Tag Archives: Washington DC homes for sale

Factors to Consider When Pricing Your Home to Sell

Unlike the cost of a gallon of milk or a flat-screen television, a home’s price can be hard to pin down. It’s complicated because each home is unique, and has its own story to tell.

When it comes to pricing your home to sell, the only thing to do is to look at the recent sales and active listings of similar homes in your area. Combine this research with the inside market knowledge of a local real estate agent, and you can confidently choose your list price.

Here are some guidelines to keep in mind when determining how much to ask for your house.

Make sure to look at recent comps

Markets change fast, so it’s best to find comparable sales within the past three months. If you go back too far, you will see homes where a deal might have been made many months before it closed.

Real estate markets can turn on a dime, so a deal put together more than six months ago isn’t applicable. Pending sales are your best indicator of the current market’s conditions.

Understand that fixtures and finishes matter

Let’s face it, buyers prefer a tastefully home renovated home with neutral finishes and fixtures over an unrenovated home, one stuck in the ’80s, or one with outlandish decorations.

When looking at comparable houses online, you must be objective. If your home isn’t updated, it’s not going to sell for as much.

Here’s the good news: The amount of money it would cost to upgrade your house is probably a lot less than the difference in value. Be open to making some small changes before listing.

No two homes are alike

The 2,000-square-foot, 3-bedroom, 2-bath home with two-car parking on a quarter acre down the street just closed for $500,000. That means your home — also a 2,000-square-foot, 3-bedroom, 2-bath house with two-car parking on a quarter acre — is also worth $500,000, right?

Not so fast. What you don’t realize is that the other home’s three bedrooms are not all on the top floor, and that the home lacks an en-suite master bathroom, its kitchen is closed off from the living areas, and the layout is choppy.

Buyers pay more for better floor plans and flow. Your home, with an open concept kitchen/living area and three bedrooms all near each other, is much more valuable.

Small nuances in the market will affect price

Understand that each comparable home requires some serious research before calling it a “comp.” A house down the block may seem like it’s the same location as yours, but it could be in a different school or tax district, which will affect its value.

A smaller home may have sold for 20 percent more than yours, but maybe it was on a double lot that could be split, which makes it more valuable to a builder or developer.

If you see a nearby home with a price that seems off the mark, there must be a reason. Dig deeper to uncover what it is, and realize that the home may not, in fact, be a comparable one.

Go see homes for sale

Rarely does anyone decide to sell overnight. Once you realize a sale is in your future, get out and see what’s in your market. Check out open houses nearby to see the interiors for yourself.

Homes you see in January will likely be pending or closed by the time you list in April. Or they may still be on the market, which is an indication of poor pricing.

Check out the different floor plans, finishes and fixtures of nearby homes for sale, and consider whether each is more or less valuable than yours.

The best seller is the informed one. So don’t rely solely on your agent’s word about a particular house, or the market in general.

Use your agent as a resource

The earlier you bring a local real estate agent into the fold, the better. Top agents tour properties regularly, and know their market inside and out. They can likely explain the seemingly inexplicable, and offer tips to help make your home more valuable.

A good agent has the inside knowledge on pending homes sales and their finger on the pulse of the market 24/7. But remember to research independently, and never rely solely on the advice of your agent.

BY BRENDON DESIMONE ON 11 JAN 2016

Tracy Tkac
301-437-8722
Evers & Co.

Tracy@eversco.com
www.WashingtonHG.com

 

Relocating to an Unfamiliar Area

Relocating to an Unfamiliar Area? Here’s How to Get Your Bearings

Navigating the new digs.

kasto80 / iStock

Choosing a home in an unfamiliar neighborhood can be nerve-racking, but it’s almost inevitable when moving to a new city—or even across town. There’s a lot at stake: The wrong decision can cost you money and peace of mind.

Here are some tips to guide you in your search.

Mission: Neighborhood reconnaissance

As with any house hunt, you should first figure out your budget and what you would need, want, and like to have in a house and in a neighborhood. But if you’re relocating across the country, your biggest challenge will be doing long-distance recon on your new hometown.

