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Smart Steps To Take Before You Buy or Sell a Home

December 1, 2023 by chorton Leave a Comment

You can take steps to save money and avoid surprises when you are thinking about buying or selling a house. Even if you are not ready to put your home on the market or view homes, you can still benefit from taking these steps. These steps can help you avoid unpleasant surprises, reduce stress and save money.

Assemble Your Team

To complete a real estate transaction you will need to work with several experts. Your REALTOR(r) is the best place to begin. No one knows more about real estate transactions than REALTORS (r), the professionals involved from beginning to end.

You may also need to work with title agents, appraisers and inspectors. Your REALTOR(r), can explain the roles of these people and how they fit in with the overall transaction. You can also ask your REALTOR (r) to refer you to specialists who offer these services.

List everything

You’ll have to make a lot of decisions, whether you are buying or selling a home. Prioritizing your goals will help you narrow down your options so that you can focus your efforts on the most productive actions. You might decide to sell quickly over maximizing the sales price. As a buyer you can make better decisions by weighing the relative importance between price, location and features.

Your REALTOR(r), too, is invaluable in this regard. They can identify factors to consider, and discuss the pros and cons of options you may face.

Take Action

When is the best time to start planning your home purchase or sale? You may be surprised to learn that you can start much earlier than you think! If you are buying, you can focus on financing, improving your credit score, researching neighborhoods and properties, and researching the neighborhood. You may find that decluttering, repairs and remodeling will help you when you are selling. Your REALTOR(r), once again, can provide you with a wealth information and resources that will help you get started on the path to success.

Your REALTOR(r), whether you are buying or selling real estate, is your trusted guide in helping you realize your dreams.

Original Blog: https://www.texasrealestate.com/members/posts/smart-steps-to-take-before-you-buy-or-sell-a-home/?utm_medium=email&_hsmi=284417543&_hsenc=p2ANqtz-_AEycxa0-B-di6Z_QSIhszPsoYQ-VTIIDQzY5Qfe0-GrVkmWQkrk8ZvQbSdULoTaZpIlD03CP0bGwaYl8LYXZytWFMmQ&utm_content=284417543&utm_source=hs_email

Top 10 Tips for Selling Your Home During the Holidays

November 24, 2023 by chorton Leave a Comment

The holiday season, from November to January, is often considered to be the worst time of year to sell a house. While the idea of selling your house during the winter months can dampen your holiday spirit the season has its advantages. Holiday buyers tend to take the sale more seriously and the competition is less fierce as fewer homes are actively marketed. Decide if you need to sell. Really. When you’re ready to take on the challenge, put on your gay attire and follow these FrontDoor tips.

Decorate the halls but don’t go too overboard.
Home decor is often at its best during the holiday season, but sellers must be careful not overdo the decorations. Too many or large decorations can distract buyers and crowd your home. Avoid offending buyers when you choose fall and winter decorations that are not religious.
Hire a reliable real estate agent.
This means that you want someone who will work hard and not disappear over the holidays, whether it’s Thanksgiving, Christmas, or New Year. Ask your family and friends if they know of a listing agent that will go the extra mile to sell your home. This will reduce your stress levels and give you time to enjoy the holiday season.
Find motivated buyers.
House hunting during the holidays is only acceptable if you have a valid reason. Your agent can help you target buyers who have a deadline. This includes people who are relocating to your area for a job, investors with tax deadlines, students and staff at colleges, and military personnel if you live near military bases.
Price your product to sell.
A home priced well below the market value will make buyers happy no matter what time of the year it is. Many real estate agents recommend that sellers slash the price before listing a home.
Make curbside appeal a priority.
Maintaining the exterior of your house becomes even more crucial when autumn arrives and the leaves start to fall. Touch up the paint and clean the gutters to make your home look more attractive. Make sure to consider the safety of buyers by clearing snow, ice, and leaves from walkways and stairs.
Take the best real estate photos.
Homebuyers will often start their search for a home online when the weather is bad. Make a great first impression by providing lots of high-quality, flattering photos of your home. If you can, provide a spring or summer photo of your house so that buyers can see what it looks like all year round.
Create an online video tour.
The holiday season will be less busy due to the bad weather and vacation plans. A video tour posted on the Web could attract buyers who don’t want to drive in a storm or don’t have the time to visit your home.
Offer house hunters a place where they can escape the cold.
Make your home inviting and cozy during showings. Turn up the heat and play soft classical music while offering homemade holiday treats. You can encourage buyers to spend longer in your home and appreciate its best features.
Spread holiday cheer by offering financing.
Bah, humbug! Lenders these days are scrooges, but if your means allow it, why not offer an affordable home loan to someone who is serious? You could earn a good return on your investment.
Relax, the new year is right around the corner.
It’s stressful enough to have to buy gifts, cook dinners and entertain relatives during the holidays. Remember that next year is just a few short days away if you decide not to sell your home now.

