Oct 13, 2011 | Property Valuation, Real Estate, Sellers
Is staging a necessity? The smart answer is that it is not only a necessity it is vital in today’s buyers market. Many buyers cannot envision how a property can be decorated or used, but when a home is beautifully staged buyers perceive a higher value to that property. In fact the website HomeGain conducted a survey that found that home staging resulted, on average, in a $1,780 price increase.
A few staging tips:
Start at the Curb – At a minimum, lawns should be freshly mowed, flowerbeds clean and adding some color is increases curb appeal. Freshening up the door area where buyers will wait while an agent opens the door is your true first impression to sell an interested buyer.
Get Rid of Clutter – Pick one closet, room or area at a time and critically scrutinize each item. Forget hanging onto items for a garage sale just pick a favorite charity and donate it – it will save time and energy that you can focus on preparing your home to sell. If spaces still look cramped, start prepacking and storing the additional items.
Watch where your eye goes – Concentrate where your eyes go when you enter a space. If the eye is drawn to the chipped paint on the door then repair it. If you see the sloppy paint job you always meant to touch up do it.
Clean, clean and clean it again – We all realize that our homes may not be spotless in our day to day lives, but when it comes to selling clean is expected and will give you the most return for your time and money. Again go room by room or hire cleaners for a day to get the final white glove clean including those baseboards.
Bring in fresh eyes and/or a professional – call up your friend, you know the one that will be brutally honest with you. You can also always contact a real estate agent that knows the market and how to position your home to sell it (not just list it). As a real estate agents, The Marr Team can give tips on staging basics; but when needed our sellers are offered a complementary 2-hour staging consultation with a professional stager to get your home ready to compete in the real estate beauty contest.
The way we live in a home is emensely different than how we must setup a home to sell – I know it took me three months to do all those little things done around the house, get rid of the clutter and get it staged, but when it sells in only 19 days with multiple offers it is worth the extra time! Let us get you ready to go on the market – call us today even if it may be a few months until you are ready to sell. We can advise you on what repairs, upgrades or preparations will get you the most money for your efforts.
Oct 10, 2011 | Home Improvements, Homeowners, Property Valuation, Real Estate
Many homeowners are not deciding to sell in this current market, but instead are looking at updating or upgrading their current homes. When upgrading, home owners should seek features that aren’t only desirable to them but also what will add value to the home when it comes time for resale.
Here’s some general advice from Bankrate.com to help guide you as you consider any changes in your home to determine if it would increase your home’s value.
These items may not be worth the expense:
Too high maintenance. Many buyers aren’t looking for homes that require too much upkeep and maintenance. The article notes in-ground swimming pools as a prime example of a high-maintenance feature that may turnoff many buyers as they look at the upkeep of it as too costly and too much work.
Over-the-top. Home owners don’t necessarily want to have the most upgraded home on the block. That’s because when they go to sell it, they likely won’t make all their money back on the upgrades if the home becomes overvalued for the neighborhood. So while granite countertops, stainless steel appliances and all the top finishes are always an attraction, home owners need to ask whether such features are too much for their neighborhood, particularly if the other homes just have moderately priced cabinets or features.
Too personal. Too much customized design choices, such as a Tuscan theme taken to the extreme, may turn off buyers or attract low-ball offers at times of resale because buyers who may have differing tastes see the decor and finishes as something they have to do-over. “Any time you deviate, no matter what the improvement is, from what is a fairly traditional, single-family house, you run the risk of improving in a fashion that will not lend itself to additional dollars,” Miami real estate pro Moe Veissi told Bankrate.com.
Unpopular. Ensure that the change in your home will not only be a good fit for your family and lifestyle, but will be wanted by traditional buyers.
If you are thinking of making changes, but don’t know how much value you are adding to your home, call The Marr Team – we will give you honest numbers and advice on your project and your home’s value.
Jul 28, 2011 | Homeowners, Property Valuation, Real Estate, Sellers, The Marr Team
YOUR REALTOR® can be a great resource even when you aren’t currently buying or selling real estate.
