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Looking at the housing market leaves some house hunters wondering if they’ve arrived in a bygone world via time machine.
They set down in a land where stretches of green cut-pile fibers carpet the hills of architectural step-ups and step-down that whisper, “Feelin’ groovy,” while fields of paper flowers climb walls. The sun’s rays fade under heavily clad windows, and every color and fixture tells a story – one that prospective buyers have likely already heard, and possibly already lived.
It takes stepping back into “modern life” of any era to truly appreciate its quirky offerings and haphazard trajectory. Even the request of a client to “Beam me up” can’t shake most seasoned real estate agents, who say they’ve heard and seen it all.
Sometimes navigating the time-space jump takes a little engineering on the sellers’ part; sometimes, vision from the buyer, agents say. In the end, the right price is a sure sign of return to Earth.
“We were trying to do the best we could, but it wasn’t helping all that much,” said a Realtor in Virginia Beach, in recalling a listing last year.
“When I walked into the house, everything was original from the ’70s,” she said.
The colored cut-pile carpet, heavy draperies, dated wallpaper and dark paneling might have appealed to buyers 30-something years ago, but she could hardly get a new-millennium prospect past the threshold. Sixties velvet furniture further undermined the seller’s goal.
“Today’s buyer is not interested in outdated homes,” she said.
She recalled one too many encounters with “fake butcher-block” countertops while making rounds with a recent client: “He would say, ‘Wow, this reminds me of when I was growing up!’ ”
Not good, she noted.
But it’s hard to convince people to change. “If (a seller is) willing to take less money, it’s OK. Though not everybody understands that.”
The worst offenders of the time-space continuum are dated wallpaper, flooring, colors and appliances.
The ’60s boasted “a lot of pink, peachy and black and white,”. The ’70s brought avocado green and harvest gold; the ’80s featured mauve, gray and teal; and the ’90s bombarded us with hunter green, burgundy and white.
“If I see a kitchen that’s all white with brass fixtures, that’s a flashback to the ’90s,” she said. “And colored carpet is always a, ‘Wow, what were they thinking?!’ ”
It is recommended that sellers update a few elements. Today’s buyers prefer neutral colors and natural surfaces, so consider granite counters in the kitchen (if the cabinets are good), tile flooring and stainless-steel appliances. Replacing old light fixtures adds value; change out brass hardware and lighting to brushed nickel, iron or dark bronze.
Not everything old amounts to moon dust on the journey.
“Some of it’s really wonderful,” said another Realtor from Virginia Beach. She recalled one older home with all the original features, including the kitchen’s “little tiny oven,” and often sees “wild-color tile from the ’60s – pinks and blues – and colors that nobody uses anymore,” she said, “but the stuff is still in good shape.”
While “it’s hard to make people see past what they dislike… there’s a population of people who enjoy that stuff,” Tanner said. She attributes her “broader aesthetic” to past work at the Contemporary Art Center of Virginia and suggests that people who can’t produce major upgrades “play it up, in a charming, retro kind of way.”
So the lesson here is update, update and then clean, clean and sparkle.
article credited to Nora Firestone from The Virginian Pilot
If you are lucky, your house is in perfect condition and there will be no need to spend money on updates. But if you are like most of us, we wait until the last minute to get things in order. There are steps you can take to increase the chances of selling your home for top dollar and quickly.
But, before you do anything consider how will find the time and money to get your home ready for the market. Use a real detailed evaluation of whether you need to update and how much money you are willing to spend.
Good Idea, Inc. buys houses as is with no repairs necessary. So if you’re not in the mood for a lot of work and expense, consider selling to us.
But if you want to go it alone and get top dollars for your home, here’s what you need to do.
1st. Roll up your sleeves and put in some time, a little elbow grease, and clean, clean, then clean some more. You don’t want your buyers scurrying back to the car because of an unsightly broken down house. They’ll just go down the street to another listing.
Remember each prospect will make their buying decision before even entering your home. The neighborhood, the street, the children or dogs around may even be a turn off. So if you have a curb appeal problem, it will be necessary to make a large price reduction, just to motivate the prospect.
You have a product to sell, and you want to make a great first impression. Also studies have shown that a prospect will make their decision to buy in the first 5 minutes when they enter your home. So get rid of all that clutter. Then when you think everything is gone, clear out some more. Even rent a storage unit to hold your belongings.
You are going to be moving anyway, so you might as well get rid of the excess now. Clear out closets, donate unused or unwanted items and get rid of the broken items that have been laying around for months or years. This is one of the cheapest and most effective tools in preparing your house
2nd. In addition, to cleaning, pay attention to the outside of your home. Pressure wash the exterior of the structure, and don’t forget the sidewalk and driveway. Take a hard look outside; see if a good friend will provide an objective evaluation. Try to be calm and unemotional. You’ve lived here a long time, but now it’s time to move on. Don’t let your emotions get the best of you.