While you can’t gain access to private social networks such as Nextdoor until you verify you have an address in a neighborhood, a little cybersleuthing will reveal insights on day-to-day life and concerns in areas you’re scouting.

Once you know the general area in which you’d like to live, websites such as City-Datacan collect and analyze data from numerous sources to create detailed profiles of U.S. cities, including information from crime rates to weather patterns. Homefacts includes similar information, then drills down further, listing neighborhood statistics such as median home price, homes for sale, and foreclosures.

AreaVibes can help you narrow down a search; after you type a ZIP code or city in which you’d like to live, you can adjust metrics such as amenities, crime, cost of living, and housing prices to compile a list of neighborhoods that match your “livability” needs.

In addition, many regional newspapers or magazines routinely publish online rankings of their best neighborhoods. Listly has lists of five-star New York real estate communitiesand blue chip Massachusetts real estate communities, so it may be worth a search to see whether there is a similar list for an area in which you’re interested.

Speaking of lists, Livability regularly develops city rankings for a range of topics, including small towns, college towns, and overall best places to live.

The Chamber of Commerce in many towns will also provide a guide for people who are relocating. Also, look for news on property taxes in recent years—falling property taxes likely mean that communities have had to cut back on public services.

If you have children, you’ll want to read up on local public schools on GreatSchools.org, as well as determine what day care and after-school activities are nearby. Even if you don’t have children, good schools are a major factor in determining home values in a neighborhood.

No neighborhood is perfectly tranquil, but check CrimeReports.com for crime reports and maps to get a sense of where an area falls on the spectrum. You should also visit theNational Sex Offender registry and FamilyWatchdog.us, which will identify registered sex offenders living in the area. NeighborhoodScout.com will consolidate crime, school, and real estate data in one report, as well as compile lists on safe cities and neighborhoods with good schools.

Draw on a professional’s expertise

If there is one time above all when you’d really benefit from working with a real estate agent with deep knowledge of an area, it’s when moving to a new town.

A knowledgable professional should be able to provide recommendations and compile background information on neighborhoods and homes that fit your needs and price range. Come prepared with a neighborhood or neighborhoods you like, and he or she can give you more information or suggest similar alternatives.

Get down with the locals

monkeybusinessimages / iStock

Once you’ve done the research and found a neighborhood you like, drive by several times during the day and at night. Look for the following:

  • Are there many “for sale” signs on lawns?
  • Are there any abandoned or boarded-up houses in the vicinity?
  • Is there a lot of trash on the sidewalks?
  • Is the neighborhood close to a shopping or business area?
  • How well are neighborhood parks maintained?
  • Is street parking restricted after school and during rush hour?

Also try to attend a few open houses in your neighborhood of choice. It’s a good way to get a feel for local property values, and to walk around the area. If you see residents out and about, try to talk to them to get their perspective on the community.

If you have time, try to get a drink in a local bar or a cafe and talk to people there. Apps like Meetup and AroundMe will help you connect with people in a town that have similar interests, as well as help you find the nearest hot spot.

These will be your potential neighbors, so they will provide valuable impressions on whether you’ll be pleased with where you eventually live.

Updated from an earlier version by Herbert J. Cohen

Tracy Tkac
301-437-8722
Evers & Co.

Tracy@eversco.com
www.WashingtonHG.com

The Hot (and Not) List of Home Features

The Hot (and Not) List of Home Features

fireplace2

DianaLundin/iStock

The Hot (and Not) List of Home Features

The things we consider to be must-have home features are constantly changing—less than a half-century ago, plush, “can’t see my feet” shag carpeting (in bold colors such as gold, orange, and purple) was all the rage, and kitchen appliances came in coordinating hues. A quarter-century ago there was no HGTV to tell us to knock down a wall to open up the kitchen or swap out bathroom vanities. And just a few years back, tiny homes were just, well, really small homes.

We wondered what home qualities are must-haves right now, what the up-and-comers are, and what’s heading straight for the dustbin of home features history. To find out, our data team dug deep into our millions of listings and sifted out the most commonly used phrases for home features, going back five years.

