Modest Home Updates to “Wow” Buyers & Boost Value

When selling a home in today’s market, it’s important to consider all the options to help make it stand out and appear move-in ready to selective buyers. Which improvements require the least time, effort and expense but will significantly boost your home’s perceived value? To help prioritize, we put together the following list of modest staging solutions/upgrades that will get your property noticed and cost less than the first price reduction that buyers would expect for dated kitchens and baths.

Dining room staged by PJ & Company Staging and Interior Decorating

Freshen Walls With Neutral Color

Our go-to instant fix to brighten and hide dated and damaged walls is neutral paint. It’s amazing to see how a dark red or purple room can be completely transformed with a coat of soft “greige” (a combination of taupe and grey) paint that increases the perceived size of the space, doesn’t distract from the room’s features and acts as the perfect backdrop to modern furnishings and décor.

Kitchen staged by PJ & Company Staging and Interior Decorating

Re-paint Kitchen and Bath Cabinets

To instantly boost a tired kitchen or bath without a costly investment, start by repainting dated and dark cabinets and vanities with bright white paint. Complete the look by pairing with modern hardware – handles, drawer pulls or knobs for added style.

Bathroom staged by PJ & Company Staging and Interior Decorating

Replace Kitchen & Bath Lighting and Countertops

Lighting is an important design element that can affect the mood of a room more than any other accessory. Adding updated lighting in modern designs and on-trend mixed finishes such as brushed nickel, chrome or soft gold tones will add warmth and sophisticated style. It can also be used to draw attention to certain features in the room such as a beautiful new marble or quartz countertop (as shown in photo above), appliances or high ceilings.

Highlight Key Features

For large windows with attractive molding, remove heavier window treatments or simply frame with floor to ceiling neutral drapes. Remove worn carpeting and expose and polish hardwood flooring. Re-stain stairway steps and railings by painting risers or updating spindles. Enhance a beautiful stone fireplace with molding, mantle or screen.

Living room staged by PJ & Company Staging and Interior Decorating

Finishing Touches

Once you’ve invested in cosmetic fixes, be sure to remove dated furniture and accents and replace with more modern style that complement the room (as pictured in living room above). Minimal wall art, vignettes and throw pillows with subtle pops of color and pattern will add depth and warmth so that buyers can emotionally connect and envision living in the home.

Exterior & Curb Appeal

It’s just as important to update the outside of your home to welcome buyers inside. Remodeling magazine’s “Cost vs. Value” report continues to list replacing entry and garage doors, siding and windows as upgrades that provide the greatest return on investment. However, sprucing up the landscaping, making necessary basic repairs, a fresh coat of paint for the front door and some seasonal potted flowers will go a long way to make a great first impression.

For more examples of interior decorating and home staging, visit www.pjstagingdecorating.com.

Source: CB Blue Matter Blog

Posted on June 6, 2018 at 8:38 am
Kappel Gateway Realty | Category: Buyers | Tagged , , , , , , , , , ,

What is a Property Survey and Why You Should Get One Before Buying a House

When buying a home, the last thing you want is a surprise. Most people worry about leaky roofs or rusty boilers. But there may be property issues that can come to light and cost you a lot of money if you’re not careful.

One way to avoid getting in over your head is to get a property survey before you buy. Also known as a house or land survey, it’s the perfect way to ensure you know exactly what you’re getting with the land, so there are no surprises.

How exactly do you go about getting a property survey?

Property Survey Basics

A property survey begins with defining the boundaries of a plot of land. This clarifies the size of the property, and where the land begins and ends.

An updated house survey is also important for legal reasons. This is because municipal laws are not fixed—they change from time to time. For example, the property might have a shed or a fence that was well within the boundaries years ago but after undated municipal border it now encroaches onto a neighbor’s property or too close to the public street. A new survey will give you the confidence that the property complies with current local regulations.

It can also highlight any potential discrepancies or boundary infringements. This can help you avoid any misunderstandings in the future with neighbors or the city.

What do Surveyors Look for in a House Survey?

You might have seen surveyors poking around your neighborhood taking measurements. Most of the time, they have been hired by home buyers or sellers to take surveys, or they could be performing a survey for a property dispute (something a survey can help you avoid!)

