4 Tips to Selling an Inherited Property

Selling an inherited house can be draining. Coldwell Banker gives 4 tips on how to successfully prepare, organize and sell your inherited house.

One difficult topic real estate agents routinely have to discuss is about selling an inherited home from a parent when they pass away. It is a situation that is an overwhelming experience, one filled with emotions and many questions. While talking about it is difficult, it is smart to be prepared. This includes having conversations as a family to determine who will be included in the will to inherit the home, where the deed to the home is kept and where other paperwork is located.

After the estate has been settled and the home received as an inheritance, deciding to sell, rent or keep the home is the first step which will help determine what to do next. For those who decide to sell the home, it is a good idea to work with a team of professionals including a lawyer and a real estate agents who can offer advice and guidance throughout the process.

Although each situation is unique, the professionals at Coldwell Banker have provided the following four tips to help prepare to sell an inherited home:

Assemble a strong team of professionals. Working with a real estate agent, lawyer and potentially a tax specialist can help make the process of selling an inherited property go more smoothly. A team of professionals can give the guidance necessary to prepare the home for sale and get all of the affairs in order. A real estate agent can offer crucial, local market information that is especially helpful if the heir does not live nearby. Lawyers and tax specialists can help put all of the processes in order to ensure that selling the home is as easy on you and your family as possible.

Do a home walk through and get organized. Going from room to room and looking at everything from the condition of the floors to how fresh the paint looks can help determine what may need to be done to the home to help it sell more quickly. If the inherited property is older, a home inspection is important before making any decisions as there may be certain systems that need renovations. Equally important is to gather all of the necessary paperwork such as the deed to the home as well as researching whether there are any mortgages on the inherited property that need to be paid. Even if the original mortgage was paid off, a reverse mortgage may have been negotiated to help cover expenses. Also looking into local property taxes and when they were last paid is important.

Have the home appraised and price it correctly. Property received as an inheritance is not considered to be income by the beneficiary. The adjusted basis of a home is its fair market value at the time it was inherited, so it is important to get an accurate appraisal of the home. A real estate agent can also provide counsel on an appropriate listing price to match market value. Out-of-town beneficiaries can also find it difficult to select competent appraisers, inspectors and other professionals to assist in the home selling process, all of which a real estate agent can assist with.

Consider staging or other cosmetic improvements. Although not necessary in all markets or price ranges, home staging can be the difference in getting a home sold in a price-competitive market. An inherited property may not be furnished in the style of other local homes on the market selling at a similar price. A real estate agent can help determine whether or not home staging is a good fit for a specific situation. They may also suggest making home design improvements such as repainting rooms and/or landscaping the yard or other parts of the property. Make sure the lawn and landscaping look good and that the exterior of the house is in good condition. Low curb appeal can keep potential buyers from researching a home they may otherwise love. Perhaps most importantly, having an experienced real estate agent to answer questions quickly and accurately frees up time to devote to other activities and events.

Find more information on selling your home on the Coldwell Banker Blue Matter blog.

Source: Coldwell Banker Blue Matter blog

Posted on August 8, 2017 at 9:45 am
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Five Tips to Identify Fixer-Upper Homes Worth Investing In

You may know someone who did very well during the market crash in 2008 purchasing fixers. Its a complex issue that you need to study up on before you even consider taking that plunge!

When shopping for a fixer-upper home, some properties have potential beyond their appearance. Keep the following tips in mind as you look for that home.

When shopping for a new home, be aware of properties that have potential beyond their current appearance. Home buyers often overlook a great property because they are too focused on the cosmetic appeal, which can be easily altered. Keep the following tips in mind as you search for your perfect home:

