Pam DeGemmis' Blog
If you intend to add your residence to the real estate market, you should try to differentiate your house's weaknesses and strengths. That way, you can plan ahead for the home selling journey and make myriad house improvements before you list your residence.
Now, let's take a look at three tips to help you identify your house's weaknesses.
1. Analyze Your Home from a Buyer's Perspective
Oftentimes, it helps to take an objective view of your house and consider why a buyer may choose to purchase your residence over others. At the same time, you may want to think about why a buyer may shy away from your residence too.
By analyzing your house from a buyer's perspective, you may be better equipped than ever before to identify potential home problems. Then, you can take the necessary steps to address these issues. And as a result, you can boost the likelihood of enjoying a fast, profitable home selling experience.
2. Perform a Home Inspection
A home inspection may be worthwhile for a home seller, and for good reason. Conducting a house inspection enables you to receive in-depth insights into your home's condition that you may struggle to obtain elsewhere. And with a house inspection report in hand, you can prioritize home improvement projects accordingly.
Of course, if you decide to conduct a house inspection, you should hire a qualified home inspector. Perform a comprehensive search for home inspectors in your area, and you're sure to find plenty of great options. If you choose a home inspector who possesses lots of industry experience and a sterling reputation, you can conduct a house inspection and gain the insights you need to upgrade your house.
3. Employ a Real Estate Agent
If you are unsure about how to promote your residence to prospective buyers, there is no need to panic. Because if you hire a real estate agent, you can get the help you need to showcase your residence to the right groups of potential buyers.
A real estate agent is a home selling expert who is unafraid to be honest. Thus, he or she can provide unbiased home selling recommendations and suggestions and ensure you can upgrade your residence in no time at all.
Let's not forget about the assistance that a real estate agent can provide throughout the home selling journey, either. A real estate agent will help you craft an effective home listing, set up home showings and open house events and keep you up to date about any offers to purchase your residence. Plus, if you have concerns or questions as you navigate the home selling journey, a real estate agent is ready to respond to them.
For those who want to achieve the best-possible results during the home selling journey, it helps to identify a house's weaknesses as quickly as possible. Thanks to the aforementioned tips, you can immediately identify any home weaknesses and address such problems early in the home selling process.
Those men and women from the millennial generation are now the largest segment of first-time home buyers. A full 66 percent of people who are purchasing their first home fall into this age group. Not only that, but millennials also comprise more than one-third -- 34 percent -- of the overall home buying market. It's crucial that you learn how to appeal to them.
1. Opt for an Open Floor Plan
Today's millennials love to entertain and have guests in their homes. In order to accommodate their desire to offer people the best chance to mingle and get to see everyone, they prefer an open floor plan to separate spaces. This is especially true when it comes to the kitchen, living and dining areas.
2. Updated Bathrooms and Kitchens
Millennials prefer that the home they purchase has already been updated instead of them having to do it themselves. In many cases, this generation will have to use nearly all of their savings in order to put the down payment on their new home. This will leave them with little money to make any updates or improvements.
3. Low Maintenance
While opting for low-maintenance features has always been a driving force for many home buyers, there is no generation that has embraced this concept more enthusiastically than millennials. Instead of spending their free time doing chores and home maintenance jobs, millennials would rather be entertaining or exploring their neighborhood's amenities.
4. Add Home Office Space
Remote work isn't just the trend of the future. It's the way many millennials advance their careers these days. Carving out a dedicated space means that these young home buyers can simply move it and set up their work station without any lag time.
5. Invest in Home Technology
Not surprisingly, millennials tend to be very comfortable with technology. Not only that, but they expect to connect with technology at every juncture in their lives. Opting for smart home features can help them save money, keep tabs on their investment and enjoy access to Wi-Fi throughout the home.
6. Aim for Energy Efficiency
Millennials want to save money while also protecting the environment. Solar panels and smart thermostats are just two ways to help them do that.
Many of the above tips will also make your home more attractive to nearly everyone who is in the market for a new home. However, they'll hold particular appeal for those who are millennials.
Navigating the home selling journey can be difficult, regardless of whether you're an experienced or first-time property seller. Fortunately, we're here to help you limit the possibility of encountering home selling problems that otherwise may prevent you from achieving your desired results.
Now, let's take a look at three tips to help you avoid risks during the home selling journey.
1. Learn About the Housing Market
What sets your residence apart from others on the real estate market? Ultimately, if you allocate time and resources to learn about the local real estate sector, you can promote your residence to the right groups of prospective buyers.
Take a look at the prices of homes that are similar to your own and are located in your city or town. With this real estate market information, you can narrow the price range for your residence.
Also, check out the prices of recently sold houses in your area and find out how long these homes were available before they were sold. This real estate market information will enable you to determine whether you're about to enter a buyer's or seller's market.
2. Establish an Aggressive Price for Your House
An aggressive initial home asking price can be a difference-maker during the home selling journey. Because if you have an aggressive asking price in place for your home, you could boost the likelihood of a fast house sale.
Conducting a home appraisal enables you to understand the value of your house based on its age, condition and the current state of the housing market. This appraisal is performed by a property expert, and it may help you establish an aggressive initial home asking price from day one of the home selling journey.