When you hire a surveyor here’s what they typically look for:

  • The legal boundaries of the land
  • The locations of any buildings (sheds, storage) on the land
  • Any easements and entrances to the property
  • The topography of the plot, including both natural features such as trees or a river and manmade features including swimming pools or fences

An updated survey will be compared to any previous survey from the last time the house was sold. This way any discrepancies that might appear are known to all parties before the closing.

How Much Does a House Survey Cost?

When getting a property surveyed it’s important to hire a professional. This is one instance where DIY surveys or estimates won’t help. In fact, it can actually hurt you as they are not accepted as legal documentation.

So hiring a surveyor may be worth it to ensure you have records that hold up in court, if it ever comes to that. House survey costs can vary from state to state, but they typically run anywhere from $250 to $1,000.

Check your local state laws regarding costs. In some states, the seller is responsible for the survey or the fees can be negotiated between both parties.

Should I Have a Home Buyers Survey?

The last thing any homeowner wants is to plan a new project only to find out all that land they thought they had wasn’t theirs after all. You can imagine the headaches that scenario can cause!

Nevertheless, this sort of thing can sometimes happen. One way to avoid these issues is to set up a survey. A buyer’s survey can save you from a lot of potential hassles (and even more costs) down the road.

Visit coldwellbanker.com and browse through available homes for sales.

Source: CB Blue Matter Blog

Posted on May 3, 2018 at 10:10 am
Kappel Gateway Realty | Category: Buyers, buying | Tagged , , , , , , ,

Starting Fresh: How to Buy a New Home Construction

What could be more exciting than living in a brand new home? The blank slate can be thrilling: living in a place no one has lived before, a home with fresh paint, untouched carpets, and even fresh grass that no one has trodden!

While most of the homes bought and sold are preexisting, more and more buyers are interested in new house construction. There’s no doubt moving into a newly built home is exciting. But this sort of transaction comes with its own set of challenges as well.

Find out all the basics of what you’ll need to know to get started.

Understanding the Types of New Construction Homes for Sale

There are a few different types of new construction homes you might consider. They fall into three main categories:

  1. A home that is pre-built according to design templates
  2. A semi-custom home: the bulk of the house is built and you have the option to pick a few design elements, finishes, and extra upgrades
  3. A fully custom home: you have input on the design from the ground up

If you’d love to be involved in every stage of the building process, an entirely custom home could be a great fit. On the other hand, if you’re ready to move right in and don’t want to bother with all the design details, buying a pre-built home is likely the better option.

Select the Specs of Your Home

Now that you know what kind of new house construction you’re interested in, you want to determine some details about the home of your dreams. Here are a few things to consider:

  1. Location: Is it as close to (or far from) the city as you prefer? Will you have a reasonable commute (if that’s a must-have)?
  2. Budget: Will this home fit into your budget—especially if you have the option for upgrades?
  3. Size: Does the home have the size and number of rooms you need?
  4. Neighborhood: Is it still under construction? Do you have ample lawn space or privacy? Are there specific desired amenities such as a swimming pool?

Many new construction homes for sale are in subdivisions. It’s a good idea to drive down and investigate them on your own and see if it has what you’re looking for.

Also, you want to be sure to find out as much as you can about the builder. Start by looking online: search for any reviews, complaints, or lawsuits. This simple step can help you avoid a lot of potential headaches down the road!

Find a Real Estate Agent

Most builders have an agent, but remember that this agent is there with a goal to sell the property. Before you speak with any builders, hire your own real estate agent to make sure your needs and desires are the number one priority.

Another advantage of taking this path is that your agent may have other insights that the builder would not. An agent will know all the unique processes and challenges of how to buy a new construction home better than anyone.

Work with a Lawyer

More often than not, a new construction home will have a more complicated contract than your typical house sale. There are all sorts of details you’ll need to know such information on warranties on the home itself and appliances within the home.

With the amount of paperwork involved in buying a new home, it’s always a good idea to run all the paperwork past a lawyer familiar with real estate language.

Don’t Forget the Home Inspection

Just because the home is a new build doesn’t mean you should skip getting a home inspection. Some new homes can have their own set of problems to watch out for. Insist on getting a comprehensive home inspection before you even begin the price negotiation.

Talk to your real estate agent today to start ironing out all the details of buying a new home.

