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Having Even Small Problems Puts You In The Fixer Upper Category

November 17, 2021 By Deborah Ward

Your Realtor came, inspected, and gave you a “honey-do” list of things that needed to be accomplished in order to get your house ready to show and sell for the best price. You did most of the things, all the big stuff. Good enough, right? Wrong! Leaving even small problems can put your home in the “fixer-upper” category.

Long list!

The list was long and, you were thinking, a bit over zealous. I mean after all, they surely didn’t mean you really had to touch up the paint behind the bedroom door or Having Even Small Problems Puts You In The Fixer Upper Categoryin the closet. Who looks there anyway? Everyone, that’s who!

Besides, you’re thinking, they’re going to repaint anyway. Better to do a few obvious things on the list and no one will notice the rest. The problem is that they do notice. This is especially true if the homebuyers are first time buyers who have always had a landlord, or their parents, fixing things around their living spaces.

It may be as simple as a paint touch up or replacing a wall switch cover, but for someone who doesn’t know how it’s a big deal. Even for those who have previously been homeowners they may know how easy it is to fix those little things, but they may be thinking “ok, so what else is wrong here?”

TV shows don’t help!

Have you ever watched those HGTV shows like House Hunters or Fixer Upper? In House Hunters they often have just those kinds of brand new first time buyers. Have you noticed how nit picky those house hunters are? Watch an episode or two and see how quickly they turn their noses up at a home that has a few minors to-do’s left on the list. The Realtor will try and minimize it with a “that’s a simple fix” but they are having none of it.

Then there is Fixer Upper

Chip and Joanna Gaines find a few houses that are fixer uppers and then they fix it up. The problem for you, the homeowner, would be that shows like that show potential buyers all of the possible “skeletons in the closet” like bad wiring, etc., that they think could be wrong with your home because you missed those little details.

So take the time and do it all!

Filed Under: Realtor Tips Tagged With: homebuyers, homeowners, the "fixer-upper" category

Can My HOA Tell Me What To Do?

October 27, 2021 By Deborah Ward

Homeowners Association… the words that can and do strike fear into the hearts of many homeowners.

Can My HOA Tell Me What To Do? Homeowners Association... the words that can and do strike fear into the hearts of many homeownersHomeowners associations, or HOAs for short, are put in place to protect the home owners in a development and their home values. They do this through instituting rules.

Those rules range from how you can landscape your property, to what colors you can paint your home, to what kinds of vehicles you can keep outside your garage and more.

So can they tell you what to do?

In a word, yes. Those rules and regulations included in all those papers you signed when you settled on your home give them that power. They can tell you whether you can have pets and if so, how many and what kinds. They can tell you whether you can plant rose bushes or trees. They can tell you that you can’t keep your boat on your property or that your in laws can’t park on the driveway for the week they are visiting.

How do HOAs do this?

Those rules I mentioned before are known in your deed as covenants, conditions and restrictions. Your deed makes those rules and regulations mandatory. As long as they don’t violate state or federal law, you have to capitulate. The consequences can cost you. From getting behind on your HOA fees to fines for rule violations, those few hundred dollars can turn into thousands. You could even end up with a lien on your home, a garnishment of your bank accounts or paycheck or even a foreclosure.

Pick your battles!

So before you think about fighting your HOA over the trivialities of the height of a fence or shade of your home, study the rules, consult an attorney or just knuckle under. HOAs can and will tell you what to do.

Filed Under: Realtor Tips Tagged With: HOAs, homeowners, rules and regulations

The New Housing Boom – Baby Boomers Are Selling Their Big Homes And Downsizing

October 27, 2021 By Deborah Ward

There is a new housing boom and it’s coming from baby boomers who are selling their homes and downsizing into smaller ones. It’s a good thing for new homeowners and those upsizing as well.
The New Housing Boom - Baby Boomers Are Selling Their Big Homes And Downsizing
As the children of baby boomers leave home for college and beyond, their parents are finding that their big homes are just a bit too big. They are also finding that they are facing a future that could mean lower incomes and inability to make larger payments on things like utilities, real estate taxes and such. The answer? Sell that big home that has the higher utilities and taxes. Use the equity as a nest egg. That also means that they will be looking for a smaller home.

That’s good news for owners of smaller homes who want to upsize for two reasons

The first is that there will be competition for their smaller homes: first time buyers and the downsizing boomers. Competition means possible bidding wars and higher prices. Those higher sales mean more money to purchase the bigger home with less debt. That’s always good news. The second reason is the higher chance of getting a cash sale. It means a faster settlement and less red tape for both sides.

Bigger homes and upsizing families

Then, of course, there is the homes that the boomers are vacating. They are the bigger homes that the upsizing families are looking for. With more and more of them available it will mean better prices for those buying. Yet another plus for those smaller home owners.

For baby boomers it means buying a home without the need for a mortgage, smaller utility bills, lower real estate taxes and costs. It could also mean adding money into the retirement sources of income.

