If you’re a homeowner considering a move, you may be wondering what’s next. Do I need to renovate the kitchen? Repaint the exterior? Replace the flooring? Before taking on a costly remodel, consider this: these measures don’t always recoup the highest percentages in return. Instead, many sellers have much more success by investing in upgrades that boost their home’s value in the process.

Free Download: Home Sale Preparation Checklist

Consider the cost to sell your home, so you can figure out how much you will have to buy another or relocate.

Consumer Reports recommends completing these updates:

1. Paint critical rooms.
Painting is one of the least expensive ways to freshen up your home for sale, but it can cost up to $300 a room if you’re hiring a pro to do your entire home. So instead, save big by painting just a few areas: high-traffic rooms, like the kitchen and bathrooms, and rooms with brightly-painted walls. You can save even more by doing the project yourself – a gallon of paint averages about $30.

2. Spruce up the exterior.
Your home’s exterior is the first impression for many buyers online and in person. So aside from keeping up with maintenance like mowing the lawn and trimming shrubs, assess the outside of your home for any repair work – a fading front door, cracked siding, or a loose step – for repair before selling. And don’t forget about the roof. If it needs replacing, choose an inexpensive but durable option, like standard, three-tab asphalt shingles. They cost approximately $75 per 100 square feet, including installation. Free guide: Curb Appeal 101

3. Upgrade the bathroom.
Bathrooms can become a point of contention for buyers if they’re not in tip-top shape. So rather than taking on an expensive renovation, make minor upgrades that impact. For example, caulk the tub, re-grout tile, and install new fixtures. More significant, less costly fixes are also possible if you know where to look – a new vanity can cost less than $1,000 if you shop around.

4. Make kitchen repairs.
Buyers want to be wowed by the kitchen, but that doesn’t mean you have to fork over tens of thousands of dollars to make that happen. Instead, focus on making repairs that cost well under $500, like tightening a leaky faucet or eliminating burn marks on countertops. Also, consider updating your hardware in a modern finish for a cheap alternative to repainting your cabinets.

5. Clean, clean, clean.
Even if the home has undergone renovations from top to bottom, a messy appearance can be the ultimate deal-breaker. Fortunately for sellers, de-cluttering and de-personalizing don’t have to cost a dime. A shortlist that will help buyers visualize living in the home:

• Vacuum, dust, and wipe all surfaces regularly while your home is on the market.
• Pare down closets to the bare essentials.
• Replace family or otherwise personal photos with neutral wall art.
• Cut the clutter in cabinets and on bookshelves.
• Keep counter and tabletops clear, especially during an open house.

If the project is overwhelming, consider hiring a professional cleaning service or organizer to cut through the chaos. A pro can cost anywhere from $600 to $2,500.

Source: Consumer Reports

Reprint with permission from RISMedia. ©2015. All rights reserved.

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What You Should Know When Buying a Home in Your Fifties

By Erica Sweeney, Realtor.com

Once you hit the half-century mark, you’ve likely accumulated a passel of belongings, some decent savings, and, quite possibly, some hard-earned real estate wisdom. But when it comes to buying a new home in your 50s, the process is quite different from any other time in your life precisely because you’re at a midpoint—in homeownership. “When 50-somethings consider buying a house, they are usually looking at two transactions: selling what they have and purchasing a replacement home,” says Anthony Carr, associate broker at Re/Max West End in Falls Church, VA.

Selling and buying real estate concurrently, all with an eye toward a new stage of your life may bring a host of stressful challenges. We’re here to help you navigate the process with the top considerations for quinquagenarians (aka those aged 50 to 59) who are planning to buy a new home.

Decide what to do with your existing home.

“Some of the concern with 50-somethings is timing. You want to make sure you can sell, find another house, get it under contract, and close on your next home on time,” says Carr. You can help control this timeline by adding a “home of the choice clause” when listing your current property, which means that unless you find a house you want to buy before the sale closes on your current home, you can call off the deal according to Carr. If you can afford it, you could purchase a new home before listing your existing property. Going this route gives you more flexibility, but you’ll have to make two mortgage payments until your old house sells. Another option? Keep your first home and turn it into a rental property to generate income.