Voila!  Here are the 20 features that are most often touted in our listings. These are the stuff that home dreams are made of—a mixture of classic favorites and rising stars.

At first glance, the results aren’t too surprising. After all, who doesn’t love fireplaces and wood floors? (Well, other than those who prefer carpet, which is No. 3.)

“Rather than a barometer of trends, those are really adoption cycles,” says Javier Vivas, data analyst at realtor.com®. “It’s more about how long it takes a particular new feature to become prevalent. It’s like car technology: First you see the cutting-edge stuff in luxury cars, then it spreads into the mainstream.”

Listings have gotten ever-more detailed and adorned in recent years, and certain features appear more and more often as selling points. So popularity among listing descriptions is kind of like being listed on the S&P 500—it shows that a feature is no passing trend. For example, granite countertops, once a splurge, are now a go-to feature—they’ve shot up from being mentioned in 8% of listings in 2011 to 13% today.

Got it? Good. Let’s go home shopping! Don’t forget to bring your checkbook.

Fireplace (No. 1)

On a chilly night, nothing competes with snuggling up near a crackling fire—or maybe it’s the hissing, considering that the leading type of fireplace mentioned in 3.2% of our listings is gas. After all, it’s easy to clean and maintain and comes in some cool modern designs. Still, there’s nothing like the charm of a wood-burning fireplace, and its popularity is picking up fast.

And in total, fireplaces—wood-burning, gas, brick, stone, or kiva—are the stars of 23.8% of our listings.

Flooring: Wood (No. 2), carpet (No. 3), and tile (No. 11)

Always popular, the classic elegance of a wood floor continues to gain ground, particularly since last year. Not surprisingly, carpeting’s popularity seems to rise and fall in opposition to wood. It’s made a comeback before, but wood seems to be pulling ahead. In 2015, wood floors appeared in 15% of listing descriptions, 2 percentage points ahead of carpet.

Meanwhile, the tile floor—though never a major contender for the top spot—has slipped from No. 4 in 2011 (when it beat out walk-in closet and open floor plan) to today’s No.10. Still, it will probably hold onto its niche in humid, warm climates such as that of Florida.

Granite counter

realtor.com

Granite countertop

Granite counter (No. 4)

Once a rare luxury, granite has become more affordable and is now practically standard for anyone who gives a hoot about kitchen design. It shot to fame quickly over the past five years, making its slick presence felt in 13% of all listings. For those who think all this trendy granite craziness is on the wane, reports of its death, as Mark Twain might (or might not!) have said, are greatly exaggerated—at least according to our listings data.

Stainless-steel appliances (No. 5)

With their elegant and modern appearance fitting into almost any kitchen design, stainless-steel appliances have made their way into more and more households since the 1990s. “Stainless” is now mentioned in 9% of all listings, almost double its share of five years ago.

Open floor plan (No. 6) vs. formal dining room (No. 8)

A house divided? Not these days. Separate living rooms, dining areas, and kitchens have been edged out by the open floor plan, which knocks down or eliminates walls to create a sense of spaciousness and light.

The open floor plan has seen a rapid increase in popularity, and in 2014 it surpassed the formal dining room for the first time. In 2015, an open floor plan is the fifth most popular feature, representing 8% of listings. The much-debated open kitchen, which encompasses the dining as well as the cooking area, also made it onto the list at No. 9.

Walk-in closet

realtor.com

Walk-in closet

Walk-in closet (No. 7)

In a time of over-the-top “glam rooms” dedicated to, um, getting ready, the walk-in closet is another feature that has seemingly gone from luxe to a near necessity. Stashing all your clothes in a shallow closet with hangers crammed together and no shelves? How primitive! It’s no wonder 7% of home listings mention walk-in closets as a big selling point.

Chef’s kitchen

realtor.com

Gourmet kitchen

Chef’s kitchen (No. 16) vs. open kitchen (No. 10)

The kitchen used to be all business—a place to churn out meals, nothing more. Again, we’ll point the finger at TV—not just HGTV, but also the Food Network—for fueling homeowners’ desire for a kitchen worthy of a chef, featuring a center island, a large stove/oven with hood, and granite or marble counters (see No. 3).

