Well, it’s called fearlessness . . . ‘the quality of mind enabling one to face danger or hardship resolutely.’ That is the dictionary’s definition and that pretty much sums up what my friend Kim Kelly is all about. This is a guest blog and I am writing about Kimberley Joy Kelly – realtor for HK Lane Real Estate in La Quinta AND longtime pro on the polo circuit and trainer of polo ponies.
In this month’s issue (April) of Palm Springs Life, there is an excellent article entitled “Chicks With Sticks,” spotlighting Kim and another local female equestrian and their careers in the male dominated sport of polo. I can’t talk intelligently about the game of polo, as I haven’t spent a lot of time around horses and have only observed the game as a spectator. All I know is that from knowing Kim personally, the fearlessness she displays in her facility as a polo player, a game with obvious risks and dangers, is the same fearlessness she displays when running her real estate business. No challenge is insurmountable to her, short sales don’t daunt her in the least (she’s had five years of experience in short sales with an excellent track record – and she knows how to deal with the banks !!! nuff said). She amazes me, her level of commitment and focus to whatever she puts her sights on.
I know what I’m talking about because I speak from personal experience – Kim represented me and my fiance when we bought our home last year. She was on top of everything, making sure we got the best price and that the confusing whirlwind of escrow, loan procurement, etc. went as easily and smoothly as possible. She took amazing care of us, treating us every bit as well as she treats her horses. And that’s saying something, because she LOVES her horses and intuitively knows and responds to their needs.
Okay, here’s your answer to the question “What does a polo player and a real estate agent have in common?” And the answer is . . . Kimberley Joy Kelly.
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When potential buyers walk into your home, you want them imagine how perfect their things would look inside. You’ll get an offer much faster when your home’s interior is staged to encourage imaginations to run wild. These simple techniques will have maximum impact on improving your chances of seeing “Sold” on the real estate sign in front of your home.
1) Clean It Up
This one might seem basic, but you would be surprised at how often showing a home turns into a tour of the debris of the seller’s daily living. Dirty dishes are a huge don’t, as are unmade beds, baskets of dirty clothes and half-sorted mail. Clear up the clutter, and keep the chores in check so your potential buyers can see what a lovely asset you have. No place to put the mess? Rent a storage locker, snag a corner of your parent’s basement or toss it in a dumpster. This is no time to be a pack rat. Just think: every item gone is one less item you’ll have to pack and move when your house sells.
2) Interior Tricks
A fresh coat of paint works wonders on brightening rooms and giving an immaculate, never-lived-in feel. This is very appealing to possible new homeowners. However, clever paint techniques can do much more than just bring in light. They can actually make rooms appear bigger. If your kitchen, living room and/or dining room are fairly open, using the same color all the way through will give the impression of one large space. Take it one step further by matching your window treatments as well, for a smooth, pulled together look.
3) Say No to Stink
It goes without saying that bathrooms need to be scrubbed, pet paraphernalia and debris picked up and mold or mildew cleared away. Smelly bathrooms and musty basements will guarantee your prospects go elsewhere. Keep in mind that there can also be “too much of a good thing.” You don’t want to overwhelm potential buyers with cleaning products, air fresheners or room sprays. Instead, try strategically placed fresh flowers, well-timed baking brownies or a new pot of coffee to scent your home with subtle allure.
4) Update Appliances
Every penny you put into the purchase of new appliances is an investment sure to show significant returns. There’s no need to get the high-end luxury stove or refrigerator. But, a selection of current features from a reputable brand is certain to work in your favor. Choose a timeless color scheme that will match any decor. Stainless steel can give your kitchen a modern look, while providing neutral colors to fit any theme. This way, potential buyers feel more at ease by not having to worry about the immediate need to update.
5) Bathroom Shortcuts
Pouring money into a complete bathroom renovation is often much too expensive, especially for a seller seeking to purchase another home. It’s also inconvenient and time consuming. Instead, for a fraction of the price, you can make the whole room look brand new by reglazing your tile and bath tub, and installing inexpensive vinyl flooring. Take it up a notch by replacing shower and sink hardware. Don’t underestimate the impact you get from repairs of dripping faucets and continuously running toilets.
Have a Successful Open House
When it’s time for your open house, you don’t want visitors to think about what lovely decorating taste you have. Instead, you want them to dream of how they would design the decor and layout of the house. So, give them as much of a clean slate as you can. Make sure your home is prepared so that your open house visitors see the full potential of what your home can offer them.
