Sep 23, 2021 | Real Estate Tips
There are more residential homes with pets in the U.S. than in any other country. However, that also means that the home also takes on the characteristics of the pet, including the smells, and that can make things a bit difficult when it comes time to sell that home. Homeowners with pets will have to work at removing any signs the pet has left behind. Here are four tips on how to do that.
Get Rid of the Obvious Evidence
As much as homeowners love their pets, when it comes time to sell a home any sign of the pet has to be removed. Don’t forget where the pet left their marks as well. Cats, for example, love to rub against specific locations to leave a scent. Fur and oil end up leaving a mark on the walls over time. Homeowners should look for and expect to make any sign of the pet’s presence disappear for a successful sale. This can be challenging if the you are still living in the home. The best way to approach removing the scent is to wait until you have moved out and deodorize and clean at that time.
Deodorize, Deodorize, Deodorize
Pets produce a distinct smell over time, but pet owners usually don’t notice it. Have a friend or neighbor come over after every cleaning to check if the pet smells are still there. People who do not own pets will notice pet smells immediately. The more sensitive the nose, the better. Homeowners should keep deodorizing the home until every pet smell is sufficiently purged. Then, bake some cookies on open house day.
Deep Cleaning
Anything with fabric, like carpets, will need to be deep cleaned. People with allergies will pick up on an animal’s fur right away. Animals also have a habit of leaving stains. Ideally, the house carpet should be replaced before a sale, but that’s not always practical. So, plan on a thorough professional carpet cleaning. Hard surfaces and walls should be fully washed and sanitized as well.
Don’t Forget the Backyard
If your pet likes to roam, the backyard needs help too. You should redo the landscaping and erase any sign of the pet’s presence. Dogs are the big culprit in this category. Fresh lawn and new flowers help a lot, and new bark is a great ground cover at low cost.
Sep 21, 2021 | Real Estate Tips
During the 1970s, home building picked up on the idea of a cheap but effective way to reduce sound travel from one floor to the next: popcorn ceilings. Essentially, after the drywall was installed, a finisher would come in with a plaster mix and spray on the ceiling drywall for a bit of a lumpy effect. The disparate clumps and bumps not only created a texture to an otherwise flat-looking ceiling, they also helped break up sound waves. After being spray-painted in white, the ceiling texture essentially blended with the rest of the room to produce a finished look. Popcorn ceilings were such a common approach, entire home subdivisions had cookie-cutter ceiling work done by teams on new homes.
A Bad Memory From the Past
Today, popcorn ceilings are like sheet vinyl on flooring, relics of the 1970s decade and almost a trigger for a negative gut reaction from anyone who lived in that time period, particularly as a kid. Worse, prior to 1978, some of the material used to create the popcorn ceiling also included asbestos under the idea that it would improve safety and increase fire resistance ( disregarding the fact that asbestos is extremely hazardous to breathe once airborne).
Leverage for a Buyer, Vulnerability for a Seller
No surprise, anyone in modern times coming into a used home as a new buyer and owner will likely want to have the popcorn ceiling texture completely removed and redone. In some cases, during a buyer’s market, some prospects will actually want the seller to pay for the work to sell the home quickly.
Sellers should expect, at a minimum, that the issue will be used to argue for a lower price, at least in a normal market or where there is competition to secure a buyer. Only during a seller’s market will the presence of the popcorn ceiling pretty much be a non-issue for a quick sale.
While it might seem tempting to just have the owner scrape the ceilings and repaint them, it’s best to have a professional take care of the removal in a clean process. Especially if the home is older than 1978, the work could be hazardous and require specific steps for proper mitigation.
Sep 20, 2021 | Financial Reports
Last week’s scheduled economic reporting included readings on consumer prices, retail sales, and the University of Michigan’s preliminary Consumer Sentiment Index. Weekly readings on mortgage rates and jobless claims were also released.
Consumer Price Growth Slows in August
The Consumer Price Index reported that consumer prices grew by 0.30 percent in August as compared to July’s consumer price growth pace of 0.50 percent. Core consumer prices, which exclude volatile food and fuel sectors, also slowed in August to a pace of 0.10 percent as compared to July’s reading of 0.30 percent growth. Used-car prices fell for the first time in six months but remained 32 percent higher year-over-year. Inventories of new and used cars were lower due to supply chain problems caused by the pandemic.
August’s Consumer Price Index rose by 5.30 percent year-over-year; the Core Consumer Price Index grew by 4.00 percent year-over-year in August, which was unchanged from July’s year-over-year consumer price growth. Analysts expressed mixed opinions about how quickly inflation will slow, but Federal Reserve Chairman Jerome Powell said that the Fed expects inflation to slow to the Fed’s targeted pace of 2.00 percent within the next year. Federal Reserve policymakers expect materials and labor shortages to ease as the post-pandemic recovery continues.
