Real Estate Information Archive

This post includes just a few tips for regular home maintenance. They will keep your home in better condition, save you money, and keep you more safe.

Replace your air filter. After a hot summer, you should replace the filter if you have not already done so. It will make your HVAC system last longer and run more efficiently if you replace every 3 months.

Seal your grout and natural stone. Grout in wet areas and most natural stone should be sealed regularly, preferably every year.

Check for leaks. Run all your faucets for 10 seconds and take a quick look under the sinks to make sure there is no water leaking from supply or drain lines. A small leak can turn into a big leak without attention. For bonus points, get under the house and check the crawl space.

Earthquake-proof. It’s been too long since a major temblor, so it’s easy to forget earthquake safety. Bookshelves, mirrors, and other heavy objects should be tightly secured. Ensure that heavy objects are not over areas that you regularly sleep or sit.

Article originally posted on realtytimes.com

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AND HERE'S YOUR MONDAY MORNING COFFEE!! 

Good Monday Morning!

When I meet with home owners who are considering the sale of their home, one of the main questions I am asked is, "should I remodel and stay in my home or sell?" Also, many sellers make the mistake of doing expensive upgrades to their home prior to selling it.  The following is an informative article from Realty Times that addresses these issues.

Pending home sales are down 7.3 percent from one year ago, according to the National Association of Realtors, and this trend is likely to continue until wages increase and credit becomes more available to average borrowers. Obtaining a mortgage is a daunting task these days, even for those with reasonable credit scores. Those in the market for a new home or planning to remodel their existing one should consider the following factors before committing to either option:

Local Market Conditions

There are two dynamics to buying a new home: selling your existing one, and then getting a good price and rate on the new one. Some markets are actually conducive to doing both smoothly and efficiently.

Las Vegas is the top market for sellers, experiencing a 33 percent year-over-year increase in asking prices from July 2013 to 2014, according to data compiled by Trulia. The Sin City also experienced a 5.2 percent drop in home values from April to July of this year. Part of this, again, can be attributed to the monetary policies of the Fed in 2014.

Regardless, homeowners who act quickly to sell in cities with significant year-over-year price gains (including most of Northern California, Salt Lake City, and Portland, Oregon) will likely walk away with enough cash for a down payment on a new home. The Bay Area in particular is a prime sellers' market. Despite high prices, inventories there remain low, which means homes are snapped up almost as soon as they become available.

Check with a local real estate agent to get details on both home prices and inventory in your area.

Counterproductive Upgrades

Steven Melman of the National Association of Home Builders told Market Watch that Americans spent $130 billion upgrading their homes in 2013, up 3.1 percent from 2012. But homeowners spent far less per project over the past four years. The average renovation so far in 2014 costs $4,000, down from $6,200 in 2010, according the American Express Spending and Savings Tracker.

Renovating is obviously less expensive than purchasing a new home. But the task is not without its own hurdles. The first step to remodeling a home is coming up with the capital to do it. Most people will need to take out a home equity loan or line of credit, which in turn creates new debt.

Homeowners should only consider remodeling if it will increase the value of their home over time.Adding smart home appliances, energy-efficient windows, and lighting are the most common renovations that almost always provide a good return. Consult the annual Cost vs. Value Reportpublished by Remodeling magazine before starting any project.

Future Market Conditions

A study commissioned by the nonprofit urban leadership firm CEOs for Cities found that homes within walking distance of schools, malls, parks and other amenities are worth more than those in areas where you have to drive to get anywhere. Whenever you see construction projects happening near your neighborhood, find out what is being built.

Despite the negative reception Wal-Mart stores typically receive when being built, their overall positive effect on home values is difficult to ignore. Researchers at the University of Chicago and Brigham Young University found in a 2012 study that homes within a half-mile from new Wal-Mart stores experienced a 3 percent increase in property values. Research all current and future construction projects near your neighborhood before considering a sale.

The choice to buy new or remodel is a personal one. But exercising due diligence will ensure you're making the right decision.

Have An Awesome Week!

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AND HERE'S YOUR MONDAY MORNING COFFEE!! 

Good Monday Morning!

Home inspections are an important part of the home sellling, home buying process.  For sellers, home inspections can be nerve wracking and uncertain.  Just a little prep work by the seller can have a huge influence over the success of the inspection.  Here are some tips from an article I found in" Realty Times".

One of the big things that sellers sweat is the home inspection. What will the inspector find that is wrong with my home? Don’t just sweat it, be aware of what the inspector will be looking at and for and do some things to help make it go more smoothly. You should actually be hoping that you get a good, competent inspector, one that is thorough and honest. That is good for both you and the buyers. 

Many sellers think all they have to do is leave during the inspection and that is their role. While it is recommended by most Realtors that the home owners leave during the inspection, there are some things that you can do to be ready for your home inspection and make it go more smoothly:

Clear out the closets that have the attic access scuttles in them. The inspector will need to get into the attic spaces. Please note that some attic insulation may fall out through the scuttle during this process. The inspector will normally try to clean it all up, but that is one of the reasons that they ask that you clear out the closet – so that the insulation doesn’t get on your clothes or stuff.

