by a Windermere Guest Author
It is still a great time to be a seller, but in much of the Western U.S., the local real estate market has begun to soften. With significant increases in inventory, buyers now have more choices and less sense of urgency. If you are thinking about selling your home, pricing it correctly the first time is critical. Here’s why:
If you overprice your home, it won’t show up in some search results.
Buyers search for homes using the parameters they desire. Price range is one of the most critical. If you set an unrealistic price of $850,000 for your home, all the buyers searching for homes up to $825,000 will fail to see your property in their search results.
An overpriced home attracts the wrong buyer.
An overpriced home will not compare favorably with the realistically-valued homes in a buyer’s price bracket. If your home is missing the amenities, square footage or other features of homes within the price range you’ve placed it in it won’t sell.
Overpriced homes linger on the market and risk becoming “stale”.
The interest in a home is always highest when the listing first hits the market. When an overpriced home goes unsold for a long period of time buyers often wonder what is wrong with the property. When a buyer moves on from a listing they rarely come back, even if you drop the price.
You run the risk of getting less for your home than if you priced it correctly the first time.
A Zillow study showed that homes that linger on the market tend to sell for significantly less than their listing price. When a home sits on the market for an extended period of time, buyers feel they have lots of room to negotiate.
The longer your home remains on the market, the more expenses you incur.
Every month your home goes unsold you put out money for mortgage payments, utilities and other home expenses that you will never recover.
Setting a realistic price for your home from the start is critical. If you’re thinking of selling, our highly trained experts at Windermere Real Estate can provide you with a comprehensive pricing analysis based on current market conditions.
Adding on to your current home may be your best bet if you’re short on space, but you don’t want to move or can’t find another house in the area with all the qualities you’re seeking. It’s also an attractive option if the house you have is lacking just one significant element (a family room, another bedroom, a larger kitchen, a separate apartment, etc.).
On the other hand, even a modest addition can turn into a major construction project, with architects and contractors to manage, construction workers traipsing through your home, hammers pounding, and sawdust everywhere. And although new additions can be a very good investment, the cost per-square-foot is typically more than building a new home, and much more than buying a larger existing home.
Define your needs
To determine if an addition makes sense for your particular situation, start by defining exactly what it is you want and need. By focusing on core needs, you won’t get carried away with a wish list that can push the project out of reach financially.
If it’s a matter of needing more space, be specific. For example, instead of just jotting down “more kitchen space,” figure out just how much more space is going to make the difference, e.g., “150 square feet of floor space and six additional feet of counter space.”
If the addition will be for aging parents, consult with their doctors or an age-in-place expert to define exactly what they’ll require for living conditions, both now and over the next five to ten years.
Types of additions
Bump-out addition—“Bumping out” one of more walls to make a first floor room slightly larger is something most homeowners think about at one time or another. However, when you consider the work required, and the limited amount of space created, it often figures to be one of your most expensive approaches.
First floor addition—Adding a whole new room (or rooms) to the first floor of your home is one of the most common ways to add a family room, apartment or sunroom. But this approach can also take away yard space.
Dormer addition—For homes with steep rooflines, adding an upper floor dormer may be all that’s needed to transform an awkward space with limited headroom. The cost is affordable and, when done well, a dormer can also improve the curb-appeal of your house.
Second-story addition—For homes without an upper floor, adding a second story can double the size of the house without reducing surrounding yard space.
Garage addition—Building above the garage is ideal for a space that requires more privacy, such as a rentable apartment, a teen’s bedroom, guest bedroom, guest quarters, or a family bonus room.
You’ll need a building permit to construct an addition—which will require professional blueprints. Your local building department will not only want to make sure that the addition adheres to the latest building codes, but also ensure it isn’t too tall for the neighborhood or positioned too close to the property line. Some building departments will also want to ask your neighbors for their input before giving you the go-ahead.
Requirements for a legal apartment
While the idea of having a renter that provides an additional stream of revenue may be enticing, the realities of building and renting a legal add-on apartment can be sobering. Among the things you’ll need to consider:
- Special permitting—Some communities don’t like the idea of “mother-in-law” units and therefore have regulations against it, or zone-approval requirements.
- Separate utilities—In many cities, you can’t charge a tenant for heat, electricity, and water unless utilities are separated from the rest of the house (and separately controlled by the tenant).