And it’s not just for cooking, but also for hanging out while you prepare the meal—especially if you have an open kitchen, touted in 5.7% of listings. We’ll also point out that five of the top 20 home features are kitchen-related.

Garden tub

realtor.com

Mesa, AZ

Garden tub (No. 20)

No, a garden tub is not set amid the lovely and fragrant rose beds so you can bathe in the open air (and get bitten by insects). The term generally refers to a wider and deeper bathtub that usually has steps but no jets. Nice! Providing a relaxing soaking experience with less cost and cleaning difficulty, the garden tub has gained popularity over the years, but it’s still a niche feature.

———

We’ve talked about features that have made their way into the mainstream, but we also saw a couple that are clearly on their way out:

House with vinyl siding

realtor.com

House with vinyl siding

Vinyl siding

Vinyl siding was once one of the most popular cladding choices, because it’s affordable, long-lasting, and virtually maintenance-free. But over the years it’s become something of a gauche punch line in some quarters. It’s no wonder its lead has slipped substantially in recent years, while fiber cement is gaining ground, according to PlasticsNews.com.

Oak and cherry cabinets

The last time honey oak cabinets were trending, Monica-gate was a thing, Will Smith was the prince of Bel-Air, and Y2K loomed as the biggest threat the world faced. Yes, the ’90s were particularly friendly to oak cabinetry and cherry wasn’t far behind, popularitywise, but those days are long past. Today you’ll be hard-pressed to find either in listings or in new home construction. But maple cabinets? Welcome to the future!

By
Yuqing Pan, Realtor.com

Tracy Tkac
301-437-8722
Evers & Co.

Tracy@eversco.com
www.WashingtonHG.com

4 reasons 2016 is the year to buy a home

Georgetown row houses

4 reasons 2016 is the year to buy a home

by CNN Money

If you’ve been on the fence about buying a home, 2016 is the year to take the plunge. Mortgage rates have been bouncing around record lows for a while now. But even though they’re likely to start going up, you haven’t missed your chance to get a deal on a house. A number of factors are coming together, making next year a good time to buy, 4 reasons 2016 is the year to buy a home;
1. Home prices will finally calm down
Real estate values have been on the rise for a while, but are likely to slow their pace next year. Prices are expected to rise 3.5%, according to Zillow’s Chief Economist Svenja Gudell.
Buyers who’ve been stuck behind the wave of rising prices may finally get the chance to jump in.
And that could lead to a flood of buyers, said Jonathan Smoke, chief economist at Realtor.com.
“We have the potential for about six million home sales just through the months of April through September; that is basically impossible to do,” he said.
Related: These are the most expensive housing markets
But not everyone will be in a position to take advantage.
Despite the slowdown, Zillow still expects home values to outpace wage growth, which can make it tough to afford a home, especially for lower-income buyers.
Plus, prices in the country’s hottest markets — like San Francisco, Boston and New York City — aren’t expected to pull back as much next year.
2. More homes will hit the market
The slowdown in home prices will prompt more owners to list their homes, Smoke said, giving buyers more choice.
“Because of the price appreciation they have experienced, you will have more sellers put homes on the market next year,” he said.
Related: How to buy a home without a 20% down payment
The new home market is also expected to grow in the coming year with builders focusing more on starter and middle-range homes, which will also boost inventory and make it easier for buyers.
With more homes on the market, bidding wars will become less common and prices could ease even more.
3. Dirt cheap mortgages could disappear
The Federal Reserve is widely expected to begin increasing interest rates soon, which means the window for record low mortgage rates is closing.
While rates are expected to go up gradually, higher rates push up borrowing costs and monthly mortgage payments.
“You are likely to get the best rate you will possibly see, perhaps in your lifetimes through the majority of next year, but certainly, the earlier the better,” said Smoke.
4. Rents will still hurt
Rent prices are expected to continue to climb in the new year, which means in most cities, buying will be cheaper than renting.
Even though mortgages could get more expensive, buying might still be the better deal.
Interest rates would need to rise to around 6.5% for the cost of buying to equal that of renting on a national level, according to Ralph McLaughlin, housing economist at Trulia.

