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Home > Archives for RE/MAX Results

Housing Market Changes with the Seasons

May 15, 2017 by RE/MAX Results

Spring has sprung, which means the housing market is in full bloom. “For Sale” signs are sprouting up along with azaleas and dogwoods as buyers start to search for new homes. Each year, around 40 percent of real estate transactions occur between the months of May and August, with peak inventory times varying some depending on the region. Metropolitan areas in the Sun Belt have a much more consistent market, for example, because of their year-round warm weather. It is important to be aware that although there are advantages to buying and selling in these prime months, they aren’t necessarily the best time for real estate transactions.

Peak Season Market Tips for Buyers

House hunting during peak months has more inventory so you may be more likely to find your dream home. It’s also easier to conduct a home inspection when the lawn isn’t covered with snow. If there are problems with the air conditioner, the pool, the driveway or the roof, they are easier to spot in the summer. This is the easiest time to make a move with school age children, so families frequently opt for peak month purchases.

On the other hand, there is more competition. You may find homes being snapped up before you even have a chance to view them or you might find yourself in a bidding war for prime properties. Sellers are more likely to reject lowball offers or contingency requests. You may also discover that lenders and home inspectors have very busy schedules.

Off Season Market Tips for Buyers

Because there are usually fewer buyers, you may find that sellers are more willing to negotiate their price. You could find a real bargain if the seller has put the house on the market due to an urgency, such as an unexpected job change or a death in the family.

Of course, winter house hunting can be a headache working around the holidays and contending with bad weather. Inspections are more difficult in snowy areas. You might also find a number of homes that are for sale during these months because they failed to sell earlier. Be sure to ask your agent how long a house has been on the market and why it hasn’t sold if it has been languishing there for a while.

Peak Season Market Tips for Sellers

You can expect a better valuation for your home because the increase in sales will give more comparable data with heftier spring/summer sales. If all you have available are lower priced winter comparisons, your valuation could be hurt.

Green lawns and blooming flowers will make your home look its best and curb appeal is key. The arrival of daylight savings time means days are longer and buyers have extended time to look. More people viewing your home will give you a larger pool of prospective buyers. While buyers hope to avoid bidding wars, they can be a big bonus for you. Enthusiastic buyers are less likely to demand repairs or make other requests.

Off Season Market Tips for Sellers

You may have to contend with thrifty buyers who have waited for the off season hoping to find bargains. They may want you to take on closing costs or repairs that you will have to accommodate to get your house sold quickly. Buyers can be pickier this time of year and may decide to pass if your home needs lots of work.

The winter weather means more work to make your home look inviting. Shoveling walks and steps is essential both for visual appeal and safe access for visitors. You might want to have photos of your home during the spring months included in your online listing and displayed in the house for buyers to see.

Be Smart and Make the Season Work for You

Although some people are able to be very precise about when they buy or sell, most moves are dictated by life changes. Ultimately, the best time will be when it’s right for you. With the help of an experienced real estate agent, you can navigate the perils and advantages of the housing market no matter the season.

Filed Under: Blog Tagged With: Featured, Selling

A Backup Offer Could Be Your Secret Weapon

April 15, 2017 by RE/MAX Results

If you are disappointed to find that someone else has already submitted a contract on your dream house, you may want to consider making a backup offer. The housing market has been tight everywhere in recent months, so discuss this option with your real estate agent if you really love the house. Backup offers don’t always work out, but enough do that you might want to consider the possibility.

Because the backup offer is a binding contract, you want to be sure that your financing is approved and that you’ve included all the contingencies that you would have in a first offer. If the original contract falls apart for any reason, you must be prepared to follow through with the purchase. Make your offer a fully executed agreement signed by you and the sellers, outlining price and terms. This will ensure that they must sell to you within a specified time period if the house becomes available again.

There are many reasons the original offer might fall through:

  • The buyers’ loan might not be approved. Loans are becoming tougher to get and if they can’t get approval, the buyers will have to back out of the deal.
  • The lender will require a home appraisal to verify the home’s worth. If the appraiser says the property is worth less than the price offered, the lender can deny the mortgage.
  • The home inspection might uncover problems that the buyers don’t want to deal with and the original contract can fall apart.
  • The buyers may have made a contingency contract based on the sale of their current home. If that sale doesn’t materialize in time, the domino effect could make your dream home available again.
  • There might even be problems due to homeowner association requirements. For example, the buyers might have three pets and back out of the contract when they discover the HOA only allows two.

Several of these scenarios can work well for you and your backup offer. If the first deal crumbles, the sellers may be willing to move ahead very quickly with your offer. With a contract on the table, they had already begun the mental process of packing, moving and handing over the keys to someone else. If their deal comes to a screeching halt, the seller may be very willing to accept your backup offer just to keep the momentum going.

