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Problems and Solutions to Common Issues in Real Estate

If you want a job in an industry where everyday is different and no two transaction are ever the same, you into real estate.  A boring day just doesn’t happen when you are working daily with a wide variety of people and personalities.  As much fun as it is to work with several different types of people on a regular basis, there are some challenges that can arise when working to find a buyer their dream home or a seller who is selling more than just a home, but an abundance of memories as well.

Common Real Estate Problems and Solutions

  1. Market Conditions That Are Not Ideal

Realtors do not have control over local real estate markets.  It is inevitable that local real estate markets will have ups and downs that need to be dealt with.  The longer you are in real estate the more you will see the market conditions fluctuate. The market conditions will play a huge role in if a home sells or not and if it sells at, below, or above the average market value. Realtors must understand and recognize if they are currently dealing with a sellers or buyers’ market.  The advice that you offer to your clients will make a huge difference in their perception and the outcome of the transaction.

  1. Emotional Sellers

Many times, the sale of a home can be quite emotional.  Real estate agents will get the full brunt of the emotion’s sellers are feeling during this process.  A wide range of emotion is felt from sadness, stress, excitement, uncertainty, and nervousness.  Selling a home is a time of mixed emotions for homeowners and you as their agent will need to help them overcome the feelings that they are having to get to the point of sale.  It will be important to remind the sellers of their initial motivation to sell, the benefits that come from the sale of a home, and how these play into their situation.  It is important not to become invested emotionally yourself in the sale of any home so that you can remain impartial throughout the process.

  1. Listing Price

There are many sellers and buyers out there that will take your recommendation when it comes to putting an offer in on a home or listing their home for sale.  However, there are times when people will feel like their home is worth more than it is or that a lower offer is better for later negotiations.  Price points are the biggest challenge most realtors will face with their clients. It is important that you as the realtor educate your clients with concrete evidence and current stats to validate your reasoning.   Point out how long comparable houses have stayed on the market and the difference in pricing points.

Most of the time real estate professionals can work out issues with their clients by listening to them and providing concrete information to reassure them.  Proper wording and empathy can often overcome any challenge that arises to help facilitate a compromise.

C21 Lady of the Lakes is a full-service realtor serving Livingston County and the surrounding areas with all their real estate needs.  More information can be found at http://www.ladyofthelakes.com/.

‘House-Rich, Cash-Poor’: Here’s What It Really Means

“House-rich, cash-poor” sounds like the title of a country song. After all, how can someone be rich and poor at the same time, unless they’re fighting some poetic struggle in a twangy ballad? Well, it all comes down to how much you have tied up in your home, compared with how much you have in your pocket.

‘House-rich, cash-poor’ explained in real numbers

Being house-rich and cash-poor means you have more equity locked into the value of your home than you have in liquid assets.

Leon Goldfeld, co-founder of the New York–based real estate brokerage startup Yoreevo, breaks down how the house-rich, cash-poor scenario can play out:

  • You have a debt-to-income ratio higher than 40%, which means your homeownership expenses take up over 40% of your income. (As a general rule, it’s best to not spend more than 30% of your income on living expenses.)
  • Your home equity makes up more than 80% of your total net worth.
  • You have less than six months in cash reserves to cover your total monthly expenses if the need arises.

Is it bad to be house-rich and cash-poor?

As a real estate professional in St. Petersburg, FL, Patricia Vosburgh advises her clients not to become house-rich and cash-poor due to her first-hand experience in the 1980s.

“I can tell you it’s not a great place to be,” she says. “The slightest financial hiccup in your life can become an issue.”

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For instance, if you run into large medical bills or a costly home repair, you may not have the money to pay for it. Beyond that, being house-rich and cash-poor can lead to a downturn in your quality of life.

“You’re working constantly to hold onto the asset and not really enjoying the benefits of homeownership,” says Vosburgh.

How common is it to be house-rich and cash-poor?

