Realtor Tips – Page 8

How To Market Your Small House For Sale

October 27, 2021 By Deborah Ward

You live in the cutest house. It’s not big, in fact it’s rather small, but it fit you perfectly, until now. Now you need to move, either to upsize or for a job, and sell your adorably small home. We aren’t talking tiny home, but smaller than most of the other homes in the area. So how do you market your home to sell?

Well, just like any other home! Do the same things the owners of those bigger homes are doing. Just on a smaller scale.

Decluttering your home before sale is actually a hugely important thing with a smaller house. Clutter will make it look ever smaller than it is. Making rooms light, bright and bigger is important. Clean it thoroughly and update wherever you can.

When repainting, go for lighter hues to give an airy and bigger feel. Remember, dark colors make a room feel smaller. Move bigger furniture out to storage and keep smaller, cozier pieces in place. You may love your king size bed, but if it takes up the whole room, it’s not a plus!

Is your small house a cape cod? Dress up those window nooks to be cozy spaces to sit and read or escape from the world. Make all available space livable. Finish the attic or basement (or both!). That bonus space will really help. Make everything as maintenance free as possible.

Target your updates to your target buyer. That would be a first time buyer or a downsizing buyer. A first time buyer usually can’t afford a bigger home, so a smaller first home is their usual go to.

Your downsizing crowd has had the big, costly and time consuming home and wants to lighten that load. Your smaller home, will less rooms to clean, lower utility bills and taxes is just what they are looking for.

A small home isn’t a liability when selling, just know how to market it to the right buyer and it will sell in no time!

Fun Facts About Real Estate Home Sellers

October 27, 2021 By Deborah Ward

Did you know that knowing demographic information about whose home you are buying can help you get the best deal for the home you want? According to the NATIONAL ASSOCIATION OF REALTORS® 2021 white paper entitled “Profile of Home Buyers and Sellers” spells out the characteristics of home sellers from June 2020 through June 2021.

So what are those statistics?

Well how about that the typical home seller was 47 years old in 2021, or that sellers typically lived in their home for 10 years before selling.

Want more? How about that recently sold homes were on the market for a median of 3 weeks,

Let’s also not forget that 88% of home sellers worked with a real estate agent to sell their homes, The smart ones anyway!

Common reasons for selling

The report also talks about the most common reasons for selling. The first most commonly cited reason is the desire to move closer to friends and family and the house to small is the second commonly reason.

Some cool fun facts about price

The median final sales price for recently sold homes was 99% of the final listing price and those homes were on the market for an average of 3 weeks.

You know what else? 33% of all sellers offered incentives to attract you, the buyer and one more… the home sellers sold their homes for a median of $66,000 more than they purchased it! One of the better reasons to own a home! It nearly always makes you money in the long run.

When Is A Good Time For Move Up Buyers To Sell?

October 27, 2021 By Deborah Ward

You knew it would happen when you bought your home: you outgrew it. Now that there isn’t enough space you need to sell and move up. As they say, timing is everything and real estate is no different. So when is the best time to sell so you can make that move?

Trends

There are no absolutes, of course, but generalizations can show trends. It’s generally accepted that spring is the best time to list to sell.

It’s a statistical fact that 50-60% of homes are sold during the summer. Let’s explore some of the reasons that Realtors say makes spring and summer the best time to sell.

Spring

Spring is such a lovely time of year. The grass and trees are green, flowers grow and bloom. Your yard looks better, green and lush. The cold winter warms into a beautiful spring, short days get longer. Let’s not forget that buyers come out in droves to find a new home. There are many factors that contribute to this.

One is just the fact that winter is over and like the growing plants, it’s time for something new. Who wouldn’t want to move out of a small apartment and have a home that they can plant, decorate and treat as their own?

Longer days mean more time to look and let’s not forget that those new smaller families are looking to buy and move during the school break so the kids don’t have a huge disruption in their education. They want their kids to have some time during the summer to start new friendships before heading back to the classroom. It’s also much easier to move when it’s warm!

If someone is coming from a cold climate north of Florida, they sure don’t want to be moving in the snow!

So what does that mean for you, the seller?

Let’s start with a bigger chunk of cash in your bank account. It seems like it’s counterintuitive that high supply will end in higher prices. Economics 101 says that shouldn’t be the case. Economics 101 would be wrong when talking about real estate.

The reason for this is that demand is also high during this season. In other words, since there are more buyers with demands for the supply of homes, that supply is actually considered less, even though there are more than other seasons. That also means that you can ask for more than you would be able to in other times of the year.

Appraisals

Those higher price tags will mean that your home will appraise for more too. How that works is that a home appraiser looks for homes that are comparable to yours. If those homes sold for more, your home will appraise for more as well. Being that there are more sales, there are more homes to compare. In other seasons when the sales are fewer, there are fewer homes to use in a comparable. In other words, more data from more homes is much better for you, the seller.

Did I mention bidding wars?

Yes, with all those buyers looking, your chances of having a few bidding for your home at the same time is higher. Multiple offers mean more money for you, and less headaches due to buyer demands. Demands for what, you ask? Repairs, concessions in price or requests for help paying closing costs, and contingencies for financing. A cleaner sale is a faster sale, so that will give you the time and money you need to buy your next home.