You will need to spend money, sometimes tens of thousands of dollars to upgrade to stainless steel, granite, and wood flooring. If your roof is 10 years or older, the buyers inspector will make note of that. You will end up paying for it anyway, so get it out the way now. If your heating and Air conditioning relatively new? If not be prepared to get an upgrade and a new one.
Finally, if your house isn’t in like brand new condition, make a price adjustment that reflects the needed repairs. There are companies that buy houses to fix and upgrade. Many times this is the best alternative. You don’t want to spend your time and money, only to find that the upgrades you made were incorrect or unpopular with a finicky public.
Good Luck selling your house.
If you have ever been to a courthouse auction, you will be surprised at the many times a homeowner will save their house at the last minute. Presenting a certified check to the auctioneer can be done, but why wait until the last minute. There are other options available. Below are some thoughts.
1. You can list the property for sale with an agent. You will need to tell your mortgage company that your trying to sell it, often they will work with you. Sometimes delaying monthly payments. But be advised, mortgage companies and bank are tricky. They will try to squeeze you for more interest payments only to close in on you at the last minute. Get someone experienced, to coach you through this. Never pay anyone money upfront.
2. Use a short sale strategy – Again you will need someone experienced with quit claim deeds, short sales, and deed in lieu, Please never pay anyone upfront.
3. Sell it yourself very quickly to avoid the foreclosure. This the best and least painful way to get those payments off your back. There are plenty of buyers so long as your not unrealistic about the price.
If you would like free information on how to avoid bad credit and avoid the foreclosure call me at (757) 285-1234
It’s never easy to relinquish control, particularly when it’s your home and your money. But if the goal is to sell, and to sell fast, then you’re better off trusting the market, even if this advice appears trivial or counterintuitive, such as undercutting everyone else’s price. But you just want to get rid of the house, you need to cut your losses and move on.
To get a sense of what we mean, read below, all any experienced agent will say these are areas where home sellers often need some persuading.
Price it right; price it low
You absolutely need to understand the price buying mentality of the shopper. They are looking to get a deal and they know you need to sell fast. So there will be eventually a meeting of the minds and that’s price. So if you want top dollar and you can wait it out. Get an agent. But if you want to move on, then sell at a price that is attractive.
I always tell sellers, you can never price a house too low, because the market will take care of it.
If this were an auction situation, the price can be immediately determined, however your setting the price, so do yourself a favor, save time and hassle, set the price to a painful low. The low price can draw competing bids.
If you start high and start lowering it, you will never get to the number that you will get to by starting low and going up, because when you start lowering the price, people will start wondering what’s wrong with the house. … And if it’s been sitting awhile, people will try and low ball.
If you would like more information, or have a discussion at no charge call me at (757) 285-1234
Home loan scams, schemes, and foreclosure rescue aren’t always easy to spot. It does help if you know the warning signs. Here are seven things you should know to avoid dealing with a loan modification scammer:
1. A company/person asks for a fee in advance to work with your lender to modify, refinance or reinstate your mortgage. They may pocket your money and do little or nothing to help you save your home from foreclosure.
2. A company/person guarantees they can stop a foreclosure or get your loan modified. Nobody can make this guarantee to stop foreclosure or modify your loan. Legitimate, trustworthy counseling agencies will only promise they will try their very best to help you.
3. A company/person advises you to stop paying your mortgage company and pay them instead. Despite what a scammer will tell you, you should never send a mortgage payment to anyone other than your mortgage lender. The minute you have trouble making your monthly payment, contact your mortgage lender.
4. A company pressures you to sign over the deed to your home or sign any paperwork that you haven’t had a chance to read, and you don’t fully understand. A legitimate housing counselor would never pressure you to sign a document before you had a chance to read and understand it.
5. A company claims to offer “government-approved” or “official government” loan modifications. They may be scam artists posing as legitimate organizations approved by, or affiliated with, the government. Contact your mortgage lender first. Your lender can tell you whether you qualify for any government programs to prevent foreclosure. And, remember, you do not have to pay to benefit from government-backed loan modification programs.
6. A company/person you don’t know asks you to release personal financial information online. You should only give this type of information to companies that you know and trust, like your mortgage lender or a known reputable company.
7. Companies will buy your home quickly and fairly if you feel you have exhausted all avenues for modifications offered by your lender. Don’t let your home go into foreclosure just yet. You can preserve and rebuild your credit. Check with VA.gov to see how long a company has been doing business.