So this housing boom of sorts is a win win for both baby boomers and the owners of the smaller homes they want.

Filed Under: Realtor Tips Tagged With: baby boomers, downsizing, homeowners

Why Is Home Ownership At A New Low?

October 27, 2021 By Deborah Ward

If you listen to the “experts” in the media, the housing crisis is well over. But if that’s true, why is home ownership at a new low?

Truth is, while the market is bounding back, there are still millions of Americans who want to be homeowners that can’t. In fact, people who rent make up a larger part of US households than those who own. This is because it’s harder for first time homeowners to buy than it used to be.

Here are the obstacles still in the way:

Income

Why Is Home Ownership At A New Low?First, income increases aren’t keeping pace with the rise in housing prices. For instance, in 2014 incomes averaged a 1.2 percent increase. In that same year, the median sales price rose 6.6 percent for new homes and 4.7 percent for existing homes.

The only saving grace was that interest rates were historically low which kept mortgage payments low. That helped some.

Too overpriced or too large

The next problem is that new homes are too overpriced or too large for a lot of buyers. New builds are big homes which cater to wealthier buyers. It would seem that there would be smaller starter homes available, but since the median size home in the US is 1,800 and up to 2,500 square feet. That means starter homes are more expensive.

Think about it, new home builders take a similar amount of time to build a 1,200 square foot home as they do to sell a 1,800 square foot home. Say housing prices are around $72 a square foot in your area (this varies GREATLY depending on where you live), then the builder would make an extra $43,200 to build a bit bigger home.

That is a HUGE difference for their efforts and makes sense why they tend to build bigger homes.

Another issue is foreclosures

Foreclosure is still a pervasive issue. It makes existing homeowners become home renters. There are still about twice as many forfeitures now annually as there were before the crisis. Debts beyond the mortgage are also part of the problem. Beyond credit card debt, which is still substantial, a record number of those first time home buyers are carrying huge student loan debt.

Student loan debt

It isn’t unusual for graduating students to have $50,000 or more in loan debt. Those payments are a mortgage payment of their own.

Credit

Lastly, not having great credit is a problem, as well as paying rents that make it hard to save a big down payment required if you have dinged credit.

Filed Under: Real Estate News Tagged With: foreclosures, home ownership, homeowners

Top 5 Ways Homeowners Shoot Themselves in the Foot When Selling Their Homes

October 27, 2021 By Deborah Ward

Home selling. It can be a chore. Sometimes the problem isn’t the market, the agent or the buyers. Sometimes the problem is you, the homeowner. Most don’t try and be a problem, but there are several things that homeowners do, or don’t do, that basically shoot themselves in the foot when selling their homes.

Top 5 Ways Homeowners Shoot Themselves in the Foot When Selling Their HomesWhen selling your home, your asking price is too high. If you don’t price at market value, you won’t sell, period. The days of getting well over asking are behind us, and while some markets are seeing it creep back, overpriced homes won’t sell.

Deferred maintenance is another issue. Leaving annoying little things for the buyer to do is obvious. It means buyers will go find another seller who is a little more considerate. Make sure you complete projects and do inexpensive fixes like new paint and caulking the bath or kitchen. That includes damage from old, but fixed problems too.

If there are big things to fix, don’t expect top dollar for your home. So if you want top dollar, make the fixes. By big we mean serious systematic issues (heat, plumbing or electrical), roof, holes in the walls, or foundation issues. If you don’t want to, or can’t make them, make sure you price the home accordingly.

As homeowners selling their homes if they refuse to stage their homes they can’t expect the best price or for people to see past their things and clutter.

Buyers won’t be able to picture themselves in your home because it looks like YOUR home. As your realtor probably told you, box up your stuff and get it out. Make your home look bigger and less messy. If you did stage it, keep it that way. Do not expect that staged or not, you can leave a mess and have people look past it.

Don’t be a difficult seller. Your realtor will be ok with working around some scheduling things, but be open and able to show your home almost at any time. Requiring 24 hours notice to show the home is another bugaboo. People don’t want to be put off. If they have the time to see your home now, they might not be able to the next day. Be a flexible homeowner and be willing to bend when selling your home.

Filed Under: Realtor Tips Tagged With: fixing up your home to sell, homeowners, selling their homes, staging your home to sell

 

 

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The Deb Ward Team

Keller Williams Realty
30522 U.S. Highway 19 N, #107
Palm Harbor, FL 34684
Phone: 727-410-0336
Fax: 727-474-9069
Email: info@DeborahWard.com
The Deb Ward Team at Keller Williams Realty specializes in all of Pinellas County, Florida including: Clearwater, Palm Harbor, Dunedin, St. Petersburg, and the Gulf Beaches from Clearwater Beach down to St. Pete Beach serving buyers and sellers with a focus that is rarely found in the real estate world!

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