  1. Finding the Best Neighborhood for You
    Location is one of the most crucial factors to consider as you look for possible homes. Unlike the style and even structure, no amount of time, effort, or money can change a home’s location. To find the best neighborhood for you, it can help to visit the area multiple times at various hours. This will help reveal the local culture and activity to be expected from neighbors.
  2. Identify a Cost-Efficient Fixer-Upper Home
    Look for a home with sound fundamentals and an appealing floor plan. Cosmetic improvements like new paint, lighting fixtures, and flooring are relatively cheap and easy to change, while work on plumbing, electrical systems, structural walls, or cabinets are more difficult and expensive. Typically, the most expensive change involves altering a home’s structure.
  3.  Hire a Contractor Before Buying a Home
    You may want to hire a contractor in your search if you know you want to make changes to a home you plan to purchase. A contractor can help you better understand what kind of commitment a given home will require. Many remodelers will visit a potential purchase at no charge to give an estimate of how much the work would cost. This is valuable information when comparing different homes with one another.
  4. Know What to Check Before Buying an Old Home
    Examining a home can be a complex process, and looking for one with unused potential can make it more difficult. Keep in mind that homes older than 50 years are likely to have similarly aged plumbing, electrical, heating, and other systems. The home may also be worn out or too outdated to remodel.
  5. Real Estate Agents Can Help
    Real estate agents are valuable resources. They can help you understand a home in the context of its neighborhood and area, and may be able to offer advice on how to increase the value of the property after purchase.

Source:  CB Blue Matter

 

Posted on July 20, 2017 at 7:40 pm
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What is the Difference Between a Short Sale and a Foreclosure?

 

Distressed sales can be difficult but the more you know about the differences in them, the better your ability to navigate those waters if you are in the market!

Here is how to dip your toe into the water on foreclosures and short sales while heeding all the risks when buying a home.

Not sure about the world of foreclosures and short sales? Don’t worry. Here’s a rundown of everything you need to know to grasp the basics of foreclosures and short sales.

What Are Foreclosures and Short Sales?

A foreclosure is a process by which a lender is able to repossess a property when the borrower defaults on loan payments.

A pre-closure is the period between when the lender files the Notice of Default and when the foreclosure process is complete. If the home is sold during this period, the transaction is called a short-sale foreclosure (or “short sale” for short).

While both a short sale and a foreclosure result in the unfortunate event of the borrower not being able to stay in their home, a short sale allows a borrower to avoid the harmful effects that a foreclosure would have on their credit score.

How Can You Buy a Foreclosure/Short Sale Property?

There are fewer foreclosures and short sales on the market today than there were a few years ago. “Default notices, scheduled auctions and bank repossessions…are down more than 7 percent from a year ago,” according to RealtyTrac’s November 2015 U.S. Foreclosure Market Report.

But if you’re a buyer, you can still find a great deal on a foreclosure or short sale, particularly if you work with an agent who focuses on finding these deals.

If you are interested in purchasing either a foreclosure/short sale property, talk to an agent who specializes in foreclosures and short sales.

What Are the Pros and Cons of Buying a Foreclosure/Short Sale Property?

Let’s start with the advantages.

Foreclosures and short sales are often priced below retail, which means that you can buy these properties for less than the cost of other comparable homes. Subsequently, your monthly mortgage payments will be smaller and you’ll spend less interest over the life of the loan.

Furthermore, you may build equity quickly, particularly if you improve or renovate the home. This equity increases your net worth, and you have the option of borrowing against this equity in the future if you choose.

Additionally, if you purchase a short sale, you’ll also enjoy the emotional satisfaction of knowing that you helped someone avoid foreclosure.

Although foreclosures and short sales can offer the buyer exceptional deals on real estate prices, there are some drawbacks.

Foreclosures and short sales often need renovations or repairs. It’s likely that the owner wasn’t able to maintain the property, which means that you might have to deal with deferred maintenance issues. It’s important to get a full report of the maintenance issues you might face. Ask your real estate professional if he or she can recommend a qualified licensed home inspector who can produce a full report for you.

It is possible that some foreclosed properties are vandalized while they’re vacant, which can add to these repair bills. However, this damage will generally be reflected in the pricing of the home.

Foreclosures and short sales are in shorter supply, which means there’s a lower likelihood that the property has all your wants and needs. You may need to compromise on certain features, amenities or desired location. You may also need to act quickly, as these opportunities can get snapped up fast.

For a short sale, the seller may be motivated to sell, but he or she may not be able to budge on the negotiation price due to the outstanding balance on the mortgage.