Posted on April 25, 2018 at 11:07 am
Kappel Gateway Realty | Category: Buyers, buying | Tagged , , ,

Stages of Buying a Home

It may be a goal you have had since childhood. Perhaps, you have rented for most of your adult life and now want to experience the joys and satisfaction of home ownership. Buying a home is a big step and requires a lot of important decisions along the way. With some advanced planning and research, you can be sure your home purchase is something you feel good about for many years ahead. Here are the basic steps that lead you to a successful transaction.

Understanding What You Can Afford
This is different from qualifying for a loan. This is calculating how much of your budget you will devote to your home and how much money you want for other things. For a person who values travel, they can afford more house than they should buy. Some of their money will go toward accommodations on the road or other travel expenses. If you love fishing, boating, or a hobby such as restoring classic cars, factor the required budget for your preferred pastime into your overall household budget. With that in mind, think twice about buying a home the bank says you can afford. You will be happiest in the home that allows you to enjoy life to its fullest.

Review Your Credit Report
Know your credit score prior to meeting with any loan officers or mortgage brokers. A lower score will result in a higher interest rate and possibly prevent you from qualifying for the loan you want. It can take several months to correct any errors in your report. By reviewing your report a few months before home shopping, you could save yourself several thousands of dollars over the life of your loan.

Choosing Your Professionals
The U.S. Department of Housing and Urban Development (HUD) advises potential home buyers to attend a homeownership education class prior to choosing a mortgage. The Consumer Financial Protection Bureau was established to help protect consumers from predatory lending and mandates all required information about your loan and real estate transaction be written in clear, easy to understand wording. It is an excellent resource for home buyers.

Take time to interview several loan professionals before signing with one. You can be pre-qualified by your bank or any loan company. That does not obligate you to choose them for your home loan. Discuss your goals with a Coldwell Banker® brand agent. They are here to consult with you at each step of the process. Also, it is a good idea to know who will be your attorney for the closing. Many builders want you to close the transaction with their attorney. As the home buyer, it is your right to choose the attorney who will represent you in the closing.

Choosing Your Home
Once you are pre-qualified, you are ready to begin shopping for your new home. For most buyers who plan to purchase with a standard 30-year fixed-rate mortgage, there are few restrictions on the houses they view. If you will be using a FHA loan, USDA home loan, or other special financing, you can only consider homes that qualify for these programs. HUD has incentives for first-time buyers and community servants like firefighters, teachers, and lawenforcement officers. To see if you qualify for special financing, and to learn if there are any Good Neighbor Next Door homes available in your area, consult with a Coldwell Banker® brand agent.

Take your lifestyle and future plans into consideration as you view homes. If you plan to move in a few years, you may want to choose a simple, easily affordable home that will always be in demand and fairly easy to sell. It is best to have a second and third choice in mind that you can go to if you have to walk away from negotiations on your first choice.

Negotiating the Contract
Buying a home is an emotional experience. Trust your home buying expert with Coldwell Banker Real Estate LLC for guidance. They work with lenders, home sellers, and other real estate agents every day. They will advise you on negotiation strategies and be there to provide objective advice that protects your best interest in the transaction. Most contracts have contingencies, and the negotiation is not complete until all contingencies are met.

Home Inspection
A thorough home inspection by a certified professional is crucial for any home purchase. You should attend the inspection and feel free to ask questions about any areas of concern. Once you have received the home inspection report, your Coldwell Banker brand agent will review it with you. You may choose to ask the seller to make some needed repairs, negotiate a lower price, or accept the report and move forward with the transaction as it is.

The Closing
The Real Estate Settlement Procedures Act (RESPA) requires that lenders provide home buyers with as accurate of a good faith estimate as possible and that they disclose the nature of all cost. It also prohibits kickbacks and other unlawful payments among real estate professionals and lenders. The TILA-RESPA Integrated Disclosurerule combines forms required by the Truth in Lending Act, also known as Regulation Z, and the Real Estate Procedures Act, known as Regulation X, into one simple form. This new document replaces the final document required by the TILA and the HUD-1. You have three days to review and discuss it with your Coldwell Banker brand agent.