Original Blog: https://www.hgtv.com/lifestyle/real-estate/top-10-tips-for-selling-your-home-during-the-holidays

What is a Title Search?

November 21, 2023 by chorton Leave a Comment

It’s exciting to buy a home. It can be stressful and overwhelming, because there are many steps to take to reach the closing.

One of these steps is a title search.

You may think that the seller has the right to sell the home when you buy one. It’s not always true. You may find that someone else has a claim on the property.

A property title search can be useful in this situation.

What Happens during a Title Search?

A title search can be used to confirm that the property you are buying is owned by its legal owner. A title search will also reveal if there are any liens or claims against a property which could affect your decision to buy it.

A property title is not the same as a deed or a document.

The title refers to the concept of ownership rights.

A title company or attorney can perform a property search. They want to make sure that there isn’t another entity or person that could claim a stake on the home.

A title search is necessary if you are getting financing. Mortgage lenders will require you to do one before they approve your loan.

Who does a title search?

A title loan company or an attorney may do the search. The location of the home you are buying will determine who does the final search.

As a buyer after a contract has been signed, you can ask your attorney to order a title search. The attorney can complete the work or pass it on to a title company. The completed report is then sent to the seller’s agent. The seller’s agent is responsible for managing and resolving any issues that may arise.

You can find a variety of information sources when you conduct a title search.

County Land Records
* Deeds
* Property plats
* Tax Liens at the State and Federal Level
* Divorce records
* Bankruptcy court documents
* Construction liens
* Judgments

A title search will also reveal details about mortgages that are associated with the property.

How long does it take?

A title search could take anywhere from a few hours to a couple of weeks. The older the house you are looking to buy, the longer it will take for a title search because there may have been several owners and transactions.

What if there are issues?

Some of the issues that may arise during a title research include:

* A broken chain in the title. In this case, the chain may be missing a deed. This is common for older homes.
* Incorrect description on the deed. There could be an incorrect or missing description in a deed. This would require obtaining a correct deed.
* Missing interests. If there is a transfer through an estate, then the heirs of that property must have relinquished any interest. If they haven’t, you will need to obtain deeds to release the property from those who have an interest.
* Liens are a legal claim on a property that is often used to recover a debt. Title searches can reveal if a lien is on a property, and if it’s expired or if payment is required.

A title search is an important part of the home buying process. If you have any questions about the title search process or its results, speak to your Realtor.

It could be costly and stressful to deal later with a lien or judgment. If you buy a house and there is a judgment on it, then it could become your responsibility.

Original Blog: https://realtytimes.com/archives/item/1042638-what-is-a-title-search?rtmpage=

Should You Fix Up Your House Before Listing Or Sell It As A Fixer Upper?

November 3, 2023 by chorton Leave a Comment

If you’re thinking of selling your home, this is probably a question you’ve been asking yourself – and your real estate agent. There is no hard and fast answer; the route you go will depend on numerous factors, the most important of which are: the condition of your home, the strength of the market in your area, and the potential profit to be made both with and without updates. These tips will help you decide whether to sell now or later.

Consider your buyer

The words “fixer upper” might actually be a selling point for some buyers who perceive they’re getting a deal, who are specifically looking for something they can put their stamp on, or who just can’t afford to buy something turnkey. The marketing your agent does is key here so you don’t end up with nothing but unacceptable offers.

“In any marketing communications surrounding a fixer-upper, it’s important to remain focused on value,” said ExtraSpace. “Prospective homebuyers know that a fixer-upper will sell at a lower price point than newer or more modern homes on the market. But that doesn’t mean you need to accept a lowball offer. Instead, emphasize the home’s investment potential by reminding buyers of the future sale opportunities after the home has been remodeled.”