Think about downsizing

Your 50s might be the perfect time to downsize. So thinking about what the next decade will look like for you and your family is crucial. If you have kids at home, try to parse out how much longer they’ll be living with you. You may want a multigenerational-family residence to accommodate your adult children or aging parents. Or you might prefer a scaled-down dwelling such as a condo in a location where you plan to retire. “Approaching and planning for retirement might be a good financial reason to downsize,” says Trevor Halpern, founder of Halpern Residential at North&Co. in Phoenix. “Becoming an empty nester may also be a good reason.” A smaller, less expensive home can free up cash, which you could also use to fund college tuition or future health care costs. Keep in mind downsizing can be challenging. Carr’s seen several 50-something buyers think they’re ready to downsize only to find they more time to let go. “They become accustomed to a certain standard of living,” he says. Learn More

Study your present and future bank account

“Some of the potential challenges and downsides to purchasing a home in your 50s are often financial,” says Halpern. “Although many people in their 50s have a good handle on their finances, sometimes life throws a curveball at you.”

Be sure to have a clear picture of what you can comfortably afford now—and down the line when your earning power may decrease. You’ll want to be able to maintain your new mortgage payments and home maintenance in case you face unexpected hardship. And factor your retirement goals into your decision.

Consider using your current home’s equity.

If you’ve lived in your home for several years, you may be able to tap into some of that built-up equity through a cash-out refinance, says Halpern. A cash-out refinance you to borrow more than you owe on the mortgage and keep the difference.

“Many lenders have loan programs where you can peel out some equity from your primary residence to purchase a second home for pre-retirement, investment, or even a vacation dwelling,” says Carr.

The benefits of cashing in on your equity are individual decisions based on personal factors and goals. But it’s always a good idea to talk to a financial expert first.

“It’s easy to get pulled into the idea of freeing up equity,” says Halpern. “But it’s of utmost importance to make sure it is the best long-term financial move for you.”

Don’t rush to make a decision.

“By the time you hit the 50 zones, knowing what you want to buy, and how you’re going to make it happen, is a lot easier to absorb than on your first home purchase,” says Carr. 

That said, you will typically have time to find the home that’s the best fit for you.

“I always recommend buyers in their 50s take their time,” says Halpern. “Line up all your ducks, and look at your situation holistically.”

Of those purchasing homes last year, it was often closer to family and friends. Others moved to a better neighborhood, while life changes were another factor in relocating.

You’re at that point in your life where you may be able to make such a move happen,” says Halpern. Learn More

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Maximizing the Web in Your Real Estate Search

Before selecting a real estate agent or buying a home, most consumers head to the Internet first. Researching homes and real estate agents online can get you ahead of the game when it comes to narrowing down your options. But with so many sites and sources to choose from, an online search can be exhausting and occasionally futile. Here's a guide to help you navigate the web when searching for a home or real estate agent. 

When searching for a real estate agent

While a referral from a trusted friend or colleague is a great way to find an agent to work with, be sure to dig deeper. Search for the suggested agents on social media sites like Facebook and Twitter and find out more about them. This will help you get a feel for who they are as a person and how they conduct business, including how they use social media to market homes.

Looking for an agent to list your home? Try looking at properties on the market in your area. Find homes similar to the house you are trying to sell and search for those agents online. They'll usually have a personal website. Once you've narrowed down potential agents, be sure to meet with them in person and ask specific questions related to your needs. 

The online open house never closes

All major real estate brokers have websites that showcase their listings. You can search by town, price range, number of bedrooms, etc. Also, use the search tools available through major home listing portals. YouTube is also a new way to search for homes. These digital open houses give buyers a good sense of what the house looks like…and they're open 24/7.

Do your homework

To ensure you won't be disappointed or become emotionally invested in a new home for sale that is out of your price range, get pre-approved for a mortgage loan. The last thing you want to do is fall in love with a property and realize that you can't afford it. Online mortgage calculators can help you get a sense of what you can realistically afford. 