Short sales are notorious for their lengthy closing times – typically between 45-90 days. This is because the original lender needs to approve the sale. If you’re in the market for a quick closing, a foreclosure or short sale property may not be for you.

That said, however, the financial benefits of buying a foreclosure or short sale can be fantastic for homebuyers who are flexible and patient.

Source: RisMedia

Posted on June 30, 2017 at 11:08 am
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8 Home Issues That Could Cause A Home Sale To Fall Through

You’ve put your home on the market and have a nice offer to put into contract. Check out these ways to avoid the pitfalls of your own escrow from falling through!  Sage advice!

Do you know what issues most often turn off buyers or kill a sale? Here are some of the big ones.

From a leaky or aging roof to a positive radon test in the basement, there’s probably a lot on your home sale to-do list. And while, yes, you want your house to look its best for prospective buyers, there are some less-than-obvious issues you should probably address before you list your home for sale. Whether you’re selling a home in San Angelo, TX or planning to list your here’s the lowdown on some common issues that can cause a home sale to fall through.

8 Home Issues To Be Aware Of Before Listing Your Home

  1. Leaking or Old Roof. Roof issues are responsible for 39% of homeowner insurance claims, according to the National Roof Certification and Inspection Association. The typical lifespan of a roof is 20 to 25 years for shingles, and if your for-sale home’s roof is approaching the end of its lifespan, replacing it could get you to the closing table faster.
  2. Damaged Gutters.  Routine gutter maintenance could prevent thousands of dollars in damage to the foundation of a home Recognizing the importance of this chore may require a big storm to pass through, but you’ll be glad you did when your home’s siding, windows, doors and foundation avoid water damage.
  3. Creaky Doors and windows. Expect buyers to open and close doors and windows. A jammed window or creaky door is a quick fix for you but could be a red flag to buyers who want a well-kept home. Replacing windows can bring a 50% to 80% return on your investment, but if they’re not a imperative fix, some sellers would be better served to bump this down a few notches on their must-do list.
  4. Outdated Appliances. Most buyers know they can easily buy a new fridge, but if most of your appliances look as if they belong on That ’70s Show, buyers may wonder what else needs replacing. If you’re planning to take your refrigerator with you when you move, make sure that’s mentioned in your sellers’ disclosure.
  5. Old Heating and Air Conditioning System . A well-maintained HVAC system can last up to 25 years, but an aged one could be a point of concern for buyers — and costly to repair or replace on the fly for a seller who doesn’t want to lose a sale.
  6. Termites. Termite infestation causes more than $5 billion in damage to U.S. homes each year, and sellers are typically required to disclose it. Adding a termite warranty from a remediation company can give your buyer peace of mind. But be warned: termites in your home can often be a deal breaker.
  7. Cracks in Foundation. Cracks in walls or a foundation are often a sign of larger problems. Be prepared to fix structural problems before your house hits the market, or have a plan in place for repairs if a buyer balks after an inspection.
  8. Radon. Radon is a naturally occurring, carcinogenic, radioactive gas that’s formed from the breakdown of uranium. In the home, radon is typically found in the basement or in lower levels. To put in perspective just how dangerous radon can be, consider this: Smoking is the number one cause of lung cancer — radon is No. 2.
  9. Bonus: High listing price. Pricing your home too high could ultimately cause your house to miss out on the right buyer, stay on the market longer, and bring in a lower price than the market supports.

Source: Trulia Blog

Posted on May 4, 2017 at 9:59 pm
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5 Tips for First-Time Homebuyers

You’ve decided to go for it. You know mortgage rates are enticingly low. Buying a home can be thrilling and nerve-wracking at the same time, especially for first-time homebuyers. It’s difficult to know exactly what to expect.

Take these five steps to make the process go more smoothly.

Check Your Credit
Your credit score is among the most important factors when it comes to qualifying for a mortgage.

“In addition, the standards are higher in terms of what score you need and how it affects the cost of the loan,” says Mike Winesburg, formerly a mortgage planner in Wheeling, W. Va.