If your home needs A LOT of work and you can’t, or don’t want to, put the time, money, and effort into getting it in top condition, targeting investors could get it sold quickly. “A few years ago, a past client called to say her next-door neighbors needed to immediately sell their home. To say it needed work was an understatement,” said Sacramento-based real estate broker Elizabeth Weintraub on The Balance. “The home appeared inhabitable. It had holes in the walls all the way to the exterior and urine-soaked wood floors; most of the electrical didn’t work and the bathroom tub had fallen through the joists. All the faucets leaked and, in one bedroom, I found a pile of dead rats swept into a pile in the center of the floor. This was not a home that could be easily fixed up. Not even a coat of paint would have helped sell this place. We priced it low enough that it attracted multiple offers and sold with zero days on market. Only contractors and flippers made offers on this home.”

Since flipping is more popular than ever, a home that needs work – especially certain kinds of work – may be attractive enough to investors that you don’t have to do any work at all. “A good rule of thumb: If your home needs kitchen or bath remodels, a new roof, or foundation repairs, there’s an 80%-plus chance your buyer is going to be an investor,” Bruce Ailion, a broker and REALTOR^(r) in Atlanta, said on Realtor.com.

Get an honest assessment – and be able to hear it

If you’ve lived in your home for quite some time and/or haven’t kept up with updates and repairs, your real estate agent’s assessment of its condition and the recommendations he or she makes to get it market-ready may be eye-opening. They may also make you angry. Try to listen and keep an open mind, even if you feel offended. In the end, you share the same goal, which is to get your home sold for the best possible price.

Be realistic on pricing

“Finding out your home’s value isn’t as simple as subtracting the cost of repairs from your home. You also need to factor in ‘aggravation costs,’ said Ailion. “In other words, turnkey homes often sell at a premium to traditional buyers because they don’t have to do any work. If your home needs some sprucing up, you’re likely going to have to incentivize buyers to dig in and get their hands dirty.”

It may be that fixing your home up makes the most sense because of the financial upside. In presenting you with comparables, your real estate agent should be able to show you other properties in your area in varying conditions (depending on the number of active listings or recently sold homes near you). This will help inform the pricing for your home and also give you some idea of how much you’d have to put into it to get top dollar. Now all you have to do is come up with the money!

Choose your updates wisely

A $30,000 kitchen renovation may not be in the budget and may not give you the return on investment you’re looking for, but there are smaller updates you can do to your kitchen to make it look fresh (and, you can use the same principles in other important areas, like bathrooms). Better Homes and Gardens has a great list of updates you can make for under $2,000, including hanging a pendant that “illuminates the sink area” and swapping out a tired sink for a “farmhouse sink (that) adds character to the space.” Also think about painting cabinets and installing new hardware, and, if you’re up to the task, adding an eye-catching backsplash.

Make necessary repairs

Investors aren’t expecting perfection, and their offers will be based on the condition of your home and the potential profit they can make once it’s fixed up. Non-investor types looking for a deal may not necessarily be scared off by a few cosmetic issues, but major repairs that are needed are another story. If you’re looking for the smartest place to put your pre-sale renovation dollars, this may be it.

“It might not be glamorous, but buyers are looking at big-ticket items like the age and condition of the roof, air conditioning and heating systems, water heater, electrical panel and pipes,” said Inman. “If any of these components are on their last leg, you might seriously need to consider replacing them as these items could factor into the kind of financing the buyer is able to obtain as well as insurability of the property.”

Original Blog: https://realtytimes.com/archives/item/1016869-20180426-should-you-fix-up-your-house-before-listing-or-sell-it-as-a-fixer-upper?rtmpage=

Ten Mistakes That Will Keep Your Home From Selling

October 30, 2023 by chorton Leave a Comment

You need to get every advantage possible when you are selling your house. There are very few homes that can be magically market-ready without some help. It’s time to focus if your home requires more than just a little assistance. Listing your home in a bad condition will only lead to frustration. In this case, frustration is: Your home being on the market without any offers for months or an offensive, lowball offer.

Avoid listing your home with:

1. Excessive damage

You may have neglected to maintain the property, either because it was rented out and abused by frat boys or you simply didn’t care for it as much as you should. The buyers will not be interested in those holes that make it look like the room was used for a boxing workout, or the wood floors that have been scratched up by dinosaurs. They also won’t want a yard with only weeds that are two feet tall. If you don’t want to sell your home at a price where buyers will only focus on the positives and ignore all the negatives, then it needs some work.

2. Bathroom carpet

It’s gross. Everyone who enters that bathroom thinks one of two thoughts: 1) there’s got to be mold underneath; 2) there’s got to be pee all over the floor. You’ll want this update done before listing your home. If you already have your home listed but it’s not selling, this is something to consider.