In addition, it may be beneficial to complete a home inspection. If a home inspector analyzes your residence both inside and out, he or she can help you identify potential problems. Then, you can perform various home upgrades to boost the value of your home.
3. Remain Flexible
The home selling journey typically varies from seller to seller. However, if you remain flexible as you proceed along this journey, you may be better equipped than other home sellers to identify and address problems before they escalate.
If you require extra assistance during the home selling journey, you may want to hire a real estate agent as well. This housing market professional can guide you along the home selling journey and take the guesswork out of listing your residence.
A real estate agent will help you add your residence to the housing market, promote your house to potential buyers and set up open house events and home showings. Plus, if you receive an offer to purchase your residence, a real estate agent will help you review this proposal and make an informed home selling decision.
Avoid problems throughout the home selling journey – use the aforementioned tips, and you can quickly detect and resolve any potential home selling issues.
If you've inherited a house you'd rather not live in, here are some things to consider—before you accept it. Before we get to the selling or renting part, calculate the cost of:
Yes, you may decline your inheritance if it's too burdensome to accept, as long as you're not already named on the deed, and as long as you meet applicable deadlines for submitting a notarized disclaimer of interest form.
Now let's look at selling or renting.
1. Selling an Inherited Home Can Produce High Tax Savings.
The federal tax treatment of an inherited home, when sold, can be highly supportive of a deceased homeowner's loved one or family.
Under IRS stepped-up cost basis rules, you may sell without paying tax on the gains that accrued since the deceased homeowner first bought the house. You'll pay capital gains tax only on any increase in the property's value between the time you inherited and the time you sold. These savings alone can be a great gift to you.
Inheritance taxes are not a major factor for most homes, and that factor is easily checked.
2. Working Out a Shared Inheritance Commonly Means Selling.
Are you one of several beneficiaries? Does everyone agree on what to do? One sibling may wish to sell. Another might want the house. These factors typically mean someone will sell their inherited interest.
Selling after a loved one has passed away is quite often the best decision for all concerned. It relieves family or other loved ones of the costs of repairs and upkeep, utilities, taxes and insurance. It also ensures that everyone receives an equal share of the gift.
3. You Could Have a Choice of Which House to Sell or Rent.
If you inherit a free and clear title, you can move into your inherited home, and enjoy it without debt, while selling your current home. Be sure to use the time when the home is in probate to speak with your real estate agent about preparing the home for sale.
Renting out the house for investment income is another option. Your real estate agent can check for any zoning restrictions and offer you further pointers.
Tip: If you rent out the home it won't be a primary residence, so it won't get the capital gains tax benefit when you ultimately sell the home. Yet certain rental property spending is tax-deductible, and rent-related income has a low tax rate.
Need Advice to Fit Your Situation and Today's Market? We're Here to Help.
Inheriting real estate can put a lot on your plate. Your real estate agent can advise you step by step, offering indispensable knowledge when you need it most.
Getting your home ready to sell entails quite a lot. Staging, taking photos, stocking the toiletries, and--in the case of an open house--entertaining guests. You want the visitors to your home to feel welcome and like they could live there someday.
To achieve this it takes planning and an eye for what really “works” in your home. To do this you’ll have to let go of everything you’ve made your home into and turn it into a blank slate where others can imagine it fitting their personal taste.
In this article, we’re going to give you some tips on preparing your home for an open house or showing to leave the best possible impression on your visitors.
Remove yourself from the picture
It might be sad to take down your family photos and personal effects, but imagine yourself in a visitor’s shoes. When you enter a home you’re thinking of buying, you don’t want to be distracted by what the previous family did with the home. Rather, you want to look forward and imagine your own family making a life there.
Even the most minimalistic of homeowners tend to accumulate a lot of stuff over the years. However, walking into a home filled with items is distracting from the features of the home. You want to draw people’s eyes toward the best characteristics of your home--whether that’s spaciousness or architectural features.
We suggest packing your belongings by room and renting out a storage facility while you wait to move into your new place.
Working with someone to stage your home is a guaranteed way to make sure your house looks welcoming for your guests and photos. However, if you plan on doing the staging yourself take a look at some similarly styled homes online to find out what looks good in their photos. When we furnish our homes, we do it based on our personal taste, comfort, and utility. Staged homes are about aesthetics and atmosphere.
Once you’ve finished staging, it’s time to clean up after yourself. Wipe down surfaces, polish wood, and clean the windows.
Don’t neglect the exterior
The outside of your home is as important as the inside. It will be visitor’s first impression when they arrive at your driveway. To prepare, make sure your siding and windows are clear of dirt, the lawn mowed, the gutters cleaned, and the doors freshly painted, if necessary. Sweep the driveway and remove any yard tools from sight.
Your real estate agent knows how to run an effective open house. However, here are a few key things to remember on the day your guests will arrive.
First, light a candle and use air fresheners where necessary. A neutral smell is the best option, but an air freshener is better than a bad one if there are parts of your home that are prone to bad smells.
Next, make sure the bathrooms are stocked with toilet paper, tissues, and clean towels. If yours are getting old, it could be a good time to replace hand towels altogether.
Finally, welcome your guests with a new welcome mat at the front door to make a great first impression.