- ADU Requirements—When building an “accessory dwelling unit” (the formal name for a second dwelling located on a property where a primary residence already exists), building codes often contain special requirements regarding emergency exists, windows, ceiling height, off-street parking spaces, the location of main entrances, the number of bedrooms, and more.
In addition, renters have special rights while landlords have added responsibilities. You’ll need to learn those rights and responsibilities and be prepared to adhere to them.
The cost to construct an addition depends on a wide variety of factors, such as the quality of materials used, the laborers doing the work, the type of addition and its size, the age of your house and its current condition. For ballpark purposes, however, you can figure on spending about $200 per square food if your home is located in a more expensive real estate area, or about $100 per food in a lower-priced market.
You might be wondering how much of that money might the project return if you were to sell the home a couple years later? The answer to that question depends on the aforementioned details; but the average “recoup” rate for a family-room addition is typically more than 80 percent.
The bottom line
While you should certainly research the existing-home marketplace before hiring an architect to map out the plans, building an addition onto your current home can be a great way to expand your living quarters, customize your home, and remain in the same neighborhood.
A delightfully warm spring in many parts of the Western U.S. has many folks brushing off their summer clothing early. While this is exciting for all who love the outdoors, public spaces like parks and beaches may be overcrowded. What better time, then, to focus on ways to maximize the space you have in your own home. There’s no one ideal way to design or set up your deck, but we’ve put together a few of our favorite ideas to help inspire your next redesign.
Credit: H. Camille Smith / HGTV
- Especially if your square footage is limited, tiering your deck into multiple levels is a great way to incorporate extra outdoor space into your home.
- By separating your deck into multiple levels, even slightly, you can create a cozy sense of separation between spaces.
- Give yourself options for privacy. Depending on your property, the base level of your deck may be below your fence-line. If you have a view you’d like to enjoy with your barbecue, consider a second tier.
- A simple way to save space and hassle is to build in your seating spaces during your deck’s construction.
- It’s important to consider what you will predominantly be doing on your deck. Lounging while reading? A corner bench is a great fit and can be outfitted comfortably. Potlucks and cookouts? Consider higher benches or fences with wide tops for easy plate placement.
- Consider your environment. If your deck will weather rain, sand, or wind consistently, don’t write off surfaces like brick and concrete, which can be framed as appealingly as wood or other stone.
- As the sun fades, your deck’s utility can shine or fade with it. Including discreet lighting within the construction of your deck is a small step that can pay huge dividends.
- Increasingly popular low-voltage systems have made a well-lit backyard and deck drastically more affordable.
- Depending on your location, solar powered lighting is a worthwhile investment that can help accentuate your stairs, fences, and other outdoor decorations.
by Kenady Swan
Whether you’re starting a family, moving for your job, getting ready to retire or embarking on a new chapter in your life, when your home no longer suits your current situation, it’s time to think about selling it. Although this can be a bit complicated, with the help of your agent, you can minimize the hassles, get the best possible price, and shorten the distance between “For Sale” and “Sold”.
Price it right
If you want to get the best possible price for your home and minimize the time it stays on market, you need to price it correctly from the beginning. Your agent can give you a clear picture of your particular market and can provide you with a comparative market analysis (CMA). A CMA contains detailed information on comparable homes in your area, including square footage, date built, number of bedrooms, lot size and more. It lists pending sales and houses sold in your area in the past six months, along with their actual sale prices.
By comparing your home to similar homes in your neighborhood and reviewing their list prices and actual selling prices, your agent can help you arrive at a fact-based assessment of your home’s market price.
Prepping your house for sale
You want to make a positive first impression when you list your home for sale. Here are some tips on how to enhance your home’s best features:
Work on your curb appeal
Get rid of moss on your roof. Power wash your front walk, porch, deck and patio. Mow the lawn, trim the hedges, weed the flowerbeds and add spots of color with container plants. Clean all the windows inside and out and repair them if they don’t open and close easily.
Refresh, repair and repaint
This goes for interiors and exteriors. If you see peeling paint, add a fresh coat. If your living room is bright lime green, consider painting it a more neutral shade. Make necessary repairs. You don’t want to turn off a buyer with a dripping faucet, a broken doorbell, a clogged downspout or a cracked windowpane.
Deep-clean, from floor to ceiling
Clean rugs, drapes and blinds and steam-clean carpeting. Get rid of any stains or odors. Make sure kitchen appliances, cupboards and counters are spotless and that bathrooms shine.
