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Archives for November 2013

Multiple Offers Return as Buyers are Back

Record tight inventories are making it increasingly difficult for growing numbers of buyers, who are creating multiple-bid environments in markets that haven’t seen buyers battle over homes in six years.

Buyers are back but sellers aren’t, especially in Western markets recovering from large volumes of foreclosures. The result is that inventories are still tightening as the fall buying season ends. Buyers are fighting over what’s available, often to the benefit of those sellers who took a risk in this year’s evolving marketplace.

Prices are reported to be on the uptrend with 62 percent of REALTORS® reporting constant or increasing prices compared to the same time a year ago, according to the National Association of REALTORS’® (NAR) REALTOR® Confidence Index that was released recently.

Buyer demand is reported to be growing faster than supply, and many REALTORS® are reporting multiple offers.  However, buyer traffic is still well above the moderate level, but seller traffic is flat, according to the NAR survey. First-time homebuyers accounted for 34 percent of total buyers. Normally first-time buyers are in the neighborhood of 40 percent of total residential sales, according to NAR’s Profile of Home Buyers and Sellers.

A majority of the 145 markets monitored by NAR Research experienced slower foot traffic in May of this year relative to the same time in 2011. The data, provided by SentriLock, LLC., is based on the total number of visits to properties as recorded on electronic clock boxes. Foot traffic was lower over the 12 months ending in May in 60 percent of the markets, while 35 percent expanded and 5 percent were unchanged. This moderating pattern suggests a broad based decline in the late spring following an equally broad-based expansion in the late spring/summer of 2011 and early spring of this year.

Multiple bids are changing the playing field in a number of markets this spring and summer. Many agents new to the business who have little experience with them are dealing with a sudden and unexpected competition for homes brought about by inventors more than 20 percent below those of a year ago.

Revive Your Bathroom Quickly, Easily and Affordably

Remodeling projects have increased in popularity over the past few years. Whether you’re hoping to sell your home or create a more enjoyable living space, tackle home improvement projects that make a big impact and add value.

One of the top return-on-investment remodeling projects is updating a bathroom. Bathroom updates even outweigh kitchen projects in terms of getting back what you spend, according to CNN Money. And, if you take a cost-conscious approach and do the project yourself, your investment return will be even better.

There are plenty of remodeling tasks that are easily accomplished by renting tools, versus the cost of buying expensive tools or hiring someone else to do the work. Bring new life to your bath with these tips:

  1. Replace old tile. Outdated tile is a common problem that makes bathrooms look old. Replacing it with fresh new tile that is in style will instantly give the room a modern look. Tiling is a DIY project that anyone can tackle, with the right tools. Rent the necessary items like a tile stripper, a tile saw and a mortar mixer to keep your project costs down.
  2. Refresh the ceiling. Ceilings can become dingy over time, and you might not suspect them as the culprit that’s making your room feel dull. You’ll notice a dramatic change if you liven it up with fresh new texture and paint. Texture sprayers are an unusual tool for most DIY warriors to own, but you can easily rent one to make the job quick and inexpensive.
  3. Add personality with paint. Another simple fix that can be done is adding a new paint color. It’s an easy, quick and cheap project and can totally change the look and feel of the room. Opt for one of your favorite colors or scour interior design websites and magazines to find a trendy color that gets your attention.
  4. Change hardware. Some faucets and cabinet hardware clearly show their decade of origin. Switching out old hardware is relatively simple and a great way to make a dramatic change in the look of your room.

These projects set the stage for creating a new feel for your bathroom. Make the revived space a reality by choosing a decorating theme and accessories that complement it. Items like window treatments, throw rugs and wall art make the room feel more complete and stylish.

Kitchen Remodeling Tips that are Budget Friendly!

Upgrading your kitchen can be a huge undertaking, however, it doesn’t have to break the bank. If you’re ready to remodel without spending a lot of dough, the following budget-friendly tips from Cheryl Hamilton-Gray of Hamilton-Gray Design will give your kitchen the facelift it needs, while keeping money in your wallet.

-Don’t be afraid to negotiate. As you begin to plan out your kitchen remodel, speak with everyone you’re dealing with to see if there is any room to negotiate when it comes to price. In the end, the worst that can happen is that you’ll get ‘no’ for an answer.

-Splurge on what’s important. There are a lot of elements that go into a kitchen upgrade, and if you aren’t careful, you’ll end up spending a lot more than you anticipated. Take some time before you get to work to pick out a few items that you want to spend a little extra money on. Once you have these items picked out, be flexible when it comes to everything else.