These days, it’s a bit of a mixed bag: Thanks to a healthy economy, low unemployment, and stricter lending requirements put in place after 2008, many homeowners are house-rich, meaning they have good equity in their home. Yet many of these same homeowners are also cash-poor, lacking the reserves necessary to see them through life’s ups and downs.

“First-time buyers are saving up lots of money for the down payment—usually between 5% to 20%,” says Cedric Stewart, a residential and commercial sales consultant at Keller Williams in the Washington, DC, area. “But they often don’t leave any money for the ‘what if’ fund, such as emergency home maintenance.”

Another group vulnerable to becoming house-rich and cash-poor are buyers looking to trade up their current home.

“These buyers take the money from the sale of their current home and plunk it all down on the next one,” explains Stewart. That’s a risky move, he says, since it leaves you no financial wiggle room for whatever financial curveballs may come your way.

The bottom line: A buyer should never leave themselves cash-poor, says Ralph DiBugnara, vice president at Residential Home Funding.

“If it’s going to cost you every bit of savings just to acquire the house, you may not be ready for that specific home,” he says.

How you can avoid it

Deeply understand your finances before you buy a home, recommends Goldfeld. For starters, try entering your income and debts into a mortgage calculator to figure out what price you can afford on a home. Speak to a lender to find out how large a home loan you qualify for, too.

These moves will help you figure out what your monthly expenses would be if you had to pay for that mortgage. Take note: Even if you qualify for a large mortgage, you don’t want to get yourself into a position where every little expense is difficult to pay for.

So make sure you have at least a year of whatever your recurring monthly payments would be in reserve and shoot for a debt-to-income ratio under 30%. Then set a reasonable budget for the purchase price of a home. Look for a healthy balance between investing in a new home and creating your ideal quality of life after the home is bought. (It’s plain common sense to hold enough cash back to have a financial cushion in case of an emergency.)

Another option is to get a home warranty to cover any unexpected home expenses.

“I tell all my buyers to ask for one from the seller or pay for it themselves,” says Vosburgh.

Original Source: https://www.realtor.com/advice/finance/house-rich-cash-poor-meaning/

Original Date: Oct 12 2018

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The Most Important Repairs to Make Before Selling Your Home

Maintenance, maintenance, maintenance… I can’t stress the importance that keeping up with your home’s maintenance, repairs, and overall general well being can make when it comes time to sell.

For many buyers it is important to get into a home without having to do a ton of repairs to make it inhabitable.  It is also not on many buyers’ agendas to make an offer on a home only to determine upon inspection that there are issues that they just don’t want to deal with.  With a little bit of preparation before you place your home for sale, along with regular maintenance and consistent updates while you are actively living in the space your home should be buyer ready when you decide it is time to sell.

Listed below are just a few of the areas to pay special attention to as they are high on the list of priorities that buyers are looking at when buying a new home.

Kitchen & Bath Renovations and Updates:

  • These two spaces have the potential to make or break the sale of a house.  They also employ the most technical mechanics of the house from appliances, to plumbing and electricity, there is a lot that can go wrong.  If not kept up on kitchen and bathroom spaces can easily fall into despair.
    • Kitchen Appliances: Although it can be beneficial to have updated, energy efficient appliances when selling your home, the most important aspect is that they are all in solid working condition.  Maintenance is key in keeping appliances running properly.
    • Cabinets: Cabinets are an essential visual and functional element in both the bathroom and kitchen.  Not only should cabinets be free of damage and in good working order, new hardware never hurts to modernize a slightly older space.
    • Faucets, Sinks, Showers & Tubs: Not only are aesthetics important so is the functionality of drains and faucets. The drains within sinks, showers, and tubs should all drain properly, free and clear of any problems.  Overflow drains should also be in proper working order.  The hot and cold faucets should be properly installed.  (Believe it or not many homes I have remodeled have the hot and cold feature set up backwards) Exhaust vents should be working and clear of debris. Check all surfaces for cracks, chips, and peeling.  Homes that undergo routine maintenance should have addressed all of the above issues as problems arose.

