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Are Rents Going Up? |
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Why would I blog about rents? I do because the cost of renting a house directly impacts consumers decision to buy a house. | |
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Getting Your Kitchen Ready To Sell |
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When preparing to sell your home, there is probably no more important room to prepare than the kitchen. That really shouldn't come as a surprise to you. Unless we are talking about a hunting cabin where a "Beer Fridge" could be what the kitchen consists of, your buyer will be looking yours over with a fine tooth comb. It is interesting how HGTV programming affects the general public. Most people seem to know now instinctively that buyers want "granite and stainless steel". The interesting part of that is that it is a given in their minds that the cabinets and flooring must be updated. What they want is the "icing on the cake". My recent experience with this is selling a young couple a new townhouse that offered granite kitchens and bathrooms as well as stainless steel appliances (and crown molding and wood floors and nine foot ceilings) for under $200,000. So you can imagine that the next house they buy will have to have those items for them to even consider it. Do you absolutely have to have granite counters and stainless steel appliances in your kitchen in order to sell? The answer is of course "No". But you will find that you are in competition with homes that do. And at the very least, you must have updated matching color appliances (they should be less than ten years old), updated colors (no mauve laminate countertops please), flooring in great condition (if vinyl, no emerald green, Williamsburg blue or anything else that screams "Update me!") Surfaces should have all clutter and small appliances removed. Put away everything, and I mean everything, especially for showings. Unless what you leave on your counter is a thousand dollar Krupp Expresso machine, it probably isn't helping to sell your house. Uncluttered clean countertops are the best staging you can do in your ktichen. Any grout or caulk needs to be in good condition and clean. The refrigerator should be clean (inside and out) and all pictures and magnets removed. Yes, a buyer will open your refrigerator door and wonder how long the celery has languished on the top shelf. The oven should be cleaned and appliance surfaces windexed. Your pantry and cabinets should be organized. I am convinced that I have sold homes more on the belief of the buyer that they could become organzed and decorate like a seller more than any other reason. Buyers will admire a well organized clean kitchen. Lastly, big no no, do not have any smells lingering in your kitchen. Make sure the trash is regularly taken out. Air out the kitchen before showings, use an air freshener if needed (not floral, something like cinnamon, citrus or vanilla) I have also had clients use laundry sheets in the air vents to give the house a freshly cleaned smell. Just remember, the dream kitchen you are hoping for in your next house is the same kitchen your buyer is hoping for in yours. Good luck! | |
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The First 60 Seconds |
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Ok, I am back on the topic of preparing your house for sale and I will look at the topic "The First 60 Seconds". What do I mean by that term? Simply, it is my belief from what I have seen in showing hundreds of houses to clients that the client decides whether or not they want to purchase the home within the first 60 seconds. How can that be? How could a buyer possibly know all the many wonderful qualities your home offers in such a short time? Well, it is really more about that all important first impression. In the first 60 seconds, they have gotten out of their car and are taking in the exterior curb appeal as they walk through the front door. Once inside, they will determine what kind of condition the house is in. The buyer can determine: 1. Is the home updated? 2. Does the home have odd or unpleasant smells? 3. Is the flow of the home inviting? 4. Are their allergens in the home which bother them (i.e. cats)? 5. Are the paint colors updated and in good condition? 6. And most importantly, they have seen the kitchen in the first 60 seconds, and is it a kitchen that is not a fugitive from the 1970's, 80's or even 90's? It amazes me. Within 60 seconds, the average buyer knows if the house will work for them. You can see it in their reaction, houses that give a good first 60 second impression will get a careful going over by the prospects. If it doesn't, they will either race through the house to just see the highlights or I have certainly had a client turn to me and say "I've seen everything I need to see". I have even had that comment made before we walk in the house. So if you are thinking of selling your home, try this. The next time you drive up, see what impression your home makes in the first 60 seconds. And if you can't say "Wow!", then neither will a buyer. | |
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Priced to Sell ... Right Under Your Nose! |
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I have received at least three inquiries in the last six months regarding houses that in my opinion seemed to be priced very well. In fact in all three instances after a week from the date of the call the houses went under contract. In all three cases the caller seemed to be very interested until...finding out the houses were NOT foreclosures but in fact a real person selling their home and pricing it competitively. The word "foreclosure" is without a doubt a huge buzzword in the real estate world. However, buyers be aware "foreclosures" are not the only properties priced well you might just be passing up the perfect home that price to sell and right under your nose. | |
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Real Estate In Europe |