Article provided by Paula Henry, an Indianapolis Realtor. If you’re interested in learning more about buying or selling a home in Metro Indianapolis, visit her Indianapolis Real Estate Blog or search homes for sale, Indianapolis on her website.
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Calculating your list price is the hardest part of the selling process. There are many factors affecting price that need to be considered. Some of the strongest factors in determining a list price include:
Market Conditions: What is the market like in your area? Is it a buyer’s or seller’s market? What is the average list-to-sale price? These are all questions that need to be answered before you decide on a price.
Location: Is your home in a highly desirable area? Or do you live right next to a noisy highway? Location is one of the biggest factors in determining the list price. If you live in a very highly sought after location, you can probably start a little higher on your price.
Condition of Your Home: Condition is the one pricing factor you have the most control over. If your home is clean and in great shape, you will get more money for it. Plus it will sell much more quickly than other homes in your price range. The quicker your home sells, the closer you will get to your full asking price.
Amenities: What kind of amenities and upgrades do you have in your home? Granite countertops, hardwood floors, and swimming pools, can be very desirable features that will make your home sell faster, and for more money. In some areas, however, these features are considered to be “standard”, so not having them can have the opposite effect on your price. Added amenities can also allow you to ask more for your home, and will be taken into consideration by an agent when they are helping you to determine the price of your home.
Lot Size: How big is your lot? Lot size is a huge factor in determining the price of your home. If you have two identical houses, with one being on a one-acre lot, and the other situated on a three-acre lot, they will sell for very different prices. Remember to check the lot size of comparable houses that have sold in your area.
How quickly do you need to sell: Taking all of this into consideration, determining a fair target list price all comes down to how quickly you need to sell. If you need to move soon, you need to be very aggressive. Your home will need to be the best home at the best price in your price range.
Because of the changing nature of real estate, an agent is vital in helping you determine your asking price. If your price is too high, your home won’t sell, or may take a long time to sell. If it’s too low, you’ll lose out on valuable earned equity.
When determining a fair asking price, a realtor offers the advantage of an outsider’s point of view. Understanding that such factors as original purchase price, over-improvements, owner’s need for money, and owner’s personal attachment to the property shouldn’t be factored into the price, an agent can give you their honest opinion of what price a buyer would be willing to go if purchasing your property.
With all the resources to evaluate comparable home sales, a realtor can help you determine a target price that will catch attention, but still leave room for negotiation.
Article provided by Jolenta Averill a Madison real estate agent. If you’re interested in learning more about Jolenta, you can research her by visiting her Madison real estate blog or searching homes for sale in Madison on her website.
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We aren’t all fortunate enough to benefit financially from giving something away, but there may be times when it’s worth exploring the tax advantages of a “bargain sale.” The charitable contribution is one of the few remaining federal tax deductions that can be worked into a real estate transaction to create a win-win situation.
And the essential elements to qualify a bargain sale as a charitable contribution are:
1) A property owner willing to sell his or her property for less than fair market value.
2) A recipient that meets certain federal tax code criteria, for instance a government entity or a qualified charitable organization.
Let’s say your house sits on a 2-acre lot adjacent to a public park. Your realtor says the total value is $400,000, but the city has expressed interest in obtaining an acre of the land to expand its park. You ask your realtor how the value would be affected if you were to split the land, and the answer is that you could sell the house and one acre for $300,000, leaving a $100,000 value on the acre the city is interested in.
After determining with your tax accountant that the sale would qualify as a bargain sale for income tax purposes, you agree to sell the acre to the city for $50,000 – half of its actual value. The $50,000 difference between the value ($100,000) and the actual sale price ($50,000) is then potentially deductible on your Schedule A as a charitable contribution.
Note the word “potentially.” There are some things to keep in mind:
- The IRS won’t just accept your realtor’s opinion of value as the starting point for the equation. They will require a written appraisal conducted by an IRS-approved appraiser, the cost of which will have to be paid by either you or the buyer.
- While the tax benefit of the bargain sale might offset any capital gains consequences resulting from the sale of the house and remaining land, there is an annual cap on how much you can deduct as a charitable contribution. If you go over the cap, however, there are carryover provisions that might allow you to spread the deduction over several years.
- When you’re dealing with a government body or a charitable organization, don’t expect things to move fast. They may need time to raise the money or allocate the funds.