Walls & Ceilings:

    • As part of regular maintenance homeowners should take care to repair nail holes, dings, and dents that occur. If discoloration is seen on the ceiling this will instantly turn off a buyer.  Damage from water should be repaired and brought back up to par aesthetically before placing a home for sale.  All water damage and repairs should be properly documented to give future homeowners a record if asked upon inspection how the problem was solved.

Flooring:

  • Flooring does not need to be replace before selling a home. What is important however is that it is clean and in good condition.  Chips and cracked tiles have been replaced, carpet has been cleaned, and hardwood refinished if scratches and dents are an issue.

HVAC:

  • The heating and cooling systems in the home should be in working order with updated filtration installed. Thermostats should work properly or be replaced.  Hiring an HVAC tech to complete a tune up can be a bonus to ensure everything is in proper order and can be used to market your home.
Electrical Panels and Circuit Breakers:
  • Take time to have the electrical panels in your home meet current codes. This is a perfect time to have the electrical in your home inspected by a professional.  This documentation can be given to your realtor to use as added bonuses that prove maintenance on a home has been done.  This looks really good in the eyes of a buyer even if there is a hiccup somewhere else in the home.

C21 Lady of the Lakes is a full-service realtor serving Livingston County and the surrounding areas with all their real estate needs.  More information can be found at http://www.ladyofthelakes.com/.

Real deal: Realtors share safety tips for sellers

It is the Realtor’s job to protect consumers in the real estate transaction. Seller, particularly, can be vulnerable as they allow strangers into their home to view their property.

An open house can be a great tool for marketing a home, but it also exposes Realtors and their sellers to unfamiliar people for the first time. Thieves and assailants have been known to prey on open houses. The Silicon Valley Association of Realtors cautions its members and their clients to be watchful of suspicious behavior.

Practicing safety measures is the smart thing to do. As Realtors celebrate Realtor Safety Month in September, they share the following tips to protect their clients against crime, especially at an open house.

Sellers should remember that strangers will be walking through their home during showings or open houses. Sellers should hide any valuables in a safe place, including prescription medications and alcohol, as well as personal information, such as bank statements that could be used for identity theft.

Realtors warn their clients that not all agents are who they say they are. If a stranger stops by a listing unannounced, the seller should ask the person to make an appointment with their Realtor. Sellers should never show a home without their Realtor present; nor should they let a stranger, including an unfamiliar real estate agent, into their home unannounced.

Sellers are responsible for their pets. If possible, animals should be removed during showings. If buyers and agents are attacked by an animal, the owner will be held liable.

At an open house, be alert to the pattern of visitors’ arrivals, especially near the end of showing hours. In some cases, the modus operandi of thieves is to show up in a group near the end of an open house and, while the supposed buyer distracts the Realtor and the seller, if present, the rest of the group walks through the house and steals valuables.

Inform a neighbor that your Realtor will be showing your home and ask if he or she would keep an eye and ear open for anything out of the ordinary.

When leaving a property after an open house or a showing, the Realtor should make sure that all doors and windows of the home are locked. Thieves commonly use open houses to scout for valuables and possible points of entry, then return after the Realtor leaves.

While the Realtor will take all of the above safety precautions, their clients should know when they return home that they should immediately verify that all doors are locked and all valuables accounted for.

This article is part of the National Association of Realtors’ Realtor Safety Kit. Sources are the Nevada County Board of Realtors (CA) and Realty Times. For more ideas on how to protect your personal safety, visit NAR’s website at www.REALTOR.org/safety.

Original Source: https://www.mercurynews.com/2018/09/28/realdeal/

Original Date: Sept 28 2018

Written By: Rose Meily

Buying and Selling a House at the Same Time

The process of buying and selling a home can be very stressful especially if you find yourself in a situation where you are doing both at the same time.  Depending on the housing market in your area it can be tricky for to juggle both process at the same time.  It becomes incredibly important to rely on a reputable, local realtor to facilitate.