CNN Money

Tracy Tkac
301-437-8722
Evers & Co.

Tracy@eversco.com
www.WashingtonHG.com

 

Getting Ready To Sell

A home sale typically comes as a result of a life change or a major decision. These decisions don’t usually happen overnight, providing homeowners with years to plan for a successful home sale. By using your time wisely, you will maximize your home’s value when you want to list and sell.

On your way to this point, you should be open to spending money in getting ready to sell. Investing in strategic home improvements will help facilitate a quicker and more profitable sale.

Selling a home is a large financial and emotional transaction — likely the largest in a lifetime. This makes strategic planning and counsel vital. Here are some steps you should take a year or more before you plan to list your home.

Connect with a local real estate agent

Real estate agents shouldn’t just show up, list a home, hold an open house and move on. Instead, they should be valuable assets to you years before listing. Connecting with a local agent and developing a relationship well in advance allows you to start learning the market and transitioning from the mindset of a homeowner to that of a seller.

A good agent will provide helpful information, advice and assistance on an ongoing basis, in hopes of working with you on the eventual sale. Work with an agent who can connect you to local resources like inspectors, painters and other service providers.

An agent can also assess your home’s condition and suggest small to medium-sized improvements that will help boost your home’s value. Prioritize these projects for the months or years leading up to the sale.

Have a formal property inspection

For a few hundred dollars, you can have a licensed property inspector assess the home’s major systems and components. You can take this step up to two years before you will list your home.

Why would you want to have someone come and point out your home’s flaws before selling? Because it’s better to know about any issues upfront so you can address them before your potential buyer discovers them.

Additionally, you can put a financial plan in place to pay for any needed fixes. Dry rot on your back deck could cost $500 to remedy now, but you’d be better off handling it now than having a buyer see it as a major decking/structural issue and request $5,000 when you are weeks away from closing and your back’s against the wall.

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Make improvements

A year before you will list, spend the extra time and money ensuring that your home both appeals to mainstream buyers and passes a potential buyer’s property inspection.

If your agent suggests cosmetic fixes like laying new carpet, painting cabinets or cleaning the yellow grout in the bathroom, put a plan in place to tackle each of the projects. Waiting to the last minute will be too stressful, plus you won’t get the enjoyment out of the cosmetic fixes.

If you know your roof is at the end of its life, it might be more economical to replace it so that you can advertise a new roof. Today’s buyers want homes that are move-in ready. They don’t have the time or resources to take on projects. The more issues you can resolve for them, the more successful your sale.

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Get a home warranty

A home warranty is like a one-year insurance policy that addresses your major (and minor) appliances and most systems. If something breaks, you can call the home warranty company, not the appliance repair technician or plumber. For a small co-pay, they will come out and repair or replace the item swiftly.

If your home has some issues, a home warranty is a great way to address them without having to spend weeks or months shopping around, getting bids for work and seeing through each repair. A warranty works well when you list the home and are too busy to call around getting bids.

Moving is tough, in and of itself. Add prepping a home for sale and your move becomes more emotional and stressful. Planning ahead can help you address issues in advance.

Don’t wait until the last minute, or you risk leaving money on the table. Meet with an agent early on and put a timeline in place to get the most of your home’s sale — fast.

 

Tracy Tkac
301-437-8722

Tracy@eversco.com
Evers & Co.

Tracy@eversco.com
www.WashingtonHG.com

 

BY BRENDON DESIMONE Zillow

 

 

Price Your Home Right

 

 

oak1Price Your Home Right

In a strong market, if a home is priced right and shows well, it should sell within the first six weeks. If it doesn’t, many sellers become frustrated, especially if their agent begins pushing for a price reduction. The seller may think the agent just wants a quick sale, but the agent sincerely wants to help the seller get action. Agents understand that a listing loses momentum and excitement soon after being listed. Buyers will think of a home as stale, tired, or flawed if it sits on the market too long. Agents and buyers alike will view the stale listing as a problem home- and wonder why it has sat and often will be overlooked and not shown. It is important to price your home right for your best financial outcome.