Scour your credit reports for mistakes, unpaid accounts or collection accounts.
Just because you pay everything on time every month doesn’t mean your credit is stellar. The amount of credit you’re using relative to your available credit limit, or your credit utilization ratio, can sink a credit score.

The lower the utilization rate, the higher your score will be. Ideally, first-time homebuyers would have a lot of credit available, with less than a third of it used.

Repairing damaged credit takes time. If you think your credit may need work, begin the repair process at least six months before shopping for a home.

Evaluate Assets and Liabilities
A first-time homebuyer should have a good idea of money they owe and money they have coming in.

“If I were a first-time homebuyer and I wanted to do everything right, I would probably try to track my spending for a couple of months to see where my money was going,” Winesburg says.

Additionally, buyers should have an idea of how lenders will view their income, and that requires becoming familiar with the basics of mortgage lending.

For instance, some professionals, such as the self-employed or straight-commission salesperson, may have a more difficult time getting a loan than others.

The self-employed or independent contractor will need a solid two years’ earnings history to show, according to Winesburg.

Organize Documents
When applying for mortgages, you must document income and taxes.

Typically, mortgage lenders will request two recent pay stubs, the previous two years’ W-2s, tax returns and the past two months of bank statements—every page, even the blank ones.

“Why it has to be every single last page, I don’t know. But that is what they want to see. I think they look for nonsufficient funds or odd money in or out,” says Floyd Walters, owner of a mortgage company in La Canada Flintridge, Calif.

Qualify Yourself
Ideally, you already know how much you can afford to spend before the mortgage lender tells you how much you qualify for.

By calculating debt-to-income ratio and factoring in a down payment, you will have a good idea of what you can afford, both upfront and monthly.

Though there’s not a fixed debt-to-income ratio that lenders require, the standard dictates that no more than 28 percent of your gross monthly income be devoted to housing costs. This percentage is called the front-end ratio.

The back-end ratio shows what portion of income covers all monthly debt obligations. Lenders prefer the back-end ratio to be 36 percent or less, but some borrowers get approved with back-end ratios of 45 percent or higher.

Figure Out Your Down Payment
It takes effort to scrape together the down payment.

There are programs that can assist buyers with qualifying incomes and situations.

“I’ve helped arrange assistance loans for $10,000, which are interest- and payment-free, and forgivable after five years. Although considered a loan, they’re more like grants. Other programs can provide up to $40,000 interest-free,” Winesburg says.

Finally, speak with mortgage lenders when you’re starting the process. Check with friends, co-workers and neighbors to find out which lenders they enjoyed working with and ask them questions about the process and what other steps first-time homebuyers should take.

Posted on March 6, 2017 at 7:09 pm
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Boost Curb Appeal in a Day…

 

Sometimes when planning to sell a house, in the name of renovating interior living spaces, updating bathrooms, replacing appliances and adding decorative touches throughout the bedrooms, homeowners leave outdoor curb appeal as a last priority. While of course the inside of a home is important, sellers make a big mistake when they neglect the exterior. Why is a home’s exterior so important? Consider this: Curb appeal is often a potential buyer’s first impression of a home, the very thing that helps him/her decide whether or not to come inside. Whether they’re shopping online or by cruising through neighborhoods, the outside of your property is the first thing they’ll notice. If you’re selling your home or about to, how can you quickly and effectively tackle the outdoor appeal? Here are some key tips for boosting the curb appeal in a way that means quick turnaround and increased home value:

1. Start with the Front Door. Believe it or not, your home’s front door can be one of its most important assets. A new steel entry door consistently ranks as one of the most rewarding projects in home repairs, yielding an increase in home value that’s greater than the costs to install one. Likewise, to make the door especially captivating, consider painting it a bold, pleasing color that will grab attention and add charm. When buyers see a new door that looks attractive, they see another asset that makes your home the one to buy.

2. Make Any Necessary Repairs. Is the driveway cracked or the front doorbell busted? Now is the time to call a repair company or get out your own toolbox to make repairs. Buyers want turnkey, move-in-properties, and that means they want properties with repairs already done. Do the work now to get your home in ship-shape condition.

