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Sept. 22, 2023
GETTING THE HOUSE READY TO SELL; "STAGING" YOUR HOME
GETTING THE HOUSE READY TO SELL; "STAGING" YOUR HOME
Now that you’ve made the monumental decision to sell, it’s probably time to think about what might be done to put the house in its best possible light for potential buyers. This might involve getting rid of clutter and sprucing up a bit, both inside and out. Find out what’s important and what’s not worth the time or money.
So, you’ve made the decision to sell your property sometime in the relatively near future—what’s next? We suggest that you start thinking of your house as a marketable commodity, and, although it may be difficult to do, attempt to remove emotion from the selling equation. Your goal is to get others to see it as their potential home—to neutralize it, so to speak, for marketing purposes.
REMOVING CLUTTER, THOUGH YOU MAY NOT THINK OF IT AS CLUTTER
You would like buyers to see your home and not it’s contents; to be able to visualize their furniture and their belongings instead of yours. Try not to get hung up on showing off Grandpa’s collection of trains, the kids’ artwork or your favorite piece of furniture. Box up everything you do not use regularly and donate it, sell it, throw it, or store it. Removing clutter is the hardest thing for most people to do because they are emotionally attached to everything in the house. After years of living in the same home, clutter collects in such a way that may not even be evident to the homeowner. However, it does affect the way buyers see the home, even if you do not realize it. Clutter collects on shelves, counter tops, drawers, closets, attics, and basements.
Take a step back and pretend you are a buyer. Let a friend help point out areas of clutter, as long as you can accept their views without getting defensive. If you have already selected an agent, let him/her help you too.
Clutter in the kitchen—the kitchen is a good place to start removing clutter, because it is an easy place to start. First, get everything off the counters except what you use daily. Put everything else in a kitchen cabinet and take it out when you use it. Of course, you may notice that you do not have enough cabinet space to put everything. Clean them out. Put things in boxes and store the boxes elsewhere. You see, homebuyers will open all your cabinets and drawers, especially in the kitchen. They want to be sure there is enough room for their "stuff". If your kitchen cabinets, pantries, and drawers look jammed full, it sends a negative message to the buyer and does not promote an image of plentiful storage space. The best way to do that is to have as much empty space as possible; create open space.
Clutter in the Closets—Closets are great for accumulating clutter, though you may not think of it as clutter. We are talking about extra clothes and shoes—things you rarely wear but cannot bear to be without. Do without these items for a couple of months by putting them in a box, because these items can make your closets look "crammed full." Sometimes there are shoeboxes full of "stuff" or other accumulated personal items too.
Furniture Clutter—Many people have too much furniture in certain rooms; not too much for your own personal living needs, but too much to give the illusion of space that a homebuyer would like to see. Builders’ models are a prime example of the setting you’re after to stage your own home—cozy, comfortable and homey. What you will see is furniture and lighting that are appropriately placed and accessories which are neutral, not gaudy or intrusive. Also concentrate on traffic flow, can you move easily from one room to another without bumping into things?
Storage Area Clutter—Basements, garages, attics, and sheds accumulate not only clutter, but junk. These areas should be as empty as possible so that buyers can imagine what they would do with the space. Remove anything that is not essential and take it to a separate storage area. Or, have a garage sale---now there’s an idea!
Once you have cleared out the clutter, cleaned out every corner, re-arranged the furniture and tastefully accessorized, leave your house. Go grab a friend and bring them over. Walk in together and pretend you are a potential buyer. Does your home look and feel inviting? Are you distracted by the stuff, or does this home appear clean and well cared for, a home you could immediately settle into? Is this a home you would want to buy?
FIXING UP THE HOUSE INTERIOR FIRST
Many real estate advice books tell you to work on the outside of the house first, but unless there is a major project involved, consider starting on the inside. There are two main reasons for this. First, the first steps in preparing the interior of the house are easier. They also help develop the proper mindset required for selling—beginning to think of your "home" as a marketable commodity. Second, most professionals will agree that the exterior is the most important. Once you have developed the proper mindset for selling by working indoors, the more important exterior work should come easier.