Home Renovations, Add-ons, and Thinking of making some changes to your home? Even if you won’t be selling for a few years, you might want to know what current trends are so you can ensure your updates will add value to your home in the long run. You may also want to ensure you are not overbuilding (upgrading beyond the standard) for the neighborhood. Sometimes the question may be as simple as whether buyers favor wood or tile floors, what types of pools are popular or as in-depth as determining whether a room addition would be a good investment. YOUR REALTOR® can provide advice and information.
Neighborhood Information Your neighborhood has an enormous effect on the value of your home. Sometimes you want to know the price your neighbor received for his home or who is the owner of record for the vacant home with the overgrown grass. It is great to be updated with facts, not just neighbor gossip. Just ask YOUR REALTOR® for the information you want. We offer websites that provide up-to-date information on any real estate matters in your neighborhood or call for specific information.
Comparative Market Analysis (CMA) Thinking about refinancing, upsizing, or downsizing in the future? Want to know what your home would sell for in today’s market. YOUR REALTOR® can compare the specific amenities in your home to comparable homes that have recently sold to provide you the information you need to make an informed decision about your family’s future. If you or someone you know is facing difficulty in these tough times we can consult on various options for homeowners who may be “under water” on their mortgage or are facing difficulties making mortgage payments.
Protesting Homeowner Taxes In May, when you open your tax bill you may first be elated to see the value of your home rising, then you remember you have to pay taxes based on this new assessed value. Is this a true current appreciation on your home or has the county overshot their numbers? Let YOUR REALTOR® know you are questioning the numbers and have them do an analysis to determine whether you might successfully protest your taxes. YOUR REALTOR® can prepare you with facts to show the appraiser when you meet with them. (Remember tax values are not a true indicator of market values as they vary widely in neighborhoods based on whether some homeowners have protested while others have not. Tax values should not be used as a basis of determining the sales price of a home so protesting your taxes will save you money and should not affect your market value.)
Finding an Agent in Another Area Let YOUR REALTOR® do the work to connect you with a real estate expert in any location across the country to ensure you get excellent service and information at your new location.
For Sale By Owner Thinking of trying to first sell it yourself? Contact YOUR REALTOR® to provide you with some important documents and disclosures that you, as a seller, are required by law to provide to any buyer.
Let us be YOUR REALTOR® we provide no-obligation consultations, market analysis and neighborhood information to all our clients, neighbors and friends and we would be happy to do the same for you!
Apr 26, 2011 | Buyers, Homeowners, Property Valuation, Real Estate, Sellers
Frequently when showing buyers properties or discussing making an offer on a particular property a buyer will want to know the tax valuation on the home. Of course we always provide the answer, but remind them that the tax assessment on the home is not related to the market value, the two figures are mutually exclusive. Market valuation is the price currently set for a home based on recent neighborhood sales and the overall real estate market, it is what a buyer would pay to purchase the property. Property tax valuation is the basis for which an owner will pay property taxes.
The appraisal district for a county assesses homes based on an exterior analysis along with general market knowledge as of January 1st each year. Since Texas is a non-disclosure state (meaning the price you pay for a property is not public knowledge) the appraisal district is not able to use an actual sales price of a property unless a new property owner replies to the appraisal districts optional purchase price survey giving them that particular information. Homeowners will receive the districts assessment in May each year with their valuation for the year. In order to save money on property taxes owners will want the tax assessment value to be as low as possible and have the option protest the valuation if they believe it to be too high.
Market valuation is determined through an analysis of similar properties that have recently sold. The information used to determine this value is not public information so you will need a real estate agent or an appraisers to share the information and how your home fits into the market.
To further demonstrate the disconnect between these two numbers, consider two home owners in the same neighborhood with the same floor plan and amenities. Owner A has consistently and successfully protested to keep his tax valuation lower for several years while Owner B has accepted the ever increasing tax valuation each year without protest. When these owners put their homes on the market should it really matter what the property tax valuation is? In fact as a buyer you may prefer the home with the lower valuation so your taxes will also be lower, but it does not mean the property is worth any less on the real estate market.
Tax valuations will be coming out in May so if your home goes down in value, just breathe a sigh of relief for a lower tax bill and if you need a market valuation on your home contact us to provide you with our solid, market information and knowledge without any obligation.
(Of course, this information is most relevant to to the North Texas area where I specialize. If you live in another area, please consult a local REALTOR(r) for information about tax assessments and valuations in your area.)