 

In this installment, we will provide valuable tips and recommendations to educate homeowners in the process of achieving what may seem like an impossible task, to sell their current home while purchasing a new dream home.

 

Understand the Housing Market

Before you jump right in and look to buy and sell a home, you want to be sure that you find out about the housing market. If you are looking to buy a new home in the same market that you currently live it should be slightly easier than if you were leaving the area for whatever reason.

 

Create a Plan of Action

One of the best ways to ensure that you will be more likely to be successful in buying and selling a house at the same time is to plan. This plan should be as realistic as possible, make all your goals actionable and attainable. There is no sense making a goal that is not achievable, that would be one sure fire way to be unsuccessful. Including a professional real estate company in the process is a must.

 

Don’t Rely on Timing

When buying and selling at the same time there are so many things that can go wrong and timing may seem right, but it could easily change when the buyer of your home runs into problems during closing. It could also happen to you when you are set to close on purchasing your new home and then something sneaks up and throws a monkey wrench into the works and you are stuck. Sometimes even the best plans can go awry, and you will have to go back to the drawing board to salvage your overall goal.

 

Align Your Finances

One way to make buying and selling houses simultaneous much less stressful is that if you are able to work with a new lender that is willing to work with you to establish your new mortgage and discuss the possible need for a bridge loan to help with paying both mortgages until you can sell your home. You can also request a contract contingency option which means that your home purchase is contingent on the sale of your home. This may or may not be a viable option in all circumstances.

 

Don’t Let Fear Make Your Decision

When it comes trying to buy a new home and sell your existing home at the same time it can be a bit unnerving. The likelihood that you could be stuck carrying two mortgages for a brief or not so brief amount of time is fairly high. However, you must at all cost not allow yourself to let the fear of not being able to afford the two mortgages at the same time to make a bad decision that could end up costing you a lot of extra money.

C21 Lady of the Lakes is a full-service realtor serving Livingston County and the surrounding areas with all their real estate needs.  More information can be found at http://www.ladyofthelakes.com/.

 

Don’t Fall Behind! Here Are 5 Essential Home-Selling Moves You Might Not Be Doing

To get your home sold, you have to tackle a rather long to-do list. Some of these tasks are well-known, and some are just good ol’ common sense—like finding a real estate agent and spreading the word that your house is up for grabs. But some other steps in the home-selling process aren’t quite so obvious.

So to keep these less apparent home-selling tactics from falling through the cracks, here we’ve highlighted five things you may not even realize you have to do. Just in time to start prepping for the busy fall selling season!

1. Reach millennial home buyers

In 2017, for the fifth year in a row, Americans aged 20 to 37 were the largest group of home buyers—at 36%, according to the annual Home Buyer and Seller Generational Trends Report from the National Association of Realtors®. So get smart: Find ways to appeal to this (huge) generation when marketing your home.

These tips will help you attract younger home buyers:

  • Promote your listing on social media. As digital natives, many of these would-be buyers are glued to Instagram, Twitter, Pinterest, and other social media networks. Make sure your real estate agent is marketing your listing on these platforms.
  • Showcase your smart home technology. Millennials love smart home devices and theyre looking for these products when searching for homes. In a recent Coldwell Banker survey, more than half of homeowners (54%) said they would purchase or install smart home devices if they were selling their homes. Of that group, 72% said they would be willing to pay $1,500 more for a home that was smart.
  • Make your house more energy-efficient. Making even small changes to your house (e.g., installing a programmable thermostat, adding attic insulation, or plugging air leaks around doors and windows) can make your home more appealing to Gen Y buyers. In fact, 84% of millennials say theyre willing to pay up to 2% to 3% more for an energy-efficient home, according to a recent study by the National Association of Home Builders.
  • Show off eco-friendly features. It’s no secret that this generation is environmentally aware, but you dont have to shell out tens of thousands of dollars on solar paneling to make your home green. Strategically planting trees around your home can reduce your air-conditioning costs by 15% to 50%, according to Energy.gov. They look nice, too.

