Tips to Sell Your Home this Winter

Are you listing your property for sale this winter? Then you may have heard it can be a more difficult time to sell, and while this can sometimes be true with fewer house-hunters out and about at open homes, there are also several advantages to selling in winter.

One of the biggest advantages your property will have is a lack of competition from other similar properties on the market compared with busier selling periods like spring. With this in mind, it’s still important to make sure your house is the best presented one for those circling which properties to brave the cold and visit during the cooler seasons.

Here, we take a look at the top five ways to help your home sell in winter.

1. Make the most of the season

Winter can be a wonderful time to showcase some of the best features in your home. If you’re lucky enough to have fireplaces, outdoor fire pits, or centralized heating make sure these features are on full display during open homes.

Fireplaces should be clean, stocked with wood and even lit before an inspection and heating should be turned on ahead of time so your home is warm before visitors arrive.

2. Protect your home from the elements

If your open home is scheduled during a rainy day, make sure people have a place to wipe their feet before entering your home, and have somewhere to stow umbrellas and wet coats so that muddy footprints and drips are kept out of your property.

3. Create a cozy space

There are lots of personal touches which can be added to an open home during the winter months that will bring a real sense of warmth and coziness to your property.

Why not bake before an inspection? This not only warms the kitchen area up, but fills the home with an inviting scent, and the goods can be left invitingly on the kitchen bench during the inspection. Or ask your agent if they can supply mugs of hot chocolate to visitors as they make their way through the home.

Little touches like these don’t only make your open inspection memorable but allows buyers to really get a sense of what it would be like to make themselves at home in your property.

4. De-clutter and keep tidy

De-cluttering and tidying are important steps to take no matter when you list your home, but especially in winter when some of our outdoor furniture may find itself in storage, or the home is looking a little more untidy than usual before the spring clean has started.

Preparing for an open home is a good time to make sure both indoors and outdoors is presented well from a buyer’s perspective, which may mean the outdoor table setting and umbrella needs to come out, the back patio swept and the pool cleaned – even if these are typically jobs usually left to the warmer months.

Don’t assume buyers will overlook clutter just because of the cool weather.

5. Make sure your home is clear and airy

If your property has been shut up during the day to fend off the cold, remember to open windows and let in the fresh air before an inspection.

You want to ensure the property doesn’t smell stale or musty, so pick a time before inspections to open windows and turn on ceiling fans to allow some fresh air in. Leave enough time to warm things up again before the open house.

These are just a few of the best ways to make your home stand out during winter, but don’t stop here. Make sure there are pillows and throws adorning couches and window seats, and light candles in certain rooms to create ambiance. Winter is one of the seasons that allows us to showcase our properties in a cozy and inviting light, so why not make the most of it?

Interior Decor for the Homeowner with Taste

A red and brown vintage rug sits in front of a stainless steel range flanked by tropical island blue shaker drawers fitted with nickel hardware and a calcutta quartz countertop.

Low Interest Rates Have a High Impact on Your Purchasing Power

According to Freddie Mac’s latest Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at 3.92%, which is still near record lows in comparison to recent history!

The interest rate you secure when buying a home not only greatly impacts your monthly housing costs, but also impacts your purchasing power.

Purchasing power, simply put, is the amount of home you can afford to buy for the budget you have available to spend. As rates increase, the price of the house you can afford will decrease if you plan to stay within a certain monthly housing budget.

The chart below shows what impact rising interest rates would have if you planned to purchase a home within the national median price range, and planned to keep your principal and interest payments between $1,850-$1,900 a month.

With each quarter of a percent increase in interest rate, the value of the home you can afford decreases by 2.5% (in this example, $10,000). Experts predict that mortgage rates will be closer to 5% by this time next year.

Act now to get the most house for your hard-earned money.

Existing Home Sales Slowed by a Lack of Listings

The inventory of existing homes for sale has dropped year-over-year for the last 29 consecutive months and is now at a 3.9-month supply. Existing home sales are currently at an annual pace of 5.48 million, the highest pace since June of this year, but down 0.9% from October 2016.

While the housing market gained a little more momentum last month, sales are still below year ago levels because low inventory is limiting choices for prospective buyers and keeping price growth elevated.

Wishing you and your loved ones a day full of splendor and gratitude! I am thankful for our friendship and the chances you provide for us to work together. I look forward to helping you in the future.

Happy Thanksgiving

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Some Highlights:

• Since the creation of the VA Home Loans Program, 22 million veterans have been able to achieve the American Dream of homeownership.
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• VA Purchase Loans are on the rise in 46 out of 50 states and Washington, DC. 

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ATLANTA: Are you thinking of selling your home?

