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5 Mistakes Homeowners Make Which Affect Value

January 19, 2021 by Thom Abbott

Whether you have lived in your home for 3 years, or even 30 years, there are choices you can make during that time that will affect the future value of your home. Let’s take a look at 5 Mistakes Homeowners Make Which Affect Value.

Curb Appeal

Homeowner Values What’s that phrase…”you only get one chance to make a first impression?” Nothing could be more true when it comes to selling your home. (This is not quite as important when selling a condo, but I’ll give you some suggestions there too!) 

When a potential buyer drives by, or comes with their real estate agent, the first thing they are going to see is how your home looks from the street. And this is what they will see online if they saw your home there first. If your landscape lacks some luster, then spruce it up. Seasonal plantings for Spring, Summer or Fall/Winter make a great impression. If you have any landscape beds, a fresh layer of mulch or pinestraw is a night and day difference in how things look. If your lawn is older, it may have some weeds…or lots of weeds. Starting a weed control program now, could actually make your lawn look worse. A tip here is to keep it mowed really sort. Face it, weeds grow way faster than any grass, but if kept mowed short, don’t show as much. 

Any shrubbery you have should be trimmed, and trimmed away from the house, if necessary. Think how you look and feel after a haircut or a visit to the beauty salon! Well, your landscape will look and feel the same way. 

Curb appeal extends up to the exterior of the home as well. If you have peeling paint, it lends to an air of “this home has been neglected.” Fresh paint (both inside and out) go a long way to making your home look better. 

Condominium Curb Appeal

In a condominium, first impressions are usually found in the lobby area where the buyers will first arrive. This is pretty much out of your control, but one thing you can do is make sure you visit personally with any Concierge staff that may be working when your condo can be shown. They appreciate your conversation, and they DO make a difference on how a buyer can feel about a building. The only other thing you may be able to focus on is the hallway in front of your condo and your front door. If you have any damage to your door, work with your HOA and property management to get it repaired/replaced. If your hallway is not very clean due to lack of a housekeeping staff…you might be wise to grab your own vacuum and hit the carpet! Does this sound like crazy? Maybe, but remember that Buyer is going to be walking from the elevator to your door and what they see…well….

Deferred Maintenance

How to Improve your Home ValueThe curb appeal we just talked about falls into the category as well. If you have not maintained the landscape around your home, a potential buyer will be looking at the costs (and work if they do it themselves) to make the home look better. 

If you’ve had a water leak in the past, but did not have the damage repaired, this needs to be a priority. You still need to disclose this information on your Seller’s Property Disclosure Statement, but you don’t want it to be obvious. You want a repair that makes it look like it never happened. 

A dripping faucet…a cracked switch plate cover, severely scratched hardwood floors, broken window blinds, burned out lights or inoperable lights or ceiling fans…all these things will go a long way towards a better looking home. 

If you driveway is severely cracked from tree roots, you might want to consider a new driveway. This is no small expense, but will help you with the value of your home as well as the aforementioned curb appeal. (don’t forget to pressure wash it too!)

There are two sides to having a pre-listing inspection done on your home. First, it will help you identify things you can fix to keep a future report cleaner. It can also identify things you now need to disclose to a potential buyer because you now know about them. (Think mold or dampness in a basement or crawl space) But this inspection can really give you a detailed “to-do” list to have your home in the best shape possible. It also can help you with future negotiations as you know what a buyer may find when they have their home inspection done.

Over Improved Or Trendy

We’ve put two of our 5 Mistakes Homeowners Make Which Affect Value together here, because they can be one in the same. 

Valuable Renovations for HomeownersAs you make improvements or renovations to your home, you should take personal taste and a future sale into consideration. Personal example…in my last condo, we had black subway tile backsplash in the kitchen. I knew it could look so cool with a blue or even a red tile. A personal taste that a future Buyer would not like at all. And they would look at that as an immediate expense they would incur to make that change. We are not saying don’t make your home or condominium a place you can’t enjoy, but keep design ideas in mind that will help in the future. Of course, if you remodeled a kitchen 15 or 20 years ago, it’s probably going to show it’s age both in wear and design styles by now.

If you go “over the top” on a kitchen or bathroom renovation, because it is what you want, just bear in mind that it may be more than your neighborhood or building can justify in value, and you may not get all of your money back out of the over-improvement. 

Painting can be the same. ( I recently saw a listing where almost every room had some kind of mural painted on the walls. They were amazing in detail…but certainly not for everyone.) So if you are selling your home and you have not painted the interior in a long time, and have some bright, or “off” colors in rooms, now is the time to make it neutral. A buyer can live with that builder gray for a lot longer than they can that bright yellow room your kids loved. 