If your home is not generating offers, there are ways to get more action.

Home Condition, Updates and Price

You can’t change your home’s location, but you do have some control over the other two important buyer considerations. If the home is still sitting on the market after a couple of months, and especially if it has had no showings or offers, you need to look at the price and the condition.  The most activity a new listing will receive happens in the first two weeks, and sellers are likely to get the best price at that time.

You have two big choices to make if you are ready to sell. The first is to take the home off the market and make some changes, such as more staging, de-cluttering, and altering the look of the kitchens and bathrooms.

If you are unwilling or unable to make the needed changes to the home, the other option is to reduce the price. Even if your house is the absolute best home in the neighborhood but the setting is not private or on a busy road , the only option will be to drop the price.

Make sure you and your agent are on the same page

Your agent is a professional and has experience and knowledge that will benefit you, however, you are the home owner and all decisions are ultimately yours. If you and your agent don’t see eye-to-eye on the pricing or sales strategy prior to listing, it might be time to find another agent. While it is your job to prepare your home for the day it becomes “active” on the listing service and internet, it is the agents job to be completely prepared as well. Your agent should be very clear about the service and timeline you should expect. The agent should research and the homework regarding  sold homes prices, days on market for similar homes and the difference in upgrades, updates and condition between your home and others that are on the market now or have recently sold. You should be consulted on when your home will be photographed, what marketing will be done and where it will appear, open houses, brochures, and plans for the sign post. Your agent should diligently follow up will all agents who have showed the house and all interested parties.

Discuss your intentions and plan with your agent upfront, and listen to her feedback. Reducing the listed price may be necessary- but you will have to see firsthand how the market works in your neighborhood. Listen to the feedback your agent is gathering and reporting to you, and take action to address repeated criticisms.

It is so important to work with an agent who is understands the area market and will work with your strategy and can help you adapt to sell your home for the best price.

By Tracy Tkac

11053371_383914575115047_8548886157930102220_n

115 Duddington Pl SE Washington, DC 20003

2015-08-12 13.01.23

115 Duddington Pl SE Washington, DC 20003

Offered at $715,000

Call Tracy Tkac


Direct –         301-437-8722
Evers & Co. 202-364-1700

Tracy@eversco.com
www.WashingtonHG.com

Welcome to 115 Duddington Pl SE Washington, DC 20003, this charming 3 bedroom,1.5 bath row-house just steps to the Capitol. Completely renovated kitchen with granite counter tops, stone back-splash, stainless steel appliances and custom cabinets. New windows throughout, authentic wood floors, newer bathrooms, refurbished radiators, exposed brick wall, fireplace, custom built-ins and large dining room. The full bathroom is updated with newer vanity and tiled shower. The basement has a washer and dryer and also plenty of storage space. The flag-stone patio is the perfect place to relax or entertain with lovely herb gardens. Situated in the perfect location, and located on a one-way street with brick sidewalks in the historic district, this lovely home is in a quiet and peaceful neighborhood. The walk to the Metro is only a short block and a half away, and  Eastern Market,  parks and great shopping are just a stone’s throw away!

 

  • Bedrooms 3
  • Bathrooms 1.5
  • Square Feet 1255
  • Annual Taxes $5460
  • Year built 1907
  • New Windows Throughout
  • Roof Replaced in 2012
  • Hot Water Heater Replaced 2015
  • Radiators stripped and cleaned
  • Central Air Conditioning
  • Renovated Kitchen
  • Recessed Lighting
  • Custom Built-ins
  • Slate Patio
  • Walk to Metro
  • Steps to The Capitol
  • Located On One Way Street

Very Walkable

Walk Score of 115 Duddington Place Southeast Washington DC 20003

Most errands can be accomplished on foot.

Excellent Transit

Transit is convenient for most trips.