Give me a call to answer any questions you may have about the process. 

www.timgrissett.com

It’s Time to Winter-Proof Your Home

Homeowners who neglect routine maintenance heading into the colder months may find themselves faced with an expensive repair bill. For example, forgetting to clean the gutters could cause ice to build up and damage your roof. Windows and doors not properly sealed could cause your heating bills to surge.

The New York Times recently highlighted a few maintenance chores for homeowners to do before the weather gets chilly, including:

Examine the exterior. Walk around the house to check for any cracks in the siding or peeling paint. Look up at the roof. Also, after it rains, walk around the house to spot any signs that water isn’t draining away from the house properly or for signs of damaged gutters.

Clean out the gutters. Home maintenance professionals call this chore one of the most important. Gutters direct water away from your siding and roof. A clogged gutter can lead to roof leaks or ice dams in colder weather. Make sure the gutters are cleaned of any leaves and other debris.

Check the windows and doors. Add weather stripping or caulk where cold air is seeping in from around windows or doors. This could make a big difference in utility bills.

Evaluate the heater. Contact a plumber or furnace repair company to prepare the boiler or furnace before the weather turns cold. They’ll clean the equipment and ensure it is working properly.  

Check the chimney. A dirty chimney can affect the air quality in a home and even pose a potential fire hazard. The Chimney Safety Institute of America recommends having a chimney inspected annually, cleaning it as needed.

Tend to the pipes. Drain exterior faucets and shut them off before the first freeze. On cold nights, maintenance experts also recommend opening cabinets beneath the sinks to let warm air in and prevent frozen pipes. Also, let a slow drip of water run through them. Pipes must be kept warm.

Source: “Getting the House Ready for Winter,” The New York Times (Nov. 3, 2017)

What Is Dual Agency? (And Why You Should Beware)

Home sellers and homebuyers are two sides of a complementary transaction. Should they each have their own agent, or is one agent enough? The answer: It depends.

You’ve probably heard the phrase “You can’t have your cake and eat it too.” But if you’ve ever puzzled over its meaning, here’s a hint: If you eat your cake now, you won’t have any left over to look forward to eating later. In other words, sometimes a person is forced to make a choice between two good options. In the real estate world, dual agency breaks the cake rule: If your real estate agent also represents the sellers of the home you want to buy, you don’t necessarily need to ditch them. In many cases, you can keep your agent and get the house too — if you want to, that is.

Whether you’re buying a home in Providence, RI, or Tampa, FL, it’s typical for one agent to represent the seller and another agent to represent the buyer. With dual agency, one agent works for both the buyer and seller — and keeps the full commission. Dual agency also occurs when agents from the same brokerage represent each party. But like enjoying a huge slice of cake and in return getting a bellyache, there are definitely pros and cons to agreeing to dual agency.

Pro: Streamlined communication

Because one real estate agent or brokerage represents the buyer and the seller, the agent doesn’t need to wait every time communication needs to happen between the parties. Streamlined communication often creates a smoother transaction. “You are in charge of both sides, including paperwork, scheduling, and deadlines,” says Mindy Jensen, a Colorado agent and community manager of BiggerPockets.com. “We’ve all been involved in a sale with an agent who didn’t respond in a timely manner, missed deadlines, and in general did not perform their duties as they should have. For us control freaks, dual agency can seem like a great thing.”

Con: No advice

Because a dual agent is working in a potential conflict-of-interest situation — one client (the seller) wants to get as high a price as possible, while the other client (the buyer) wants to pay as little as possible — the agent can’t take sides or give advice. Bruce Ailion, an Atlanta, GA, real estate agent and attorney, compares dual agency to having one attorney representing both husband and wife in a divorce. “The parties’ interests are adverse and are best represented by independent professionals,” he says.

The agent in a dual agency situation becomes, instead of a coach, more of a referee. “The agent cannot disclose confidential information to either party and has to act in a neutral position during the transaction,” says Emily Matles, a New York, NY, agent with Douglas Elliman. Matthew Berger, another New York, NY, agent with Douglas Elliman, says: “When the listing agent steps into the role of dual agent, they cannot give advice to the seller nor the buyer.” On the other hand, when you have an independent agent, “You are more likely to get the benefits of being a principal getting fiduciary benefits,” Ailion says.

Pro: There must be full disclosure

Whether you’re a seller or a buyer, there’s nothing to fear about dual agency: If you don’t consent to the practice, it won’t happen. “The dual-agent broker must ensure that both parties know of the arrangement and consent to it,” says David Reiss, professor of law at Brooklyn Law School. His advice: “Home sellers should review the terms of the listing agreement before they sign it to see if dual agency is being contemplated.”

Con: No checks and balances

Here’s another phrase you’ve probably heard: “Two heads are better than one.” There’s a chance that as the only agent involved in the transaction, they might miss something. “It’s nice to have checks and balances,” Jensen says. “When you are running both sides of the show, there is no one else. If something gets missed, it is 100% on you.” The system of checks and balances also helps prevent one side from becoming too powerful, a situation that can happen if one agent represents both sides. “If you have an unethical agent, there’s a lot they can do that can affect the transaction,” says Tania Matthews, a central Florida agent. “For example, they can choose to not show the house while they wait to represent the buyer and take both sides.”