For any changes in amounts before or after closing, the lender must provide you with a corrected Closing Disclosure showing the actual amounts. All financial figures must be documented in writing and not delivered verbally. With sufficient communications prior to closing, you know the amount of certified funds (if any) you need to bring to closing. You can relax, sign the necessary paperwork, and receive the keys to your new home.

Posted on April 17, 2018 at 9:27 am
Kappel Gateway Realty | Category: Buyers, buying | Tagged , , , ,

Can First Time Home Buyers Use a 401k For a Down Payment?

Coming up with a down payment to purchase your first home can feel like a herculean task. How can you possibly save twenty, thirty, fifty thousand dollars—approximately 11% of your home purchase price in 2016 (National Association of Realtors)—to pour into a house? For most individuals, it can be incredibly tough to save enough, particularly if you’re strapped for cash. What can you do?

The good news is that if you’ve been consistent about saving for your retirement, you have a leg up thanks to the two 401k first time home buyer options. These options allow you to supplement your down payment with cash from your 401k. However, not everyone qualifies to use money from a 401k. There are strict rules, so it’s vital that you understand how the process works before you move forward.

Borrowing from 401k

When it comes to borrowing from your 401k to help with your down payment, there are two ways to go about it:

  • Get a 401k loan for home purchase
  • Make a 401k withdrawal

Each of these options comes with its own costs and rewards. Remember that everyone’s financial situation is different and the best way to make the right choice for your situation is to contact a financial advisor and a skilled real estate agent.

401k Loan

First, let’s talk about getting a 401k loan for home purchase. The good news is that, when getting a loan, you don’t owe income taxes or the 10% early withdrawal fee. The bad news is that when you take a loan, it has to be repaid with interest even if you’re just paying the money and interest back out of your own pocket.

However, unlike a typical FHA loan, borrowing from 401k is fairly limited. Your max loan is limited to a specific dollar amount OR one-half of your account balance, whichever is smaller. This means that you need to know your current vested balance.

As for repayment, your 401k loan must be repaid within five years, and payments are required on a quarterly basis—both principal and interest. And your loan payments DO NOT count as contributions to your 401k.

Please note, not all plans permit loans. You’ll need to check with your particular plan to see what is allowed. Additionally, before moving forward with this option it’s advisable to check in with a financial advisor to ensure this option is right for you.

401k Withdrawal

The second option for a 401k first time home buyer is a withdrawal. Compared to a 401k loan, it’s much simpler. The money is yours once you take it out and it does not have to be repaid. But there are a few more details. To withdrawal money from your 401k, you have to meet a few criteria including age restriction and financial hardship.

Only if your employer allows withdrawals and you can prove to the IRS that you are experiencing financial hardship can you even consider withdrawal. From there, your withdrawal has a certain dollar limit, and you must pay income tax on the full amount.

The other option for a withdrawal is to cash out on an old 401k. However, if you use this option, you’ll be required to pay both the 10% early withdrawal penalty as well as income tax.

Before you pursue this path or cross it off, be sure to get the opinion of a financial advisor who has access to your personal financial details.

401k Loan vs. Withdrawal

In most cases, a 401k loan may be easier to obtain and doesn’t come with the penalties associated with an early withdrawal. Of course, the downside is that you’ll eventually have to pay it back in five years.

So, why would you use your 401k to help purchase your first home?

Depending on your financial circumstances, this option may be more financially feasible than paying private mortgage insurance, and the interest goes back in your pocket. Another option is to use your IRA to avoid the 10% penalty. IRA withdrawals up to $10,000 are allowed without the 10% early withdrawal penalty, though you’ll still owe income tax.

If you need help figuring out the best option for you when it comes to putting together your down payment with your 401k, contact your personal financial advisor. Then contact a local Coldwell Banker office to find the perfectly priced home for you.

Posted on March 27, 2018 at 9:03 am
Kappel Gateway Realty | Category: Buyers | Tagged , , , , , , , ,

Buying a House as a Police Officer, Firefighter, or EMT

Police officers, firefighters, EMTs, and teachers give so much to our country. They selflessly put their lives on the line to protect us, take care of our children, and help us accomplish our dreams. So it’s only right that they have the same opportunity to achieve their own American dream of buying a home.

Unfortunately, even though these public servants are working tirelessly in essential roles, they often have a difficult time purchasing property. Too often, it’s just out of reach financially.

