real estatevalue June 4, 2018

What’s in a Home Value?

appraisalbuyingfirst time buyersHomeownersmarket trendsneighborhoodneighborsOffersreal estateresearchUncategorizedvalue May 30, 2017

Does It Really Matter What Your Neighbor’s Home Sold For?

Interesting food for thought. Depending on the dynamics of the other homes in the neighborhood, fair market values can vary.

Whether you’re buying or selling, remember that your neighbor’s sale price is just one piece of the puzzle. Whether you’re buying or selling, make sure you look beyond the data to get the big picture on home values.

After researching the sale prices of his neighbors recent home sales, Steve Rennie thought he knew exactly what his Kansas City, MO, house was worth. But when the Rennies decided to sell and started interviewing real estate professionals, they discovered they needed more and more relevant information. While the sale price of homes on your street can provide important insight into the price of a home you’re selling or buying, here are some of the other factors you should consider to make your best deal.

Unique or unusual home? Comparable sales may not exist

The Rennies quickly realized that recent sales near them wouldn’t be the perfect way to gauge their home’s value. We had interviewed several agents, and most came back with prices for homes that were not truly comparable to ours, because we had a unique older home in an area of newer ones, recalls Rennie. Eventually, the couple called real estate agent Dan Vick, vice president of RE/MAX Results in Kansas City, who offered a different perspective.

Since I didn’t have comps in their exact neighborhood, I went a half-mile away to find homes of similar age and style, says Vick. They’d said they wouldn’t list their home for one penny under $180,000, but based on my comps, I asked: Would you mind if I listed it for more? The house sold the first day it was on the market for $189,500. The Rennies were thrilled.

While comps give sellers a point of reference and an understanding of how strong the real estate market is, Vick suggests calling a professional familiar with your neighborhood to interpret comps properly and gauge what your home is worth. In newer subdivisions, especially if one or two builders have built the majority of the homes there, you can look at similar floor plans. But in older areas, that rule doesn’t apply, because you don’t have the same house four doors down the street.

Stick to the facts and expert advice when pricing a home

Even when you’ve studied comps and have noted relevant details about recent nearby home sales, it’s often easy for sellers to overlook important information when setting a price, says Michael Kelczewski, a real estate agent with Sotheby’s International Realty in Centerville, DE. I continuously encounter sellers who value their home above fair market price, he says. Cosmetically upgrading a kitchen or bathroom won’t usually generate a 100% ROI, so I’m tactful when explaining the reality of property valuations or asset depreciation.

Pricing your property appropriately, regardless of what your neighbor sold for, is key in today’s market, adds Matt Laricy, managing partner with Americorp Real Estate in Chicago, IL. A couple of years back, people would price a home high, get lowball offers, and be willing to negotiate, he says. Nowadays, with low inventory, many sellers are too aggressive: Their neighbor’s house sold in one day, so they think, I’ll overprice my place because I know I’m the only one on the block. But buyers are smart; they may not even look at it until the price comes down.

Bottom line? Don’t be greedy, Laricy says. If you price your home realistically, you’ll likely get more than one offer and net more money in the long run.

Understanding how agents set prices can help buyers score the perfect home

Buyers can benefit tremendously from checking what homes in their chosen neighborhood have sold for, says Laricy. In Chicago, we don’t do price per square foot, so knowing what a neighbors house sells for is huge, he says. If it sold really low, that’s good news for you as a buyer.

However, buyers sometimes overlook other crucial details in their quest to zero in on the best price, he adds. That can lead to a harder sale or lower profit in the future. In big markets like New York, Chicago, Miami, and LA, where people are coming and going all the time, you’re buying an investment, he explains. Buyers usually don’t think about value: why certain buildings trade at different rates now, which ones will trade higher than others in the future, and which neighborhoods are worth more. These are things you need an expert eye for.

He notes that younger buyers tend to neglect that all-important real estate factor: location. They chase kitchens and bathrooms, he says. They’ll buy in a less desirable location to get a nicer kitchen. You can always change a kitchen, but you can’t pick up a property and move it.

Yet even as buyers and their agents leverage comps to make a good buy, sometimes the heart wants what it wants, says Vick. I think you can get too caught up in the comparable data. If your buyers have looked at 15 homes, and this is the one they’ve fallen in love with, it really doesn’t matter what the comps are; you’d better go after it with a strong offer, he suggests. A note of caution to buyers: be careful not to overestimate a home’s appraisal value, since an offer that’s much higher than appraisal value could put your purchase at risk.

Buyers should bring their best offers from the start!