Whether you start fixing up the inside or the outside first, it might be wise at this point in time to consider having a pre-inspection by a licensed home inspector. A complete inspection of your property will include areas such as plumbing, electrical, heating systems, fireplaces, foundation, roof, exterior and interior wall surfaces, windows and appliances. This eliminates worries and offers you peace of mind about the condition of the home. In addition, the inspection report generated for you by the inspector will itemize in great detail just what items need to be addressed in this pre-list "fixing up" stage.
Plumbing and Fixtures—all of you sink fixtures should look shiny and new. Make sure all the hot and cold faucet knobs are easy to turn and that the faucets do not leak. Check to make sure you have good water pressure and no stains on any of the porcelain. All sinks, tubs etc. need to drain quickly and toilets need to flush efficiently. Potential homebuyers will check these things out, if they are serious about your home!
Ceilings, Walls and Painting—check all ceilings for water stains. Sometimes old leaks leave stains, even after you have repaired the leak. Of course, if you do have a leak, you will have to get it repaired whether it is a plumbing problem or the roof leaks. You should do the same for walls, looking not only for stains, but also areas where dirt has accumulated (behind furniture) and you just may not have noticed. Painting can be your best investment when selling your home. It is not a very expensive operation and often you can do it yourself. Choose an neutral color that will appeal to the widest possible number of buyers and also help your rooms to appear bright and spacious.
Carpet and Flooring—unless your carpet appears old and worn, or it is definitely an outdated style or color you probably should do nothing more than hire a good carpet cleaner. If you do choose to replace it, do so with something inexpensive in a fairly neutral color. Repair or replace broken floor tiles. Your goal is simply to leave as few negative impressions as possible upon those who may want to purchase your property.
Windows and Doors—check all of your windows to make sure they open and close easily. If not, a spray of WD40 often helps. Replace any cracked or broken windowpanes before you begin showing your home. Do the same things with the doors; make sure they open and close properly, without creaking. A shot of WD40 will also make hinge creaks go away.
Odor Control—for those who smoke, you might want to minimize smoking indoors while trying to sell your home. You could also purchase an ozone spray that helps to remove odors without creating the tell-tale perfumed masking odor, which indicates that you’re trying to cover up something objectionable. Pets of all kinds create odors that you may have become used to, but are immediately detectable to those coming into your home from the outside. Be sure to clean kitty litter boxes daily or oftener, even if they are in the basement. For those with dogs, keep them outdoors as much as possible. You might also try sprinkling carpet freshener on the carpets on a periodic basis. If there are serious pet odor problems, consider hiring a cleaning service to eliminate them with special products and types of service specifically made for that purpose.
FIXING UP THE HOUSE EXTERIOR
Take a walk across the street and have a good look at your house. Look at nearby houses too, and see how yours compares. Curb appeal is essential since a buyer’s first impression is formed by viewing the outside of your property. A mowed lawn or shoveled walks, trimmed hedge and weeded gardens, all help to create a great first impression!
Landscaping—Is your landscaping at least average for the neighborhood? If not, buy a few bushes and plant them. Don’t bother with trees; mature trees are expensive, and you’ll not get back your investment. If you have an area for flowers, buy mature colorful flowers and plant them. They add a splash of vibrancy and color, creating a very favorable first impression. Bulbs or seeds will not mature fast enough to create the desired effect and you certainly don’t want a patch of brown earth for homebuyers to view. Lawns should be evenly cut, freshly edged, well watered, and free of brown spots. If there are problems with your lawn, take care of them before starting on the inside of your home, since lawn treatments frequently take time to become readily apparent. Back yards need to be tidy also. For those with dogs, be sure to constantly keep the area clear of "debris".
The Front Door and Entryway—the front door should be especially sharp, since it is the entry through which your potential buyers will probably come. Door windows should shine and the doors themselves be refinished or newly painted if necessary. Get a new plush doormat. Make sure the lock works easily and the key fits properly. When a buyer comes to visit your home, the agent uses the key from the lock box to unlock the door. If there is trouble working the lock while everyone else stands around twiddling their thumbs, it sends a negative first impression.