The good news is that thanks to a range of public and governmental programs, these public servants have more opportunities than ever to buy a house at affordable rates and through a simplified process. There are options for tax breaks, down payment help, subsidized mortgage interest, and reduced closing costs. It’s all about making homes for heroes a realistic venture. Let’s talk about what’s available!

Mortgage Loan Assistance

There are many different private home loans for teachers, health care professionals, and rescue workers, and law enforcement personnel. These loans typically offer the lowest mortgage rates possible—though it’s still important to shop lenders to find the best deal.

One such program is Freddie Mac’s Home Possible Program, which offers first responder home loans that finance up to 100% of the purchase price. There are also similar programs offered through Fannie Mae and many other private banks. We recommend checking with lenders in your area.

You should also check with your state and/or city to see if there are similar programs. For example:

  • New Jersey offers first responders a discounted mortgage rate that can be up to a full percentage point less than the market rate
  • Alaska has a program for health care and school workers that finances 100% of a home’s purchase price and includes subsidized interest rates

Mortgage Credit

Beyond lower interest rates and financing 100% of your home, the IRS offers Mortgage Credit Certificates (MCCs) to help make homes for heroes easier to purchase. This credit differs from state to state but can enable teachers, police, firefighters, and EMTs to buy a more expensive house with the same income.

How does it work?

An MCC allows you to deduct your mortgage interest and gives you credit against tax liabilities. This means that your lender will subtract the credit from your house payment when calculating your debt-to-income ratio so that you can get a larger loan.

For example, let’s say you get a 20% MCC and you paid $15k in interest over the last year. That’s a credit of $3k per year, or $250 per month. That means that you can afford a home loan that’s $250 per month more expensive than otherwise.

Teacher Next Door’s First Time Buyer Program

Thanks to the Teacher Next Door’s First Time Buyer Program, there are home loans for teachers, firefighters, EMTs, and police officers only. What does this program include specifically?

  • $0 in application fees and up-front pre-approval
  • Low down payment options and down payment assistance
  • Closing costs grants
  • Home loan assistance

This program was designed to increase home ownership for specific public servants and to streamline the home buying process. As for the grants for police officers to buy homes and others, they do not have to be repaid and are subject to availability.

HUD Good Neighbor Next Door Program

Finally, there’s the Good Neighbor Next Door program offered by the U.S. Department of Housing and Urban Development (HUD). This program provides full-time firefighters, law enforcement professionals, teachers, and EMTs homes at 50% of their value. That means you pay monthly mortgage payments on just $150,000 for a $300,000 house ($850 versus $1600 per month).

How does it work?

  • Buyers have to be willing to live in the property for at least three years
  • The property must be located in a HUD designated area, which refers to a Revitalization Area as determined by home ownership rates, average household income, and FHA foreclosure activity

To learn about additional assistance programs for public servants, contact Coldwell Banker today. Our real estate agents can help you find the perfect home for you.

Posted on March 22, 2018 at 4:35 pm
Kappel Gateway Realty | Category: Buyers, buying | Tagged , , , , , , , , , ,

Homeownership Achieved

Posted on March 21, 2018 at 9:18 am
Kappel Gateway Realty | Category: Buyers, Homeowners | Tagged , , , , , , ,

Size Matters: Finding the Perfect Size Home for You

 

If you’re house shopping, there’s probably one question that’s been on your mind often: “What size home should I buy?” At a glance, the answer seems obvious: as big as you can afford! But that’s only a small piece of the puzzle. Home size matters on many levels from personal preference to resale value, future plans, your budget, and more.

How do you find the ideal home size for you and your family? Here are three things you need to consider:

The Truth About Square Footage

A foot is a foot, right? When it comes to the square footage of your future home that may not be the case. Measuring the size of a house isn’t incredibly precise. More often than not, the size will change depending on which appraiser is measuring and what mechanism they’re using to determine the square footage: measuring tape, laser measure, or eyeball. The reality is that there are no universal standards when it comes to measuring your home size.

What does this mean for you? You need to choose your home size not by the numbers but by the feel. Don’t put too much stock in the listing size on paper, but instead find out in person if each room, bathroom, and living area is large enough for your needs. It’s not about how other individuals answer the question, “What is a good sized house?” It’s about you, your family, and how big a place feels in person.

