Home Buyers Strategies for a Sellers Market

Posted on March 5, 2015 by Jessica

FOR BUYERS: HOME BUYER STRATEGIES FOR A SELLER’S MARKET
Have you been searching properties online and are ready to take your house hunt to the next level? Consider these 5 strategies before getting into the market and be sure to hire a buyer’s agent to help you negotiate the challenges of being a buyer in a seller’s market. As an Accredited Buyer’s Representative (ABR®), we help our clients find all available properties and negotiate with listing agents to our clients’ best advantage. Please contact me at 509-947-2230, or Jennifer at 509-947-5670 with any questions you may have. It would be a pleasure to work with you!

http://enews.realtor.org/a/hBU$N-2B8f9S7B8-x5tAAC4qnZA/reba7

Do I need a “for sale” sign in my yard?

Posted on February 16, 2015 by Jessica

We recently had a request from a seller to not put a “For Sale” sign in their yard as the home was vacant and they didn’t want to attract “lookie-lous”.

The seller must indeed weigh the pros and cons of having a sign in the yard. Certainly, especially in the case of an empty home or in a situation where the sellers may be out of town, security may be a concern.

However, here are some facts to consider when making this decision according to the National Association of REALTORS® 2014 Profile of Home Buyers and Sellers:

The first step taken by home buyers 6% of the time was to drive by homes and neighborhoods.
48% of buyers cited that yard signs were a source of information used in the home buying process
91% of buyers indicated a yard sign was “very useful” (32%) or “somewhat useful” (56%) source of information
9% of buyers ultimately found the home they purchased via a yard or open house sign
6% found the home they ultimately purchased through a friend, relative, or neighbor

Generally speaking we don’t see “lookie-lous” as all that bad. Even though they may not be in the market to buy now they can be a source of referrals; chances are they know someone who is.

When it comes to safety and security regarding signs at vacant homes, it can be as easy as setting up a shared schedule with the seller to check in on the home often to ensure things are secure. Staging an empty home and installing security and/or motion lighting can also be beneficial.

The bottom line is the more people who know a home is actively for sale, the better the chances are for it to sell quickly and signs are a sure way to increase exposure.

Contact Jessica at 509.947.2230 or Jennifer at 509.947.5670 for more useful information on selling your home.

10 Tips for selling your home this Fall

Posted on October 21, 2014 by Jessica

When listing your home during the fall, there are a few things to keep in mind to keep your home looking fresh regardless of the weather outside.
1. As fall weather descends, leaves fall and plants turn in for the winter. We recommend a weekly landscaping tidy-up of the yard and plant beds, removing any dead foliage and raking the ground. In the event of a windstorm, additional yard tidying may be necessary.
2. A clean roof is imperative for making the buyer feel comfortable in the stability of the home. Therefore, we also recommend that leaves and other debris are regularly cleared off.
3. Since it is getting darker earlier, lighting is even more important. Outdoor lighting can be a great way to enhance the curb appeal of your home. Home improvement stores usually have outdoor lighting on sale or clearance this time of year and a small investment in a hard-wired system can provide quite an impact.
4. Unless you will be setting the stage for each showing, we recommend keeping the lights on throughout the day. Although this may add a few dollars to your electric bill, in our experience this pays off in a quicker sale.
5. Although you may keep more heat in your house by closing blinds and curtains, resist the urge to do so during the day. Buyers need to feel that a home is open and bright.
6. In order to keep your house smelling fresh and clean, opening the windows once a week on a sunny day can help circulate the air. Changing the filters in the furnace or using a carpet freshener may also help although avoid strong-smelling air fresheners as many buyers are sensitive to these strong smells.
7. Put out a welcome mat that actually catches dirt and rainwater before it enters your house. Even if we have a “please remove your shoes” policy, dirt and excess rainwater quickly can leave mud by the front door – not a great way to welcome buyers who come later!
8. Resist the urge to turn the thermostat during the day. Adjusting to below 68 degrees can make the home viewing experience uncomfortable which is not conducive to a home sale.
9. If one of your heat sources is a non-wood-burning fireplace that comes on automatically if the temperature drops, make sure this is in operation as it provides wonderful ambiance.
10. If bringing out your winter clothes has your closet looking packed, consider removing some of the bulkier items to provide some breathing room. An overstuffed closet sends the message that it is not big enough to hold a household’s belongings, so you are better to store lesser-used items offsite while the home is listed.

There are many advantages to selling during the fall and winter months – with less inventory buyers are more serious about finding the right home and homes that stand out and look fresh will get attention. If you are considering selling your home, please call Jessica at 509.947.2230 or Jennifer at 509.9470!

Should I accept an offer contingent on the sale of another property?

