Archive for category: Real Estate 101

Buying a home can be a thrilling experience. Sometimes that thrill is exciting like the first day of school, other times it’s more like being trapped on a runaway roller coaster. If the real estate market in your area is hyper-competitive, it can feel as though the coaster has left the tracts.
 
There are a couple of ways to regain your bearings and save your sanity. One of the best first steps is to hire a real estate agent. As a buyer, you typically won’t pay anything for using the services of a licensed agent and they’ve got the experience to help you rise to the top of a competitive offer pile.
 
Put your best foot forward
No one wants to overpay for anything, but if competition is stiff, there’s no time for low ball offers. When deciding on an appropriate offer, talk with your real estate agent or do your research. If similar properties in your area are selling quickly at or above the list price, you know you’ll need to add a little extra to your offer to sweeten the deal. When making this determination, keep in mind how much you want the property. If it’s your dream home, you may want to add on more than if it’s just a place to rest your head for a few years.
 
Eliminate the Contingencies
In a buyers market, contingencies are the norm. Whether you’re wanting to only proceed with buying a home after your sell your current one or you’re wanting a way out of your purchase agreement in the event your mortgage financing falls through, adding contingencies into your offer provides these options. In a very hot and competitive sellers market, these contingencies can push your offer to the bottom of the stack, if not exclude you altogether. Depending on your financial situation, goals, and other circumstances, you can beat out a lot of the competition by eliminating contingencies from your offer.
 
Write a Letter
In situations of high competition, when all other factors are equal, the choice of who gets to purchase a property often comes down to the seller. How does the seller make this choice? It can often come down to the human factor. As a species, we tend to prefer to do business with those that we know or relate to. While you may or may not have met the seller personally, it is more likely that you or your agent have had some contact with them or their agent. Use this connection to send a letter to the sellers telling a bit about yourself and explaining why you like the property. A compelling letter can often help (if only subconsciously) sway the sellers’ decision.
 
The Almighty Power of Cash
Nothing talks like money talks and a buyer who can show up to the table with cash in hand has a lot to say! Not only does having a cash offer mean that you don’t have to wait on a lender for approval or documents, it also tends to mean you can put down a larger down payment or earnest money which signifies to the seller that you are a truly serious buyer.
 
Looking for more insight before starting your home search? Check out this blog to learn what you need to know before you start your home search.

In the olden days of real estate, only properties listed in the MLS, newspaper, or on busy roads were easily found. Thanks to the power of the Internet, this has all changed. A “For Sale By Owner” home located out in the middle of the woods can now easily be found thank to sites like Zillow, Realtor, and RealtyHive.

This same mass exposure has also changed the way agents need to think about positioning their listings for success. Sure, some homes seem to sell themselves thanks to a hot real estate market, but others sit and wait for their next owners. While many agents will simply carry on as they’ve always done (and wonder why it’s not working like it used to), you know that times are changing and to keep your competitive advantage you need to step your game up. This poses the question, in today’s digital world, how do you position your listings for success?

Perfect the Art of Listing Descriptions
Enough cannot be said about the importance of having a strong, well-written listing description. Nearly all the major real estate sites work based off keywords so if you’re not putting it in the description, you’re missing out. Photos might be worth a thousand words, but search engines like Google still rely on text when deciding what a web page is about and simply showing a picture of a lush, fenced-in backyard with a pool and spa will not get your listing found by someone searching for any of those terms.

Take Quality Photos (or Hire a Pro!)
Second only to a rich description are excellent photos. Photos with good lighting and a strong sense of composition can help move a listing from “nice” to “MUST SEE”. While professional photos are preferred, there are some tricks to making even a cell phone camera look high quality. Using the HDR feature (available on most smartphones) will help you have richer colors and more leeway when editing and using the grid overlay will help you make sure your photos are nicely positioned and not off-kilter. If possible, remove clutter and personal items from the rooms before taking the picture.

Get Your Facts Right
Thanks to the Internet, buyers and sellers are more informed than ever before. While this is generally positive, there are some drawbacks, especially when the information they’re getting is questionable. One of the most popular gripes among the real estate crowd is the wide variance in Zillow’s popular Zestimate tool. This tool shows an estimated home value, and while they can be very close to true value, they can also vary wildly. If a home you’re trying to sell has a Zestimate over your list price, it makes the home look like a deal and can be even more attractive to buyers, but if the Zestimate is less than the list price, buyers may view the property as overpriced, even if that’s not the case. As Zillow is one of the most popular real estate websites in the United State, it makes sense to find out what the Zestimate is. If the price is substantially different than your list price, it is worth your efforts to contact Zillow on behalf of the property owner and attempt to rectify the issue.

Marketing is Magic
There’s something to be said for a strong marketing strategy, but it can be costly. Many agents don’t have the time or resources to be confident in rolling out a marketing plan for each of their listings so having a partner can be extremely valuable. In addition to time-limited events, RealtyHive can also market properties for traditional or auction sellers. To learn more about how RealtyHive partners with agents to market their properties with no upfront costs, click here.

Selling your home is an exciting endeavor. In most places, the real estate market is pretty crazy right now so there’s no time like the present to make a move. Between picking up the clutter to make a great first impression to deciding what the list price should be, there will be a lot going on when you first decide to sell. Whether you’re planning to sell your home on your own or enlist the help of a licensed real estate agent, there are a few things you need to keep an eye out for to make sure everyone stays safe and you’re protected from potential lawsuits or losses.