2. Make your home move-in ready

Unless you’re selling a teardown, you need to do whatever it takes to make your home move-in ready for buyers.

This means tackling not only large home repairs but also small ones like replacing ripped screens, fixing leaky faucets, unclogging gutters, and mending damaged shingles.

Pro tip: If your house is in lousy shape, consider ordering a pre-inspection, where an inspector scrutinizes your property for problems before you put it on the market. This would give you the ability to fix problems ahead of time—while also presenting buyers with a clean bill of health on the property. Buyers love it, and a home inspection costs only about $200 to $500.

3. Order professional listing photos

If you have a good eye and a good camera, you might be tempted to take your own listing photos. But we’re not talking about selfies here. If you’re looking to sell your home quickly, using an experienced professional photographer is a must.

There’s proof. In one case study, real estate photography company IMOTO compared 350 listings using its professional photography with 350 similar listings without professionally done photos in the same ZIP code. According to the company’s data, listings using the professional photography sold 50% faster and 39% closer to the original listing price than those that didn’t.

4. Prepare for open houses

Your agent is hosting the open house, so it’s her job to make sure your house is ready for the big event, right? Wrong! It’s your responsibility to prep your home before strangers show up at the door.

Here’s a handy checklist to get your home ready for an open house:

  • Remove all prescription drugs from your medicine cabinet. This includes even the ones you think are harmless. After all, you don’t want people knowing your identity. Also, you don’t want people stealing your meds,” says home stager Alice T. Chan.
  • Tidy up. Clear clutter, take out the trash, and do a thorough clean. Dont have time to get these things done? Hire a professional cleaning service, which costs $90 to $150 on average, according to HomeAdvisor.com. It’s money well spent.
  • Organize closets. Overstuffed closets can make your home appear to have insufficient storage space.
  • Protect yourself from theft. Secure jewelry, art, heirlooms, and other valuables. (You knew this one already, right?)
  • Open curtains and blinds. Letting natural light in will not only brighten up the space, but it can also make rooms appear larger.
  • Hide family photos. Buyers need to see a neutral field where they can put down their roots. Having your family photos on display can make that a challenge.
  • Prepare refreshments. Its one of the oldest tricks in the book, but buyers love being greeted with a warm cookie or a cold bottle of water. It’s a home-selling cliché because it actually works.

5. Pet-proof your home

If you have pets, be warned—their presence can be a huge turnoff to some home buyers, says Diane Saatchi, an East Hampton, NY, real estate broker with Saunders & Associates. So, take these steps to make sure your furry family members don’t hinder your sale:

  • Clean the yard. Be prepared for buyers to walk around your yarda stroll that will be ruined if they step in poop.
  • Remove odors. To banish traces of cat or dog urine from carpets or rugs, try a bacteria-eating pet odor remover. If the odor lingers, you might have to hire a professional cleaning service.
  • Vacuum up hair. Pet hair can trigger allergies and send potential buyers sneezing and wheezing out the door. So, vacuum and dust to remove any settled hair or dander around the house.
  • Remove pet paraphernalia. Before showings, tuck away any leashes, collars, toys, water bowls, and food.

Why It Is Better To Use A Realtor Than Going It Alone

At one point or the other in our lives we are faced with the problem of buying homes that meet our specific needs. Some people however, may decide to confront this problem by themselves. Thus, they begin to look for homes for sale. Good and cost saving as this approach might be the unforeseen problems associated with going it alone may wipe away the costs saved.

It is therefore advantageous to find a qualified realtor who has access to real estate listings that are available in one choice area. These realtors have the skills to hunt for homes that meet your taste, income and needs. This will save a considerable amount of time that might be used in productive activities. Realtors are experts that have been licensed to practice and they are guided by codes of conduct which if breached will attract serious penalties. They are expected to place the interests of their clients above their own, hence, they are expected to work for their clients’ satisfaction.