Posted on September 9, 2014 by Jessica

Unless a potential homebuyer is a first time homebuyer, it is likely they have a property they need to sell before purchasing a new one. Unfortunately timing a purchase of one property and the sale of another does not always result in impeccable timing. Often a buyer just starting the search doesn’t have their home on the market yet when they fall in love with their next property or a seller receives an offer and has only weeks to move.
So if you are seller with a home on the market, should you accept an offer from a buyer who needs to sell their home first? My answer? It depends!
It depends on your motivation. It depends on the quality of the rest of the buyer’s offer. And it depends on the property the buyer has for sale.
As an adviser to the seller, I look at an offer and the buyer’s property if contingent to make sure:
• The property the buyer has to sell (the contingent property) is on the market
• The contingent property is priced at or below market
• The contingent property is recently new to the market, it has been marked down dramatically, or has undergone a major improvement or face-lift (such as new carpet)
• The contingent property is in an area where homes are selling quickly
• Make sure the offer has specific dates by which the property must have a contract on it and close by
Although a contingent offer is far from ideal for a seller wanting to sell their home quickly, being willing to look at one will widen the buyer pool, perhaps enough to get the home sold.

Tips for Selling Your Home

Posted on July 14, 2014 by Jessica

With a little preparation and the guidance of a professional real estate agent at Referred Real Estate, you can help make the sale of your home go much more smoothly. Key factors include setting the proper price, effective marketing, and making your home sparkle inside and out.

-Inspect your home and make any necessary repairs or renovations
-Find an agent to represent you
-Tidy the exterior and give your home curb appeal
-Thoroughly clean the interior and get rid of unneeded items

Before putting your house on the market, you have the option to have a seller’s inspection. The inspection can help identify previously unknown problems, as well as give you time to make any necessary repairs or renovations. Likewise, many states require sellers to disclose known problems with their house.
Consider hiring a professional home inspector, as they can often identify problems that are easily overlooked by a novice. Important things to look for include leaks, evidence of wood rot and wood-destroying pests, structural integrity and a thorough assessment of major systems such as the plumbing, electrical, heating and cooling systems.

The right agent can help you set an appropriate price, advertise and show the house to buyers, handle negotiations, draw up offers and coordinate the closing. In short, we can help you sell your home in less time, with less aggravation, and for more money. To find the right agent, you can start by asking family or friends for a recommendation, using an agent that someone you know and trust has had a great experience with is a very good idea. Next, contact the agent and set up a meeting for a listing presentation. This is gives you an opportunity to hear the agent’s plans for selling your property, as well as learn other important factors such as:

-Information about the current market and comparable sales
-Plans for marketing the house, including advertising and open houses
-How long the agent has worked in the community, former clients, etc.
-How much money you’ll net based on different selling prices.

Give Your Home “Curb Appeal”
Even if your home is in good shape, there are probably a few things you can do to make it really sparkle. This is what’s known as “curb appeal,” and experts agree that making a good first impression is a crucial factor in attracting buyers. Improving your home’s curb appeal can be as easy as tidying up the yard, washing windows, touching up exterior paint or even adding a new bed of flowers.

Cleanliness and Clutter
Houses look a lot smaller if they’re crammed full of belongings-and you can’t just hide it in the garage either. Buyers like to imagine storage spaces full of their belongings, not yours. Get rid of clutter, and give the house a top-to-bottom cleaning. In particular, make sure the kitchens and bathrooms are immaculate. Buyers will notice right away if these rooms aren’t spotless.
If you want to go the extra mile, you might even consider “staging” your house for showings. This can be as simple as adding houseplants and some decorative lamps, all the way to hiring an interior designer to bring in elaborate rugs, antique furniture and expensive artworks.

Getting Your House Ready Inside and Out

Exterior
Mow the yard, trim hedges and edge sidewalks and driveways
Wash the windows, and repair screens and shutters
Clean oil spots from the driveway
Pressure wash the outside, or touch up paint if necessary
Keep the entryway attractive

Interior
Remove clutter and dust all surfaces
Touch-up paint scuffs
Thoroughly clean the kitchen and bathrooms
Mop floors, shampoo carpets and clean fireplaces
Organize closets so they appear spacious as possible
Clear out the garage by holding a sale or donating items to charity
Make sure light switches and the doorbell work
Store excessive photographs, trophies or other knick-knacks
Consider adding plants or other items to “stage” your home

New Designations for Jessica Johnson

Posted on July 1, 2014 by Jessica

Continuing education is very important to Jessica and as of Spring 2014 she earned her Senior Real Estate Specialist (SRES) designation. This training and designation combined with her expansive experience working with those 55 and over allows Jessica to provide a high level of knowledge, streamlined services and a team of professionals to assist “senior” buyers and seller in the steps needed to make a move easy and stress free.