Very Bikeable

Flat as a pancake, good bike lanes.

map of restaurants, bars, coffee shops, grocery stores, and more near 115 Duddington Place Southeast in Washington

 

Tips For Selling Your House

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1) Appeal to mobile buyers

Today nearly all home searches begin on a mobile phone or tablet— not on the Web, and not using the newspaper.

If you want to get the right kind of buyer activity on your home, you need to make sure that you optimize your listing and your photos for mobile devices.

2) Be ready to separate your “home” from your “investment”

Many sellers make the mistake of letting their emotions get the best of them. Selling a home is not like selling a used car — it holds memories and occupies a special place in your heart.

When it comes time to sell, however, it’s important to realize that your home is also an investment. Being able to change your homeowner hat to your investor hat is crucial.

If you are too sentimentally attached to your home, you may reject a good price or fail to negotiate with a serious buyer. Don’t let your emotions sabotage your sale.

3) Don’t list your home until you’re serious about selling

Do you have a place to go if you sell? Have you fully cleaned and de-cluttered your home? Have you taken your agent’s advice on staging and pricing?

Many sellers list their home before they are truly ready to sell, only to shoot themselves in the foot by overpricing it or not presenting it to the market in its best possible light. A stale listing is often overlooked by buyers and real estate agent alike.

4) Make the best impression online

Nothing frustrates an active and aggressive buyer more than getting an email or mobile notification alert for a new property listing only to get to the listing and not see any photos.

Buyer first impressions today are on the Internet. If you list your home without complete information — including photos, description and accurate data — not only will you turn them off, but they may simply not come back later.

5) Be ready to leave- with your pet!

Keep your home neat and clean and odor free and be ready to leave when an agent wants to show it to a prospective buyer, whether it is convenient or not. Listen to your agent’s advice and tips for selling your house. Your goal is to sell your home and move forward.

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The Home Buying Process

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The Home Buying Process

Basic guidelines for the first time home buyer and the home buying process, simplified.

by Tracy Tkac

Even when you love the house, making an offer to purchase it can be intimidating, it’s a big commitment that will require a chunk of your financial resources. It’s also exciting and wonderful! You will be building equity and getting tax breaks for mortgage payments, but importantly , you will have a place of your own to do with what you wish. When you make  improvements to your home, you will likely make a return on your investment while you enjoy living in your home. Most of all, your home will be the place where you will build memories and entertain friends and family. You will make your house into your lovely home. Below are the basic guidelines and the home buying process simplified.

 Making an offer

Even though it’s early in the buying process, you still must sign a legally binding contract. With your signature, you’re committing to moving ahead with the seller. Keep in mind you can add contingencies to many real estate contracts. For example, most real estate buying offers will be contingent on a property inspection, radon inspection, loan approval, appraisal and sometimes other matters. Such contingencies enable buyers to opt out of the contract if unexpected problems or concerns pop up.

 Disclosures

In most states, sellers are legally required to provide buyers with disclosure documents including any know defects, lead based paint information, real tax bills from the current year and the estimated property tax bill for the next year. In addition, sellers must disclose any known issues that might affect the property’s value or habitability. Usually, in a transfer disclosure statement, sellers must answer a series of “yes” or “no” questions about the property, and provide the neighborhood homeowners association/ or condo information. If there have been leaky windows,  work done without permits or plans for a major nearby development, the seller must disclose them. You will have the opportunity to view the areas master plan and the will be provided with a list of nearby airports. The disclosures will need to be signed by the purchaser and will become part of the offer to purchase and then after all terms are agreed to, they will be part of the contract.

The appraisal

Most buyers put a certain amount of money down toward the purchase price. The balance will come in the form of a bank loan (usually). But a bank isn’t going to hand over that money without due diligence. An appraisal is the financial institution’s way of making sure the contract price is the right price. So the lender sends out a third-party appraiser, which the buyer pays for, to confirm that the contract price is in line with the neighborhood’s comparable sales. If it’s not, the bank can deny the loan or change the terms.If a property does not appraise, the contract price can be renegotiated or contract voided.