Make your home….your home…but think long term how the changes you are making could make the sale of your home more challenging. 

As-Is

5 Mistakes in Homeowner valueThis marketing choice can send various messages. “We know our house has issues and we are not going to deal with them.” We have seen the phrase on listings, “As-is, with right to inspect.” What this means is you can have an inspection done on the home as part of your due diligence period, but we are not going to make any repairs or concessions. Sometimes this can be the best way if you are selling an estate property you inherited. You don’t want to take time to address deferred maintenance or other issues. 

But if you choose this route, you may want to consider your listing price. Using round numbers, if you know homes in your neighborhood are selling for $300,000 that have been updated and well cared for, you may want to price your home $10-30,000 less than that price point. Again, this is all determined by what needs to be done and the condition of the home. (Kitchen and baths are original, old carpet, wallpaper, etc.)

It goes back to your goal with the sale of the home. If you just want to get it sold, or if you want to maximize the return on the sale, this will determine if “as-is” is the way to sell your home. 

And hiring the right Realtor is an important consideration. Just because you have a friend that is a real estate agent, they may not be familiar with your neighborhood or type of home (think condominium vs. single family home). 

Closing Thoughts!

When a Buyer is looking at your home, they will take many things into consideration, and many of them will be very personal in nature. After all, buying and selling a home is not only a big financial decision, but an emotional one as well. 

A garage, or lack thereof, could be a deal breaker. But a buyer will look at a kitchen and bath remodel and think, “I love this kitchen (or bathroom)” or they can think “Oh these kitchen cabinets and flooring have to go!” 

Filed Under: Atlanta Real Estate For Sale Or Rent, Blog, Buyers, Real Estate Tips, Sellers Tagged With: Buyers, Intown Atlanta Real Estate Buyers Guide, real estate FAQ, Seller Tips, Sellers

Sellers Are Returning to the Housing Market

August 25, 2020 by Thom Abbott

Sellers Are Returning to the Housing Market

Sellers Are Returning to the Housing Market | MyKCM

In today’s housing market, it can be a big challenge for buyers to find homes to purchase, as the number of houses for sale is far below the current demand. Now, however, we’re seeing sellers slowly starting to come back into the market, a bright spark for potential buyers. Javier Vivas, Director of Economic Research at realtor.com, explains:

“Seller confidence has been improving gradually after reaching its bottom in mid-April, and now it appears to have reached an important recovery milestone…After five long months, sellers are back in the housing market; while encouraging, the improvement to new listings is only the first step in the long road to solving low inventory issues keeping many buyers at bay.”

Even with the number of homes coming into the market, the available inventory is well below where it needs to be to satisfy buyer interest. The National Association of Realtors (NAR) reports:

“Total housing inventory at the end of June totaled 1.57 million units, up 1.3% from May, but still down 18.2% from one year ago (1.92 million). Unsold inventory sits at a 4.0-month supply at the current sales pace, down from both 4.8 months in May and from the 4.3-month figure recorded in June 2019.”

Houses today are selling faster than they’re coming to market. That’s why we only have inventory for 4 months at the current sales pace when in reality we need inventory for 6 months to keep up. But, as mentioned above, sellers are starting to return to the game. Realtor.com explains:

“The ‘housing supply’ component – which tracks growth of new listings – reached 101.7, up 4.9 points over the prior week, finally reaching the January growth baseline. The big milestone in new listings growth comes as seller sentiment continues to build momentum…After constant gradual improvements since mid-April, seller confidence appears to be reaching an important milestone. The temporary boost in new listings comes as the summer season replaces the typical spring homebuying season. More homes are entering the market than typical for this time of the year.”

Why is this good for sellers?

A good time to enter the housing market is when the competition in your area is low, meaning there are fewer sellers than interested buyers. You don’t want to wait for all of the other homeowners to list their houses before you do, providing more options for buyers to choose from. With sellers starting to get back into the market after five months of waiting, if you want to sell your house for the best possible price, now is a great time to do so.

Why is this good for buyers?

It can be challenging to find a home in today’s low-inventory environment. If more sellers are starting to put their houses up for sale, there will be more homes for you to choose from, providing a better opportunity to find the home of your dreams while taking advantage of the affordability that comes with historically low mortgage rates.