Going it alone may lead to paying more for a home than the actual value. Realtors are pricing experts who are conversant with the prices of different properties. They can come to the aid of their clients by making fair negotiations with sellers. The prices of homes for sale differs from one neighborhood to another depending on the facilities available. Realtors have information about different areas and they can offer valuable advice to prospective buyers. Most times when a property is chosen from real estate listings, it is the job of realtor to inspect the home and request for repairs where it is necessary on behalf of the buyer. A prospective buyer may not be able to handle this issue effectively, which may lead to friction with the seller. The realtors have adequate sense of what is fair when requesting that a home be repaired because of their experience in handling such cases.

The decision to go it alone without an expert realtor may affect negatively the proper transfer of the home to the buyer. It is the responsibility of the realtor to handle paper work. He must see to it that all the papers are signed by those who need to do so. Apart from that, the realtor has the duty to keep these records properly, so that they can be easily retrieved if the need arises in future. Secured record keeping is guaranteed when a realtor is involved in the transaction. There are some properties that are not in the real estate listings in other words such homes are not advertised. Realtors will know about such homes which the buyers can inspect and make choices that suit them.

To forestall future problems with homes for sale, a realtor has the duty of guiding prospective buyers in the choice of property so as to ensure peace of mind and eliminate potential problems. Although, saving a percentage of what a home costs is a good idea however, the problems and the stress associated with such purchase without the expert guidance of a realtor will wipe away such gain.

Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call 734-426-6060 today.

20 Deal Breakers That Make Your Home Unsellable

Outdated electrical

plug socket on brick wall backgroundSakeza/Shutterstock

Nothing congers up dollar signs more than electrical issues. In fact, 46 percent of buyers are shocked enough to walk away. “It is a large expense for any buyer to take on, but for investors or those looking for a big remodel it’s just part of the cost of doing business,” says McAuley. For example, if a buyer is planning on a major renovation, they are going to install new electrical anyway. But for those desiring move-in ready, this could zap their interest in buying. Outdated electrical isn’t the only dangerous thing lurking in your house; watch out for these hidden dangers in your home.

Not enough natural light

empty white interior with doorDGArt3D/Shutterstock

How many times have you heard a home buyer on TV walk into the room and exclaim, “I love the natural light!” “Lack of natural light or dark rooms are a drawback for many buyers,” notes McAuley. While adding a window or opening up a room to bring in more natural light are options that aren’t hugely expensive, 43 percent of buyers consider it a turn-off.

Dilapidated neighboring property

Old wooden siding painted in white. White old siding background.Stocker plus/Shutterstock

It’s a shame to find the perfect home only to discover the property next door is run-down. Unless the neighbors plan on doing renovations or moving soon, 43 percent of buyers say it’s a no-go and move on. “An unsightly mess is probably going to bother you more as you own and invest in your own property,” cautions McAuley. “Remember, you can make a house what you want, but you can’t change the lot or location,” says McAuley.

House is near a busy road

18 wheeler semi truck at night on highway5m3photos/Shutterstock

“A house located near a major road or highway is a big negative. It will bring noise and traffic and even if a buyer is OK with it, it will be difficult to resell down the road,” cautions McAuley. Not surprisingly, 43 percent drive off on this one.

Small room sizes

Blue new children bedroom on the attic, bedPhotographee.eu/Shutterstock

“Large, open spaces are the rage among home buyers in today’s market. The small, choppy rooms so popular in the 50s and 60s are a big turn off,” notes McAuley. Buyers may have a difficult time imagining the possibilities if the walls were torn down to create an open floor plan or they don’t have the budget to do it. Either way, 40 percent close the door on these houses.