Your Budget

While your budget isn’t the only thing you should consider, it needs to be one of the critical factors in determining your ideal home size. And that may be little more complicated than you think. What matters when it comes to your budget?

  • Loan Size: The larger the house, the more expensive—most of the time. Make sure the average house size of your real estate listings fits with your pre-approved loan budget.
  • Monthly Budget: Large houses are expensive to keep up. As you increase your square footage expect to pay more in electricity, water, gas, cleaning, and more. If you have a tight allocation for monthly expenses, don’t go overboard on a large house without factoring in these other costs.
  • Your Future: Are you planning to have more kids? Do you need a new car? Are you counting on getting a raise at work? If you’re expecting your financial situation to change, make sure your home budget fits the modifications.

Your Preferences and Needs

Your particular wants and needs should have the most significant impact on the home you choose. Make sure you’re truthful and honest with yourself about your expectations and needs. For example, if you eat out regularly and hate cooking, there’s no need to spend on a gourmet kitchen! You’d be better served looking for a home with a smaller kitchen and a bigger living room.

To help you determine your preferences, here are ten questions you should ask yourself:

  1. Do you like small and cozy or do you need room to spread out?
  2. How many people are in your family and how much space does each person need?
  3. Do you have any hobbies or jobs that require extra space? (If you work from home, you’ll need an office. If cars are a passion, you’ll want a more substantial garage)
  4. How often do you have visitors over? (If you have parties every few weeks and relatives visit a few times a year, you might want more space for guests)
  5. Are you planning to have more kids or have an elderly relative move in with you?
  6. What size of house have you been excited about in the past?
  7. How much storage do you need? (Closet space and built-ins can be a big space saver)
  8. How large is your furniture, and how much do you have? (If you have a king-sized bed, you want a big master bedroom)
  9. What’s your five-year plan? (Upgrading your home to a larger size can be difficult; make sure the home you choose can last for years)
  10. How much outdoor space do I want?

For additional help, check out, “What size home should I buy?

The key to purchasing the right-sized home for you is being realistic. Make sure you really sit down with your family to discuss what you need, want, and can afford. Then, ask your local Coldwell Banker real estate agent to help you search for the perfect sized house for you.

Source: CB Blue Matter Blog

Posted on March 19, 2018 at 9:48 am
Kappel Gateway Realty | Category: Buyers, buying | Tagged , , , , , , , , ,

Speedy Home Sales: Top 5 Things Buyers Were Looking for in 2017

Are you are curious to know what it takes for your community to see speedy home sales in 2018? In order to determine what makes home sales happen quickly, as agents, we look at the patterns. We compile the data and compare it, year over year. So if you are wondering what it takes to sell your home quickly in 2018 or “What did the homes that sold in Petoskey in 2017 in 30 days or fewer have in common?” we can tell you that.

Without further ado, let’s take a look at the top five things buyers were looking for these past 12 months.

1. Square Footage

Twenty-seven homes sold in Petoskey in less than 30 days in 2017. On average, these homes were built at around 1,500 square feet. Median square footage was 1,470 square feet. About half of the homes had basements (not included in the square footage measurements).

According to an article by the National Association of Home Builders, the NAHB, national averages in new builds has been around 2,600 square feet since 2016 and on a steady increase.

The article stated that: “The post-recession increase in single-family home size is consistent with the historical pattern coming out of recessions. Typical new home size falls prior to and during a recession as some home buyers tighten budgets, and then sizes rise as high-end home buyers, who face fewer credit constraints, return to the housing market in relatively greater proportions.”

For our purposes, the homes we are talking about that sold in 2017, were not new builds. In fact, at least one of the homes was built as far back as the year 1900, 5 homes were noted as being built in 2002 or sooner. The ages for most of the rest of the homes, however, were unknown. All that said, it appears that national averages and averages here in Petoskey don’t necessarily correlate. To further make that point, in a study of the 1,789 homes sold since 2011, only 42 were built in 2010 or sooner with an average of 2,250 square feet. Of those 42 homes, only 4 sold in less than 30 days. Furthermore, the average day on market was 180 days over the course of 7 years.