3. Keep Up with Landscaping. From mowing the lawn to pulling weeds, make sure you’re keeping up with your outdoor landscaping so that your home looks presentable and well cared for at all times. Overgrown bushes and dying plants are a surefire signal to potential buyers that you’re not caring for your home and leaving more maintenance for them to handle.

4. Add Lighting. While most buyers will come visit your home during the daytime, it’s not at all unusual for the most interested ones to also drive by at night to see what nighttime curb appeal is like. Landscape lighting can make all the difference in terms of how a home looks, so make an investment in attractive lighting options that illuminate and add interest to your property. “Solar landscaping lights are a great addition to any yard because they don’t require complicated and expensive wiring,” says Bob Vila. “Remember, though, you get what you pay for—cheap lights won’t last as long and simply won’t look as good.”

5. Touch Up Paint. A fresh coat of paint is just as powerful outside as it is inside, so to update your home’s look, repaint the exterior or at least touch up problem areas. Another idea is to paint the trim a new color that creates either a nice complement or contrast to your home’s overall look.

6. Make Over the Mailbox. You might not think a mailbox matters much, but it’s yet another one of those little details that can add up together to make a strong impression on a buyer.

7. Add Outdoor Furniture. From rocking chairs on the front porch to an outdoor patio set on the back deck, outdoor furniture creates outdoor living spaces that expand your home’s appeal. Look for attractive, durable pieces that will endure weather damage and look good for years to come — whether or not you include these pieces with the home sale, setting them up is a great way to stage your home for greater resale value.

The bottom line when it comes to curb appeal is that a little investment today can add up to big rewards tomorrow. Take the time to update, clean, repair and add value to your property’s exterior now and you will make it more attractive to buyers, not to mention more beautiful to come home to. Use the tips above to get started now.

Source: Rismedia

Posted on March 4, 2017 at 11:58 pm
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Get Your Credit Score Ready for Homebuying Season!

Getting ready to buy a home this spring? Make sure there aren’t any cracks in your credit. A good credit score is essential when it comes to securing a mortgage.

“If (your score is) below 600, you’re probably not going to buy a home in the short term,” says Mike Sullivan, director of education at nonprofit credit and debt counseling agency Take Charge America.

Given the slew of stringent regulation introduced following the housing crisis, most lenders simply won’t risk extending this demographic credit. In fact, even consumers with good scores should polish up the ol’ credit report.

Qualifying for the best mortgage rates starts at a 740 credit score. Scores below that threshold will likely have higher interest on their home loans.

So if you plan on hitting up the housing market this April, make sure to pull a copy of your credit report and check to see where your score stands.

Check Your Status

Under the Credit Card Accountability Responsibility and Disclosure Act of 2009, or Credit CARD Act, everyone is entitled to one free credit report from each credit bureau every year.

Obtain a copy of this report from AnnualCreditReport.com. It won’t come with your score—you can purchase that for a nominal fee. But there also are websites that offer free versions of your score year-round.

A recent version of your credit report will show you where you stand in terms of creditworthiness. The report should also spell out what you need to do to improve your score.

“You don’t have to entirely guess,” Sullivan says. “You simply look at what (the score) takes into account and you deal with those issues.”

Get Current

You’ll definitely want to address any delinquent accounts on your record.

“If you are behind, you want to bring those up to date as soon as possible,” says Kathryn Moore, a certified consumer credit counselor with GreenPath Debt Solutions. Delinquent accounts are a huge red flag to mortgage lenders because they demonstrate a lack of ability to repay debts.

They’re also the quickest way to tank your credit score. A missed payment—particularly following an extended period of good credit behavior—can cause a drop of 70 to 90 points.

Sadly, you won’t immediately recoup all those points once the account is reported as up to date.

Instead, “you need to be patient and make all of your payments on time and slowly build your score up” again, says Stephen Brobeck, executive director of the Consumer Federation of America.

The role that time plays in building stellar credit is why it’s ideally “a good idea to look at your credit at least a year out” of shopping for a mortgage, says Bruce McClary, a spokesman for the National Foundation for Credit Counseling.