- In most cases, a bargain sale will result in lower net proceeds to the seller than an arm’s length sale at fair market value. This gives the seller leverage to negotiate non-monetary provisions into the contract, and it’s your opportunity to request conditions that might otherwise benefit you, or at least increase the value or marketability of the adjacent house and lot.
For instance, you could ask for a deed restriction preventing that particular acre of the park from ever being used as a baseball diamond or football stadium – or any type of structure, for that matter. You could ask for a permanent plaque or monument memorializing your gift to the city. Or you could ask for a fence to be built on the property line. As with all negotiations, it doesn’t hurt to ask, but you can’t force them to say yes.
A bargain sale is not a journey you want to embark on lightly. To understand the full tax implications of the maneuver, be sure to talk first with a qualified tax accountant.
Guest Blog Provided By Jolenta Averill: For more information about Jolenta, please visit her Madison real estate website where you can see all Madison homes for sale. You can also learn more about Madison Wisconsin by reading Jolenta’s Madison real estate blog.
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As anyone in the real estate business can tell you, creating curb appeal is an essential part of getting a home sold quickly and at a reasonable price.
After all, the way a home looks when potential buyers drive-by or pull up into the driveway for a viewing will go a long way toward creating a first impression – which is true no matter whether you’re selling Washington DC real estate or a home in Palm Springs.
Therefore, taking steps to create positive curb appeal is an essential part of getting a home sold. To create positive curb appeal, home sellers should pay particular attention to landscaping. To that end, here are 5 landscaping tips that will help create curb appeal and get your home sold.
Tip #1: Tend to the Grass
This may seem like a simple no-brainer, but many home sellers fail to notice that their lawn is in desperate need of sprucing up. Yet, it is the first thing that many potential buyers notice. Therefore, you should be sure to get rid of weeds, to repair bare spots and to trim where necessary.
For most lawns, this will only require applying fertilizer every six weeks and watering it on a regular basis. If the lawn is in particularly bad shape, it may be wise to invest in some sod. According to the National Gardening Association, sod typically costs anywhere from 15 to 35 cents per square foot. If you hire a landscaper to do the job, you can expect to add 30 to 50 percent to the total cost.
Tip #2: Trim Bushes
In addition to ensuring your lawn is neat and tidy, you should also tend to your bushes, shrubs, trees and any other foliage that is currently in your yard. Remove items that are dead or underperforming and trim back on those that are overgrown.
Tip #3: Add Flower Beds
Flower beds offer a simple and inexpensive way to add color to your landscape. Good places for flower beds include along driveways and along the edges of walkways. To keep costs down, plant annuals that are rated for your area.
Tip #4: Plant a Tree
Many homebuyers are interested in purchasing homes that feature mature trees. Not only are mature trees attractive, but a well-placed shade tree can help save on the home’s energy bill. While these additions will not significantly increase the value of your home, it will help grab the attention of potential buyers. This, in turn, will help you get your home sold faster.
Tip #5: Install Landscape Lighting
Another way to spruce up your landscaping is to install landscape lighting. A growing number of home buyers are looking for homes that have landscape lighting in place, as this helps provide homes with a more distinguished appearance.
Furthermore, with the help of landscape lighting, you can light up your new landscape during the evening hours. This way, when people drive by your home at night, they are more likely to take notice of your property and its attractive features. In many cases, landscape lighting can be installed for as little as $200 when doing it yourself. If you choose to do it yourself, be sure to focus on illuminating mature trees, flowing shrubs and other central elements of your landscape.
About The Author – Kevin Koitz specializes in Maryland luxury real estate, including Kenwood Forest Chevy Chase, as a Washington DC native, Realtor, and member of the Koitz Group.
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Many people find it difficult to tell whether they should opt for a foreclosure on their property or a short sale. This decision depends on a number of factors.
While in some cases, a short sale would benefit homeowners, there are circumstances where foreclosure has proven to be the right course of action. However, as Mark Greene, president of Short Sale Operations in North Palm Beach puts it, “I want to be very clear on this, short sales are a better solution than a foreclosure, even when all the options in a situation where you lose your house are not great.”
Generally, a short sale is preferred by most homeowners owing to a number of reasons. Most importantly, you protect your credit score from being affected. In short sale, you know who the homebuyer is and can decide whether or not you want to rent your property to that person. You, and not the bank, control the sale process. Also, the home sale is processed just like any ordinary sale.
Another benefit of short sale is that homeowners can consider purchasing a new home after the sale though a waiting period of 2 to 3 years is generally required between the transition from the old home to the new one. However, it is important that you have never had a history of mortgage payment delays in order to be eligible for making the new home purchase.