Strategy

Which leads to your last reason that spring is a good time to sell and move up… selling in the spring or summer means you are looking in the late summer or fall, when it is much better for you to be a buyer. Situate yourself to be in the best position to both sell for the most and buy for the best price. It’s about strategy!

Thinking about selling your home? Give us a call today for free information about listing your home! 727-410-0336

How “Tiny” A House Could You Live In?

October 27, 2021 By Deborah Ward

You’ve seen it on TV; the “tiny house” craze. People living in what is basically a small trailer with all the bells and whistles of a bigger stationary home. It seems to signal that people are starting to tire of the “McMansions” on postage stamp sized lots. But really, how tiny a home could you live in?

Typical Florida home

The typical Florida small home was built in the 1950s. There were a huge number built. They are usually around 1100 square feet in living space and have 2 bedrooms, 1 bath a kitchen and living room. Some have garages. It’s not a huge home. The bedrooms are typically small as are the kitchens. The idea of large, open concept homes wasn’t part of the lingo in the 1950s!

So who does these smaller homes fit?

Smaller families, couples and singles. 2 bedrooms works for a small family of 3 or 4, especially if the kids are same sex or very young. 2 bedrooms works for a couple or single leaving a bedroom for a guest room or home office. With all there is to do in Florida, who needs a huge house with huge rooms? You’ll be spending more time outdoors anyway!

Smaller can be better!

Less time cleaning with less space to clean. Less expensive to heat or cool since it’s smaller. Easier and less expensive to decorate and furnish. You don’t have to go as extreme as the tiny house shows demonstrate, but going small is a good option.

How To Sell Your House When You Have Already Moved

October 27, 2021 By Deborah Ward

It happens. You have to move before you can get your home sold. Often it’s because of a job transfer, but whatever the reason, it’s not the optimal way to sell and move. So what can you do?

Your first order of business should happen before you move out. As you pack to go, clean. Make the place spotless. This will be easier to do when the house is empty of your belongings, but start as you pack. Also, consult with a Realtor to see if any updates are a good idea. Ideally, they can be done once you move out, and then you can list right away. These are a lot of the same things that any seller should do.

Now that you’ve moved out, deep cleaned the empty house and made any necessary updates, it’s time to get listed. Your best bet is to have someone come in and stage the home.

Empty homes are, unfortunately, harder to sell. Spending the extra money to make it look lived it, or at least give prospective buyers an idea of each room’s purpose, will pay for itself. If you can’t afford a professional service, see if family or friends can help with some furnishings and such to help out while it’s listed.

You also need to make sure the home stays spotlessly clean. Either hire a cleaning service to come through once a week, or have a friend or family member do it. Nothing says “empty house” more than dust bunnies! Make sure systems and appliances are in working order.

Same with the yard. Have a lawn service keep the yard mowed and weeded. Curb appeal is very important. Also make sure that your mail and newspapers are forwarded or stopped. Keep a few lights in the home on a timer so they go on and off regularly.

A lot of this is important for another reason as well. Empty homes are a target for break- ins and vandalism. Have friends or neighbors keep an eye on the home for you and call the police if there is anything hinky going on. That said, empty also doesn’t sell well, so making your house look lived in will help you sell.

If you would like some help getting your home sold, give the Deb Ward Team a call!

727-410-0336

What Are Jumbo Home Loans?

October 27, 2021 By Deborah Ward

With the housing market improving and home prices rising larger homes are becoming hard to get with a standard mortgage. Your Realtor may have mentioned a jumbo home loan, but you aren’t sure what that is.

A jumbo mortgage

Simply put, a jumbo mortgage is a loan to purchase a home that is in an amount that is larger than the limits set by the government. Conventional mortgages have limits as to how much it can be.

This is because mortgages are commonly bought and sold on secondary markets, and are backed by FNMA (Fannie Mae) and FHLMC (Freddie Mac). If a mortgage is over those limits, Fannie Mae or Freddie Mac will step in and back the mortgage. The current limit is $453,100, with a few exceptions as to locations where it could be higher.

Conventional formats

Most mortgage companies offer jumbo loans in the conventional formats like fixed rate or interest only loans, and these have LTV or loan-to-value limits too. Jumbo loans typically have an 80% or 90% loan-to-value limit on the loans.

This is because they need to be sure the risk is minimized as much as possible since there is no federal backing. They usually carry a higher interest rate; usually .25% to .50% higher than that of a conventional loan.

They aren’t impossible to get, and with the easing of restrictions as the market grows. And if you need that bigger home, the risk may be worth the reward.

Finding a great lender

When you get up into the Jumbo loan prices, having a qualified lender becomes even more important. If your lender is used to working within the framework of FHA loans, they may not have the resources to find you the best Jumbo loan to fit your needs.

Additionally, you may be looking at putting down a significant amount of cash or even using some private money in addition to the loan and as such your lender needs to know how to get that kind of complicated loan to the closing table.

Many of the properties we sell here in Tampa Bay fall into this Jumbo loan category and we have a list of lenders who we feel do a great job with our clients. Please contact us if you would like a great referral or to talk about purchasing a Jumbo loan property today!