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Buy and Sell Simultaneously

Buy and Sell Simultaneously
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GetMedia-58Buying a home while selling a home – and trying to close both deals at the same time — requires great timing and coordination, a little luck and the understanding that at least one of the parties involved is probably taking a risk. In a sellers’ market, buyers often face more risk and frustration than sellers. It can be tough to buy and sell simultaneously, but with the right help-it can be done!

What is a “sellers’ market”?

It’s a real estate market in which sellers are more likely to sell their home for close to asking price and where listings spend less time on the market. Those factors give sellers more power when it comes time to negotiate.

Buying a home can be stressful, selling a home can be stressful; doing both at the same time is almost sure to result in a few sleepless nights. Accepting that fact upfront and doing some advance planning will help your situation.

Most people buy homes that need some work done before they move in, and time is limited, so they need to get plumbers and painters and floor people in when they need them and in the order that they need them.

There are a lot of details that need to be handled very quickly, If you approach this like you’re managing a major project at work, and you can adhere to a timeline, your transition can be a fairly smooth one.

Start planning early

If you are in a simultaneous buy-sell adventure, seek professional advice early on. Meet with your real estate agent and lender far in advance. An agent who has experience in your local market will be able to help you understand your home’s value and should be able to talk you through the various buying-selling scenarios.

Option 1: Buy first, then sell

Buyers who qualify may want to buy their new home before selling their old one. Understand that you’ll likely need to prove to your lender that you have enough cash in the bank to make a down payment, pay closing costs and cover mortgage payments for two homes. Yes, buying a new home while you already own a home may be a financial stretch, but in a sellers’ market, there are typically fewer homes for sale than you’d find in a buyers’ market. That fact may add difficulty to the task of finding a new home that suits your needs and budget.

Option 2: Sell first and buy second

If you sell first and buy second, you have the advantage of knowing exactly how much money you have to invest in a new home. Because sellers have the power in these situations, you can likely include a rent-back clause in your sales agreement, through which the buyer allows you to rent your home back for 30 to 60 days after closing, to give you more time to find a new place.

Many variables can come into play when you’re buying and selling property, and any one of them can affect the decisions you make along the way. Take time upfront to prepare yourself, your home and your finances so your real estate transactions go as smoothly as possible.

Start your search here

 

Tracy Tkac
301-437-8722
Evers & Co.
Tracy@eversco.com
www.WashingtonHG.com

 

How Much Waiting to Buy Could Cost You

If you’ve been on the fence about buying a home now or delaying your purchase until next year, you’ll want to pay attention to this: The house you can afford today may be out of reach a year from now due to rising interest rates and home price appreciation.

To put a dollar figure on it, Zillow applied next year’s forecasted home values and a 1 percentage point interest rate increase to the median home price in 35 metros around the country. We used that to calculate the difference in mortgage payments. The results may surprise you.

“More often than not, buyers do not understand the profound effect of rising interest rates on affordability,” said Erin Lantz, vice president of mortgages at Zillow. “Many buyers associate a 1 percentage point interest rate change with a 1 percent change on a piece of clothing or the price of a car, when in fact they are very different.”

As a rule of thumb, Lantz said, a 1 percentage point increase in mortgage rates reduces affordability by 10 percent.

Of course, buying a home is not all about the money. Making sure you are financially stable and ready to make a significant long-term financial commitment should always come first.

To see which metro areas would be most affected by a 1 percentage point increase in interest rates, see the graphic below. For a deeper analysis, visit Zillow Real Estate Research.

Mortgage1Percent_Zillow_Aug2014_c_02

 

Spring Storage Solutions

Biggest Home Organization Trends

Spring is here, which means it’s time to get organized. This season, homeowners are spending less on big projects and are focusing on smaller-scale home renovation plans. According to the latest Zillow Digs Home Design Trend Report, built-in cabinets, cubbies with baskets or trays and repurposed antique furniture are the biggest home organization trends.

Call Washington Homes Group for home staging and decluttering ideas www.washingtonhg.com  202-719-0078.

To learn more about this season’s hottest storage trends, we asked Zillow Digs Board of Designersmember and design expert Mara Miller of Carrier & Company Interiors in New York to help solve three spring storage myths. Check out her surprising tips below.

Myth No. 1: Built-ins have to be custom

builtin 3

Photo credit: J. Schwartz, LLC Remodeling

The Reality: Save your dollars for other remodels. You can find great premade options at hardware stores that when painted can look just as beautiful as a custom built-in.

Mara reminds homeowners not to reinvent the wheel when installing built-ins. Instead, Mara recommends that remodelers “look at the simplest stock options available” that will give you a custom look without breaking the bank. Your local hardware store is a great place for premade cabinets or mass-cut wood pieces for built-ins. “Try painting the wood to match your trim or molding color to make the unit look as if it’s always been there,” says Mara.

Myth 2: Cubbies and open shelves don’t offer adequate storage space

cubbies

Photo credit: California Closets

The Reality: Cubbies and open shelves offer great storage space, just be sure to select quality storage containers

Cubbies provide ample storage; just make sure to choose your storage containers carefully.  “Selecting your accessories are often more important than the furniture themselves,” says Mara. Maximize storage with beautiful trays and baskets, which are perfect for those less visually appealing items such as electronics or other knick knacks. Be sure to “shop around for good containers that are attractive in and of themselves,” advises Mara, as open shelves and cubbies leave little to the imagination.

Myth 3: I need to invest time and money in refurbishing antiques

antique

Photo credit: Design Development NYC

The Reality: Don’t invest in a complete overhaul. Antiques are supposed to look vintage, that’s what makes them unique.  

