Archive for the ‘Sellers Tips’ Category

5 Reasons to Sell Your House This Winter

Posted January 18, 2017 by admin

When you’re ready to move, you don’t always have the luxury of waiting. Maybe you have a great job offer that starts in two weeks, or perhaps you simply want to start the next phase of your life ASAP. If opportunity comes knocking during the winter months, you might be worried that it’s not “prime time” to sell your home. We’re here to tell you to stop worrying – the winter is actually a great time for real estate! Here are five reasons why selling your home in the winter simply makes sense.

1. Demand Is Strong

The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase… and they’re in the market right now! More often than not, multiple buyers are competing with each other to buy a home. Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now

Housing inventory is still under the 6-month supply that is needed for a normal housing market. This means, in the majority of the country, there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices. However, additional inventory could be coming to market soon.
There is a pent-up desire for many homeowners to move, as they were unable to sell over the last few years because of a negative equity situation. Homeowners are now seeing a return to positive equity as real estate values have increased over the last two years. Many of these homes will be coming to the market this winter.

Also, as builders regain confidence in the market, new construction of single-family homes is projected to continue to increase reaching historic levels in 2017.
The choices buyers have will continue to increase. Don’t wait until all this other inventory of homes comes to market before you sell.

3. The Process Will Be Quicker

Fannie Mae anticipates an acceleration in home sales that will surpass 2007’s pace. As the market continues to strengthen, banks will be inundated with loan inquiries causing closing-time lines to lengthen. Selling now will make the process quicker & simpler.

4. There Will Never Be a Better Time to Move Up

If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by 5.2% over the next year, according to CoreLogic. If you are moving to a higher- priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock-in your 30-year housing expense with an interest rate around 4% right now. Rates are projected to increase in the next 12 months.

5. It’s Time to Move On with Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should? Only you know the answers to these questions. You have the power to take control of the situation by putting your home on the market. The time has come for you and your family to move on and start living the life you desire. That is what is truly important, and what should drive all your real estate decisions.

Are you ready to put your sell your home this winter? If so, contact Coastal Realty Connections and let’s get started!

5 Simple Ways to Increase Your Home’s Curb Appeal

Posted September 15, 2016 by admin

When you’re trying to sell your home, you tend to spend a lot of time improving the inside of it. Painting the walls, clearing your clutter, replacing hardware, and staging it so it looks open and inviting. While it’s important to do all these things, it’s also a great idea to give some love to the outside, too. This is especially important as the fall and winter months approach, and you can’t count on lush foliage and blooming flowers to do the heavy lifting.

At Coastal Realty Connections, our agents know how to catch a potential buyer’s eye and convince them that southeastern North Carolina is the place to be. By making the following five tweaks and focusing on curb appeal, your home will look great, inside and out.

1. Pepper Your Porch with Potted Plants

Keep your front yard healthy by watering your lawn, raking your leaves, and making sure your grass is tidy. If you’ve got a good porch, dress it up with a few potted flowers. A burst of orange mums or yellow Gerber daises is a great way to celebrate autumn while keeping things cozy.

2. Dress Up Your Mailbox

If your mailbox has seen better days, it’s time to get a new one. This is a simple fix that will give you plenty of bang for your buck. Make sure it fits the style of your home, looks clean and well-kept, and opens and shuts easily. At the very least, your mail carrier will be impressed!

3. Paint Your Front Door

Trade in your boring black, white, or forest green front door and opt for a bright and welcoming hue instead. A fun color can bring some personality to your home and help it stand out. Just make sure not to go overboard. While red or yellow is eye-catching, an out-of-the box color like pink or purple can be an eyesore.

4. Spring for a New Doormat

If you live in a busy home, you know that doormats can become faded fairly quickly. Between the kids, their friends, and the dog, they don’t last long! (But hey—at least everyone is wiping their feet.) Instead of shaking out your doormat or hosing it down for the twentieth time, splurge on a new one and enjoy a few blissful weeks of bright colors and a bold welcome.