Pro: More potential access to properties

Remember that “dual agency” refers not only to the same agent representing both sides but also to the same brokerage representing both the seller and buyer. In that case, there would quite likely be two agents — agents who probably don’t even know each other. Here’s an example from Thomas Miller, a Washington, DC, agent with Keller Williams Capital Properties: “Since Keller Williams Capital Properties has several hundred agents, having dual agency provides the seller access to a pool of potentially thousands of buyers. If the seller declines consent for dual agency, they are now unable to sell their home to any buyer that any other agent in my office works with. If the buyer declines dual agency, they could be missing out on the opportunity to buy their dream home simply because another agent in my office is the agent selling the property.”

Con: It can be confusing

“Dual agency is a hard topic to understand, and it’s easy to make a mistake,” Ailion says. You might not know whether the agent is truly balancing the interests of both parties, and this can create confusion. Dual agency is even banned in some states (ask your agent about the rules in your state). “In the law, conflicts of interest in representing opposing parties [are] very highly discouraged,” Ailion says. And how’s this for confusion: In Kansas City, where the metro is in two states, dual agency is legal in one of those states (Missouri) and illegal in the other (Kansas). “Imagine literally crossing a street and being able to practice what is strictly prohibited 20 steps over,” says Anthony West, a Kansas City agent who works in both states.

Pro: You could save money

A home seller pays a commission to their agent, who then splits that commission with the buyer’s agent. If that agent is the same person, the commission fee might be less. “The broker may be willing to take a lower fee for representing both sides of the deal,” says Phil Lang, COO of TripleMint. And if the seller is saving money, they might pass some of that savings to the buyer.

Steps to obtaining A Mortgage

Obtaining financing is probably one of the most confusing and intimidating things you will have to do in the homebuying process. By understanding the mortgage process, knowing what to expect and planning ahead, you can increase your confidence about obtaining a mortgage loan. Here are the steps involved:

Home Inspection Checklist

When you‘ve found a home that you like and you think it has some possibilities, make sure to do your initial inspection before making an offer. You have to pay attention to obvious damages and deficiencies so that you don’t waste your money, time and effort.

What you want to do is go over the major parts of the house and look for obvious damages. This does not replace the services of a licensed home inspector, which you should not forget to hire after making an offer.

Why Sell Now Instead of Later? The Buyers are Out Now

 Each year, most homeowners wait until the spring to sell their houses because they believe that they can get a better deal during the normal spring buyer’s market. However, recently released data suggests that a seller’s best deal may be available right now. The concept of ‘supply & demand’ reveals that the best price for an item will be realized when the supply of that item is low and the demand for that item is high. Let’s see how this applies to the current residential real estate market.

SUPPLY

It is no secret that the supply of homes for sale has been far below the number needed for over a year. A normal market requires six months of housing inventory to meet the demand. The latest report from the National Association of Realtors (NAR) revealed that there is currently only a 4.2-month supply.
Supply is currently very low!!

DEMAND

A report that was just released tells us that demand is very strong. The most recent Foot Traffic Report (which sheds light on the number of buyers out looking at homes) disclosed that there are more buyers right now than at any other time in the last twelve months. This includes more buyers looking at homes right now than at any time during last year’s spring market.
Demand is currently very high!!

Bottom Line

Waiting until the spring to list your house for sale made sense in the past. This year is different. The best deal is probably available right now.

Thinking About Buying? Know Your Credit Score

Knowing your credit score or getting a recent copy of your credit report is one of the first steps that you can take toward knowing how ready you are to start the home buying process.
Make sure all the information listed on your report is accurate and work to correct any mistakes. The higher your credit score, the more likely you will be to receive a better interest rate for your mortgage, which will translate into more ‘home for your money.’
Many potential buyers believe that they need a 750 FICO® Score or higher to be able to purchase a home. The truth is that according to Ellie Mae’s Origination Report, over 53% of loans were approved with a FICO® score under 750 last month!

Here are some tips for improving your credit score:

• Make payments, including rent, credit cards, and car loans, on time.
• Keep your spending to no more than 30% of your limit on credit cards.
• Pay down high-balance credit cards to lower balances, and consider balance transfers to free up credit.
• Check for errors on your credit report and work toward fixing them.
• Shop for mortgage rates within a 30-day period — too many spread-out inquiries can lower your score.
• Work with a credit counselor or a lender to improve your score.

Once you know your score, your next step will be finding a lender and getting pre-approved for a mortgage. Doing this will ensure that you know your budget before you start looking for your dream home.