Whether you are in the market to purchase, sell, rent or all the above, I am here to help. Please enter your message below and I will respond in a timely manner.
When it comes to selling a home, a kitchen clean up pays. You don't have to do an expensive remodel to make your kitchen appealing to buyers. If you're starting with a good kitchen space, then making a few inexpensive modifications can help you get your home noticed and sell for more money.
Some people like to leave every single appliance that they've used in the last week out, but, to show good space,you're going to have to clear your counters. One of the major mistakes sellers make is leaving the kitchen, or their home, the everyday way they live in it. The way you sell and show a home is not usually the way you live in it. Yes, it may be an inconvenience but it's worth the hassle if it brings in more money when your home sells.
{loadmoduleid 306}
The more empty the counter tops, the better. A few subtle decorations that bring your kitchen to life are perfect. Leave open space for buyers to imagine their own belongings in your kitchen.
If you have any low-hanging pots and pans on racks from the walls or ceilings, consider removing them and patch the holes. Unless the rack is very necessary or really nice decor that doesn't block views or hang too low, removing it will help create a greater feeling of spaciousness.
Sounds so ridiculously simple and obvious. But many sellers forget to do this and the counter tops are left sticky or with stains on them. A little elbow grease could remove a wine stain or watermark and make the kitchen look much more cared-for.
If you don't have an island in your kitchen but have some extra room, a rolling butcher block island works like a charm for adding convenient working space and a sophisticated look. You might also have some delicious-smelling freshly baked cookies out alongside your flyers for open houses.
If you have all recessed lighting, you might try adding a few pendant lights. They add a completely different look and can be quite attractive.
Putting in some inexpensive flooring that gives an updated look will help. You don't have to spend lots of money and get the best flooring around; just make sure your flooring doesn't make your home look like it's in a time warp.
Using fresh herbs in simple containers is a great way to add some pretty decor plus their lovely aromatic odors help buyers think about the meals they'd cook in your kitchen.
You can sell the home with appliances "as is" but a broken dishwasher, for instance, is a point of price negotiation. You can expect buyers to want some money off or for it to be replaced.
The kitchen is one of the most important areas of a home for most buyers, even if they don't cook. Taking the time to enhance it before you list your home will help make sure your home sells for top dollar.
True story: Our four-year-old refrigerator died an ugly death late last year. After being diagnosed and fixed—more than once—by the same repair company, our warranty company finally authorized the purchase of a brand-new fridge.
We were, frankly, pleasantly surprised by how easy the process was and also chalked it up to financial karma for having paid $60+ every month for the last six years just to have the peace of mind of a warranty, plus $75 for each service call.
Those calls were few and far between, save for an annual air-conditioning issue and the occasional other appliance/plumbing concern. To our very unpleasant surprise, the company canceled our existing deal when our contract ended. Apparently, we had made “too many service calls.” This was, of course, code for “We had to replace your refrigerator and we need our $2,000 back.”
We were invited to reinstate our coverage—for 2 ½ times what we had been paying per month.
Welcome to the world of home warranties.
The truth is, we had minimal problems in the six years leading up to our refrigerator replacement. The tradespeople were generally fine, the service was as expected, and the fixes were typically timely. Being dumped by our company and having to scramble for new coverage wasn’t fun, but it definitely wasn’t the worst that can happen with home warranties. If you’ve bought a new home and are considering whether you should renew your warranty after your initial period is over, or are buying/have bought an older home and are mulling a warranty, here are a few things to think about.
For many people, the fact that they can pay a small amount every month that protects them against a potentially huge expense like an air conditioning issue, provides peace of mind. But ask yourself this: Are you better off putting that $60 or so in an interest-bearing account and saving for a what-if?
Also, just because you have coverage doesn’t mean everything will be taken care of by the company. “Some problems won’t be covered by the warranty, whether because the homeowner didn’t purchase coverage for that item or because the warranty company doesn’t offer coverage for that item,” said Investopedia. “Also, home warranties usually don’t cover components that haven’t been properly maintained. Furthermore, if the warranty company denies a claim, the homeowner will still have to pay the service fee and will also be responsible for repair costs. In addition, warranties have numerous exclusions, as well as dollar limits per repair and per year.’
Many companies have tiered offerings and the lowest tier is just basic coverage. “The cost of a home warranty ranges from $350 to $600 a year—more if you want enhanced coverage for such things as washers and dryers, pools and septic systems,” said Bankrate. “In addition to the annual premium, expect to pay a fee for service calls—anywhere from $50 to $125, depending on the type of contract you purchase.