-Resist stainless steel. While stainless steel appliances are a popular choice for homeowners today, opting for white or black appliances can save you money.

-Shop around. In order to get the best deal, you may want to consider alternative shopping sources. Yard sales, estate sales, salvage yards and thrift and antique stores are great places to find unique items that will make your kitchen stand out. Think outside the box to create a kitchen that will be a conversation starter for years to come.

-Put yourself to work. If you love DIY projects, consider doing some of the work yourself. Whether it’s hanging wallpaper, painting, or even installing floors, you can find significant savings by getting your own hands dirty.

What is Title Insurance and why do I need it?

When you purchase your home, how can you be sure that there are no problems with the home’s title and that the seller really owns the property? Problems with the title can limit your use and enjoyment of the property, as well as bring financial loss. That is what a title search and title insurance are for.

After your sales contract has been accepted, a title professional will search the public records to look for any problems with the home’s title. This search typically involves a review of land records going back approximately 30 years. More than 1/3 of all title searches reveal a title problem that title professionals fix before you go to closing. For instance, a previous owner may have had minor construction done on the property, but never fully paid the contractor. Or the previous owner may have failed to pay local or state taxes. Title professionals seek to resolve problems like these before you go to closing.

  • The Owners Policy – Owners Title Insurance, called an Owner’s Policy is designed to protect you from title defects that existed prior to the issue date of your policy. It is usually issued in the amount of the real estate sales price.  Title defects, such as improper estate proceedings or pending legal action, could put your equity at serious risk. An Owner’s Policy provides assurance that your title company will stand behind you — monetarily and with legal defense if needed — if a covered title problem arises after you buy your home. The bottom line is that your title company will be there to help pay valid claims and cover the costs of defending an attack on your title. Unlike other forms of insurance, the original premium is your only cost as long as you own the property. There are no annual payments to keep your owner’s policy in force. The owner’s title policy can also save you money on future lender’s policies, in the event you refinance or sell the property within a limited time period.
  • The Lender Policy – There are two types of title insurance: Owner’s title insurance, as mentioned above, and Lenders title insurance, also called a Loan Policy. Most lenders usually require a Loan Policy when they issue you a loan. The Loan Policy is usually based on the dollar amount of your loan. It only protects the lender’s interests in the property should a problem with the title arise. It does not protect the buyer. The policy amount decreases each year and eventually disappears as the loan is paid off.

5 Quick Things to Help SELL Your Home!

1. Price It Right

Its stressful trying to sell your home, so setting the right price for your home is more important than ever. If you really want to stimulate a sale, you should under price your property by just a hair.  By shaving just a few dollars you can generate more foot traffic.

2. Make It Inviting

There’s no faster way to turn off a potential buyer than to overwhelm him with a home stuffed with kids’ toys, family knickknacks and a stinky kitty litter. Even stodgy furniture can make a property more difficult to unload.  Fortunately, there are some inexpensive things homeowners can do on their own to attract a buyer. Whether you live in a cozy Cape Cod or a 4,000-square-foot McMansion, make your space feel as open and clean as possible. Get rid of clutter, organize the closets and remove all personal items that may make it more difficult for someone to imagine living in your house.

3. Minimize Surprises

A home that’s in good working order will always sell faster than one that needs pricey repairs. That’s why some agents recommend having your property inspected before you put it on the market. The benefits are twofold. First, it’s always cheaper and faster to make your own repairs rather than have a buyer drag out the negotiating process to accommodate any necessary work. Second, you’ll also avoid any nasty last-minute surprises that could derail a deal should the buyer’s inspector discover you need, say, to replace the roof.

4. Get the Word Out

No matter how you sell your home — on your own or with a broker — make sure you have an eye-catching online listing. Some 80 percent of people start their real estate searches online, according to the National Association of Realtors. While it used to be enough to simply slap up one or two blurry photos, buyers now prefer a slew of pictures so that they don’t waste their time touring a home that doesn’t meet their requirements.

What should your listing include? At the very least, take half a dozen or more photos that highlight your home’s best features.  Make sure to include a shot of the outside on a sunny day, and one of the kitchen, a bathroom, dining room and a bedroom.

5. Throw In a Little Something Extra

Offer traditional incentives, including paying for closing costs. Such tactics are especially attractive to first-time shoppers who can afford mortgage payments but struggle to come up with the down payment and closing fees. Here are a couple more ideas. If you installed a 40-inch plasma TV with a surround-sound stereo system in the living room, offer to include it with the house. Chances are you won’t be able to take it with you anyway. If you’re selling a second home on the water, throw in the Jet Ski.