3. Big, nasty stains

Buyers shouldn’t be able to tell where your dog marks or where you kids spilled a bowl of holiday punch. Potential buyers won’t even enter your home if the carpet stains are so bad. Nobody wants to purchase a pigsty. Invest in a new carpet. You won’t need to lower your price, so you’ll get the money back.

4. Pet smells

They smell. Since you are surrounded by them every day, you may not notice, but potential buyers might. Spend money on air fresheners and deep clean your carpets and upholstery. Remove cat boxes before showings. You don’t want a buyer to refer to your home as “the smelly one.”

5. Loud dogs that bark every time anyone approaches the house

Last word about pets. Barking is inevitable, whether your dog barks or the neighbor’s. You don’t want that to happen on the day of an open house. Offer to pay for the doggie daycare of a neighbor’s pet. This can help eliminate the problem and create the peaceful setting that buyers desire.

6. Your dead lawn

A lack of curb appeal will not necessarily ruin a deal. You may not even be able to convince potential buyers to leave their car. Buyers will assume that if the yard in front is messy, the same mess is inside.

7. The bad agent

Face it. Some of them will be winners. Get a new agent if your current one is rude, uninformed or uncommunicative. A client who doesn’t receive the attention they deserve is unlikely to be satisfied.

8. You’re sloppiness

The drawers and cabinets that you stuffed everything in when you cleaned out your kitchen and bath cabinets may be a deal-breaker for buyers who are picky. Buyers are known to open things. Buyers open drawers, cabinets and closets. They may think that there is not enough space if these areas are cluttered and overcrowded.

9. Unreasonable Sellers

If you’re reasonable, big problems can kill a deal, but can also seal it if they aren’t too serious. Your inspection may reveal plumbing, roofing, or electrical problems (or even all three!) If you refuse to negotiate and the seller is unwilling to make a deal, that sale will be lost.

10. Bad Taste

When it comes time to sell, your poor decorating choices or failure to stay up to date with the latest trends could haunt you. You can see this on House Hunters, where buyers get hung up over paint colors. Simple updates will make it look new and fresh, giving buyers something to fall for.

Original Blog: https://realtytimes.com/archives/item/1017958-20180614-ten-mistakes-that-will-keep-your-home-from-selling?rtmpage=

How is a Home’s Fair Market Value Determined?

October 23, 2023 by chorton Leave a Comment

Fair market value is a real estate term that both buyers and sellers should be familiar with. The fair market value is the amount a house would sell for if logic were to be the only factor. The fair market value is what a seller could get if he or she waited to receive the best offer.

Both buyers and sellers will negotiate until they reach a price that they both agree upon.

While negotiation is a big part of buying a home, understanding fair market value is also relevant.

Fair market value is not everything. Fair market value is not just what the appraised price is or what the parties think the value is. Tax value is not included in the fair market value. Fair market value can include these factors.

Calculating fair market value

Home values are affected by the fluctuations of the market. There is no specific formula for determining fair market value. The value of a house is primarily determined by supply and demand.

When calculating the fair market value, some elements can be taken into consideration.

* Current market trends
* Comparative market analysis of similar properties in the same area
* Having an appraiser determine the value
* Calculating fair market value using price per square foot

You can use any of these factors in combination to arrive at a fair value.

Real estate agents excel at determining the fair market value, and this is why people hire them instead of trying to sell their home independently. You should know the facts about the property, but also the market in your area and the overall economy.

What is fair market value?

The fair market value will be used to determine a home’s sale price. However, there are caveats. If the fair market value of a home is $250,000, but the house is in a popular area, then the asking price could be as high as $300,000.

Fair market value can be applied in other contexts besides real estate, as well as other real estate-related applications.

The property tax you owe your municipality will likely be based on your home’s fair market value. The longer you own your home, the higher your FMV will be. This means that your property tax will also increase.

Your home’s value can also impact your tax credits, gift tax and estate tax.

If you give your home as a gift or include it in an inheritance, the recipient may be required to pay tax based on its fair market value.

If the person sells their home for more than it was appraised at when they received it, then they will have to pay capital gain tax on the difference.

The term fair market value can also be used in the insurance industry. Fair market value can be used to determine the amount of money you will receive for repairing your damaged property.

If your home is affected by a natural disaster and it’s evaluated below FMV, you might not get as much compensation.

Fair market value is not a formula that can be applied in all cases. The formula is often based on a combination of key metrics to determine the value of a house at any time.

Original Blog: How is a Home’s Fair Market Value Determined? – Realty Times