House Exterior—the big decision is whether to paint or not to paint. When you look at your house from across the street, does it look tired and faded? If so, a paint job may be in order. It is often a very good investment and really spruces up the appearance of a house, adding dollars to offers from potential homebuyers. When choosing a color, it should not be something garish and unusual, but a color that fits well in your neighborhood.
Roof—As for the roof, if you know your house has an old leaky roof, replace it. If you do not replace a leaky roof, you are going to have to disclose it and the buyer will want a new roof, anyway.
COSTS OF REPAIRS
It’s probably wise not to do anything too expensive, such as remodeling. The best idea is to first focus on the items that give you the best return for you money. If possible use savings to pay for any repairs and improvements; remember that part of selling a house may be preparing to buy your next home and charging up credit cards or obtaining new loans may affect your credit scores or hurt your ability to qualify for your next mortgage.
IT’S A TEAM EFFORT!
Enlist the help of all household members to get the house ready—and keep it ready—for prospective buyers. A few minutes spent tidying up each morning can make the difference for a showing in the afternoon.
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Selling Real Estate How To and Tips
Sept. 21, 2023
WHAT DOES A REALTOR DO?
Buying or selling a property involves brokerage services, agency relationships and negotiated compensation. Understanding those choices helps clients evaluate the services they receive.
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Selling Real Estate How To and Tips
Sept. 20, 2023
Getting Ready for Closing (Settlement)
Getting Ready for Closing (Settlement)
Lots to do and so little time! Everything that you need to know but are afraid to ask about the title search and title insurance, utility connections, property insurance, the final walk-through, review of the settlement statement, and the actual transfer of title at closing.
You’re finally in the home stretch. Closing—also known as settlement--is the last step, the official transfer of the property from the seller to you. The time between final acceptance of the Purchase agreement by the buyer and seller and closing is limited, so it is very important that all participants---the agents, lender, closer, buyer, and seller have an organized approach to the process and stay on top of all the details. Additionally, communication with the parties is extremely important to keep them apprised of the progress.
TITLE SEARCH/TITLE INSURANCE
A title is the document that verifies your legal right to your new home. To make sure there are no past errors or legal entanglements that might affect your ownership rights, all properties are subjected to a title search before closing, which the seller usually pays for. Sometimes, however, a title problem will unexpectedly surface days or even years later:
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Liens for unpaid taxes or assessments over the years are judged to be your responsibility as the current owner
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Sudden appearance of unknown heirs
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Evidence of altered deeds
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Discovery of unfiled or defective legal documents
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Discovery of forgery, fraud or impersonation
If a problem does occur, you’ll be glad to have the protection of title insurance. There are two kinds of title insurance: one that protects the lender only (required by most lenders) and one that protects you (optional). Don’t underestimate the importance of this coverage—it will protect you, the buyer, against title defects, easements, judgments or liens and will pay the court costs and fees associated with any claims, plus any other losses. It will also cover you and your heirs forever—even after you sell the property.
MAKE UTILITY AND PROPERTY INSURANCE ARRANGEMENTS
As you get closer to the actual date of closing, it’s time to contact the utility companies and apply to have the various services put into your name as of the closing date. We can assist you with telephone numbers etc if you’re not familiar with the area. Utility services to consider are: Natural Gas, Fuel Oil, Propane, Water, Sewer, Electric, Telephone, Cable or Satellite, and Trash Removal.
Also, this is the time to make arrangements for property insurance on your new home. You will be expected to have a homeowner’s insurance binder, with proof of one year’s payment, at closing.
FINAL WALK-THROUGH
It is time to schedule a final walk-through of your new home as close to the closing date and time as possible. We will coordinate with the sellers to make sure that the time you have chosen is convenient for them. This is the time to address any last minute issues concerning the home that you might need to clarify and finalize at the closing table and to make sure that everything you thought was included in the purchase agreement remains on the property.
