often sit on the market with little activity, which can be the kiss of death in real estate — and result in an inevitable price drop.1

Alternatively, if you price your home at (or sometimes slightly below) market value, it can be among the nicest that buyers see within their budgets. This can increase your likelihood of receiving multiple offers.2

To help you set a realistic price from the start, we will do a comparative market analysis, or CMA. This integral piece of research will help us determine an ideal listing price based on the amount that similar properties have recently sold for in your area.

Without this data, you risk pricing your home too high (and getting no offers) or too low (and leaving money on the table). We can help you find that sweet spot that will draw in buyers without undercutting your profits. 

MISTAKE #2: Trying to Time the Market

You've probably heard the old saying, "Buy low and sell high." But when it comes to real estate, that's easier said than done.

Delaying your home sale until prices have hit their peak may sound like a great idea. But sellers should keep these factors in mind:

  1. Predicting the market with certainty is nearly impossible.
  2. If you wait to buy your next home, its price could increase as well. This may erode any additional proceeds from your sale.
  3. If mortgage rates are rising, your pool of potential buyers could shrink — and you would have to pay more to finance your next purchase.

Instead of trying to time the market, choose your ideal sales timeline. This may be based on factors like your personal financial situation, shifting family dynamics, or the seasonal patterns in your neighborhood. We can help you figure out the best time to sell given your individual circumstances.

MISTAKE #3: Failing to Address Needed Repairs

Many sellers hope that buyers won't notice their leaky faucet or broken shutters during home showings. But minor issues like these can leave buyers worrying about more serious — and costly — problems lurking out of sight.

Even if you do receive an offer, there's a high likelihood that the buyer will hire a professional home inspector, who will flag any defects in their report. Neglecting to address a major issue could lead buyers to ask for costly repairs, money back, or worse yet, walk away from the purchase altogether.

To avoid these types of disruptions, it's important to make necessary renovations before your home hits the market. We can help you decide which repairs and updates are worth your time and investment. In some cases, we may recommend a professional pre-listing inspection.

This extra time and attention can help you avoid potential surprises down the road and identify any major structural, system, or cosmetic faults that could impact a future sale.3  

MISTAKE #4:  Neglecting to Stage Your Home

Staging is the act of preparing your home for potential buyers. The goal is to "set the stage" to help buyers envision themselves living in your home. Some sellers opt to skip this step, but that mistake can cost them time and money in the long run. A 2021 survey by the Real Estate Staging Association found that, on average, staged homes sold nine days faster and for $40,000 over list price.4

Indoors, staging could include everything from redecorating, painting, or rearranging your furniture pieces to removing personal items, decluttering, and deep cleaning. Outdoors, you might focus on power washing, planting flowers, or hanging a wreath on the front door.

You may not need to do all these tasks, but almost every home can benefit from some form of staging. Before your home hits the market, we can refer you to a professional stager or offer our insights and suggestions if you prefer the do-it-yourself route.

MISTAKE #5: Evaluating Offers on Price Alone

When reviewing offers, most sellers focus on one thing: the offer price. While dollar value is certainly important, a high-priced offer is worthless if the deal never reaches the closing table. That's why it's important to consider other factors in addition to the offer price, such as:

  • Financing and buyer qualifications
  • Deposit size
  • Contract contingencies
  • Closing date
  • Leaseback options

Depending on your circumstances, some of these factors may or may not be important to you. For example, if you're still shopping for your next home, you might place a high premium on an offer that allows for a flexible closing date or leaseback option.

Buyers and their agents are focused on crafting deals that work well for them. We can help you assess your needs and goals to select an offer that works best for you.

MISTAKE #6: Acting on Emotion Instead of Reason

It's only natural to grow emotionally attached to your home. That's why so many sellers end up feeling hurt or offended at some point during the selling process. Low offers can feel like insults. Repair requests can feel like judgments. And whatever you do — don't listen in on showings through your security monitoring system. Chances are, some buyers won't like your decor choices, either!

However, it's a huge mistake to ruin a great selling opportunity because you refuse to counter a low offer or negotiate minor repairs. Instead, try to keep a cool head and be willing to adjust reasonably to make the sale. We can help you weigh your decisions and provide rational advice with your best interests in mind.

MISTAKE #7: Not Hiring an Agent

There's a good reason 90% of homeowners choose to sell with the help of a real estate agent. Homes listed by agents sold for 22% more than the average for-sale-by-owner home, according to a recent study by the National Association of Realtors.5

 Selling a home on your own may seem like an easy way to save money. But in reality, there is a steep learning curve. And a listing agent can:

  • Skip past time-consuming problems
  • Use market knowledge to get the best price
  • Access contacts and networks to speed up the selling process

 If you choose to work with a listing agent, you'll save significant time and effort while minimizing your personal risk and liability. And the increased profits realized through a more effective marketing and negotiation strategy could more than make up for the cost of your agent's commission.

We can navigate the ins and outs of the housing market for you and make your selling process as stress-free as possible. You may even end up with an offer for your home that's better than you expected.

BYPASS THE PITFALLS WITH A KNOWLEDGEABLE GUIDE

Your home selling journey doesn't have to be hard. When you hire us as your listing agent, we'll develop a customized sales plan to help you get top dollar for your home without any undue risk, stress, or aggravation. If you're thinking of buying or selling a home, reach out to a Montague Miller real estate professional today to schedule a free consultation and home value assessment.

Sources:

  1. The Washington Post -
    https://www.washingtonpost.com/business/2019/07/22/just-because-its-sellers-market-doesnt-mean-you-should-overprice-your-home/
  2. com -
    https://www.realtor.com/advice/sell/spark-a-bidding-war-for-your-home/
  3. American Society of Home Inspectors - https://www.homeinspector.org/Newsroom/Articles/Before-You-Sell-6-Reasons-to-Get-a-Pre-Listing-Inspection/15766/Article
  4. Real Estate Staging Association -
    https://www.realestatestagingassociation.com/content.aspx?page_id=22&club_id=304550&module_id=164548
  5. National Association of Realtors -
    https://www.nar.realtor/research-and-statistics/quick-real-estate-statistics