Getting a Quick Boost

If you are behind this timeline, there are a few steps you can take to potentially give your score a quick boost.

For starters, scan your credit report for accuracy. An error—such as an old, bad debt; incorrect account balance; or worse yet, a phantom foreclosure—could be needlessly weighing down your score. Have these errors corrected by contacting the credit bureau in question.

“There’s a link (on your credit report) to dispute any inaccurate information,” Moore says. “The credit bureau from there will have to resolve that dispute within 30 days.” Once a negative error is removed, your score should improve.

You can also engineer a quick boost by paying down existing debts, particularly high credit card balances. This move improves your credit utilization rate—essentially how much debt you are carrying versus how much credit has been extended to you — and should bolster your score.

Experts generally say to keep your credit utilization below 20 to 30 percent of your collective credit. However, “you really want to get that ratio down to rock bottom if you’re looking for a house,” McClary says.

Clearing out existing balances will also improve your debt-to-income ratio, which a “lender looks at” closely during their mortgage decision process, Moore says.

Lenders typically say the “back-end” debt-to-income ratio—or the amount of your income that is needed to cover all your monthly debt obligations, including credit card bills and other loans—should be 36 percent or lower.

Finally, if you recently missed a loan payment because you, say, didn’t know about the bill, try calling up the issuer (or lender) to see if they will refrain from letting the credit bureaus know about your faux pas.

What to Avoid

Once you have your score in the upper echelon, make sure it stays there. Avoid running up your credit card balances again, which will help keep your credit utilization in check.

Also avoid applying for other loans, including store credit cards, particularly in an attempt to improve this aforementioned credit utilization rate. Applying for new credit generates hard inquiries on your credit report, which could ding your score.

And “if those inquiries don’t necessarily show up as approved accounts, that sends up a red flag” to lenders because it could look like you were turned down for a credit line, McClary says.

Not to mention that you’re more likely to miss a payment when you have multiple cards at your disposal, Brobeck says.

Conversely, don’t close any accounts while you are looking for a mortgage, as the closure could send your credit utilization skyrocketing in the wrong direction.

Source: RisMedia/Bankrate.com

Posted on March 4, 2017 at 11:50 pm
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MUST DO’s Before you move into your new home!

The moving frenzy never ends: Even after you close, the to-do lists drag on and on—endless pages of bullet points that keep you up at night when all you want is to begin your new life. Some of them are fun, like redecorating and buying new furniture.

 Others, not so much.

“When you move into a new house, you’re more concerned with decorating and taking stuff out you don’t like,” says Kevin Minto, president of Signet Home Inspections in Grass Valley, CA. “But let’s not forget about the less romantic things that are mundane—but more important in the long run.”

Once you’ve got the keys, feel free to give yourself a break. You deserve it! But don’t rest on your laurels too long—and make sure to do these eight things right away.

1. Change the locks

Before moving even one tiny piece of furniture into your new home, change the locks—or at least have them rekeyed. It’s not that you don’t trust the sellers (who are, we’re sure, perfectly respectable and upstanding citizens). It’s that you shouldn’t trust everyone who’s had contact with those keys over the years, any of whom could have copied the keys for some unsavory purpose.

2. Change the alarm batteries

Making sure your fire and carbon monoxide detectors have fresh batteries may not seemlike a pressing issue while you’re in the middle of a stressful move (and aren’t they all), but it’s the kind of thing that gets ignored and then forgotten. Better to deal with it now, when the home is empty and you can make a quick sweep of the house—without lugging a ladder around furniture.

3. Review your home inspector’s report

Can’t find your inspector’s report? Minto says reports are often filed with the escrow papers—but don’t wait until something goes wrong to pull them out. A good home inspector will outline the most important issues in their report, so use their expertise as a guide for your first few days of ownership. If they’ve marked anything as particularly pressing, make sure to handle it before moving in.

4. Find the circuit breaker

If you were there during inspection, you should know where your junction box is, but if you don’t, finding it “should be the first and foremost thing that should be attended to,” Minto says. During a move, when you’re plugging all sorts of electrical doodads into the wall, you don’t want to be lost in the dark hunting for that elusive metal box. (While you’re there, find the water shut-off, too.)