If a Radon test is to be part of the inspection, leave the windows in the basement closed for 2-3 days before the test. The Radon test equipment will be placed in the basement and will need to be there for at least 48 hours, maybe 72 hours, in order to collect enough data for the test. The inspector will need to come back to pick up his equipment.

Make sure that the mechanicals (HVAC and water heater) are accessible. The inspector will run the heating and cooling systems and they will inspect the hot water heater too. The electrical service panel needs to be accessible too. The water softener will also likely be cycled during the inspection to make sure that it is working properly. 

Make sure that all appliances that are staying are plugged in and working. The inspector may cycle the dishwasher and try all burners and the oven on the stove. He will run the microwave and will check the ice maker in the refrigerator. If there are other appliances, like a trash compactor, he will cycle that, too. A good inspector will be able to give the buyer a report on the condition and operation of all appliances. 

Make sure the that the garage door openers work and hopefully the safeties on them are set correctly. The inspector will check to see if something breaking the safety beam causes the door to stop closing and if pressure on the door that might indicate that it has hit something (or someone) makes it stop, too. Improperly installed or adjusted garage doors kill people every years.

If the inspector will be doing well and septic tests Identify and mark the septic tank cleanout location or dig down to it to expose the top. The septic inspector will need to open the septic tank. For the well they be pressure testing the bladder tank (holding tank) to make sure that the pressure bladder is not ruptured. They will also take a water sample which in Michigan will be sent to the County Health Department for analysis.

Other things to be aware of that will be checked by a good inspector -

Usually all faucets will be run, all toilets flushed and the sinks and tubs will be filled and then drained to test the plumbing for leaks or other problems

All windows may be opened and closed to see if they are stuck or working properly

The inspector will get on the roof and inspect it and all valleys and flashing, especially around any chimney.

In the basement the inspector will be looking for cracks that might indicate excessive foundation settling or problems and any signs of water intrusion. If you have obvious cracks or stains that indicate water issues, you may wish to leave some explanation for the inspector and proof of any repair/water proofing work that has been done.

While as fire will not be built; if there is a fireplace, the inspector will look up the chimney and/or check the damper (if any). If there is a wood burning insert or wood-burning system installed the inspector will look at it to see if he can see any defects or installation mistakes. Would you be surprised that many of these DIY wood burner installations are done wrong and pose a safety hazard?

Keep in mind that a good inspector will look under and behind things, so don’t try to cover up a problem by sliding a piece of furniture in front of it.

The home inspection doesn’t have to be scary for either the seller or the buyer. The reason that I said above that you should be hoping for a good, thorough inspector in that a good inspector will explain things to the buyers as he goes along and give them his opinion on whether what he is reporting is a minor or major problem. He may also offer the buyers some advice as to the potential cost of dealing with the issue (again major cost or minor). A good inspector will report what he finds without causing undue alarm on the part of the buyers. About 95% of the issues that an inspector might find are usually minor and involve delayed maintenance or improper installation or maintenance. Most are things that can be fixed or resolved for a few hundred dollars or less. The buyers will definitely get back to you for relief on the ones costing thousands.

So, why do Realtors ask yo to leave during the inspection? There are a couple of reasons:

1. Homeowners can tend to be overly defensive and argumentative with the inspector if they are there listening to him as he goes along. That sets a bad tome with the inspector and the buyers.

2. Some homeowners are “overly helpful”, pointing out defects that they know about that the inspector might have overlooked or wouldn’t otherwise have found. If the homeowner has been honest on reporting what he knows about the home on the Seller’s Disclosure, there is no need for him to go above and beyond that report to point out everything.

And, 3. Sellers tend to get in the way as they follow the inspector around. 

So get the house ready for the inspection and then get out of the way. You’ll have your chance to argue the points in the report later.

Have An Awesome Week!

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AND HERE'S YOUR MONDAY MORNING COFFEE!! 

Good Monday Morning!

This is the time of year that most people who want to sell their home choose to put it on the market.  Typically the inventory is higher because of the time of year. and the competition can be tough.  Here is an article from Realty Times that will give you some tips on how to make your home show better than your competition.

Your home is listed on the Multiple Listing Service (MLS) and the sign goes up in your front yard. Now what? Sit back and let the offers roll in. Of course, that's what every seller wants but that's not always what happens.

So, let's rewind a bit and see what can be done to make buyers want your home. The steps you take before you actually put your home on the market can help to ensure interest in your home.

Start by creating a "buy-me-now" attitude. How's that done?

Several ways. Take a good look at your home and decide which, if any repairs, need to be made. Are you selling "as is" or do you want to put a little money into your home and fix some surface problems that could potentially distract or concern buyers?

Next, clear away clutter. If you don't have any place other than your home to put your boxes and extra furniture that you're taking with you on the move, try storing them in the garage or on the side of the house. If you do this be sure that you don't stack your boxes so high that you block views to the outside.