Bottom Line

While we still have a long way to go to catch up with the current demand, inventory is slowly starting to return to the market. If you’re thinking of moving this year, let’s connect today so you’re ready to make your move when the home of your dreams comes up for sale.

Filed Under: Atlanta Real Estate For Sale Or Rent, Atlanta Relocation, Blog, Interesting Stories, Real Estate Tips Tagged With: atlanta relocation, Buyers, Intown Atlanta Real Estate, midtown atlanta real estate, Sellers

25 Quick Ideas for Decluttering

January 13, 2020 by Thom Abbott

How to Declutter Your Home25 Quick Ideas for Decluttering

You know you got stuff. It’s everywhere!! Whether you live in a single family home, or a 1-bedroom condo…you just start piling up stuff!

Got a spare hour or so? It’s time to start tossing. Grab a trash bag, a recycling bin and a few donation boxes and get down to business. Working room by room, here are the things you can get rid of right this second.

Kitchen
1. Expired food in your fridge and pantry. (Don’t forget to check all those condiments—they don’t last as long as you think).

2. Recipe books, cards and print-outs you don’t use.

3. Old or one-time use cleaning supplies under the sink.

4. Bottles of alcohol collecting dust.

5. Old, stained and tattered sponges, dishrags and hand towels.

Living Room
6. Magazines you’ve already read.

7. DVDs no one watches.

8. Knickknacks that no longer speak to you.

9. Extra throw pillows and blankets.

10. Toys and electronics that aren’t played with or used.

Bathroom
11. Expired medications.

12. Old makeup, nail polishes and skin care products.

13. Any half-empty bottles or soap remnants in the shower.

14. Sample packets and hotel soaps, shampoos and lotions.

15. Any hair accessories, curlers or hot tools that don’t get used.

Bedrooms
16. Extra sets of sheets—you only need two!

17. Clothes that don’t fit or you no longer wear.

18. Shoes that are worn out or never worn.

19. Jewelry that’s broken or never worn.

20. Extra buttons, clothing tags, safety pins and bobby pins.

Office 
21. Old instruction manuals.

22. Print-outs you don’t have use for.

23. Books you’ve already read, don’t like or won’t realistically get to.

24. Old tax documents, bills and pay stubs. (Shred these!)

25. Extraneous pens, pencils and other office supplies. 

Filed Under: Blog, Interesting Stories, Random Topics, Real Estate Tips, Sellers Tagged With: atlanta relocation, odds and ends, Seller Tips, Sellers

2020 Forecast Shows Continued Home Price Appreciation

December 26, 2019 by Thom Abbott

2020 Forecast Shows Continued Home Price Appreciation

2020 Forecast Shows Continued Home Price Appreciation | MyKCM

Questions continue to rise around where home prices will head in 2020. The latest forecast from CoreLogic shows continued appreciation at 5.4% over the next year:2020 Forecast Shows Continued Home Price Appreciation | MyKCMAdditionally, ARCH Mortgage Insurance Company in their current Housing and Mortgage Market Review revealed their latest ARCH Risk Index, which estimates the probability of home prices being lower in two years. Based on the most recent results, 32 of the 50 U.S. states (plus D.C.) had a minimal probability of lowering by 2021.2020 Forecast Shows Continued Home Price Appreciation | MyKCM

Bottom Line

Experts forecast home price appreciation to continue at a moderate rate as we move through 2020 and beyond. With appreciation growing, let’s get together and plan for your next move.

Filed Under: Atlanta Relocation, Blog, Buyers, Random Topics, Real Estate Tips Tagged With: atlanta relocation, Buyers, Intown Atlanta Real Estate Buyers Guide, Seller Tips, Sellers

3 Must-Do’s Before Listing Your House for Sale

October 26, 2019 by Thom Abbott

AWESOME! You’ve decided that it’s time to find that new home or condo you have been looking for! Ahhhhh….but first we have to SELL the one you have now!What are 3 Must-Do’s Before Listing Your Home For Sale? 

Tips For Listing Your Home For Sale3 Must-Do’s Before Listing Your House for Sale

Before you list your home or condominium for sale, it’s time to do a little work around the house – to prepare and make sure your home is seen in the best possible light. These “must-do” items are about showing your home to buyers as one which is cared for and ready for them to add their own brand of home to the space. Taking a little time up front can mean thousands of dollars as buyers start writing their offers.

