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Showing posts with label real estate sales. Show all posts
Showing posts with label real estate sales. Show all posts

Wednesday, February 6, 2013

How-to guide for increasing your home's value



By Heidi Rothbart

Upgrading and updating your home will never be considered one of life’s easier projects; however, with the proper know-how it can be a lot easier, and less stressful than expected. Here is a list of some of the projects that you should seriously consider when selling or building a home.

1.     Light up the room:

While your smile may work on grumpy bartenders and children, it won’t do much to open up a room and raise the value of your home.  Adequate lighting is perhaps one of the most overlooked, yet necessary parts of a beautiful, sellable home. Rooms that have low lighting often appear smaller than they actually are, and even if the house you are trying to sell is well built and beautiful, the appearance of small spaces could significantly lower your selling price.

An additional way to remedy this situation is to add windows. This brings natural light into the room and gives the space a more open and inviting feel.

2.     Start in the kitchen:

Even though you may not always think of the kitchen as the central focus of the home, often it is the selling point for buyers. In many instances, if the kitchen isn’t up to par, the house simply won’t sell. Redoing the sink/faucet area, upgrading appliances that are staying with the home or redoing the backsplash or color of the kitchen area could significantly boost your sell price. Don’t you worry, the money spent on this endeavor almost always come right back, plus some, when the house sells.

3.     Clean up outside

The yard is another big selling point that many miss out on. Do something, whether you add flowers to the front yard, extending your garden in the back, adding stepping stones through the yard or simply keeping everything trimmed and tidy looking. Never underestimate the power of a clean and well maintained yard.

4.     Add a bathroom

If plumbing runs through your entire home, which is usually the case, install an additional toilet or vanity with sink. This will be low on cost, if done using recycled items for the vanity and can significantly boost the perceived quality and price of your home. Another bathroom tip is to add a window. Of course, you don’t want your creepy neighbors peeping in, so make sure it is the right kind of window.  However, this will again, add natural light and help the room to feel more open and thus, larger.

5.     Consider a sunroom/mudroom/deck

The current green trends have inspired many people to add a sunroom or deck onto their homes.  This, in many cases, acts as a connection between the main home and the outdoors. It is often a room with a lot of windows, plants, seating, and usually contains a spot to leave muddy or dirty clothes so that they don’t travel through the nicer parts of the home.

6.     Pull out the paint

One of the most obvious ways you can add value to your home is through paint. According to stats, homes that are lighter in color tend to sell better. Lighter colors play the enlarging game and fresh paint gives a new glow to old, drab rooms. Simply taking this step and applying it throughout the house often yields great results.

Along with a fresh coat of paint, many home buyers appreciate crown molding. It adds an additional flare and style to the room and gives it a more elegant feel.

Other often overlooked ideas include: a basement remodel and a front door replacement. Using these ideas, and others suggested by your relator you will see the value of your home increase and you can enjoy the profits in a new home of your own. 


About the author: Heidi Rothert writes content for companies that specialize in home improvement, such as Blind Magic, a blind repair Sacramento company.  Additionally you can find her work on topics such as beauty, education, travel, apparel, and gifts.

* Image attribution: garryknight; CC BY-SA 2.0

Thursday, September 20, 2012

5 key real estate market numbers and ways to research them

By Marc Padilla

So what the heck is “the real estate market,” anyway? We hear about it all the time, but what does it really mean?
 
For economists, the real estate market is best described as the demand for housing at any given point in time. This snapshot is then used to compare the current market conditions to those at an earlier point in time to determine a trend line. For instance, if sales have increased compared to a year ago, then the market might be said to be “up”; on the other hand, if closings have fallen, the market might be said to be “down”.
 
Simple enough, right? Well, that’s only one way to measure the market. The market can also be measured using several other different metrics, including the average days on the market, the average sales price, or even the average difference between list and sales price, to name just a few. This wide array of possible measurements is why if you talk to 10 different people and ask them to describe your local real estate, you might get 10 different answers.
 

Unlike the stock market, the bond market, or even the commodities market, the real estate market cannot be defined by large barometers or indexes. This is one reason why you can’t watch the CNN news ticker and say, “Oh honey, look – the real estate market lost 100 points today.”
 
So how can you determine what kind of market you have in your area? Let’s take a look at five key numbers you must know before placing your home on the market.
 
1 - Average Sale Price. This figure represents the combined sales prices for all of the homes sold in your local market divided by the total number of sales.
 
2- Average Listing Price. In contrast to what people actually sell their homes for, this number indicates the average price that homeowners are asking for when they initially begin to market their homes.
 
3- Average Difference Between List Price and Sale Price. This number (usually expressed as a percentage) indicates the average difference between what people list their homes for and what they eventually sell their homes for.
 
4- Average Days on The Market. This is the length of time that it takes the average seller from the time she begins marketing her home to the date of closing.
 
5- The Inventory on Hand. This number (generally expressed in months, weeks, or days) represents how long it would take to exhaust the current inventory based on the current selling rate if no more homes were listed.
So where do you find these key numbers that can help you assess the health of your own local market? Here are five ways to explore your local market without even leaving your home.
 
1- Call a Realtor. The fastest way to find this information is to simply talk to a local real estate professional.  Realtors have access to in-depth market research, and most agents are happy to provide this information for free!
 
2- Go Online. Many local boards of realtors and the multiple listing services offer their market statistic to the public. In addition, many chamber of commerce organizations publish community statistics. Two new websites that provide both consumers and agents with high-quality sales data are trulia.com and housingpredictor.com.
 
3- Talk to the newspaper. Most newspapers have a section devoted to real estate, and many update the local market statistics regularly.
 
4- Talk to the assessor’s office. Local governments that tax private property have an assessor’s office whose job it is to determine the value of real estate in the community.  Often this office has detailed market statistics that are of public record and may be available in the office or online.
 
5- Talk to an appraiser. Appraisers are typically hired by banks to assess the fair market value of real estate. Because of this, appraisers must stay current on all of the local trends in the marketplace, and  they can be a terrific source of information.

Marc Padilla has been in the real estate business for over a decade, and recently began consulting for Cold Spring Harbor Homes For Sale.