Small kitchen

White Kitchen Interior Accessories Dishes Staff Apple Grocery Products Stand on TableOlga Pink/Shutterstock

“If you’ve ever had people over for a dinner or party, you know that no matter how much space you have in your home, the kitchen is where everyone ends up hanging out,” says McAuley. A small kitchen or one that is closed off is a huge deterrent whether you’re a frequent dinner party host or not. According to Realtor.com, the kitchen is the favorite room of a home for 80 percent of buyers. It’s no wonder 39 percent lose their appetite and look for something more substantial. No matter the size you can make your kitchen look expensive with these tricks.

Bad DIY projects

DIY hammer, nails and plank on table backgroundAfrica Rising/Shutterstock

DIY can get ugly quick and it can be expensive to fix. A crooked towel bar or a ceiling fan that isn’t quite centered aren’t likely to send buyers running, but bigger DIY projects like doors that don’t completely shut or gaps and buckling in flooring steer 38 percent of buyers away. “A bad DIY can usually be fixed, but no buyer wants to pay for updates they don’t like or that look cheap,” says McAuley. You have to see these DIY fails to believe them.

Student housing is next door

Spilled Beer Pong Cup on a Wooden TablePam Walker/Shutterstock

It’s often a rite of passage for newly independent college students to host parties, with blaring music, and general chaos all hours of the night. Of course, there are exceptions and maybe the tenants will be quiet. But who knows what kind of tenants will be there the next school year? “Student housing can be a nonstop revolving door and there are usually too many unknowns for the buyer,” says McAuley. The thought of too many nights of lost sleep deters 37 percent of buyers.

HVAC on the fritz

central heating system PAKULA PIOTR/Shutterstock

Nothing says “cha-ching!” quite like faulty or old HVAC systems. Heating, cooling, and ventilation are major components that are costly to repair and/or replace and 37 percent of buyers get cold feet and walk away. But if a buyer is set on the house McAuley suggests the buyer factors in the cost of replacement and deduct from the price of the home before making an offer.

Dislikes exterior finish

Old Stone House on a Country Road in Rural England1000 Words/Shutterstock

A quaint stone cottage is cozy and charming but not a popular exterior for 31 percent of buyers. “It’s not a mainstream or popular look and the house may stand out as inconsistent with the neighborhood,” says McAuley. “A buyer could look into replacing the exterior if the price is right which could be possible since the seller is likely dealing with a much smaller pool of buyers.” Read on to find out the biggest regrets of first-time homebuyers.

Original Source: https://www.rd.com/home/improvement/things-that-make-your-home-unsellable/

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How Staging Your Home for Sale Can Affect Its Value?

When it comes to selling a home, everyone seems to have their own opinion as to what will make it sell faster and for more money.  Some realtors believe that the smell of freshly baked cookies will convince a person to buy, while other real estate agents think that a home needs to be perceived as warm and inviting to entice a purchase.

Well, if you are the type of person that thinks that an empty home is easier to keep clean through all those open houses, and you want to remove everything, you may want to think twice.  It turns out that the aroma of cookies and cozy spaces can decrease the amount of time a house stays on the market, because potential homeowners can see themselves living there.

In addition to staged homes selling faster, most sellers and their real estate agents will agree that the value of the home will increase, due to the way that it looks when potential homeowners are walking through it or looking at the pictures online.  Some real estate agents believe that the home’s value will only increase by a percent or two, while other realtors believe that the value of the home will increase by as much as twenty percent.

One of the easiest things that you can do when staging your home is remove all the personal items from each room.  These items often include family photos, as you are trying to have someone else imagine themselves living in the space, and that is difficult to do when another family is staring down from the walls.

You will also want to remove any clutter, including that pile of shoes by the front or back door.  The idea when staging a home is to show how everything has its place and that there is room for everything.  It gives the appearance that the home is larger than it is, which is why many realtors will also recommend removing half of the items from inside all the closets.

Your real estate agent will want you to stage your home a specific way prior to having any pictures taken for the website.  That will ensure that your home looks exactly right to potential buyers from the start and hopefully will lure them to the open house.