In foreclosure, homeowners are allowed to purchase a new home within 5 to 7 years, though certain restrictions apply.
Both short sale and foreclosure affect your credit score. Generally, a short sale can affect your credit score by a drop of anywhere from 50 to 100 points. The major drops only result in situations when the homeowner is unable to make the payments. Foreclosure will witness a credit score drop of 100 to 150 points. The effect of foreclosure is lasting and it will be noted in your credit report for up to 7 years. Foreclosures marked in your credit report may result in denial of employment opportunity if the potential employer runs a credit check on you.
In short sale, the judgments can be negotiated between the short sale bank and the homeowner. In foreclosures, banks are unlikely to negotiate judgments with the seller. Loan applications also do not raise the question of short sale. However, you may have to answer in the loan application if you have had a property foreclosed in the past 7 years. Concealing the real facts may trigger an FBI investigation.
After a short sale, homeowners must vacate the property within 2 to 3 months. However, in the event of a foreclosure, you are required by the bank to instantly vacate the property.
Mortgage debt relief does not apply on personal residence till the fall of 2012 on federal level. However, several states will levy this tax unless certain rules are met to qualify you for the exemption. Investors, for instance, are not exempt from mortgage debt relief.
About the author: Mike Pannell is a Houston Texas real estate agent helping both sellers and buyers complete their real estate transactions. For more blogs & articles about the Texas real estate market & Mike Pannell please visit our Texas Real Estate blog….
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Marketing is the key to maximizing the number of buyers inquiring about your property. Therefore, it is important to employ super-effective marketing methods to practice when considering selling your home.
If the phone keeps ringing and you keep getting inquiring, then chances are that you will eventually find a homebuyer willing to pay the price you’re expecting for your property.
- Take Snapshots from the Front
Good photos are the first step of the whole marketing process involved in selling your home. Many people going through home listings will often ignore the properties that do not have an impressive shot attached to them. Even when a photo is placed, you must keep in mind that this is the first impression that the buyer will keep in his mind of your home.
So pay attention to the lighting and try to get a good, scenic view of your home. For best results, you should consider removing any vehicles in the snapshot, cropping out the streets or sidewalks and avoiding unnecessary shades on your home. Also, make sure the vegetation is well-trimmed and is not blocking the view.
- Exterior and Interior Photographs
If your house has an impressive pool, club house or perhaps a tennis court in its exterior, then you should take snapshots of each of these amenities separately. Homebuyers would also be happy to view the images of well-maintained lawn that hosts any other facilities.
For the interior photographs, you should consider taking the snapshots of the entire house, room by room. Turn on the lights to capture the images in good quality. Details, such as fireplace mantle or a wooden floor must be clearly shown in the photographs.
Homebuyers are extremely pleased to enjoy a well-rounded, 360 degree view of the entire house. You can also add pleasant music that supplements the home décor.
Adding signposts is an effective and free way of inviting potential buyers to make inquiries about your property. If you own a house around the corner, you could even place two sign posts. However, keep in mind that some localities do not allow homeowners to place signposts advertising their homes for sale. Make sure the post has the phone number of your broker.
Print ads can potentially reach anyone homeowner who reads the newspaper. Consider placing ads in the major newspapers, local newspapers and real estate publications.
Online real estate advertising is also a very effective tool. Consider placing an ad in any online real-estate listings specifically tailored to your area. Keep in mind that most of the online ads are free of cost, so you should consider placing as many ads as possible.
Consider purchasing mailing lists of potential homeowners from real estate brokers. Use these lists to send mass emails to everyone included in the list. Also, you can come up with your own lists, and include all your local acquaintances. They can help to spread the word around about your property to the people they know.
About the author: Mike Pannell is an San Antonio Texas real estate agent helping both sellers and buyers complete their real estate transactions. For more blogs & articles about the San Antonio real estate market & Mike Pannell please visit our San Antonio Real Estate blog…
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On average, an American family moves every 5 to 7 years after selling their home. What are some of the most pressing reasons for homeowners to sell their properties and moving on? People who have been living in the same house for well over 15 or 20 years fail to understand this phenomenon.
Following are some of the top reasons why people sell their homes and look for houses in other locations:
This is an especially true reason for people who buy their homes for the first time. Before making the purchase, they’re anxious about reducing the costs; the end result is moving in a property that is too small to accommodate their entire family. To make things right over the course of time, such families typically sell their houses and relocate to other homes appropriate for housing their entire families.