5. Clean Out of the Gutter

It’s an annoying chore, but a necessary one—cleaning out your gutters. You’re your ladder and make sure they’re clear of debris, especially after a stormy summer. If you have older gutters, replacing them with a newer, snap-fit vinyl system is an easy project that can be done in just a few hours.

While we all know it’s what on the inside that matters, it doesn’t pay to discount the outside of your home during the selling process. A little curb appeal goes a long way, and can be the thing that closes the deal. If you’re ready to make your real estate dreams come true, contact Coastal Realty Connections today. Our team of talented agents would love to help.

Is it time to buy or sell my home?

Posted May 27, 2016 by Donald Howarth

New & Existing Home Sales Climb

Some Highlights:

Both New Home Sales and Existing Home Sales are up month-over-month and year-over-year.
Inventory remains low which continues to drive home prices up as demand continues to exceed the 4.7-month inventory.
The median price of new homes is up 12% from March 2015, while the median price of existing homes is up 6.3% from April 2015.

Take advantage of today’s market by contacting us. 910-279-9398.

Buying a home – How Much Do I Need for Down Payment?

Posted April 26, 2016 by Donald Howarth

One More Time… You Do Not Need 20% Down To Buy NOW

A survey by Ipsos found that the American public is still somewhat confused about what is actually necessary to qualify for a home mortgage loan in today’s housing market. The study pointed out two major misconceptions that we want to address today.

1. Down Payment

The survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 36% think a 20% down payment is always required. In actuality, there are many loans written with a down payment of 3% or less.

Many renters may actually be able to enter the housing market sooner than they ever imagined with new programs that have emerged allowing less cash out of pocket.

2. FICO Scores

The survey also reported that two-thirds of the respondents believe they need a very good credit score to buy a home, with 45 percent thinking a “good credit score” is over 780. In actuality, the average FICO scores of approved conventional and FHA mortgages are much lower.

The average conventional loan closed in March had a credit score of 753, while FHA mortgages closed with a 685 score. The average across all loans closed in March was 722. The graph below shows how the average FICO Score required has come down over the last 12 months and has stayed around 722 for the last six months.

Bottom Line info

If you are a prospective buyer who is ‘ready’ and ‘willing’ to act now, but are not sure if you are ‘able’ to, sit down with a professional who can help you understand your true options. Contact us today. 910-279-9398.

The housing marketing is heating up! List your home with Coastal Realty Connections

Posted April 20, 2016 by Donald Howarth

Thinking of Selling? The Market Needs Your Listing!!

The housing market is really heating up and buyer demand is dramatically increasing as we enter the spring season. However, one challenge to the current market is a major shortage of inventory. Below are a few comments made in the last month by industry experts.

Lawrence Yun, Chief Economist of NAR

“Looking ahead, the key for sustained momentum and more sales than last spring is a continuous stream of new listings quickly replacing what’s being scooped up by a growing pool of buyers. Without adequate supply, sales will likely plateau.”

Jonathan Smoke, Chief Economist of Realtor.com

“Low inventories and tight credit will limit the gains we will see in 2016. However, given the level of pent-up demand evident in web activity and stated buyer intentions for 2016, we should see this spring materialize as the busiest season of sales since 2006.”

Rick Sharga, Ten-X’s EVP

“Inventory is too low to support much higher sales. There’s virtually no inventory available at the entry level, and single family housing starts and permits continue to languish at levels far below where they should be at this point of the recovery.”

David Crowe, Chief Economist of the National Assoc. of Home Builders

“Many sellers may not have an absolute decision as to whether to buy an existing home or a new home. So the low inventory of existing homes is locking them in place.”

Freddie Mac

“Challenges remain, with low housing supply and declining affordability being a key concern in many markets.”

Let us help you get your home ready for sell. Contact us for a free market evaluation at info@coastalrealtyconnections.com / 970-279-9398.