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I want to take a minute to tell you about a recent trip of mine. I was fortunate enough to be able to tour some of the western part of England as well as London and Amsterdam. I am sort of a house fanatic (love architecture and anything about real estate) and it was interesting to see the house styles and construction materials that I saw in England and Amsterdam. To start with, I do not think I saw one home that was covered in vinyl or even wood for that matter. Every house I saw was made of brick, stone or masonry. That included the roofing materials. There was slate and tile and on some of the older (much older, think 300 plus years) properties, there were literally 1" flat stones covering the roofs of these older homes. I have no idea how they support the weight. So it was cool, everything had a very "real" feel about the building and construction materials. Of course, that would contriibute to higher prices of the houses. Housing prices can still keep the average British person from owning a home. Many rent flats or if they purchase, most of the homes are attached in some way, whether in a "townhouse" style or larger homes that have been divided into "condo" type properties. I was told by a lifelong resident of England that "everyone aspires their whole life to have a detached home". A detached home, where you have your own yard and you no longer share walls with your neighbor. Something like "a man's home is his castle". So we are a little short on castles here in the US, but for the most part, if your goal is to buy a home, a detached home, most people here can do it. Our housing prices are lower (yes we may not employ the most expensive building materials, but then again, our homes are more affordable) and interest rates on 15 year mortgages are now below 4%. The affordability factor on homes in this country is now amazingly in the favor of buyers. My parents, who bought their first home in 1960, never never never could have imagined interest rates as low as they are now. They paid 7% then for a loan. Now is really the time to buy if you are looking for a home. Is your castle waiting out there for you? | |
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Now Search Our Website...On Your Phone! |
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Need information or curious about a listing while you are out and around town...now you have it! We have incorporated a Mobile Access Site linked to our www.RockinghamRealEstateTeam.com Just type a "M." before our website on your cell phone, or other mobile device and you have the power of our website searching capabilities right at your finger tips. ~ TRY IT NOW ~ 1. Go to the browser on your phone 2. Type in http://www.M.RockinghamRealEstateTeam.com (website is not case sensitive) 3. Type "rock" under the agent search field and hit "Go!" 4. Click on any listings listed below for pictures and details...enjoy! MOBLIE TIP: The less info the better...all you need is at least THREE letters/numbers of the street, house number, agent name, or subdivision so don't take your eyes off the road for too long! | |
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YES! ... There ARE Buyers In Our Market |
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Lately, the news can be filled with doom and gloom about the real estate market. Of course, we know that there is not one "real estate market", but many many markets spread all across the country. Some of those markets were overbuilt during the 2003-2005 boom years while others, like our own, are much more in balance. We watch our local market very carefully on a daily basis. We monitor the number of showings scheduled for a week in our office, how phone and walk in traffic is doing, how many and what types of homes go under contract etc. We use that information to advise our buyers and sellers. We have seen something very interesting happening. Homes that are in good condition and priced to sell will sell! We have listed three homes since the beginning of this year where the owners were transferring to other states. Each of the homes was in good to excellent condition. Their price points were $200,000, $300,000 and $339,000. Each of these homes got immediate multiple showings and within two weeks, each was under contract. You won't find these stories in the newspaper, good news never seems to sell newspapers! Buyers soon become experts on home values in their price ranges. They often see many homes before making a decision and know exactly whether a home is priced well or overpriced. They compare condition of homes and because of the number of homes on the market, they pick and choose the homes in better than average condition. But the bottom line is, there are buyers out there and they are buying homes in good condition and priced to sell. | |
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INVESTING: Stocks vs. Rental Property ... What is in you future? |
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I will say it up front ... it is a good idea to be diverse when planning for your future and investing your hard earned money...now that you have heard that again lets go a bit deeper in to investing in stocks verses a rental property…it just might not be a bad move to make for your portfolio! Say you have $20,000 to invest…(even though you might be able to buy something with less money) STOCKS RENTAL PROPERTY $20,000 cash investment $20,000 $20,000 value after investment $200,000 $2,000 10% gain on value $20,000 none unless you are buying the stock in a retirement account tax benefits all interest, expenses, utilities, etc., company bankruptcy, most likely you loose all your money and claim it as a loss for tax write off personal hardship (bankruptcy or house fire) you have insurance on your property and it is rebuilt, you are compensated for loss of rent during the rebuilding process a long time for recovery and little or no gain on your value when or if it economic hardship most people need a place to live and your investment is being paid off by someone else My Opinion… Be creative with your portfolio, look into buying a rental property you might be surprised how much faster you can build your wealth and nest egg for the future. In 30 years even if the housing market does not increase 1% (even though that is highly unlikely) you still have a house that was paid for by someone else, you will have received 30 years worth of major tax benefits, and the toughest decision you will be faced with is … 1. Do you sell it and take that $200,000 or more to the bank?
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"Recession" ... A Great Time To Buy A Home? |
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Whether you want to call it a "recession" or not, the fact is, that in many areas of the country the volume in the real estate sales market is less than it has been in the past few years. Some might say don't buy now…in my opinion NOW IS EVEN A BETTER TIME TO BUY! Here is an article recently published in Time Magazine titled, "Ignore the Headlines!" by: Dan Kadlec. Dan offers great insight into the logic behind one of the advantages of buying during a "recession" with low interest rates. A summary of the article…
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Rockingham Real Estate Team
Coldwell Banker
Funkhouser Realtors
540-421-7447
rockteam@cbfunkhouser.com
Licensed in the
Commonwealth of Virginia