Retail Sales Rise in August
Retail sales rose by 0.70 percent in August and surpassed negative projections and July’s reading of -1.80 percent. Analysts said that inflation accounted for some of the increased sales, but said that consumers were spending despite the spreading Delta variant of the Coronavirus. Retail sales rose by 1.80 percent when automotive sales were excluded. Shortages of new and used cars dragged down the pace of retail sales.
Mortgage Rates, Jobless Claims
Freddie Mac reported little change in mortgage rates last week. Rates for 30-year fixed-rate mortgages averaged two basis points lower at 2.86 percent; Rates for 15-year fixed-rate mortgages dropped by seven basis points to 2.12 percent on average. Rates for 5/1 adjustable rate mortgages rose by nine basis points to an average of 2.51 percent. Discount points averaged 0.70 percent for 30-year fixed-rate mortgages and 0.60 percent for 15-year fixed-rate mortgages. Points for 5/1 adjustable rate mortgages fell to 0.10 percent on average.
Initial jobless claims rose to 332,000 first-time claims filed as compared to the previous week’s reading of 312,000 initial claims filed. Continuing claims fell with 2.67 million ongoing jobless claims filed as compared to the prior week’s reading of 2.85 million ongoing claims filed.
The University of Michigan released its preliminary Consumer Sentiment Index for September and reported a one-point increase in September’s index reading of 71.0. Analysts forecasted a reading of 72.0 based on the August reading of 70.3.
What’s Ahead
This week’s scheduled economic reporting includes readings from the National Association of Home Builders,
The Federal Reserve’s Open Market Committee will release its post-meeting statement and Fed Chair Jerome Powell will give a press conference. Commerce Department readings on housing starts and building permits will be released along with weekly readings on mortgage rates and jobless claims.
Sep 17, 2021 | Mortgage, Real Estate Tips
Those who are taking out a loan for a home will probably be required by the lender to purchase home insurance. Even those who don’t need a loan will still need to make sure that they protect their property accordingly with a comprehensive home insurance policy. This is important for making sure homeowners have the money to replace their belongings and repair their property in the event of a disaster. At the same time, homeowners do not want to spend more than they must for a home insurance policy.
How can homeowners find the right home insurance policy to protect themselves?
Think About The Disasters In The Area
First, homeowners need to make sure the home insurance policy protects them against the right risks. If homeowners live in an area that is prone to floods or earthquakes, they need to find a policy that will protect them against these risks. If homeowners live in an area that gets a lot of hurricanes, they should make sure their home insurance policy protects them against hurricane damages. Not all policies include these as standard coverage, so homeowners should make sure they do not have to purchase a rider.
Make Sure There Is Money To Rebuild Your Home
Remember that the cost to rebuild a home could be more or less than the original purchase price. Lenders will want to make sure that all homeowners have a policy that gives them enough money to rebuild. Otherwise, the lender might not finance the mortgage. The local construction costs and the square footage of the structure will all play a role in the cost to rebuild. It might be prudent to work with a real estate agent to estimate this cost. The type of exterior, the style of the house, the number of bedrooms and bathrooms, and other properties on the premises will all play a role in the cost to rebuild a home.
Other Factors To Consider
Homeowners also need to think about whether their home is up to code. When the home is rebuilt, it needs to match new codes, which could increase the price. Homeowners also need to make sure their home insurance policy will cover valuable belongings in the home as well, such as furniture and electronics.
Sep 16, 2021 | Mortgage, Real Estate
Now is a great time to sell a home. Inventory is down to historic lows, according to recent reports, which means it’s a sellers’ market. Yes, many homeowners are reluctant to put their homes on the market for a variety of reasons. However, right now there are four big incentives for homeowners to sell, despite these objections.
Unsure Of Being Able To Find A New Home To Purchase
It is good to sell at high prices, but that might leave a homeowner desperate to find a new home. Not exactly.
Buyers are entering bidding wars in order to secure their new dream homes. Using leverage, a homeowner could sell to a buyer but have a stipulation where they lease their home back to the new owner until such time as the homeowner has time to get themselves a new house.
Uncertainty About Being Able To Obtain Top Market Price
It is understandable that homeowners want to be able to recoup the cost of improvements they have made along the way, along with some profit. When neighbors are getting top dollar, homeowners might want the same kind of guarantee if they put their own home up for sale.
The bidding wars have become so common that it is almost guaranteed that a homeowner will get the asking price at a minimum.
Do Renovations Need To Be Completed First?
It is common for homeowners to “put down their brushes” and think about just moving instead of finishing renovations, but will there be a heavy price to pay for selling an unfinished house?
Not in this market. Currently, buyers are willing to overlook most repairs in order to get into the house they want, including unfinished renovations. If you’re a homeowner worried about every little unpainted patch on the wall, rest assured your prospective buyers won’t even flinch.
Worries About Getting A Quick Closing
Homeowners are worried that they might not get a quick closing. Why? Because the longer the closing date is pushed out, the higher the chances that a sale will fall through.
If you’ve been on the fence about selling, it’s time to choose sides. There’s never been a better time to sell. Talk to your real estate agent today to start the listing process.