As humans, it is only natural that we desire the very best for ourselves. After living in a house for several years, you would naturally want to shift to a better locality or perhaps a more spacious home.
Purchasing a home is a very difficult situation. No matter how hard you plan for it, things can still slip out of hands. Overtime, when you rethink the past decision, you realize the mistakes you made and are naturally inclined to rectifying those follies. For some homeowners, this means selling their property and going through the whole process of finding another home and moving into it just for the sake of fixing the earlier mistake.
Job transfers often result in major lifestyle shift. If you own a house, you would consider selling it to settle down in the newly appointed area.
A promotion in your job will pretty much motivate you to improve your living conditions; naturally, you would want a more upscale locality that reflects your newly acquired ‘status’.
When you enter a new relationship, you want your partner to move in with you. If both of you own separate houses, one would sell it away to share the accommodation with the other. At the same time, breakups can also cause homeowners to sell a mutually owned home and start afresh and live their independent lives.
If the neighborhood deteriorates, be it physically, socially or economically, you would definitely consider selling the property and finding a better neighborhood. It could be a mean, unfriendly neighbor who just moved in, or a freeway that has just been constructed in the green patch next to your house where your kids used to play.
Naturally, as people age, they long for family and relatives to be around them. Isolated locations are the least sought after option for couples who have crossed their youth. Naturally, this leads to selling the home and moving closer to siblings or kids.
People are encouraged to move into adult-communities to spend the post-retirement phases of their lives, where they enjoy the basic amenities of life, such as adequate healthcare, golf courses and weekend gatherings. This also results in selling the house and moving into the new communities.
About the author: Mike Pannell is an Fort Worth Texas real estate agent helping both sellers and buyers complete their transactions. For more blogs & articles about the Fort Worth real estate market & Mike Pannell please visit our Fort Worth Estate blog….
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An important decision that people looking to buy homes need to make is regarding the location of the property. It can be pretty challenging to tell a good location apart from a mediocre or a lousy one?
Say, if there were three different homes that were absolutely identical in shape, size and build, the location would, in such a hypothetical scenario, be the most important factor that would eventually determine the market value of your home over time.
Location plays an important role in determining the long term market value of your home and is yet the most overlooked factor.
Ideally, you should look for the houses that offer the following in their vicinity:
Desirable Locations
Many families, especially with kids, would be concerned about finding houses within or close to the school zones. Eventually, if you consider selling your home in the next few years, you would potentially find many such families willing to pay more just to get closer to the schools.
- Proximity to Recreational Spots and Natural Parks
Homes that are in the vicinity of an ocean, a river or a park, would generally retain their value because these locations offer a lasting appeal to people looking to purchase homes.
A house that offers a beautiful view is often sought by many homebuyers. A good stretch of sea visible from the yard or the skyline visible from the rooftop both qualify as killer views.
- Proximity to Shopping and Entertainment Areas, and Business Centers
A house located near the major shopping and entertainment areas as well as business centers are also liked by many homebuyers. The idea of walking to enjoy a nearby nightlife sounds more appealing than having to drive everywhere you need to go.
- Houses in Safe Neighborhoods
Nobody wants to live in an unsafe environment. For this reason, if your neighborhood is known for its notoriety, many homebuyers would be reluctant to purchase a home in that area. Over the course of time, the property would lose its market value.
OK, so these are some of the locations that are really sought after by homebuyers, but how to identify locations that people would certainly want to avoid owning a house?
Undesirable Locations
Many homebuyers, when considering a location, would go at lengths about a single undesirable factor about the location. As such, it is very important to ensure that you carefully evaluate any location for the following undesirable factors:
Proximity to Industrial Areas
People generally refrain from paying too much money on buying houses near industrial areas and noisy surroundings. People also look for sites that are not frequented by trucks, especially at nighttime.
Near Freeways and Airports
Again, these locations are undesirable because of all the rumbling and racket. Having to bear with the noise of airliners can be a very frustrating experience, especially at night.
In High Crime Neighborhoods
Safety is an important factor in buying a home. People want to feel safe in their homes and neighborhoods known for high-crime rates are the least-favored option of many homebuyers.
About the author: Mike Pannell is an Dallas Texas real estate agent helping both sellers and buyers complete their real estate transactions. For more blogs & articles about the Dallas real estate market & Mike Pannell please visit our Dallas Real Estate blog.
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