You may also realize an advantage if problems were uncovered by the inspection conducted for the first buyers. Those issues aren’t going away, so the seller may be more reasonable in negotiations with you rather than lose the deal a second time. The seller is legally required to disclose any problems with the house, so you will know any of issues uncovered by the first inspection before you start to spend time and money on inspections of your own.

Real estate transactions require many steps and something can go wrong at any phase of the process. Rely on your agent to walk you through every phase, including preparing a backup offer. It may save the day when your dream house is on the line.

Filed Under: Blog Tagged With: Buying, Featured

A Seller’s “Love Letter”

April 9, 2017 by RE/MAX Results

Home inspections, sales history and a good school district are the kinds of things that tend to speak to a buyer’s head. A personal letter from you about your home can speak to the heart. A home sale is an emotional choice and a “love letter” about the features that have made your house a home can make your property stand out. It may not clinch the sale on its own, but it could certainly make your place more attractive and memorable to prospective buyers. Leave copies of the letter out during an open house next to other information provided by your agent. Some sellers frame their letter and leave it in a prominent place for buyers to see. Your agent could also email it to interested prospects. Be sure to include a photo of the house within the letter.

Your writing needs to sound authentic and sincere. Make it personal and positive. You can include family memories, details about the neighborhood, information about nearby shopping and restaurants, the schools your children attend, or a little history of the house itself. Explain some of the reasons why you have loved living in this home. The sample here incorporates many of these options:

Dear Home Buyers,

Nine years ago, we were searching for our first house. We had looked in many parts of the city, but kept hoping something would open up here in Deer Run. When this house became available, we only looked at it once before making an offer and still talk about how lucky we were to get it.

The house had all the things we wanted most on our wish list:  a gas stove and double oven in the kitchen, lots of storage, a laundry room by the master bedroom and a fenced yard for our dog. But it also had nearly everything else we hoped for – a pretty mantelpiece, room for my grandmother’s piano, and a big window over the kitchen sink. The large atrium area for the breakfast nook was an extra bonus.

So many traditions and memories are tied up in this home. We always put our Christmas tree in the front window and rearranged the furniture so we could sit on the sofa to look at the tree and watch the fireplace at the same time. Add a long table or two to extend the dining room seating out into the front hallway and you can have at least 20 people here for dinner. We did that lots of times for birthdays and holidays.

We had many wonderful parties out on the deck — there’s room for a crowd. Laughter and good food were enjoyed while the kids caught lightning bugs and played flashlight tag. The neighbors whose yards touch ours are all such good people. We’ve had many great talks over the back fence. The annual Popsicle Parade on the Fourth of July has always started in front of our house with everyone back here at the end. All our immediate neighbors help host it — so much fun!

Tomato plants thrive in the side yard and the dogwood trees are beautiful in the spring. There are pink and white peonies in front, lots of tulips and daylilies come up every year and the maple tree at the back of the yard turns a spectacular red color every fall.

Aside from our house, we are going to miss the neighborhood. We are close to a couple of fabulous restaurants (be sure to try the shrimp and grits at McNeally’s!), our favorite golf course is only a half mile away, and the kids can walk to the elementary school. Actually, if we could commute to Springfield, we wouldn’t consider moving, but it’s just too far away.

This has been a home filled with love and we wish you, the next owners, the same good fortune.

Be sure to sign your name. You are giving potential buyers a look at the special memories you created in your house. It might also be a gentle, cathartic exercise for you as you say goodbye to one part of your life and get ready for the next chapter.

Filed Under: Blog Tagged With: Featured, Selling

Choosing Between Two Perfect Houses

February 25, 2017 by RE/MAX Results

You’ve searched and searched, finding nothing that suits, when suddenly you’ve found not one, but two homes that would be perfect. What to do? First, remember that your housing market may demand that you come to a decision quickly. You don’t want your dream home to get away. Be prepared to make a prompt, reasonable decision using your head as well as your heart.

Make a list to help weigh the pros and cons of each property.  Start with the basics:

  • Size
  • Condition
  • Age
  • Schools
  • Distance to your workplace
  • Transportation options
  • Homeowners association dues

Take a look at the surrounding neighborhood. Is it well maintained and safe? Look to see if there are many other homes for sale and check on the area’s crime statistics.

How long have each of your two favorite houses been listed? A seller is more likely to accept a lower offer if the home has been on the market a long time. If the price between the two homes is significantly different, the cost might be a deciding factor. Committing to a 15 or 30-year mortgage means your standard of living may be better starting with the lower price.

If you have children, you are likely interested in having other families living nearby, proximity to playgrounds and parks, as well as good schools. Even if you don’t have children, note that homes near quality schools will hold their value better than those near poor-performing schools.

Finally, which of your two candidates has the most features from the wishlist you had in mind when you started your search? A gourmet kitchen, space for gardens, room for entertaining, a home office, walk-in closets – what do you want the most and which house hits more of your hot buttons?