3 Must-Do’s Before Listing Your House for Sale

1. Declutter, Depersonalize and Clean – This is the time to take spring cleaning seriously, in any season. Clear out all unnecessary items from the home; closets, drawers, extra clothes, old unwanted furniture. If you have added extra furniture to your condo, now would be a good time to move it to a temporary storage unit, or even sell it if you don’t think you will use/need it in your next home.  Donate to charity, hire a dumpster or rent a storage space; buyers will look in every space and open all drawers and cabinets, make sure your home seems spacious. Closet and storage space, no matter a condominium, single family home or a condominium is always a premium. If you have limited storage, then try to have it as open as possible…it gives the look of there being a lot of space. Spend some time to depersonalize by removing excessive pictures and hide heirlooms. Finally, deep clean every space top to bottom.

2. Address Deferred Maintenance – Make small repairs or hire a handyman to take care of problems which could appear during the home inspection. I simply cannot stress this enough!!!  I even recommend you have a pre-inspection done on your home. FIND all these things and then you can address most of them, or at least be prepared with our pricing to allow for a concession for something. It will make the Due Diligence/Inspection period on your home a lot less stressful! Replace caulking, fix broken windows and screens, replace light bulbs and freshen up and clean grout; buyers want to see a home that is cared for with “good bones.” 

Listing Your Home For Sale3. Go for Curb Appeal – Spend some time in the yard. Trim bushes and trees, clean and repair hardscape and make sure there is adequate lighting. Welcome your buyers with seasonal flowers or décor and place a fresh mat by the front door. Before you put that sign in the front yard, spend a little time and elbow grease to make sure you welcome your potential buyers with the best version of your home. If you live in a condominium, there is not much you can do with the curb appeal. If you are not in a high rise, listing when the trees are in full bloom vs. when the leaves are all over the ground could be a good consideration! As for a high rise, your curb appeal starts in the lobby with your Concierge. Take time to visit with them and let then know your home is going on the market. They often talk with other residents in the building who may be looking to make a change, or could be renting and now want to purchase in the same building. Also make sure your REALTOR is familiar with the listing policies and procedures in your building. Some of this information can be added to the listing to help buyers agents as they show your home. 

3 Must-Do’s Before Listing Your House for Sale 

These are great tips to help you and your REALTOR quickly sell your home or condominium so you can head to your next new home! 

Filed Under: Real Estate Tips, Sellers Tagged With: Seller Tips, Sellers

Baby Boomers are Not Moving

June 25, 2019 by Thom Abbott

Baby boomers Not movingWere you born between 1946 and 1964? Then you are a Baby Boomer and Baby Boomers are Not Moving! 

What does that mean? In an article that appeared in Housingwire, and according to the Chicago Tribune, these Baby Boomers are a stick in the spokes of the homeowner cycle. And that clog equals some 1.6 million homes that are NOT coming on the market because they have chosen to “age in place” vs. selling and moving to a retirement community or some other community. As a result, these homes are not coming to market for those first time home buyers that are currently looking in the market. It is a form of housing gridlock if you will. 

Baby Boomers Not Moving

In January, Chase released a study which found that 76% of Baby Boomers own their own homes.  Some 66% of those homeowners think that home values will soon rise and an even greater 88% of them have renovation plans within the next 3 years!  And while Baby Boomers think their home is “just right,” a Millennial might look at an older home as a place to throw money as systems, and more, need updating.

Consider Resale When Remodeling 

And as the Boomers make changes to their home, the need to keep resale in mind for the future. You can affect the market appeal of your home with weird changes you make make, to fit your lifestyle. You may be looking at “undoing” some of those changes when you do look to place your home on the market. That wheelchair ramp from the carport, or a retro-fitted bathroom with grab bars may not be quite what today’s buyer is looking for! But hey….if you have historic details…be sure to keep them and not remove! Millennials will get into history and such and overlook the functional issues a home may have. 

But you also have to think long term in the upkeep and if you can afford it…or afford someone to clean house and mow the lawn. Sure, you might enjoy it when you are 55, but when you are 65, or even 70 it could be a real challenge. At least at the homes where you have a large yard to take care of, or lots of space to air condition that you don’t really need…or can’t physically take care of.

If you have been thinking about “aging in place” or maybe downsizing to a smaller home or even a condominium, why not give us a call and we’d be happy to sit down with you and talk about some of your options. 

Sending

Filed Under: Blog, Interesting Stories, Random Topics, Real Estate Tips Tagged With: Buyers, News, Sellers, So You Know

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Thom Abbott

Associate Broker, REALTOR(R)
905 Juniper Street, NE Suite 110
Atlanta, Georgia 30309
770.713.1505 Direct
404.876.4901 Office

 
 
 
 
 
 
 
 
 
 

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