Your barely running, 25-year-old air water heater may have been on its last legs for more than a decade, but if it can be fixed, a warranty company isn’t going to go out of its way to replace it. Same goes for other high-priced items.
“Most major home warranty providers include air conditioning as one of their covered systems. In most cases, a home warranty company is going to do everything it can to repair an AC system before replacing it,” said Consumer Affairs. “Be sure to check your contract for fine print on what AC components may or may not be covered. Also check for the maximum coverage limit listed in your contract for AC units. Remember, you will be responsible for paying for any cost above this dollar amount if your AC needs to be replaced. If you know your home is at risk of needing repairs or replacement of costly items like an AC unit, it’s worth it to look for a provider that has a generous per item coverage limit.”
Ask a friend, or give it a Google search and you’ll find lots of tales about frustrated and irritated homeowners ranging to horror stories about their home warranties. Ultimately, the choice is yours when it comes to opting for one—or not.
There are some other options you might want to explore before locking yourself into a contract. “Before buying a home warranty, learn what coverage you may already have,” said Money Talk News. “For example, if you’re buying a newly built home, know that: The home appliances and systems typically have one-year warranties. Most states require builders to warranty the home’s structural elements for up to 10 years. Also, when you buy new furnishings and appliances, use a credit card that extends the product’s warranty. That can add as much as an extra year of protection.”
Planning to deck your house out with ghosts and skeletons and every last one of the pumpkins and gourds in your supermarket’s produce department? If you’re also planning to sell your home, you might want to rethink that strategy.
There are mixed opinions on how much to decorate for Halloween—or if you should at all—when selling your home. Can it actually help you sell a home if you turn the holiday into a marketing opportunity? Possibly. We took the temperate of the industry for some guidance.
You may want to keep an eye on your neighbors for this one. If you’re the first house on the block to decorate, your home may stand out for the wrong reasons. If you’re still worried that your Halloween décor may distract from the home, follow Mass Realty’s advice. “Overall, you won't want to put up spooky Halloween decorations until the night of Halloween and make sure to take them down the next morning,” they said. “Instead, it's alright to put up seasonal decorations, such as pumpkins, bright leaves, or colorful corn cobs. That way, no one gets offended and you can keep them up for weeks to feel the spirit of the season.”
You may be known for your elaborate displays that have a different theme (Friday the 13th, Carrie) each year, but perhaps it’s best to forgo that when trying to sell your home. “If Halloween is your holiday, it is best to take a break this year,” said Shorewest Realtors. “Over decorating will hide your home and turn off potential buyers. Instead think of how you will decorate your new home!”
If you do want to add some Halloween-specific decorations, use common sense. “Experts say keep Halloween decorations neutral,” said Lyst House. “So what Halloween decorations should you avoid? Well for starters…clowns, dead children, blood and gore, and rotten pumpkins.”
Be careful with your listing photos if you do decorate for Halloween. If your home is still for sale come Thanksgiving and Christmas and New Year’s and even Valentine’s Day, your photos will look extremely dated. This will likely turn off buyers, who may wonder what’s wrong with you home because it’s been on the market a while. A good tip is to use spring photos, if possible, said Fortune Builders. “If you can, try to take property photos when the sun is shining and you can take advantage of all the great natural light that spring has to offer. It will help your property stand out in a cold (and gloomy) market.”
“If you must decorate for the holiday, hold a Halloween open house to attract buyers with children or those young at heart,” said Mass Realty. “Set the date for the weekend before the spooky holiday to bring in more potential buyers. Offer homemade cookies and a $10 gift certificate to an ice cream shop for the adult with the best costume who registers at the door. Take photos to compare costumes after the open house. Have your real estate agent contact the winner to pick up the prize, giving the agent time to discuss the home with all who registered.”
We love this idea from Opendoor, who threw Halloween Open Houses in three Arizona cities on Halloween night last year. “We greeted trick-or-treaters at three Opendoor houses in Glendale, Gilbert, and in North Central Phoenix,” they said. “We gave out more than 1,000 candy bars…as well as other tasty treats. We had games and activities for the whole family, including a fun real estate trivia game. The big hit, though, was the haunted GIF photo booth to capture the fabulous costumes of our visitors—we had lines at every house! The event was a huge success. We saw more than 1,200 guests across all three homes and, more importantly, we brought our neighbors across the valley together on Halloween night.”