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Don’t Make an Offer Until You Read This

Thinking about buying a home? Since it’s likely the single biggest investment you will ever make, being prepared will help you make a smarter purchase decision. Don’t make an offer until you read and understand these real estate insider tips.  Download PDF

Know your buying power

What is buying power? It is the combination of how much you can realistically pay for a home and your creditworthiness. You’ll need money saved for the down payment  -- which is typically between 10% - 20% of the price -- as well as cash for closing costs, such as transfer tax, PMI, title insurance, and legal fees. For ongoing mortgage and maintenance, your monthly obligation shouldn’t be more than 36% of your monthly gross income.

A good credit score is usually 720 or above. A loan professional can help you figure out your buying power and give you a clearer idea of if your score is in the ‘good’ range. Have them check your score for you so that you don’t inadvertently lower your score by checking it yourself. You want to clean up your credit as soon as you can, and definitely before you get a mortgage pre-approval.

Don’t try to time the market

Even within a city’s limits, there can be micro markets that are increasing or decreasing in value. A knowledgeable buyer’s agent can provide you with a buyer’s market analysis report, outlining which neighborhoods are still up and coming -- with potential for increased property value -- versus those that have peaked with inflated home prices.

There’s never a perfect time to buy a home, even if you’re in a hot market. It can take a while to know what you like, and you may need to see 10 or more houses before you decide. Another good reason to be patient: you might find a better deal. Look for expired listings, which may offer more price flexibility and accept a lower-than-list offer. Be cautious about pursuing FSBO (for sale by owner) listings. Since they’re not represented by a professional, they can be a challenge and are often overpriced.

Be ready to make a stand-out offer

If you love it, make the offer. Otherwise, that dream home may disappear faster than you think, and especially if you’re buying in a hot market. Have your buying agent contact the listing agent before you submit an offer so that they can decide what’s important to include in the offer. If you’re serious about putting in an offer, you want to increase the chances that it’s accepted.

Sellers in today's market are more concerned than ever about working with financially and otherwise qualified buyers. Show that you’re serious about the purchase by creating a buyer’s" offer packet". In addition to your down payment (earnest money), it should include your lender’s preapproval letter or proof of funds if you are a cash buyer. You may also include comps that support the rationalization of the offer you are presenting.

Once you’re in the negotiation process, have the inspection conducted before it’s too late to back out of a deal. If there are any major structural issues, you may be able to make the seller repair them as a contingency to your offer. Minor issues that you can repair on your own may be points for negotiating a lower offer.

Work with a professional for insider exclusives

If you’re thinking about buying a home soon, or even in the near future, let me know the details. I may have just what you’re looking for in an exclusive listing or off-market property not yet available to the general public - so get in touch today!

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First Home Buyer? There's no Magic Shortcut But Buying a Home IS Possible.

Today's lending environment means that processing a mortgage application can be complex. Even those who have purchased homes before may need guidance with the number of steps that lenders, underwriters, and mortgage insurers must all complete before home buyers have their financing in place. But there are steps you can start on today to ensure your loan gets funded.

First off, you will need to get your credit report and see what's there. Then, check your score to ensure it is sufficient to be approved for a mortgage loan. As a home buyer, this is your opportunity to make sure nothing in your credit report is inaccurate. When you apply for a mortgage loan preapproval, the last thing you want is to discover that your information contains mistakes that make you wrongly appear like an unreliable borrower. Next, reduce your debt and start saving for a down payment. 

It is also a good idea to discuss the process of obtaining a home loan with your agent. Again, it would be best to do this before starting your home search. By planning, you'll be in a much better position to negotiate and move forward on a purchase—and avoid any unpleasant surprises when it comes to financing your new home.

Five Steps to a Mortgage

1. EVALUATE AFFORDABILITY

Lenders and mortgage insurers look at various factors, but the two most important are your monthly mortgage payment and your total debt load relative to your gross income. As a home buyer, it's also important to consider additional expenses beyond your mortgage payment that can impact how much home you can afford. Depending on your situation, these other expenses could include:

• Property taxes,
• Mortgage insurance
• Homeowners insurance
• Utilities
• Maintenance costs
• HOA dues (if applicable)

2. DISCUSS YOUR OPTIONS

Deciding what type of mortgage is best for you depends on your situation, financial scenario, and plans. For example, if your down payment isn't large enough to qualify for a conventional loan, an FHA mortgage can be an excellent option. Alternately, you may be eligible for an attractive program offered at the national or local level. Mortgage programs are constantly changing, so ask your agent about current options. 