Then, get familiar: If it’s not already well-marked, have your spouse or another family member stand in different parts of the house while you flip different switches, and make a note of which ones handle different rooms.

5. Deal with any water problems

Looking at that inspector’s report? Deal with water-related issues immediately, says Minto. These tend to be troublesome because they’re so easily ignored—”out of sight, out of mind,” he says. A leaky toilet might seem minor, but the steady drip can damage internal structural components.

Check your roof, too: If the rubber vent boots on your roof are leaking, you might not know it for a while.

“By the time they see it in a ceiling, there’s been a fair amount of water,” Minto says.

6. Caulk everything

This one isn’t mandatory, but caulking is a whole lot easier if you do it when the house is empty, letting you see all the nooks and crannies that might need a little sealing—and don’t forget the exterior. Minto says he sees caulking issues on “every home,” and while they might seem minor, it doesn’t take long before cracking gives way to leaks and even more water issues.

7. Plan your emergency exits

Before you begin bringing in furniture, walk through every room and decide how you would escape in an emergency. This can help

Posted on March 4, 2017 at 11:47 pm
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Buyers Offer More for a Staged Home

Posted on February 28, 2017 at 8:10 pm
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The Effect of Environmental Hazards on Home Value

 

There are several factors that weigh on home value, including condition, location, and—in areas where they are most pronounced—environmental hazards such as poor air quality.

According to the ATTOM Data Solutions recent Environmental Hazards Housing Risk Index, 17.3 million single-family homes and condominiums have a high risk of an environmental hazard, with Denver, Colo., San Bernardino, Calif., and Curtis Bay, Md., facing the highest risk. Environmental hazards include brownfields, or property contaminated (or potentially contaminated) by a hazardous substance, polluters, poor air quality and superfunds.

“Home values are higher and long-term home price appreciation is stronger in zip codes without a high risk for any of the four environmental hazards analyzed,” says Daren Blomquist, senior vice president at ATTOM Data Solutions. “Corresponding to that is a higher share of homes still seriously underwater in the zip codes with a high risk of at least one environmental hazard, indicating those areas have not regained as much of the home value lost during the downturn.

“Conversely, home price appreciation over the past five years was actually stronger in the higher-risk zip codes, which could reflect the strong influence of investors during this recent housing recovery,” Blomquist says. “Environmental hazards likely impact owner-occupants more directly than investors, making the latter more willing to purchase in higher-risk areas. The higher share of cash sales we’re seeing in high-risk zip codes for environmental hazards also suggests that this is the case.”

In areas with a “very high” brownfield risk, 17.2 percent of properties are “seriously underwater,” according to the Index; in areas with a “very low” brownfield risk, 8.9 percent of properties are seriously underwater. Median home prices in very high brownfield risk areas are 2.8 percent below 10 years prior, while median home prices in very low brownfield risk areas are 2.8 percent above 10 years prior. Home sellers in very high brownfield risk areas gained 25.3 percent on average at sale, while sellers in very low brownfield risk areas gained 18.9 percent.

In areas with a very high polluter risk, 12.7 percent of properties are seriously underwater, compared to 9.2 percent of properties seriously underwater in very low polluter risk areas. Home sellers in very high polluter risk areas gained 16.6 percent on average at sale, while sellers in very low polluter risk areas gained 27.7 percent.

For areas with a “low” or “moderate” risk of poor air quality, home sales volume has increased 26 percent in the past five years, according to the report; for areas with a “high” risk of poor air quality, home sales volume has increased 16.5 percent in the past five years, while in areas with a very high risk of poor air quality, home sales volume has increased 3.3 percent over the past five years.

Median home prices in very high superfund risk areas are 1.5 percent below 10 years prior. Home sellers in high superfund risk areas gained 19.6 percent on average at sale, while sellers in very low superfund risk areas gained 24.4 percent.

Source: Rismedia

Posted on February 28, 2017 at 7:55 pm
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