When you block a view, buyers may think you're hiding something bad about the property or they may have a very closed-in feeling when they enter that particular room. Buyers do understand that you're moving and things may be a little out of order, but try to keep that to only one room or half of the garage. You want to make sure that buyers can see your entire home. Limiting them from viewing one or several rooms may discourage them. Tidy up and keep things packed away.

Always keep in mind that more room and more storage space are two things buyers really like. Create a feeling of openness and spaciousness by trading out, or removing entirely, bulky pieces of furniture that suck up square footage in a room. Instead find another piece of furniture that can fit into the room... maybe something from another area of your home. Even if it's not an ideal placement for you, do it anyway.

Remember, the idea is to show your home in its best light. More space is a huge plus. Another way to make a room look larger is to use mirrors. Strategically hanging a mirror on a wall can help open up the room.

Your agent may elect to hold an open house and prior to that list your home on the MLS but not allow any showings until the weekend of the very first open house. This can be an excellent strategy because you may end up with lots of buyers passing through for that first open house since they couldn't see your home sooner. You can then allow showings by appointment for a period of time. This strategy can generate a lot of interest and even start a bidding war. May the highest and best offer win.

Do your work and clean up before you open the doors to buyers. You don't always get another chance, so make buyers want your home by showing them that you've loved and cared for your home and now you'd like to see it go to buyers who will enjoy it like you did.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

2659 TANDY TURN Price: $415,000 Beds: 3 Baths: 2 ½ Baths: 1 Sq Ft: 2493 Picturesque & Exclusive! Enjoy the gated & quaint subdivision of Tandy Court. Lots of architectural features, high & vaulted ceilings, lots of natural light, accent lighting, hardwood & tile floors, granite counter tops and gas fireplace. Second sto... View this property >>

AND HERE'S YOUR MONDAY MORNING COFFEE!! 

Sincerely,
Galand

One of the most important components of the home purchase process is having the home you are wanting to buy inspected.  I am asked by many about the home inspection process.  Here is a great article on home inspections that was recently published in Realty Times.

If you're hiring someone to inspect the home you want to buy, or you're a seller trying to find out if there are any hidden problems that need fixing before you put your home on the market, here are five things you need to know:

1.   You can choose your home inspector. 

Your real estate professional can recommend an inspector, or you can find one on your own. Members of the National Association of Home Inspectors, Inc. (NAHI), must complete an approved home inspector training program, demonstrate experience and competence as a home inspector, complete a written exam, and adhere to the NAHI Standards of Practice and Code of Ethics.

2. Home inspections are intended to point out adverse conditions, not cosmetic flaws.

You should attend the inspection and follow the inspector throughout the inspection so you can learn what's important and what's not. No house is perfect and an inspection on any home is bound to uncover faults. A home inspector will point out conditions that need repair and/or potential safety-related concerns relating to the home. They won't comment on cosmetic items if they don't impair the integrity of the home. They also do not do destructive testing.

3. Home inspection reports include only the basics.

A home inspector considers hundreds of items during an average inspection. The home inspection should include the home's exterior, steps, porches, decks, chimneys, roof, windows, and doors. Inside, they will look at attics, electrical components, plumbing, central heating and air conditioning, basement/crawlspaces, and garages.

They report on the working order of items such as faucets to see if they leak, or garage doors to see if they close properly. Inspectors may point out termite damage and suggest that you get a separate pest inspection. The final written report should be concise and easy to understand.

4. Home inspectors work for the party who is paying the fee.

The NAHI Standards of Practice and Code of Ethics clearly state that members act as an unbiased third party to the real estate transaction and "will discharge the Inspector's duties with integrity and fidelity to the client." A reputable home inspector will not conduct a home inspection or prepare a home inspection report if his or her fee is contingent on untruthful conclusions.

The inspector should maintain client confidentiality and keep all report findings private, unless required by court order. That means it is your choice whether or not to share the report with others. If you're a seller, you don't have to disclose the report to buyers, but you must disclose any failure in the systems or integrity of your home.

5. Inspectors are not responsible for the condition of the home.

Inspectors don't go behind walls or under flooring, so it's possible that a serious problem can be overlooked. Keep in mind that inspectors are not party to the sales transaction, so if you buy a home where an expensive problem surfaces after the sale, you won't be able to make the inspector liable or get the inspector to pay for the damage. In fact, you may not be entitled to any compensation beyond the cost of the inspection.

As a buyer, you need the home inspection to decide if the home is in condition that you can tolerate. You can use the report to show the seller the need for a certain repair or negotiate a better price. You can also take the report to a contractor and use it to make repairs or to remodel a section of the home.

One thing you should not do when buying a home is skip having the home inspected because of cost or undue pressure by the seller. A home inspection is reasonable, it can save you money in the long run, and it's required by many lenders, particularly for FHA loans. There's a reason why buyers should beware, and a home inspection gives you the information you need to make a sound buying decision.

Have An Awesome Week!

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AND HERE'S YOUR MONDAY MORNING COFFEE!!