THE SETTLEMENT STATEMENT
The Settlement Statement (also called the Closing Statement or HUD-1) is a document that presents a final, detailed accounting for a real estate transaction, listing each party’s charges and credits and the amount each will receive or be required to pay at closing. Closing companies usually try to send us a copy to the respective agents ahead of time so that we may review and possibly request changes, additions, or omissions to help facilitate a smooth closing process. We will also wish to review the statement with you prior to closing even though it will be explained to you in detail by the closer before you sign it.
WHAT TO EXPECT AND WHAT TO BRING TO CLOSING
Contrary to terror stories you may have heard, the typical closing proceeds without complications and only lasts an hour or so. It usually takes place at the office of the title company and we there with you. Primarily, you’ll sign numerous papers and documents, all of which will be explained to you along the way. You’ll finalize your mortgage, pay what’s due and get the keys to your new home!
Your Settlement Statement outlines the various expenses you’ll incur at the closing and gives you the final amount needed to close. Basically, you’ll need a certified or cashier’s check, payable to the closing company, that covers:
The balance of your down payment (with the earnest money you paid and the mortgage amount subtracted).
Fees for other services including loan origination fees, tax and insurance escrows, recording fees, transfer taxes and possibly your owner’s title policy one-time premium.
In addition, bring your personal checkbook to cover any extra charges, if necessary, a photo ID, your new homeowner’s insurance binder with proof of payment, and a list of your addresses for the past 10 years.
Whether you’re a first-time buyer or a repeat buyer, remember that the papers you receive at settlement are extremely valuable, so hold on to them! In the short-term they can help establish tax deductions for the year in which the property was purchased. In the future, such papers will be important for tax purposes when the property is sold.
So, CONGRATULATIONS! With the keys to your new castle in your hands (and perhaps a garage door opener) you’re on your way to what’s most important about a real estate purchase, enjoyment of the property and pride in ownership!
Posted in
Buying Real Estate How To and Tips
Sept. 19, 2023
Make an Offer
A purchase offer establishes the proposed terms for buying property, including price, timing, contingencies and other negotiated obligations.
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Buying Real Estate How To and Tips
Sept. 18, 2023
Finding the Right Home
Find a Home
How much home can I afford? What are my Needs, Wants, and Dreams? Rural or City? Which neighborhoods? Here’s what the process involves, from drive-bys to finding the home that’s got “your name on it”!
Once you have contacted a lender and are ready to start your search in earnest, it’s time to get down to the exciting task of letting looking at homes that meet your criteria and are currently for sale on the market. These are a few of the things we'll need to discuss to insure we are looking at the right properties for you:
PRICE RANGE
You should have a pretty good idea of what you can afford by now, based on conversations with a lender. Most discussions in this area focus on finding a monthly payment that you are comfortable with and that fits into your budget plan. And of course the monthly payment is dependent on the size of the loan that you’re taking out plus additional amounts for property taxes and property insurance.
CHARACTERISTICS
Consider making 3 lists: include "Must Haves", "Would be nice to have", "can live without". These lists may include number of bedrooms, bathrooms, lot size, style and age, garage or room to build one, total finished footage (TFF), basement or attic potential, move-in condition or a "fixer-upper", totally updated or willing to update.
AREAS/NEIGHBORHOODS PREFERRED
Consider doing drive-bys of the homes that you are interested in that meet your criteria, keeping in mind that often homes that don’t strike your fancy from the outside, may be just what you’re looking for on the inside. Read the property descriptive comments on the listing. Pay attention to potential re-sale value, especially if you anticipate reselling within a relatively short period of time. We will consider what comparable homes have recently sold for in an area and how those figures compare with what the homes asking price was, along with how many days a home has been on the market (DOM) and how that may affect your offer should you decide to make one.