Additionally Jessica completed training and testing to become a Certified Aging in Place Specialist (CAPS). This designation is close to home as she has a 13 year old daughter who has Down syndrome and who she lovingly refers to as having “unique abilities.” This training allows Jessica to work closely with those with a disability of any kind and their families and caregivers to create specialized floor plans, accessibility, sensory aid systems and general functionality to optimize their current home or plan for a future home.

Garner Property Services

Posted on March 10, 2014 by Jessica

Local Favorites Seal of Approval Phone: (509) 460-7660
Email: jim@garnerps.com
Facebook: Garner Property Services
Website: www.garnerps.com

Thinking of remodeling? Need someone to finish that “honey-do” list? Have residential or commercial properties that need ongoing maintenance? Never fear! Garner Property Services is here to help!
GPS is locally owned and operated with over 20 years experience in all phases of building repair and maintenance and even remodeling! The company is family-oriented, committed to our community. The owners have experience in residential and community property management, sales and leasing, and industrial construction property management.

What can GPS help you with? Just a few of the services include: Both interior and exterior painting, plumbing and electrical, doors and windows, cabinetry, carpet/tile/vinyl flooring installation, drywall installation and repair, roofing repair, HVAC, and other home repairs. What’s more? GPS employs in-house painters, finish carpenters, and home maintenance technicians so your installation or repair is top notch.

Jennifer and Jessica recommend Garner Property Services for all your home and business needs.

Staging Your Home to Sell In Any Market

Posted on January 31, 2014 by Jessica

You have likely heard the term, “staging” when discussing making your home ready to sell. If you’re not familiar with the term, staging is the process of organizing a home and the décor therein in order to create a sale as quickly as possible, for as much money as possible. This is done by highlighting the positive features of a home, while camouflaging those which are less so. It is also the art of making your home appealing to the widest range of buyers possible.

Is staging necessary to sell real estate in the Tri-Cities? Absolutely! In fact, review this study supplied by the Real Estate Staging Association (RESA) in 2012:

89 homes were listed, unstaged. These homes did not sell and were on the market for an average of 166 days.
These same homes were staged and received their first offer in an average of 32 days.

A separate RESA study reviewed 359 homes that were staged before they went on the market. On average, these homes received an offer 26 days after being on the market and 69 of those homes received multiple offers.

Staging works! If you are thinking about selling, consider the following first steps for staging your home:

Stage the whole home, not just certain rooms. Kitchens and master bedrooms “sell” homes, but there are many more rooms in your home. Laundry rooms, pantries, cabinets, bonus rooms, and even your refrigerator will benefit from special staging treatment. I recommend removing everything from the space, wiping down the surfaces, throwing away what you no longer need, storing what you don’t need for the next three months, and then putting back what you do in a nice and neat manner at a minimum.
Don’t ignore the closets and garage. If your idea of staging is clearing away clutter and putting it in a closet (or your garage), think again. Rent a storage facility and remove off-season clothing, recreation items, and anything else you aren’t going to use for the next 90 days, and then remove at least a third of what remains.
Home staging also includes touching up paint and cosmetic defects. Painting corners, wipe down the baseboards, make sure all the light bulbs are in working order, make sure all the drawers and cabinets open correctly, etc.
Home staging should not be thought of as a cover-up for deferred maintenance or structural problems. If there are issues you need to address, do that now. They’re just going to come up on the inspection anyway!
Staging also applies to the outside of your house. Pressure washing, pruning shrubs, making sure the paint is touched up outside, and make sure the containers are full of flowers.

Like most things in life, the final steps of staging are often best left to qualified professionals who can look at your home with a strategic eye. If you are looking to sell this year, take the first steps outlined above, but give us a call for personal guidance. Call Jennifer at (509) 947-5670 or Jessica at (509) 947-2230.

Planning for Real Estate Tax Deductions

Posted on January 2, 2014 by Jessica

This time of year, people are thinking about their new year’s resolutions and beginning to get their taxes together for the April deadline. If you are renting or thinking about buying in the near future, there are many tax deductions that benefit homeowners that sometimes people don’t think about when weighing the benefits of renting versus owning:

Mortgage Interest Deduction – The interest homeowners pay to their lenders each year is deductible on mortgages up to $1 million. During the first several years of a loan, mortgage payments are interest-heavy which means the tax deductions for young mortgages can be substantial.

For example, for a median sales-priced home in the Tri-Cities ($212,300 as of October, 2013), the first 12 months of interest on a 4.6% loan can add up to $9,695. That interest can be immediately deducted from a taxpayer’s adjusted gross income, saving hundreds in tax liability for the first year alone.