2. Bedrooms and Bathrooms

According to the National Association of Home Builders, homes are most often built to include 2.56 bathrooms and 3.38 bedrooms. These figures coincide with what buyers were looking for in 2017. The vast majority of homes that sold were 3 bedroom, 2 bath homes. These homes are usually preferable because they can accommodate growing families, guests, or retirees all the same.

Nationally speaking, master bedrooms trend at making up 12% of the square footage space. Second and third bedrooms account for nearly 17% of the home space. Lastly, bathrooms account for approximately 12% of the square footage. Most of the floorplans are dedicated to living spaces, family rooms, dining, and kitchens — totaling nearly 40%. The remaining square footage is dedicated to spaces such as foyers, closets, pantries, laundry, and garages.

3. Financing

When it comes to how homes are selling quickly, financing accounts for 37% of home sales. While most homes sold for cash (16 homes or 59%) the remainder of sales were done through a mortgage (10 homes or 37%). One home sold on a land contract.

Of the 27 homes sold within 30 days in 2017, the average sale price was $260,063. It is important to note that the highest sale price was $1,000,000 and the lowest was $60,000. Because there is such a disparity between the highest and the lowest sale price, knowing the median sale price is more indicative of the trend. The median sale price was $175,000, with the majority of homes (15) selling under $200,000.

Finally, the average price per square foot was $173, and the median price per square foot was $152.

4. Garages

It appears that if you want to see a speedy home sale, you should make sure you have a garage. Nearly all homes sold (with the exception of two) had at least a one-car garage and on average a two-car garage. It’s no wonder Petoskey residents want garages; with our harsh winters, it only makes sense to have a safe place to house a car. So if you don’t have one already, you may want to consider adding on a garage. It may help with a quicker sale, and it is also likely to increase your home’s value too. In fact, the data shows, that of homes sold in the same neighborhood with much of the same features, the 2 homes with garages sold at substantially higher prices than those without.

5. Stick-Built

Of all of the criteria that helped contribute to speedy home sales in 2017, having a “stick-built” home seemed to be on trend; 23 of the 27 homes were built on the site where they reside.

“Stick-built” or “site-built” homes tend to hold their value at a much better rate than manufactured homes. This is because the materials used for “site-built” homes tends to be of higher quality, making them more desirable. This fact coincides with the next, that site-built homes look better in the eyes of lenders. If an investment holds its value longer, simply put, it is the better investment.

Of all the things that helped to push faster sales in 2017, it should be noted that location, correct pricing, and marketing are also factors that can contribute. Because each home is unique, it is important to get a professional market analysis from a real estate agent who knows your market area. Perhaps there are some things you can work on to help your home sell such as staging or small repairs, but you won’t know until you get a professional opinion. Call an agent today.

Source: CB Blue Matter Blog

Posted on December 19, 2017 at 8:46 am
Kappel Gateway Realty | Category: Buyer's Market, Buyers, buying, closing costs, real estate | Tagged , , , , , , , , , , , ,

Moving with a Baby: The Complete Guide for Parents

We have organized the guide into three sections: Before the Move, Moving In and Baby Proofing.

By NorthStar Moving Co-Founder Laura McHolm

On the move with a little mover in tow? Every parent knows having a baby at home is an adventure. Take that everyday baby voyage and mix in moving your home, now your adventure is more like a hike up Mt. Everest! Here’s the good news, if you plan ahead and take simple steps that trek will become a walk in the park (well maybe not, but a manageable stroll up hill.) Before you pack up and gear up for the baby + move exploration, check out this complete guide for parents moving with a baby to ease the stress and enjoy the transition.

We have organized the guide into three sections: Before the Move, Moving In and Baby Proofing. You can think of it like pregnancy, nesting and then labor!

Before the Move

Stick to Routine: Baby’s love and need their routine. Don’t let the moving to-do list and packing get in the way of your regular daily routine. Instead of pulling an all-nighter to pack, try to pack over a long period of time. Use naptime and baby’s early bedtime to get packing done in bits. Baby & parents need their sleep!

Create a Moving Calendar: To keep your head from spinning, it is best to plan your move 8 weeks out. Here is a Moving Day Count Down Calendar to copy, print and hang it up where you can easily refer to it while feeding the little one. This way you can take it day-by-day and get the satisfaction of checking off moving to-dos!