Of course, once your home has been staged by your realtor, you will not be able to make any changes to it until it has been sold.  This can be difficult for some people, as you may feel that you are living in a museum but keep the end result in mind.  That shouldn’t be too hard, as a little extra money can usually motivate anyone.

Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call 734-426-6060 today.

The Lake Home Of Your Dreams Isn’t Always Perfect To Begin With

Can’t Find Your Lake Of The Ozarks Dream Home? Buy A Fixer-Upper And Make It Your Own

Earning the designation of best recreational lake in the U.S. has made the Lake of the Ozarks even more popular among visitors and home buyers. Local businesses have enjoyed the benefits of booming tourism and it’s made for an incredibly hot real estate market.

On the other hand, with home buyers from across the country eager to own a slice of paradise at Lake of the Ozarks, local real estate listings are dwindling. The Property Shop at the Lake owner Tina Stotler said this dynamic has made it especially difficult for mid-level buyers to find Lake homes that fit their budget.

“Lake-wide, we are experiencing a very low inventory of homes, both waterfront and off the water,” Stotler said. “And homes under $400,000 are particularly hard to find.”

But all is not lost. Stotler says investing in a fixer-upper is a great opportunity to purchase a lake home without breaking the bank.

Check out some before/after fixer-upper photos from a home sold by The Property Shop at the Lake:

“Fixer-uppers are an affordable way for buyers to get into a home and customize it to their lifestyle,” Stotler said, noting that obtaining a loan for renovation projects is easier today than in the past. She regularly works with lenders who understand the dynamics of renovation projects and have lengthy  experience in helping borrowers navigate the approval process.

“Lenders now have a special loan program for purchasing a fixer-upper that includes additional funds to update and remodel. There is only one closing and one closing cost.”

Stotler stressed that financing is only one of many factors to consider when purchasing a fixer-upper property. Owners should take into account the location of the house, the type of lot it sits on, waterfront issues, foundation problems, things that can and cannot be changed, as well as the overall potential of the home.

“One of the most important things to consider when purchasing is to keep an open mind. If the location of a property is good and the lot is nice, you should consider the potential in the house,” Stotler said. “Buying a property that needs work gives you the opportunity to ‘make it’ what you want.”

Still, tackling a fixer-upper is not for the fainthearted: it can be a daunting task for even experienced renovators.

Renovation projects can cost more in time and money than anticipated; and Stotler emphasizes working with a real estate professional who has relationships with local contractors and sub-contractors along with experience in guiding buyers through the fixer-upper process, is a must.

“Your Real Estate Professional should be able to help guide you with more than just the purchasing aspects of buying the property,” Stotler said. “Ask them if they have information on permitting, recommendations for contractors, making sure you can permit your dock, or replace it with a bigger dock, etc. The list is long and you want a realtor who knows the answers.”

Herself nearing the end of a lengthy journey through renovating her family’s former Lake home, Stotler is well aware of the pitfalls and the rewards of bringing new life to older homes.

“When I decided it was time to move back into a lakefront home, I looked for several months to find the perfect ‘fixer upper,’“ Stotler said. “Based on purchase price, renovation costs and accomplishing my ideal results, I realized that nothing could replace the location and the memories of my parents’ lake house.”

Stotler purchased the house from her brother and began the renovation process utilizing the craftsmanship of local contractors and sub-contractors to add 1,340 square feet and a 2-car garage to her former childhood lake home.

Nine months later, she readily admits that renovating a fixer-upper can be an arduous process, but she stresses that the final result makes it well worthwhile.

“My ‘dream home’  and ‘fixer-upper’ will be done sometime in mid-September and I’ve experienced first hand how taking on renovations, big or small is not an easy decision or an easy task,” Stotler said. “It takes a lot of imagination, cooperation and patience. But the end result can be very rewarding.”

Original Source: https://www.lakeexpo.com/advertorial/can-t-find-your-lake-of-the-ozarks-dream-home/article_60c56f36-969f-11e8-8f70-e7ca8a812457.html