Sales Price Versus Appraised Value

Posted April 8, 2016 by Donald Howarth

Every house on the market has to be sold twice; once to a prospective buyer and then to the bank. With escalating prices, the second sale might be even more difficult than the first.
A recent post on “The Home Story”, a site published by Fannie Mae, explained the difference between the price a seller may get for their home and the value an appraiser might assign the property.

The Sales Price

Of course, most sellers want to maximize the value they get for the house. However, the price they set might not be reflective of the other comparable homes in the neighborhood. As the article stated:

“People tend to view their homes emotionally, and that can become quickly apparent when they decide to sell.”

That doesn’t mean that the home won’t necessarily sell for that price.

A seller can set an asking price and actually have a buyer agree to that price. However, that value may not be necessarily in agreement with what most buyers are willing to pay. For example, one person can view a property, determine it is exactly what they are looking for and well worth the asking price, whereas another person could look at the same property and feel the asking price is too high.

Steven Corbin, Director of Valuation in Fannie Mae’s CPM Real Estate division gives an example:

“Someone may have driven by the property countless times, and they really want to live in that house. So in reality they may overbid for that property. This would be a situation where the actions of a specific buyer do not represent the actions of a typical buyer.”

The Appraised Value (or Market Value)

Fannie Mae explains what they look for when appraising the house:

“When a contract is established on a property, an appraised value is determined by a professional real estate appraiser. The appraiser works on the lender’s behalf to determine that value by taking many factors into consideration, including the neighborhood, the value of properties of similar size and construction, and even such things as the type of fixtures on the premises and layout of the floor plan.”

Corbin adds:

“From a lending perspective, a bank would want to know the probable price a typical buyer would offer for the property. That’s what an appraiser would set as the market value.”

The Challenge when Sales Price and Appraisal Value are Different
If the appraiser comes in with a value that is below the agreed upon sales price, the lending institution might not authorize the mortgage for the full amount a buyer would need to complete the transaction.

Quicken Loans actually releases a Home Price Perception Index (HPPI) that quantifies the difference between what sellers and appraisers believe regarding value. The HPPI represents the difference between appraisers’ and homeowners’ opinions of home values.

Currently, there is approximately a 2% difference between what homeowners believe their home to be worth and what appraisers value that same home. On a $300,000 sale that would be a $6,000 difference. That could be a challenge that might prevent the home sale proceeding to the closing table.

Quicken Loans Chief Economist Bob Walters recently commented on this issue:

“The more homeowners are in line with appraisers, the easier it will be to refinance their mortgage and easier for those looking to buy a home. If the two are aligned, it eliminates one of the top stumbling blocks in the mortgage process.”

Bottom Line

Every house on the market has to be sold twice; once to a prospective buyer and then to the bank (through the bank’s appraisal). In a housing market where supply is very low and demand is very high, home values increase rapidly. One major challenge in such a market is the bank appraisal. If prices are jumping, it is difficult for appraisers to find adequate comparable sales (similar houses in the neighborhood that closed recently) to defend the price when performing the appraisal for the bank.

With escalating prices, the second sale might be even more difficult than the first. That is why we suggest that you use an experienced real estate professional to help set your listing price.

Let us help you determine your asking or buying price by contacting us at Coastal Realty Connections.

Source: Reposted from Current Affairs.

Remodeling?

Posted March 30, 2016 by Donald Howarth

Although National Home Improvement Month is just around the corner. May is fast approaching. Want to get a jump start? The National Association of the Remodeling Industry (NARI) advises homeowners of the 10 most important steps to take before the remodeling project starts.

“The planning and researching phases of a project are the most critical steps in the remodeling process,” says Judy Moze, CR, GCP, NARI National president and president of Handcrafted Homes, Inc. in Roswell, Georgia. “The more knowledgeable and prepared a homeowner is, the more they protect themselves.”

What can a homeowner do to prepare for a remodel? NARI provides a top 10 list of steps homeowners should take before breaking ground on their next remodel.