This list will likely nudge one home to the top. Throughout your deliberation, be sure to use your real estate agent’s skills to help guide you through the process. Your agent has great knowledge about market data and the investment potential of the properties. He or she will have important information on the situation of each of the homes’ sellers. Your agent will be glad to take you through the houses more than once or twice so you feel comfortable with your decision. Depend on your agent to take emotion out of the equation and help you look at the facts about each property.

Ultimately, you don’t want to spend too much time deliberating between the two homes or they may be lost to other buyers. If all else fails, go with your gut. If you are deciding between two dream homes, you can’t go wrong.

Filed Under: Blog Tagged With: Buying, Featured

The Importance of a Home Inspection

January 29, 2017 by RE/MAX Results

An inspection of the physical condition of a house should be included as a condition of closing the sale. Your real estate agent will make arrangements for a professional inspector to look for defects in the roof, plumbing, electrical, heating and cooling systems, paint, windows, doors, and foundation. The inspector will also check for dry rot, mold and pest infestations, and should check outside for any problems with grading, drainage or retaining walls. You might want to arrange for inspections for mold, asbestos, lead or radon. Depending on the property, you may want to ask for testing well water, oil tanks or septic systems. Most inspectors are qualified to conduct all of these tests, although some may require additional fees.

The seller is required to provide a disclosure sheet about any issues of which they are aware. This is just a starting point for the inspector, however, because there are likely problems the sellers either don’t know exist or have actually forgotten about.

It is most common for buyers to have the inspection done after they have made an offer and the sale of the house is contingent on the buyer’s approval of the results of the inspections and resulting repairs. Keep in mind that all objectionable inspection issues must be “repairs” and not “improvements”. A repair may be a broken window, for example, and an improvement would be new counter tops.

The inspection usually takes two or three hours and will usually cost between $200 to $500 depending on the size, age, location and type of home. Buyers are encouraged to be present during the inspection so they can ask questions, learn about maintenance of the property and get a sense of which problems are serious and which are fairly minor.

The inspector will provide a written report of all findings which will be presented to both the buyers and sellers. If the report shows no major problems, you can move forward with the purchase feeling confident that you are getting what you are paying for. If there are big issues on the report, like major termite damage or an antiquated electrical panel, you can negotiate with the sellers to have them pay for repairs or lower the purchase price, or you can back out of the deal completely.

Filed Under: Blog Tagged With: Buying, Featured

Planning for Pets While Selling Your Home

December 22, 2016 by RE/MAX Results

Although pets may be a significant part of your family, they can pose a challenge when your home is on the market. Pet hair and odors obviously must be addressed, but your furry friend’s presence may be the biggest problem. Although people love their own dogs and cats, they may not like others and they definitely will not be impressed with a property full of other animals’ noises, toys or hair.

Have a good plan in mind for dealing with your dog or cat before potential buyers come inside your home. Here are a few tips to keep in mind:

Clean, Clean, Clean!
Vacuum every day to keep the place spotless. Keep animals toys packed away and take down the big scratching post. Pack up the cages and carriers. Put food and water bowls out of sight before a showing. Remember the outside, too, and be vigilant with the pooper scooper while your house is on the market.

The Nose Knows
Smelly pet odors are bad and cat urine is the worst! Cat boxes and puppy pads must be put away before showings and kept super clean the rest of the time. Even a leaking fish tank can create an unpleasant stink. Don’t think that an air freshener can cover the scent — get rid of the smell with an enzyme cleaner.  Nothing will turn buyers off more quickly than bad smells and pet mess.

Repair Pet Damage
Carefully inspect all floor coverings.  You made need to hire a professional to get rid of the worst spots and stains. If you can’t fix the spots, replace the carpet. Cover scratches on the hardwood floors and doors. If your dog has clawed repeatedly on the back door, the marks will need attention. Has he dug up the yard or chewed on the fence? Be sure to inspect for pet damage thoroughly. If you have a dog house in the back, give it a fresh coat of paint.

Fleas! Fix!
If your pet has fleas, then they are in your home, too. Hire a professional exterminator to kill the fleas and have your pet treated. Fleas in your carpet and furniture will run buyers back out the door and your home will only be memorable to them because of bites on their legs!

Where Should They Go?
If possible, have your pets out of the house during showings. Take the dog to the park for a long walk or even to the office for the day. See if a friend can keep the cat for a few hours. Having pets at the house when buyers are there should be avoided if at all possible.  If not, kennel your pet or put up a temporary pen in the back yard and leave a note asking visitors not to disturb your animals. You will be running a big risk if your pet is roaming the house while strangers are there.

You want buyers to be able to see themselves living in your home. That means helping them see beyond your personal belongings, including your pets. Even a home in excellent condition will likely take a hit in sales value if pet damage and smells are not addressed. Neutralizing your pet’s presence will help you sell your home more quickly and at a competitive price.

Filed Under: Blog Tagged With: Featured, Selling

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