TOURING HOMES WITH YOUR REALTOR
Now the fun begins! The more homes you see, the better informed you and we will be with your preferences and needs, and the better able you will be to make a decision quickly since the best properties move fast. Try to remain flexible; occasionally, you won’t even realize that you really like or don’t like something until you see it. And on the other hand, don’t allow simple decorating to negatively influence your reactions; sometimes a sellers’ idea of pleasing wallpaper or paint color may not be your cup of tea, but it can be inexpensively changed. See the immediate potential, but also look to future potential as your wants and needs change over the years. Persistence and a Positive Attitude are the keys to a successful home-hunting experience.
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Buying Real Estate How To and Tips
Sept. 16, 2023
Working with us as your REALTOR
Midwest Realty of Minnesota provides residential and commercial brokerage services across the Twin Cities. Representation and agreed services depend on written agreements.
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Buying Real Estate How To and Tips
Sept. 14, 2023
Finding a Lender
Compare mortgage lenders based on total loan costs, qualifications and reliability instead of assuming the first quote offers the best terms.
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Buying Real Estate How To and Tips
Sept. 13, 2023
Plan Ahead When Buying
Whether you’re a first-time homebuyer or a more seasoned individual in the purchase of real estate, there are a number of good reasons to begin establishing, early on in the purchase process, a track record of thoroughly understanding the costs of buying real estate and the responsibilities of ownership.
Here are four recommendations for anyone who wants to position themselves for real estate ownership:
1. Establish good credit habits and a favorable credit history. Use your credit cards responsibly. Apply for an automobile loan and make your payments on time every month. If you’re currently renting, put your own name on the lease and the utility bills and make sure the rent and the bills are paid every month. If you’re already struggling with credit card debt, consider contacting a non-profit consumer credit counseling service to find out what you need to do right now to pave the way towards a favorable financial history when you decide to pursue a real estate purchase.
2. Start saving for a down payment and closing costs. It is possible, in many parts of the country, to purchase your first piece of real estate without much in the way of savings. New and innovative loan programs have evolved which require a 5 percent down payment or less. In fact, a number of programs now allow purchasers to buy real estate with nothing down. But in high-cost housing areas, starting to save early can be enormously beneficial because you’ll get the advantage of compounding interest and have a longer period of time to grow your investments. Even if you’re counting on the equity in your current home to provide you with settlement dollars for your next purchase, it’s best to get in the habit of making payments to yourself via relatively painless payroll deduction or recurring savings deposits with each paycheck.
In addition to a down payment, purchasers also need cash for closing costs (the final costs related to closing the loan). Several newly emerging loan programs not only allow the purchase of a home with no money down, but also underwrite closing costs. Understand, however, that less money down usually means higher interest rates and higher monthly mortgage payments, so most real estate purchasers choose to buy with some cash up front.
3. Educate yourself about financial management and buying real estate. Your local library and bookstore probably have at least a few shelves of books about financial management and buying real estate. In this day and age the World Wide Web can also be a valuable resource. Take notes, learn about real estate budgeting and credit, and try to make a financial plan for yourself. Become familiar with real estate terms to help you understand the process. Even if this is not your first purchase of real estate, be aware there may be certain terms and real estate "lingo" currently in use with which you are unfamiliar. Touch base with family members and friends who have recently purchased real estate to get their insight as to how the process worked for them, especially if their dealings were in the same community as yours. Frequently, communities have their own unique ways of doing things so it’s best not to assume you’re knowledgeable just because you’ve been down this path before.
4. Research the area where you’d like to live. Many people, especially the young, assume they’ll continue living in their own hometown forever, but our populace is getting to be more mobile than ever and chances are good you’ll one day live in another city or even another state. Again, the library, bookstore and World Wide Web can be excellent resources for information about:
Neighborhoods
Public/Private elementary and secondary schools
Public/Private Colleges and Universities
Shopping/banking
Governing branch locations: Federal, State, County, Local
Recreation/Sports
Entertainment/Dining
Medical/dental facilities
Posted in
Buying Real Estate How To and Tips
July 31, 2017
Curious About Local Real Estate?
Receive the Latest Local Market Stats
Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!
Get Local Market Reports Sent Directly to You
You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.
We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.
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Market Updates