Acting Into Appraisals

 

Investments, terms for loans, processes, and other parts of real estate can often be overwhelming to someone who hasn't received a degree in real estate.  If you are looking for definitions and actions behind those definitions, then don't forget about getting the right appraisals.  This will help you if you are looking for the right market for your home. 

An appraisal consists of a professional opinion that is made about a property.  Included in this opinion are several factors that allow for this statement to be made.  Overall, the appraisal will lead to the conclusion of what the market value is.  If the market price can not be defined easily, then someone can look at the different parts of the property and determine what they believe the market price should be.  Usually, this will be done by an inspector looking at the various mechanics that may have been swept underneath the rug.  

An appraisal is a necessary requirement when one is looking into selling a home or having the property insured or financed.  It may use several external resources and definitions of what market value may include in relation to the opinion being made in order to determine the price value of a home.  When getting an appraisal, you can expect that the estimates will be based around the various factors that are related to the market at the time.  Instead of just examining the parts of the property, an appraiser will also examine the neighborhood and see what everything else is worth in relation to the property.  

By appraising a property, you will know how much the home is worth in relation to your own needs on the property and in relation to everything around it.  By observing the standards that are set both inside and outside, you will have the ability to know when the timing is right to get involved with your piece of real estate.  

5 Tips to Ensure Your Home’s Showing Is a Success

 

The purpose of showing your home is to hook a buyer. You want the buyers to come through your house and be impressed - so impressed in fact, that they’re ready to make an offer! You’ll have one chance to make a great first impression on the potential buyers, so make sure to follow these five helpful tips to really make it count!

1. Focus on the outside. Make sure that you don’t neglect the outside of your home. Curb appeal can make or break the odds of someone even bothering to get out of the car to come in. If they pull up and see a home with a lawn that obviously needs edging and has an unkempt flower bed, they’re going to wonder what else hasn’t been cared for properly. You want the outside of your home to be spotless. Clean the siding, the windows, and the doors. Make sure there are no dirt smudges, no cobwebs and that anything that needs painting has been spiffed up

2. Take yourself out of the house. That means that you want to take out all the personal stuff. Remove the family photos from the wall or tables. You want the home to look neutral so that the potential buyers can look at your house and picture it as themselves living there. Everything should be as neutral as possible in terms of personal items. 

3. Remove all the extra clutter you see at first glance. If you look around, it’ll amaze you at how much stuff you’ve accumulated over the years. Some of it might very well be important, but that doesn’t mean that your potential buyers should see it. When you have a lot of clutter, it shrinks the living space of the house. It makes it look and feel cramped and smaller. Many homeowners get something called house blindness. They’ve lived in the home for so long with the same clutter that they don’t even really see it anymore. But a stranger will always notice. So clean out your house and make the space as big as possible.

4. If you have a pet, no one that walks through your house should be able to notice it exists. That means no cat litter box, no dog to jump on anyone, no food sitting around in a dish. Your home should not have any pet odors. Having a clean house that’s odor free is a big selling point. You don’t want to lose a possible deal just because they can smell your pet’s presence or your pet makes a bad impression.

5. Stage your home! You can hire a professional or you can do it yourself. Stage your living areas in a way that shows off your home. You can rent furniture to make your home furnishings look good if you don’t use a stager. Someone who knows how to stage a house knows how to play up the best features of your home and knows what to bring in or get rid of to make the entire house appeal to a buyer. 

First impressions are HUGE when showing you home to potential buyers, but by following the simple tips above you will be well on your way to making a great impression and, hopefully, receiving multiple offers!  (And if you are at all anxious about this important step, just reach out to a trusted real estate agent in your area who can help guide you through this process!)

Attend Open Houses to Get a Feel for What You Want – and Don’t Want

You’ve outgrown the house you’re in and find out you qualify for a mortgage that will let you upsize. Or, your kids have flown the nest and you’re ready to sell the family home and downsize – or, you may be a first time home-buyer and need help deciding what you want. Whatever the reason for purchasing a home, it’s important that you get a feel for what you want so you don’t spin your wheels and waste time – or end up with something you didn’t really want.

Open houses provide a taste of what your lifestyle would be if you decide to buy something similar. Unless the seller still lives in the house the realtor will often stage the homes with furniture and design touches to help you visualize living there.

Attending open houses provide information that will be useful to you when you make a final decision. You’ll get to explore other neighborhoods, check out schools or amenities you’re interested in and explore the various floor plans available.

If you’re in the market for a fixer-upper, you’ll want to visit foreclosed or short-sale home listings. Be aware that these homes usually need investments of remodeling, fixing existing problems or replacing appliances. If you have the time, energy and money to invest in a fixer-upper, it can be a great investment.

The purpose of an open house is to let people see what’s available in a particular neighborhood and entertain the idea of purchasing. But, even though you may not be looking for a home at this particular time, agents welcome those who are just looking.

Always remain loyal to your own agent. When you attend an open house and sign in, indicate that you already have an agent you’re working with. The agent at the open house will appreciate knowing that information and won’t attempt to solicit you to become his or her client.

You should know the etiquette of attending open houses before you begin your search. For example, you should always sign-in and indicate whether you’re already working with a realtor or not. When arriving at the open house, feel free to enter without ringing the doorbell or knocking, but always try to meet the agent. Some will take you through the house and show you special features while others will simply let you pick up a flyer and let you see the home on a self-guided tour.

If someone is still living in the home, respect their belongings. It’s not okay to open medicine cabinets and closets and rifle through their things. Always ask the agent if it’s alright to look inside a closed door.

5 Mistakes First Time Home-Buyers Make

Most people dream of buying a home and know exactly what they are looking for and what they would like to spend on the mortgage, however, they do not consider several important details.

Along with the hot home-buying market comes heavy competition for the homes and many are making all-cash offers. But, if you aren’t familiar with all the complexities of purchasing a home, you may have future financial regrets. Here are the top five mistakes that first-time homebuyers often make.

1. They don’t take into account all of their options. Although purchasing a home is often the best financial decision you could make, it doesn’t work for everyone. For example, if you know you’ll only be in the home for a couple of years it may not make sense to buy after you amortize the closing costs for that time period.

2. They don’t consider costs other than down payment. Homeowner’s insurance, maintenance, or HOA (Homeowners Association) fees and closing costs may eat up your savings and leave you with no emergency funds.

3. They don’t get a home inspection. A home inspection is no way to cut the costs of buying a home. The defects a home inspector may find far outweighs the price of a home inspector and you may save thousands of dollars on future repairs.

4. They fully expect their home to appreciate in value. Many home buyers think if they dump their life savings into a home and keep it for a few years they’ll get a significant increase in the value of their property. While home equity is nice, the home is one of those assets that aren’t very liquid if you need money fast.

5. They don’t consider debt-to-income ratio before looking for a lender. A lender considers this ratio when looking at your ability to pay for a home. If you’ve accrued too much debt, you may not be approved. Show a history of saving – not getting into debt before you apply for a home mortgage.

(Also, keep a close eye on your credit score before applying with a lender. Even if you have a pre-approval letter, you’re not guaranteed for the loan. If your score changes a great deal you may find out just before closing time that you don’t qualify.)

If you’re a first-time or novice home buyer, it’s imperative that you spend some time with an expert, such as a trusted realtor, before rushing into the home-buying experience. Today, many home buyers rely on websites and may get a false sense of the true values of homes in the area. A great realtor can give you a reality check on home prices and they keep up with changes in current market values and how the various mortgage companies do business!