“Fully refurbishing an antique is when you do the most damage,” says Mara. In general, it’s best to do less, not more when working with antiques. You can maximize storage by adding in shelves or rods for linens and coats. But be conscious of the “furniture’s age and history – it’s not supposed to be modern and shiny,” reminds Mara. The more character the better!

AUTHOR:

Twelve easy tips for decluttering your home

Washington Homes Group

 

www.WashingtonHG.com
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Twelve easy tips for decluttering your home

Show more closet space, bigger rooms, more counter top space

Think about what you look for when you are shopping for a new house.

More closet space, bigger rooms, more counter top space in the kitchen just to name a few.

Buyers coming to see your home want to see that and more.

First, it’s important for buyers to see that the home has plenty of storage space.

Second, when buyers tour an organized, decluttered home it gives the impression that the home is well cared for.

Follow these 12 steps before putting your home on the market.

1. Clear off the kitchen counters.

Take everything off the kitchen counters that you don’t use every day. Also, hide away dish soap and sponges (Buyers don’t want to think about washing dishes. They want to dream about entertaining in your gorgeous kitchen.) Add one pretty decorative item to the kitchen counters and you’re done.

2. Take everything off the fridge.

Personal photos, magnets, and sticky notes all should be cleared away. That includes anything that’s being stored on top of the refrigerator.

3. Start boxing up kitchen items.

Buyers often focus on kitchen cabinet space, so you don’t want cabinets to be packed. To avoid this problem, simply look through your kitchen cabinets and take any item you don’t use on a regular basis and box it up.

4. Recycle old electronics.

If you have antiquated computer and printer, cell phones, and the like in your home office, stop by Best Buy, where they’ll recycle these items for free.

5. Donate

If you have excess furniture or household items that you don’t want,  You can usually find someone who needs these items and will pick them up for free.

6. Look for hazardous waste day.

Most towns periodically have a hazardous waste day when you can bring in old paint, pesticides, medications, and other items that aren’t safe to throw in the trash bin.

7. Clear off the bathroom counters.

Your master bath should feel luxurious to buyers, like a hotel suite. Stow away personal care products under the counter or in a little basket in the closet. This way they’re easily accessible to you but are out of the way when buyers are touring your home.

8. Put away personal photos as well as political and religious items.

Think about having your home look “magazine ready”.  Personal items only serve to distract a buyer. We want them to focus on the beautiful details of your home, not on your family photos. We want them to envision themselves living there.

9. Put away off season  clothes.

Box up clothing, shoes, and accessories to create more space in your closets. Rent a storage space if needed.

10. Organize your master bedroom closet.

Arrange clothing based on type and color, it’s an easy way to make the space look roomy and organized.

11. Purchase new bedding.

New bed covers and pillows create a fresh look for the bedrooms and new clean towels for the bathroom help make a great first impression.

12.Clear out garage and basement.

These two rooms are often overlooked. The garage and basement are catch all rooms and take up valuable storage space. Donate, discard or pack up for the move.

Buying in a Competitive Real Estate Market

Buying in a Competitive Real Estate Market 

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By Tracy Tkac

Washington Homes Group

www.WashingtonHG.com

 

The Washington, DC area housing market is quite competitive right now due to lack of inventory and pent up demand. Home sellers located in the closer-in communities to the city and many homes located in the city are receiving multiple offers for the sale of their home.

Preparation is the key to submitting the winning offer for your new home and buying in a competitive real estate market.

The components to a successful offer to purchase include;

  • Contract of Sale (including buyer signed disclosures provided by the seller)
  • Preapproval Letter
  • Financial Information Sheet
  • Earnest Money Deposit
  • (Possibly) Escalation Clause

 

Get Preapproved

Getting preapproved is a must when you’re in a competitive real estate market. Sellers look for the most qualified (and most likely to complete the sale) buyer. Not having a preapproval will severely hinder your ability to move quickly and make an offer when you find the house you would like to own.

 

Work with an Experienced Buyer’s Agent

Most people think that working directly with the listing agent will give them an edge in getting a property, but this isn’t the case because listing agents have a fiduciary duty to the seller. You wouldn’t think of going to court and relying on the opposition’s lawyer for advice. Buyer’s agents work for the best interests of the buyer; a buyer’s agent will guide you in locating the property and strategizing and negotiating the terms of purchase for your best result in purchasing your home and if a property is listed in the multiple listing system, the commission is paid by the. seller.

 

Go ASAP

If you’re interested in a property, you need to be there within 24 to 48 hours of the time it hits the market. If you’ve seen the house and you’re ready to buy, you should make your offer as soon as possible.

 

Make Your Offer Appealing

When there is competition for a single property, your offer has to be impressive.

Come in with your highest and best offer. Make an offer that is at least at market value, if not more. Consider using an escalation clause, which is a tool that makes your offer price increase to an amount predetermined by you in increments called “the escalator”, the sales price could escalate by those increments to the escalation ceiling; the top price you are willing to pay. It will only come into play if the completing offer(s) are higher than your original offer and the listing agent will have to prove the offering prices by sharing them with your agent and you before utilizing the escalating clause. 

Let the seller know you’re flexible.  Give the seller some appealing terms like; flexibility of occupancy, shortened inspection periods and the settlement date of the seller’s choice.

Don’t ask for seller concessions. 

Keep in mind that these tips don’t necessarily apply to all homes. Whether it’s due to the property, the pricing, or the area you’re interested in, some homes might not have as much competition. If you’re educated about the market, however, you’ll be able to spot when there’s competition and when there isn’t, and that can make all the difference in how you approach the sale.

301-437-8722/ 202-364-1700 Real Estate Professional Licensed in Maryland, Virginia & Washington, DC