1. Research your project. Taking time to research projects on the Internet and NARI.org will provide a good sense of what is involved such as price, scope of work, return on investment and new product/material options. Also, research property values in your neighborhood to make sure your project is in line with other homes in the area.

2. Plan project around the long-term. How long do you plan to stay in your home? How might your family structure change over time? Life can change quickly—these questions should be answered early on to ensure your project will fit your lifestyle long after it’s complete.

3. Set your budget. Deciding on a realistic budget and arranging finances to support your project are essential. This number needs to include everything—the project, products, contingencies, etc. Don’t be afraid to share this with your remodeler; professionals are respectful of a client’s budget and will create a plan around it, not over it.

4. Use advanced search for professionals. The online world makes it easy to gather information about strangers. Ask friends, family and neighbors for referrals and then spend time researching that person online. Professional remodelers take their reputation seriously and hold credentials beyond licensing, such as certifications, memberships in trade associations and additional training. Look for examples of press coverage or involvement in industry presentations or events. Check online reviews and social media to see how they interact with past clients and peers.

5. Ask the right questions. Time and cost are important, but getting the right information requires the right questions. Ask your professional remodeler about his educational background, training, specialties or past issues with clients. Ask about how the remodeling process will work.

6. Verify your remodeler. Don’t take their word for it. Check the information given to you such as references, license numbers, insurance information and certifications by calling providers to verify. Request a visit to an active client’s job site. Make it known that you are checking on him—a true professional considers that as a positive sign to working with a homeowner.

7. Review contracts word-by-word. A remodeling contract protects you and your remodeler. Homeowners should review this carefully. Professional remodelers have done this before, and know what should go in a contract. Homeowners are not as familiar with remodeling and should ask about terms if they don’t understand. Pay attention to details about change orders, payment, additional fees, timeline and responsibilities. If it’s not in the contract, it doesn’t exist.

8. Keep design in mind. Your design guides the entire project. Think about what you dislike about your current space and the intended use of the new space. Use Websites such as Pinterest.com and Houzz.com to gather design ideas. Make sure you can articulate specifically what you like about that design when talking to your designer. Professionals don’t recreate a photo—they incorporate accessibility, functionality, ease of modification, style and value into your design.

9. Make your selections. Deciding on products and materials is a larger process than most imagine. With so many options to choose from, product selections are one of the primary reasons for project timelines to get extended. Base decisions on quality, function, price, style and availability. Include selections in the contract to lock down pricing and keep your budget intact.

10. Create a communication plan. A common downfall in remodeling is lack of communication between homeowners and remodelers. Your remodeler should lay out a communication plan at the beginning of the project. If not, ask them to do so. This plan should clarify roles of everyone involved, communication methods, availability, and frequency of communication that is expected.

As an industry that struggles with a persistent negative perception of remodeling contractors, these tips serve both the industry and consumers in elevating real professionals from the pack.

For more information, visit www.NARI.org.

To learn more about Coastal Realty Connections or get more real estate information, please contact us at info@coastalrealtyconnections.com.

Do North Carolina Residents Like Cats or Dogs Better

Posted August 13, 2015 by Donald Howarth

There are cat people; there are dog people. Well, guess what? States divide along those same furry lines. The majority of Americans love their pets—56% of U.S. households have one. So enough already about all of this red state vs. blue state nonsense: Do you live in a dog state or a cat state?
Which beloved domestic animal reigns supreme by state? To find out, we took a deep dive into pet population data from the American Veterinary Medical Association. Check out our map to find out if your pet preference falls on the right side of your state lines. (Note: Data for Alaska and Hawaii were not available. Sorry!) And for those who really want to know where Fluffy stands, check out the detailed cat and dog population data at the bottom of this article.

OK, let the house-trained beast battle begin!