Declutter and depersonalize
Clean, light-filled, expansive rooms sell houses. So be sure to downsize clutter everywhere in your home, including cupboards, closets and counters. You might also consider storing some furniture or personal items to make rooms look more spacious. Take advantage of views and natural light by keeping drapes and blinds open.
Make an impact on the market
If you want to sell your home, you need to go where the buyers are, and today they’re on the Internet. According to the National Association of REALTORS®, in 2012 90 percent of homebuyers used the Internet as an information source, and for 41 percent of homebuyers it was the first step in the home-buying process.
By working with your agent, you can list your home on Windermere.com and other relevant websites. He or she will put together a listing with attractive photos, an appealing description and all the information a potential buyer needs. Your agent will also market your house, which may include advertising, direct mail and open houses.
Show your house
After you’ve taken care of all the repairs and cleaning tasks outlined above, your home is ready for its close-up: an open house. It’s actually best for you and your family to leave when potential buyers are present so they can ask your agent questions. But before you go, you might want to:
· Take your pets with you
· Open the shades and turn on the lights
· Light a fire in the gas fireplace
· Bake cookies
· Keep money, valuables and prescription drugs out of sight
Be flexible in negotiating
If you get offers below your asking price, there are a number of strategies you can try in your counteroffer. You could ask for full price and throw in major appliances that were not originally included in the asking price, offer to pay some of the buyer’s fees, or pay for the inspection. You could also counter with a lower price and not include the appliances. If you receive multiple offers, you can simply make a full-price counter.
Your agent can suggest other strategies as well and help you negotiate the final price.
If your house doesn’t sell or you’ve received only lowball offers, ask your agent to find out what these prospective buyers are saying about your house. It might reveal something you can consider changing to make your house more appealing in the future.
Breeze through your inspection
When a buyer makes an offer on your home, it’s usually contingent on a professional inspection. A standard inspection includes heating and cooling, interior plumbing and electrical systems; the roof, attic and visible insulation; walls, ceilings, floors, windows and doors; and the foundation, basement and visible structure. The inspector will be looking for cracks in cement walls, water stains and wood rot.
You can always opt for having an inspection done prior to putting your house on the market, so you can address any potential problems in advance. Your agent can give you several recommendations for qualified inspectors in your area.
Close with confidence
Whether this is your first time or your tenth, your agent can help guide you though the complex process of selling a home. Moreover, he or she can answer any questions you may have about legal documents, settlement costs and the status of your sale.
Your agent’s expertise, resources and extensive network also work for you when you’re buying your next house. Even if you’re moving out of the area, your agent can refer you to a professional agent in your new community.
You’ll never have a second chance at a first impression, so let’s make it count! When it comes to upping your home’s curb appeal, there are plenty of small changes you can make that have a big impact. And best of all, you don’t need to call in the pros or spend a fortune to get beautiful results. Below are some helpful and affordable tips.
A Well-Maintained Yard
Mowing: The first step to a well-manicured lawn is to mow it regularly. The experts recommending mowing high because mowing it too short can damage the grass and allow weeds to set root.
Weeds: To prevent weeds like crabgrass use a pre-emergent herbicide in early spring. These herbicides manage the weeds by stopping the seeds from sprouting in your lawn. Broadleaf weeds like dandelions can be stopped by applying granular weed control products.
Feeding: Lawns consume mostly nitrogen, so look for mixes of fast and slow release fertilizers; they will feed your lawn over time while keeping it lush and green.
Watering: Nighttime watering can result in long spans of moisture on the blades, potentially exposing your grass to disease. Consider watering your lawn in the morning – the sun helps dry out the blades throughout the day.
Flowers: You can quickly and affordably dress up your yard with colorful pre-made flower pots and containers. When placing your flower pots and containers remember that asymmetrical arrangements and staggering plants will provided the liveliest setting.
Dress up the Front Door and Porch
Paint: A fresh coat of paint in a pop color can give your home a well-deserved facelift. If you are hesitant to add a bright color to your front door, check out our article Energize Your Home This Winter With Bright Hues.
Replace Old Hardware: Clean off any dirty spots around the door knob, and use a metal polish on the fixtures. Change out house numbers for an updated feel, put up a wall-mounted mailbox, or add an overhead light fixture. Keep in mind that well thought through elements, instead of mix-and-match pieces, will add the most curb appeal.