Inspections

As part of the real estate contract, you have the right to a property inspection The most common is a “general” property inspection, in which the inspector checks the home from the foundation to the roof and investigates all major systems and components. As the buyer, you should follow along with the inspector to learn more about the property. For example, you’ll want to know about the components (such as the water heater) and have a plan in place for maintenance.

After the general property inspection, the inspector may suggest having a specialist come out. This could be a roofer, electrician, HVAC specialist or even an engineer. Listen to the inspector and have any recommended follow-up inspections. Remember: This is your one chance to approve the property from top to bottom. If issues arise, you may be able to negotiate repair or a buyer credit.  If something major arises and it’s not what you signed up for, you can void the contract via your inspection contingency.

Loan approval or commitment

In addition to making certain the property appraises at no less than the contract price, the bank will want to fully approve your credit, debt and income history. The bank will also want to approve the property’s preliminary title report to make sure there are no liens recorded against the property that might affect its value. The bank can take up to 30 days to complete its review, which should result in a loan commitment or full loan approval. Once that’s completed to the bank’s satisfaction, you’re guaranteed a loan, and you’re one step closer to closing.

Final walk-through

Just before closing, you will do a final walk through in the property to make sure it’s in the condition it was when you last saw it. Make sure the seller didn’t remove any fixtures, make modifications or leave behind garbage or debris. You also want to be sure any fixes you negotiated with the seller have been completed.

The closing

Depending on the market, the last step of the home buying process, the closing or the settlement, may happen at an attorney’s office or at a title company. In some situations, the buyer and seller don’t ever meet. Each goes in to sign their closing papers separately. In others, the buyers and sellers sign the closing documents together. Regardless of how a closing happens, if you’re a buyer and getting a loan, plan on signing dozens of documents at closing. You’ll need to show photo ID, as your signature will be notarized. Prior to the closing, your real estate agent or attorney should send over a closing statement to review. The statement details your final closing costs and the money you need to bring to the closing. The funds can be wired in or paid with a cashier’s check on closing day. Be sure to ask for the statement early, so there aren’t any last-minute surprises.

The home buying process will go more smoothly when guided by an experienced real estate professional.

 

Pricing Your Home To Sell

Pricing Your Home To Sell

For The Most Money Possible In The Shortest Time Frame

      GetMedia-46

 

By Tracy Tkac

Evers & Co.

www.washingtonhg.com

 

The single most important factor to consider when selling a house is pricing the house correctly; it’s choosing the right list price: how much your house is worth. Over pricing the house will cause it to sit on the market and lose the freshness of the home’s appeal after the first two to three weeks of showings. After a month on the market, demand and interest can wane and after that a listing can become stale to potential buyers. It is a tough concept, because no one wants to chance leaving money on the table, but pricing the home just below fair market value will often cause a seller to receive multiple offers, which will then drive up the price to market price or above. Pricing is all about supply and demand. It’s part art and part science. Beware of the realtor that advises a list price way above the range of sold home prices in your neighborhood, choosing to list with that agent may be setting you up for the delay or even failure to sell your home.

 

Pricing your home to sell may not be as simple as you think. Looking at what similar homes in your immediate neighborhood that have sold for in the past 6 months to a year will give you some, but not all of the data you will need to calculate the list price. It is important to compare apples to apples when looking at the comparable recently sold homes. Compare and consider not just how many bedrooms or bathrooms, but also is the basement finished, is the yard nicely landscaped, how many garage spaces are offered? Look at homes’ sizes (square feet), style, condition and if updates and renovations have been done. A good real estate professional will format all of the information for you and help you to make the comparisons to come to the right listing price that will get you the most money possible for your home sale.

 

Using a real estate professional can save you money in the end by helping in pricing your home to sell quickly and for the best sale price. A good agent will assess what improvements should be made prior to putting your house on the market. Many times the first step is to de-clutter; when selling your home, the less-is-more concept is the way to go. Your agent should be honest and direct in telling you what needs painting and repair or replacing before making your listing “active on the market”. You only have one chance to make a good impression, and that goes for the list price and your homes presentation.