3. INTERVIEW LENDERS

Your agent can provide several recommendations based on past home buyers' experiences. Rates and fees are typically very competitive between lenders, so it's often more important to focus on other factors, including the level of service provided and how well they've executed transactions for other buyers. The type of mortgage you are seeking may also impact your choice of lender since some are more familiar with specific mortgage programs than others. 

4. GET PREAPPROVED

Completing a loan application with one or more lenders will help confirm whether your intended mortgage financing plans will work out as hoped or if you must modify your plans. It's essential to understand since preapprovals are contingent upon the lender receiving complete documentation, your preapproval does not guarantee that you have a mortgage. Still, it speeds up the process and demonstrates seriousness when it's time to make an offer. 

Typical Steps Towards Getting a Mortgage Loan Preapproval

• Choose a mortgage lender. Make sure to shop around – finding a better deal on your mortgage could save you thousands!
• Submit financial documents to the mortgage lender you choose. These documents can include W-2s, business tax returns, pay stubs, and two-year employment history.
• Calculate the total cost of the home-buying transaction. Include down payment, closing costs, and escrows for taxes and insurance costs.

Getting preapproved with a lender does not make you commit to using them. You can get preapproved by as many lenders as you would like, but each preapproval requires a new credit check.

5. COMMIT TO A LENDER 

As soon as you are under contract to purchase a home, commit to working with one lender to complete your mortgage application. You will probably be charged a fee at this point because this is when the lender starts incurring processing expenses on your behalf. Show your lender that you are serious about working in partnership with them by submitting all the required documentation as quickly as possible.

Following these five steps will significantly improve your results in getting a mortgage. Feel free to get in touch any time if you have questions.

#house #listreports #homeowner #themoreyouknow #icanhelp #realestate #realtor #realestateagent

WRITTEN BY JAYMI NACIRI

So, you're getting ready to buy your first home, and you feel like you're at the mercy of the market. And your mortgage lender. In some ways, it might even feel like they're working against each other - especially if you're in a really hot market in which you can't qualify for the amount you'd need to buy what you want.

When it comes to providing pre-approvals for would-be homebuyers, lenders today are more careful than they were in the years leading up to the market crash, and that means your financial picture will be more rigorously scrutinized to determine your credit-worthiness and develop your max approval amount. Trust us, that's a good thing. The last thing you want is to be house poor. Having a great place to live that you can't enjoy or furnish or even leave because you have no money left won't be fun.

"Just because a lender says you can afford a certain mortgage doesn't mean you should," said TIME: Money. "Consider your take-home pay - what actually goes into the bank after taxes, health insurance, and savings for retirement and college. Then add up all your monthly bills, not just debt but also things like utilities, phone, and groceries. You want to feel comfortable that you can cover all your household obligations while still meeting your other financial goals and keeping six months of expenses in an emergency fund."

That's why it's so important to consider all of your monthly expenses related to buying a home. Beyond the principal, interest, taxes, and insurance that the lender, there are other line items to weave in that will help you determine your purchasing power and also help you to be comfortable from month to month.

Increased commuter costs

Are you moving out to the ‘burbs? That hour-long commute each way is going to add to your bottom line. Of course, you'll be using more gas. Will you also incur tolls? Then there is the wear and tear on your car, which could mean additional costs. You can estimate your commuter costs here.

Higher utility bills

A larger place could mean higher utility bills. Then again, more energy-efficient appliances, windows and doors, and HVAC could potentially result in lower bills, which could be a reason to look for a newer home over something older. It's not out of line to inquire about utility bill costs from the existing owner (through your Realtor is probably best). This information could be critical in helping to make the best decision when buying a new home.

Homeowner's Association

Your pre-approval amount is an all-in number, but that number only includes principal, interest, taxes, and insurance. If you are buying in a community that has a Homeowner's Association, your fee will be a separate cost that needs to be considered. An HOA fee can range greatly depending on your location, the number of homes in the community, and the amenities and services included.