Use Childcare: During the actual moving day, when boxes and furniture are being moved, little ones should be somewhere else. Ask a trusted babysitter, friend or family member to take your bundle of joy for the day. It is also ideal to use childcare for days leading up to your move so that you can get more done on your moving calendar. There are great nanny and babysitting services that help you find qualified childcare.

Talk To Your Current Pediatrician: Your pediatrician is a great resource. If you are traveling long distance, ask them for tips for keeping your baby happy on a plane or long car ride. If you need to find a new pediatrician, make sure you get a copy of all of your child’s medical records to give to your new pediatrician. Get copies of all your child’s prescriptions and have them called into a pharmacy near your new home. Ask your current pediatrician for recommendations on how to find a new pediatrician close to your new home. When finding a new doc, it is recommended to set up a meet and greet appointment as soon as you move.

Pack a Baby Bag: You know the daily drill; pack half the nursery to carry with you wherever you go. Well, this time the baby bag (box or small suitcase) should include all of your needs for three days (if you’re moving a long distance, you may want at least one month of supplies with you rather than on the moving truck). Once you move into your new place, you may not have easy access to diapers, baby food, pacifiers and the important squeaky toy. So be sure to pack everything you need for three days (or more) in one place that you keep by your side for easy access on moving day and the first few days after.

Moving In

Unpack the Nursery First: When moving in you should set up the nursery first. This will allow you to change your baby and easily put them to sleep on the first night in your new home. Arrange the nursery as closely as possible to your previous nursery. The familiarity will help you and your baby in the transition.

Setting Up The Crib: All new cribs on the market today meet the safety standards of the Consumer Product Safety Commission (CPSC) and the Juvenile Products Manufacturers Association (JPMA). When setting up a new crib or reassembling your crib look for the following suffocation and strangulation hazards:

  • Sharp or jagged edges
  • Missing, broken or loose parts
  • Loose hardware
  • Cut out designs in the headboard or footboard
  • Crib slats more than 2 3/8 inches apart (width of a soda can)
  • Corner post extension over 1/16 of an inch high
  • Gaps larger than 2 fingers width between the sides of the crib and the mattress
  • Drop side latches that could be easily released by your baby

Use Safe Bedding: Soft bedding can suffocate a baby, blocking the baby’s airway during sleep. Babies can suffocate when their faces become wedged against or buried in a mattress, pillow or other soft object. Use a safe crib with a firm, tight-fitting mattress covered with a crib sheet and nothing else in it. To keep your baby warm, use a sleep sack (wearable blanket).

Baby Proofing the New Home

I turned to the uber knowledgeable folks at Safe Kids Worldwide for a Baby Safety Checklist:

Crawl Through Your Home: The first step to a safe home, say the experts at Safe Kids, is to look at the world through your baby’s eyes. See what looks interesting and what can be reached. And I mean it literally – get down on your hands and knees in your new home and check for small things your baby can choke on. You will be amazed at what you discover! If you question if an item is a choking hazard, take an empty toilet paper roll and put the small object in it. If it fits completely into the roll, don’t let children under 3 play with it.

Test Alarms: Have working smoke alarms and carbon monoxide detectors inside all bedrooms, outside all sleeping areas and on every level of your new home. Test alarms monthly and change batteries once a year.

Install Gates: Install stair gates at the top and bottom of stairs. Stair gates at the top must be attached to the wall with hardware.

Secure Furniture: Secure furniture to the wall to avoid tip overs.

Check Windows: When decorating your new place, be sure to use cordless window coverings.

Mindful Unpacking: When unpacking, be sure to lock up medicines, vitamins, cleaning products, pet food, alcohol, poisonous plants, and chemicals (like paint, gasoline, etc.) and store them high out of your baby’s reach.

Your baby’s arrival was certainly the most blissful and incredible life change. Now you get to start the next chapter together in your new home. A home that is safe for your little one to play, grow and explore!

Laura McHolm is an organizational, moving & storage expert and co-founder of NorthStar Moving Company. NorthStar Moving Company is an award winning, “A+” rated company, which specializes in providing eco-luxury moving and storage services.   www.northstarmoving.com

Posted on October 9, 2017 at 4:54 pm
Kappel Gateway Realty | Category: babies, Buyers, community, curb appeal, family, Family Fun, real estate | Tagged , , , , , , , , , , , ,

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