Create Perfect Symmetry: Symmetry is one of the simplest design techniques to master and is the most pleasing to the eye. Maintain symmetry by flanking your front door with two sidelights (just make sure that your hardware matches); find two urn planters or a unique visual detail to put on either side of your door.
by Marilou Ubungen
For the last nine years, the HomeGain National Home Improvement Survey has been asking real estate professionals across the country the same question: What are the top 10 things a homeowner can do to get their home ready to sell?
And every year, the number one answer is: clean and de-clutter. In the latest survey, 99 percent of the real estate professionals queried ranked this task the most important. What’s more, they estimated that, for every dollar spent on the task, the homeowner would receive a whopping 403 percent return on their investment.
De-cluttering delivers big benefits to those who are not selling their homes, too. Studies show that living in a cluttered house is mentally stressful for the occupants and often leads to weight gain and other health problems.
So why do so many of us put off this important task? It’s hard work. It takes time. It’s physical. It’s emotional. And there are lots of decisions to make about what goes where, what gets tossed, and more. Worst of all, thinking about it makes it seem like an even bigger project than it really is—which is why experts say the best way to get started is to simply jump in.
The easy way to get started
The toughest part of getting organized is getting started. It’s too easy to say, “I’ll go through that closet later.” “I’ll get rid of those boxes later.” “I’ll donate those clothes later.”
Instead, replace “later” with “now.”
Grab a couple cardboard boxes and spend 90 minutes right now organizing one part of one room (a desk in your study, for example). Once you see that it’s not nearly as tough as you imagine, and actually feels satisfying and freeing, you’ll become energized and ready to take on even bigger organizing tasks tomorrow.
Here are some tips to keep you on track:
- Tackle one room at a time.
- Start with the easy stuff. Rounding up the things you know you want to toss, recycle, sell, or store.
- Finish the task you start. Don’t pull everything out of a closet, for example, and then stop for the day, leaving the mess for later. Finish organizing the closet.
- Get the whole family involved (these are important life lessons to pass along to your children).
- Let phone calls and other disruptions wait until you’re done for the day.
Deciding what to keep
Once you make your way through the things you know you don’t want any more (broken appliances, unused gifts, outdated electronics, store returns, etc.), then it’s time to focus on the items that are useful, but don’t get used very often. Experts suggest two strategies. Choose the one that works best for you, or try using them in combination:
- The 12-month test – If you haven’t used the item in the last year, get rid of it.
- The cardboard box drill – Put items you’re not sure about in a cardboard box and set it aside. Whatever gets pulled out and used over the next two months can stay. The things that don’t get rescued should be sent packing.
How to handle keepsakes
Now for the toughest decision of all: What to do with those trophies, mementos, greeting cards, photos, kids’ art projects—and all the other things that trigger strong memories and emotional reactions.
First, go through these things and make sure they’re still things you want to keep. Some items may now remind you of a time—or a person—you want to forget.
Spend no more than 30 seconds reviewing each item. If you allow yourself to start wandering down memory lane, your organizing work will come to a screeching halt.
Take photos of items that are bulky or hard to store—especially the kids’ artwork, which tends to fall apart over time, anyway. Once you’ve captured the item in a photo, let the original go.
If there are keepsakes you inherited from your parents or relatives that hold no sentimental value for you, it’s time to say goodbye.
Stop saving so many things for your children. No matter what they say now, your kids will most likely only be interested in a few key mementos when they’re older. Designate a single memento box for each child.
Other people’s belongings
You should not be storing anything that doesn’t belong to you and/or the other current members of your household. Give back things you’ve borrowed. Get rid of the belongings of ex-spouses, ex-boyfriends, and ex-roommates. Get tough with your adult children; your days of providing a roof for their belongings are over.
Working with a professional
A professional organizer can teach you the tricks of the trade, help you make tough decisions about what to keep and what to let go, and consult with you about the best storage systems. Hiring a professional is also a good idea if you’re having trouble getting started or sticking with it. Expect to pay around $50 to $90 per hour for this kind of help.
Some final words of advice
While you’re getting organized, do not allow yourself to buy any non-necessities. Groceries, yes. But say no to clothes, toys, electronics, sporting goods, and other feel-good purchases.
When you’re done organizing, a good rule of thumb is that for every new item brought into the house, an old one has to leave.