Especially in red-hot real estate markets, Laricy advises buyers to bid smart the first time or risk losing out to another buyer. Usually, buyers who lowball are the ones who end up missing out on two or three properties before actually getting something, says Laricy. Be realistic by putting in a strong offer upfront.

First-time homebuyer Corinne Hangacsi followed that advice before purchasing her two-bedroom townhouse in Wilmington, DE, this spring. We did our research through Trulia. Our real estate agent definitely clued us in to what was happening in the area, but we also looked at other comparable properties ourselves, she says. That in-person research helped Hangacsi feel comfortable making a strong initial offer. My biggest piece of advice for first-time homebuyers is to be patient and do your homework. Go with your gut; when you find the right place, you’ll know.

Source:  Trulia Blog

curb appealdecoratingDIYinterior decoratingPrivacyprojectsUncategorized May 16, 2017

Light in, Prying Eyes out: Benefits of Light-Filtering Window Shades

Light and airy rooms but still worried about people sharing your indoor privacy?  Then this is the read for you!

 

Want to let light in while keeping your nosy neighbors out? Special types of light-filtering window treatments enable you to illuminate your home with natural light while preventing others from viewing your personal space. Ultimately, these window shades may prove to be exceedingly valuable, particularly for homeowners who are searching for high-quality window treatments that are both stylish and practical.

Benefits
In addition to offering maximum privacy from passersby and neighbors, light-filtering window shades provide many benefits, including:

Energy Savings: The U.S. Department of Energy points out properly installed window shades offer some of the “simplest, most effective window treatments for saving energy.”

Improved Insulation: Some light-filtering window shades have been shown to act as both insulation and air barriers, and control air infiltration more effectively than other types of window treatments.

Exceptional Value: Homeowners can enjoy light-filtering window shades that consist of UV-resistant and antimicrobial materials for superb quality, maintaining their value over time.

Eco-Friendly Styles: Some light-filtering window shade options are partly constructed from biodegradable materials.

Unparalleled Convenience: Light-filtering window treatments can be motorized or manual, allowing for ease of use both day and night.

Types of Light-Filtering Window Shades
Light-filtering window shades provide varying degrees of light infiltration. The most popular options include:

Cellular Shades
Cellular shades deliver year-round insulation and privacy. Meanwhile, they are constructed to allow small amounts of light to enter a room. Typically, cellular shades are sold in single or double thickness. They are available in multiple vibrant colors, along with various cell sizes and fabric styles to match your home decor.

Cellular shades also boast immense durability. They include an aluminum headrail and bottomrail and take only minutes to set up in any living space.

Roller Shades
Roller shades are easy to use and come in a wide range of lifts to complement any home’s decor. Light-filtering roller shades are top choices for many homeowners, as these shades block visibility into your personal space. In addition, blackout roller shades are great choices for those who prefer extra privacy and will help you maximize light control consistently.

Roman Shades
For those who want to add a hint of luxury to th eir decor, there may be no better option than Roman shades. Top-down/bottom-up Roman shades allow you to control whether light will enter from the bottom or from above. The versatile options in fabric range from every color of the rainbow, as well as prints.

If you require additional privacy, select Roman shades that feature a thermal liner. Or, if you need total or near-total darkness (like in a bathroom or media room), Roman shades with a blackout liner may prove to be ideal.

Pleated Shades
Pleated shades are available with light-filtering and room-darkening liners, maximizing light control and privacy needs. With a light-filtering liner, pleated shades can deliver daytime light transmission indoors. To maximize privacy, use pleated shades with a privacy liner, so that only minimal shadows are visible from the outdoors.

On the other hand, a blackout liner offers maximum light obstruction. This liner may serve as a great selection in a child’s bedroom or other settings where complete darkness is needed.

Vertical Cellular Shades
Ready to take your vertical window treatments to the next level? Thanks to vertical cellular shades, you can block harsh sunlight from entering large windows and patio doors.

Vertical cellular shades have been shown to deliver year-round insulation, sound absorption and ultraviolet protection. Moreover, they can include blackout fabric to provide you with the total privacy you need to get a great night’s sleep. Keep in mind that the blackout fabric of vertical cellular shades features an opacity that prevents light from filtering through at all times.

Vertical cellular shades are ideal in climates with extreme hot and cold temperatures and can be specified to stack on either side, split down the middle or stack in the center for added convenience.

Examine your window treatment options closely, and you’re sure to find window shades that match your personal style and budget perfectly, while offering privacy from prying eyes.

Source: RisMedia