One of the first things to do before allowing any potential buyers to view your home is to do a safety sweep. If you home has some “quirks” that you typically warn new visitors about– think slanted stairs, uneven sidewalks, or anything else. Keep in mind that just because you’re used the quirks of your home, doesn’t mean everyone is. If you can mitigate these issues, fill cracks in walkways with sand, use small rugs over uneven floorboards, that can help to reduce potential risks, but keep in mind that these are things that will come up on a home inspection so it may be worthwhile to have certain issues fixed before listing.

One of the easiest ways to make sure everyone stays safe while viewing your home is to make sure there is adequate lighting. Replace all burnt out lightbulbs on the interior and exterior of the home. Rooms that are empty and without overhead lighting should have the window treatments open to allow in all natural light possible and additional lighting should be added if possible.

If your home will be vacant when you are showing it to sell, you’ll also have to keep new obstacles in mind. A low-hanging light fixture might be stylish and fitting when there’s a dining room table under it, but without the table for context it could be just waiting for someone to bump their head. If you haven’t lived in the property for awhile it’s a good idea to show up to the home with enough time to do a quick inspection before anyone else arrives.

Depending where your home is located and when you decide to sell, you may also have to consider weather hazards. In places that experience cold winters, look out for large icicles that can fall or slippery patches that can form on driveways or sidewalks. If you live in a climate where you sometimes gets some creepy-crawly or slithery visitors, make sure to check your entrance way before prospective buyers are scheduled to come.

If you’re planning to advertise your home online using photos, it’s a good idea to remove any clutter or valuable items from the space before taking pictures. These items distract buyers and focus the attention on your belongings instead of your home, but also make you an easy target for anyone using these photos to “scope out” homes for more nefarious reasons.

When getting ready to show your home (or have an agent show your home), you’ll want to lock away all valuables, weapons, and prescriptions. You’ll also want to keep any mail, bills, or other personal documents out of sight as these items can be used in identity fraud. While most people who view homes are legitimately interested, people have been burned by leaving these seemingly innocent items in plain view.

On the same note, don’t tell anyone looking at your home too much information. While small talk is good and helps to break the ice, be wary of anyone asking questions about schedule and routines. Questions such as what time you go to work or whether you go away on the weekends could be innocent or they trying to figure out when you won’t be home.

One of the most important safety tips, whether agent or homeowner, is to make sure someone else knows that the showing is happening. If you’re an agent, meet prospective buyers beforehand at your office just to be safe, while for sale by owner (FSBO) sellers should have a spouse, friend, someone else with them at the home just to be safe. It’s also a good idea to collect visitor information by copying their name, address, driver’s license number, and license plate information and share it over the phone with someone offsite (let the visitor hear you do this), especially if you’re planning to show the home alone. This may seem like an overly cautious move, but it is really better to cover all possibilities.

You’re now ready to safely show your home for sale. Looking for more great tips on home selling? Check out 5 Psychology Tricks to Use When Selling Your Home and Take It or Leave It: What You Need to Know about Real Estate Fixtures.

In many cases, when a home is purchased it is in “move-in ready” condition. While the walls might need painting or the kitchen needs updating, the home is in generally good condition. There are no glaring defects and while it might be a fixer-upper project, it’s still good enough to live in. There are also homes that look closer to condemnation than livable. These require extensive repair and replacement work before they’re ready for occupants. Then, there’s the third group: icky, but not uninhabitable.

Homes in this third group can be a diamond in the rough. Maybe they’ve got a bad reputation in the neighborhood because of something that occurred there. Maybe they have some funky odors or a couple of unexpected, unwanted furry creatures hiding in the nooks and crannies. These homes are often passed over by buyers in favor of homes that require a bit less work at the outset, but with the right tools and outlook, they can make great homes.

The Ick: Pet Smells
Regardless of your feelings about pets, it’s likely that you don’t enjoy some of the odors that can come along with them. People tend to become “nose blind” to the odors of their pets and these smells can be very difficult to get rid of.
Plan of Attack: Start by removing all carpets and pads. Steam clean or using a chemical solution on hard surfaces. Remove any cloth-covered fixtures remaining (Venetian blinds are a big one!) and seal or replace any untreated wood that may be harboring odors. Ventilate the property as much as possible.

The Ick: Smoke Smells
The smell of smoke is almost instantly perceived by non-smokers and can linger for many years making this one of the most common, yet difficult to deal with odors. While taking all the steps mentioned above for pet odors should be taken, there are a few more tactics that can be used.
Plan of Attack: Paint the walls with a latex-based primer/sealer, paint in the desired color, and seal again to help rid the walls of baked-in smells. If the smell persists, renting an industrial air exchanger with a HEPA or carbon filter will help to purify the air and reduce odor.

The Ick: A bad reputation
In some states, certain events that occurred in the home need to be disclosed to potential buyers. These events can vary from a death (accidental, natural, or intentional), a drug or human trafficking operation, and so on.
Plan of Attack: While new homeowners tend to be a major factor in changing the reputation of a property, it doesn’t hurt to do some exterior renovations to help shift perceptions. Adding nice landscaping or even small cosmetic changes like painting the front door can help neighbors see a fresh start has taken place.

The Ick: Pest Infestations
Uninvited guests are never fun to have in a home, but when these take the form of creepy, crawly visitors like mice, bugs, or spiders, they need to go.
Plan of Attack: First, if you’re not quite sure what the problem is, set sticky traps to catch as many of the pests as you can. Depending on the level of infestation, store bought traps and poisons may work, but for more serious cases it may be necessary to call an exterminator. Make sure to seal any cracks or crevices in the home to prevent future issues.