Home improvements

You're likely going to have a mailbox full of credit card pre-approvals and offers from places like Home Depot and Lowe's after you close escrow - and they can be tempting. Reeeaaallly tempting, especially if you need new appliances or countertops or flooring (or all of the above). Ditto for furniture stores, because, like Lowe's and Home Depot, those offers are often zero-interest deals. It may make sense to take advantage of one (or more) of them to make some necessary or wanted updates to your home - if you can swing the payments. They obviously add to your monthly obligations, even at no interest. And keep in mind that if you miss, or are late on, a payment, that zero interest is replaced with a much larger number, and that means you'll face a much larger balance to pay.

Landscaping

If you're coming from an apartment or a rental where the outside maintenance is taken care of by someone else, get ready to either: buy a lawnmower and an edger and spend your Saturday mornings in the yard, or pay someone else to take care of it.

Warranty

If you're buying a brand-new home, you'll typically have a warranty provided by the builder or developer, often for one year. You have the option of extending that or buying/extending an existing warranty on an older home, and all of those options will cost you.

Source: RealtyTimes

Eric Slifkin, a Broker Associate, is the founder of the Slifkin Team at Keller Williams Realty. Eric and his team of experienced agents serve South Florida and the Treasure Coast, including greater Stuart, Port Saint Lucie, and the Palm Beaches. Contact Eric to buy or sell a home on the Treasure Coast.

Ever-increasing home prices and historically low inventory coupled with stiff competition and still-low mortgage rates indicate the current seller's market is likely to remain the norm heading into 2022. While there has been some price and inventory improvement of late, it is likely the competition for quality homes will likely continue to push prices higher.

Eric Slifkin, a Broker Associate, is the founder of the Slifkin Team at Keller Williams Realty. Eric and his experienced agents serve South Florida and the Treasure Coast, including  Stuart, Port Saint Lucie, and the Palm Beaches.

#thehelpfulagent #home #houseexpert #house #listreports #househunting #homeowner #icanhelp #realtor #realestate #realestateagent

Where Have All the Small Houses Gone?

By Elena Cox, a data journalist for Realtor.com. 

Being a first-time homebuyer these days can feel a bit like a hungry dog begging for scraps. And no one is rushing in with filet mignon anytime soon. 

At the heart of the problem: the near disappearance of the classic American starter home—the smaller, more affordable, entry-level abodes that have long been the sweet spot of first-time buyers. Homes that would seem to fit the bill, at least in terms of size and amenities, are often now listed at wildly prohibitive price points, even in a time marked by record-low mortgage rates. Read the full article.

Click on the image to read the full article! #article #news #notablearticle #listreports #realestate

This post is by Eric Slifkin, REALTOR® serving South Florida's Treasure Coast. Eric holds the Certified Residential Specialist® (CRS®) designation by the CRS® Council, a subsidiary of the National Association of REALTORS® (NAR). You can reach Eric at 772-288-1765.

Think forking over your life savings for a down payment was the end of the story? Unfortunately, there are additional costs that may surprise you. Don’t let them get you down! If you plan in advance, you can be prepared for the additional costs of owning a home.

For many people, buying a home is the biggest purchase you’ll ever make! But the expenses don’t end when you sign on the dotted line.

Ready to sell? Be prepared for these additional costs. Don’t let repairs stop you from selling. I can talk you through where to focus and strategize, to get the most from your repairs before putting your home on the market. It’s what I’m here for!  Get in Touch

This post has been authored by Eric Slifkin, REALTOR® serving South Florida’s Treasure Coast. You can reach Eric at 772-678-1600.

Introducing Potential Buyers to Your Home Starts at the Curb and Your Entryway

Introducing potential buyers to your home starts at the curb and your entryway. Creating a cohesive home puts your best foot forward. When you’re preparing your home to sell you want to create as much neutral space as possible, so buyers can imagine themselves and their belongings in your home. If you’re interested in selling, let me know!

Download this free guide (no registration): Curb Appeal 101

This post has been authored by Eric Slifkin, REALTOR® serving South Florida’s Treasure Coast. You can reach Eric at 772-288-1765. 

#thehelpfulagent #home #houseexpert #house #listreports #homeowner #homeowners #homestyle #diy #homediy #hometips #realestateagent #realtor #realestate