Property Taxes – In states that have property taxes (including Washington State), those can also generally be deducted from the homeowners’ adjusted gross income. It is important to only include property taxes paid to the municipality – not to the lender as part of the escrow account.

Interest & Property Taxes on Second Homes – In many cases (depending on tax brackets and other IRS rules), the above two deductions can also apply to second properties. There are parameters to me met (such as the homeowner must stay at the home at least 14 days per year and it is not considered a rental property).

Home Equity Line of Credit Interest Tax Deduction – In the event a loan was secured against a home’s equity and the funds were used on “capital improvements” to a home, this interest may also be tax deductible.

Points for obtaining a loan – Points are usually a certain percentage of the loan and are either paid up front or over the duration of the loan. However, points are usually tax deductible over the duration of the loan period or in the year paid depending on if the loan is on a purchase or a refinance.

These deductions are presented as generalities only and you should confirm all eligibility with your tax professional. There are additional tax deductions that may benefit you if thinking about a purchase. If you have questions, Jennifer Cowgill can be reached at (509) 947-5670 or jennifer@referredrealestate.com or Jessica Johnson at (509) 947-2230 or jessica@referredrealestate.com.

* Above figures are based on 2012 tax table supplied by the IRS

Source:

Finding a Diamond in the Rough – A Guide for Home Buyers

Posted on December 17, 2013 by Jessica

The Tri-Cities real estate market is healthy with houses selling at a steady pace. The National Association of REALTORS® predicts that prices should rise about 6% next year nationally with interest rates rising to 5.8%. Those stats may have potential homebuyers who had planned on moving next year scratching their heads and wondering if the time is right to make a move now. But what if they can’t find exactly what they are looking for?

There are buyers in the market right now who are still looking for a “deal” despite the health of the market. And other buyers who are out looking but just aren’t finding that house that feels “just right.” Should they be looking at homes that have been on the market for six months, nine months, a year or more with the hopes of getting a deal and doing an extensive renovation? Or if scores of other buyers have bypassed these homes, should you stay away too?

Home improvement shows have made the idea of purchasing something unappealing and retrofitting to the buyer’s unique tastes seems appealing – even easy! As you determine if a home that has languished on the market is really a diamond in the rough awaiting polishing, consider why the home may still be on the market. Unless these problems are solved that caused the home to be on the market so long are fixed, you could run into the same problem when it is time to sell unless you make the required changes.

Homes that are on the market for a long time usually have a common list of challenges:

Overpriced property. This is the easiest obstacle to overcome in terms of fixing the problem – if the seller is willing. Even the ugliest property will sell if it is priced right. The key is to widen the buyer pool as much as possible by lowering the price to what the pool of buyers – or at least one of them – will pay. Sellers may steadfastly hold to their price, but the bottom line is if the home has been on the market for months, generally the price needs to be reduced to meet the market.

As a potential buyer, before purchasing a property, it is important for the buyer’s agent to do a comparative market analysis (CMA) so the buyer will have an estimate of market value before purchasing to make sure they are making a sound investment.

Floorplan/Flow is awkward. Is the master bedroom two floors away from the other bedrooms? Is there only one bathroom for the whole house? Is the kitchen small in proportion to the rest of the house? Are the rooms small with little closet space? Floorplan/flow challenges such as these may be easy to overcome with a remodel. It is important to do your due diligence first and determine a remodel is possible – and within your budget. Also, features such as multiple flights of stairs will keep certain buyer pools from considering the property (such as seniors or perhaps parents of young children) and may not be easily remedied by a remodel. Furthermore, there may be zoning restrictions if altering the outside of the home is required and should be investigated before finalizing the purchase.

Location location location. Are there power lines nearby? Is the home located beneath the flight path to the airport? Is the home located on or nearby a very busy street? These types of challenges are not ones that can be altered. Therefore, if the home is located near something that others might find disturbing or a nuisance, this should be reflected in the price of the property to attract the largest buyer pool – both now and down the road when it comes time to sell.

Dated, but easily updated. If the home is in a good location and everything else looks favorable, but the rust-colored linoleum and pink sink and tub in the bathroom is giving you pause, then this may indeed be the diamond in the rough you have been looking for! If the rest of the “bones” of the house are desirable such as general house layout, roof, supports, etc and the updates are mostly cosmetic or involve moving just a few non-supporting walls, then you may have found your home.

If you are not afraid to expend a little elbow grease and have a renovation budget to get the home of your dreams, you may be richly rewarded! If you have been eyeing a listing that has been on the market awhile or would like to learn about potential diamonds in the rough in our area, give us a call! Jennifer Cowgill can be reached at (509) 947-5670 or Jessica Johnson at (509) 947-2230.