Crossing the Mason-Dixon pet line

Our findings revealed plenty of interesting cuddly animal-specific trends. Example: Roughly speaking, Southern states are more Fido-friendly than Northern states, which tend to be the cat’s meow. Massachusetts is the biggest feline state with nearly 2 times more cats than dogs. Arkansas ranks No. 1 in ratio of dogs to cats.

Nationwide, though, cats outrank dogs 74 million to 70 million. Though dog owners are a larger number than cat owners—due to multiple cat ownership by household.

Bottom line: It’s no surprise Americans lavished $30.4 billion on all those furry family members last year, up from $17.8 billion in 2000, according to The Wall Street Journal. Luxury buildings are offering upscale amenities such as rooftop dog runs and spa “pawdicures” in order to lure those free-spending pet lovers.

“More people are shopping for homes and cars with the needs for their pets in mind,” said pet health and safety coach Arden Moore.

Doggy amenities win

But Realtor.com wanted to dig deeper. So the data team scratched its way into our 2.6 million active and recently sold home listings to tease out the most popular dog- and cat-friendly home features. There were fascinating revelations for Rover: Despite a prevalence of cat owners, we didn’t find a significant pattern of cat-friendly features in our home listings. That’s probably because the most common cat features such as cat trees, scratching posts, or self-cleaning litter boxes are portable rather than built in. And none of these features are things people want to brag about anyway.

dogcatchart

Read more over at Mental Floss about Washington Posts’ Wonkblog article on the state divisions which shows North Carolina as not being a divided state, but a Dog State —- Cats or Dogs, we love them both!

source: Realtor.com & MentalFloss

Staging Matters When It Comes to Selling Your Home

Posted November 21, 2014 by Donald Howarth

Buyers often wonder should they take the time to stage their home before listing it for sell. Staging your home has been shown to help your home sell more quickly! Buyers are more motivated to consider purchasing a home that suits their family size, budget, and location requirements, but also one that appeals to their senses.how to repost pictures on instagram What will buyers see, learn about the seller, smell, hear, and touch when they tour your home for the first time? Will the buyer be able to imagine themselves in the home surrounded by their favorite belongings? Sometimes too many personal items may lend the buyer to create an awareness of your personality versus allowing them the freedom to imagine the space with theirs.

Contrary to what you may have heard, staging your home doesn’t have to be expensive. Sure, you can hire a decorator or invest in new furniture or renovations. However, if you’re like many sellers high-end staging may not be in your plan or be affordable.

That’s why we have put together the best staging tips for the do-it-yourselfer. The list has been useful to sellers.

Home Staging: The Ten Best Do-It-Yourself Tips for $100 Or Less:

Say Good Bye to Clutter! The most important thing you can do to prepare your home for sale is to get rid of clutter. Take a hard look at what you have and ask yourself what you can live
without. What kitchen appliances are you not using that can be stored and which family pictures can you temporarily pack away?
Potted Plants, small or large, are one of the easiest and least expensive ways to create visual appeal.
Home Fragrance such as scented candles, sprays, and plug-in type fragrance gadgets in delicate scents can work wonders.
Steam Cleaning, rather than investing in a professional service, rent the machine for one day, and rejuvenate carpets and drapes.
Baskets and Decorative Containers can help organize scattered items and eliminate clutter.
Light Bulbs and Dimmer Switches – Brighten dark areas and rooms or soften harsh light with dimmers and the newer soft light bulbs.
Paint over unusual colors or update stark white walls with a contemporary neutral tone.
Fresh Flowers and fruit – Inexpensive arrangements in vases you already own look beautiful and will smell naturally fresh and fruit displayed in a nice bowl look inviting.
Throw Pillows will instantly update an old sofa or chair or make a plain bed look luxurious.
Housekeeping service can be costly, but hiring one for a day or a few hours is affordable-and it’s worth it to make a kitchen, windows and bathroom shine.

Once you stage your home you can feel confident when you are away and a Broker shows up to show your home , the buyer we see the potential and imagine their affects in the space.