A home equity line of credit is a type of financing that pulls value from your home.
You’re accessing your equity, and some of the reasons you might tap into it include:
• Home improvements• Debt consolidation• Long-term investments• Emergency expenses• Business expenses
Home improvement is largely the main reason people get HELOCs. You can upgrade your home or make it more functional for your needs. You might use your home equity to finance a large, value-increasing home project like a kitchen remodel. Strategically the idea is using your home’s value to boost its value.
A home equity line of credit is like a credit card. You have a certain limit up to which you can borrow. Then, you take it as you need it, and you only pay interest on what you draw.
This is compared to a home equity loan. With a home equity loan, you’re still borrowing against your equity, but you’re getting a sum of money all at once. You pay it back in fixed, regular payments.
So, what are the pros and cons of a HELOC?
Some of the upsides of a home equity line of credit include:
• There are no closing costs if your credit is good. That means you don’t have to pay application fees or appraisal costs either. You typically have to pay those with most standard home equity loans.• There are no fees for a cash draw. If you were going to use a credit card for a project, as an example, you would have to pay a fee for a cash advance.• HELOCs offer very low interest rates. They’re secured by the equity in your home, which is one reason that lenders offer competitively low rates. They’re adjustable-rate loans, which may also help you get a lower initial rate, but this can go up over time.• Some HELOCs include the option to convert to a fixed-rate loan if you want locked-in rates. If you’re in the repayment phase of a loan, it may happen automatically.• You have flexibility in how you repay your HELOC balance.• A HELOC is a type of mortgage, meaning your interest is tax-deductible.• There aren’t restrictions on how you can use the funds with a HELOC. You’re getting a line of credit with significant flexibility. You don’t have to have your lender approve changes either.
What about the downsides of a HELOC?
• With a HELOC, since your home is your collateral, you’re putting it at risk if you default. You could lose your home if you become unable to make your payments on-time.• There may be various penalties or fees to be aware of, such as annual fees or inactivity fees.• Any new loan you get is added to your total amount owed on your home. When you have more equity, you also have more options. If you don’t have equity and the value goes down, you might have to keep your property until there’s a change.• Perhaps one of the biggest downsides of a HELOC is the fact that they are adjustable-rate loans. This means that while your rate could go down, it can also go up. With that being said, as was mentioned, some lenders will convert a HELOC to a fixed-rate loan eventually.
There are pros and cons of any loan, and deciding which is best for you is based on your personal financial situation and what you want to finance. Overall a HELOC provides flexibility but also risks since your home is your collateral and rates are adjustable.
Different industries share common industry jargon and the mortgage business is no different. Balloons, non-owner and investment properties just to name a few. On a daily basis, loan officers use various terms regularly.
So much so that many times a loan officer will begin to use these terms when speaking directly with a borrower. The problem is, that while the loan officer knows exactly what the terms are the borrower typically has no clue. One of these terms we'll talk about today is the word 'hybrid.' What's a hybrid loan and moreover how do they work?
A hybrid anything is a cross between two or more one feature and another. With mortgage loans, the hybrid loan is so-called because it acts like an adjustable rate mortgage, or ARM as well as a fixed rate loan. How does that work?
Most hybrids start out like a fixed rate loan for a fixed period. After the period expires, it turns into an ARM. And here's a bit more industry jargon: 5/1 or 7/1. A 5/6 may also be an option. What do these mean? They mean that the rate is fixed for five or seven years before turning into a loan that can adjust once per year. That's the "1" and the "6" part. Why would anyone take out such a loan?
The hybrid loan start rate for say the initial five year period is going to be lower than comparable fixed rate programs. Not by a lot but lower nonetheless. This program can be an answer for those who don't plan on owning the property but for a shorter period of time. Maybe someone is buying a property near a college campus for their kid and hopefully the kid will graduate before that five or seven year term. That's the plan, anyway. When current fixed rates are at or near historic lows, it might make sense to take a harder look at a fixed rate program in lieu of a hybrid.
Yet if a homebuyer is pretty firm on how long they intend to hold onto the property, then a longer term fixed rate is probably the better option. But if they're also just as firm as knowing they'll only keep the property for a relatively shorter period of time. If you're thinking of financing for the short term yet appreciate the peace of mind a fixed rate term can offer, then a hybrid should be given a closer look.