A Seller’s Guide to Appraisals

A Seller’s Guide to Appraisals   Answering three common questions about appraisals to prepare sellers. Are you thinking about selling your home? If so, how exciting! This process means a fresh start and new beginnings. However, before you list your property, it is important that you completely understand appraisals. An appraisal is an opinion of value, where an expert appraiser will come to your house and estimate how much it is worth. They will provide a written report based on their inspection of pertinent information that determines your home’s value. This could greatly affect the success and price point of your sale, so it is crucial to be prepared. Here are three common appraisal questions and their answers: 1. What are appraisers looking for? They consider a wide variety of factors, like the floorplan, quality of construction, finishes, number of bedrooms, and square footage. They will compare your home to the listing to make sure the features are accurate. Also, they’ll take note of any upgrades that have been made to the house and if there were the proper permits for them, so make sure you have all of that in order beforehand. Last, they will be looking at comparable home sales in your area. “Make sure you have a professional on your side to guide you through your appraisal process.” 2. Why does an appraisal gap occur, and what should I do if it happens? Home prices are rising rapidly, which increases the likelihood of appraisal gaps. That happens when the value the appraiser provides is less than the agreed-upon price. There are several things you can do if this happens, so make sure you have a professional on your side to guide you through your options. 3. Should I get a pre-appraisal done? This is when sellers get an appraiser to look at their home before they list. I understand why people might think to do this, but I wouldn’t recommend it. First, the appraisal is normally seen as the buyer’s responsibility since it is typically a requirement for them to get a loan. Also, some lenders won’t even accept the appraisal you get because they’ll want it to be done by someone they deem as an impartial third party. Selling your home can be expensive, so you don’t want to pay for things that are unnecessary. Appraisals can be a confusing part of the process for many people, so don’t hesitate to ask me any questions that you have. Call or email me anytime; I am here to be your real estate resource. I look forward to helping you through the selling process!    Written by Ruby Miranda on March 2, 2023. Posted in Seller TipsTags: Sell Your Home Trackback from your site.   Leave a Reply

View more

Projects That Will Give You the Biggest ROI

Projects That Will Give You the Biggest ROI   Three home upgrades that will fetch you a high return on your investment. When preparing your house for sale, you may be led to believe that the more upgrades you make, the higher the price you can list for. However, not all home upgrades are created equal; some will have you pouring money down the drain, while others will get you immediate resale value. Understanding which projects to take on can help you make thousands of dollars more. So, what home improvements should you do if you want to get a fantastic return on your investment? To answer this question, we have to take into consideration the changes that happened in the past few years. Our homes were recently put through a massive re-evaluation. In response to the pandemic, there are now certain features in a home that have become much more attractive to buyers. If you can include them in your upgrades, you can increase the value of your house and turn it into a coveted property in the market. In particular, there are three projects you’ll want to take on: 1. Add more usable square footage. According to a 2020 survey by HomeLight, the need for more space was among the top reasons why people move. Projects such as creating a home office space, building an open floor plan, and finishing your basement can give you that additional space that buyers want nowadays.  The National Association of Home Builders (NAHB) identifies home offices as one of the new design trend interests in 2022. In addition, the NAHB found that 85% of buyers want an open layout between the kitchen area and the dining room. Lastly, finishing your basement can increase your ROI by 70%. “Understanding which projects to take on can help you make thousands of dollars more.” 2. Improve your curb appeal. One of the best ways to improve your home’s curb appeal is by focusing on your landscaping. Make your home look more enticing by adding healthy plants and blooming flowers to your yard. To make even more of a statement, slap a fresh coat of paint on your house’s exterior. However, not all changes have to be big and grand. Sometimes small details like updating your mailbox and house number will catch the attention of buyers. 3. Upgrade your outdoor space. Functional outdoor spaces such as a deck, a fireplace, or an outdoor kitchen are now more valued due to the pandemic. If your home has a nice exterior living area, buyers can imagine themselves enjoying the fresh air as they indulge in outdoor activities. If you already have an outdoor oasis, pressure wash or make repairs if necessary for a low-cost way to improve your home’s value. Home improvements can be expensive, so you want to make sure you’re investing in the right projects. If you’re not sure whether your renovation plans are worth pursuing, feel free to call or email me. I’m happy to give you real estate advice and help you get the best value for your home. Written by Ruby Miranda on February 17, 2023. Posted in Sell Your Home, Seller TipsTags: home improvements, home selling Trackback from your site. Leave a Reply  

View more

How To Decide Whether To Buy or Sell First

How To Decide Whether To Buy or Sell First   How to decide whether you should buy or sell your home first. In today’s real estate market, low inventory and high demand are dominating the conversation. It’s easy to sell, but it’s much harder to buy. Many homeowners are in a position where they need to complete both transactions in a short period. Deciding which one to do first comes down to several factors. Each route comes with pros and cons, but the right option for you depends on your particular situation. If you need to sell your home and buy a new one, here are three key questions that you should consider before starting the process: 1. Can you afford two mortgages? If possible, most people choose the buy first, then sell option. However, qualifying for two mortgages at once is difficult and can add a lot of stress to your situation. If you can carry both payments for a few months, you’ll have plenty of time to find a new home while also preparing your current property to sell for top dollar. There is more than one way to sell before you buy and vice versa.  2. What type of home are you buying? If you have a specific neighborhood or school district that you’re targeting, you can’t always afford to sell first from a timing perspective. You might need to make a contingent offer, use a bridge loan, or take out a home equity line of credit. It might be worth it to secure your dream home. If you don’t have a super-specific wish list for your next home, selling first might make more sense for a multitude of reasons. 3. Do you want to move twice? Most people don’t, but you might not have a choice. If you need the money from your home sale to fund your subsequent purchase, you may have to find temporary housing while you search for your next property. With rent on the rise due to inflation, that’s not always the wisest move. On the other hand, depending on how high demand is in your specific price range, you may be able to negotiate a rent-back agreement with the buyer who purchases your home and avoid the dreaded double move. We’ve helped many clients in this situation, and we’d be happy to help you too. There is more than one way to sell before you buy and vice versa.  If you have any questions about your specific situation or real estate in general, don’t hesitate to reach out via phone or email. We look forward to hearing from you soon.   Written by Ruby Miranda on June 10, 2022. Posted in Buyer Tips, Seller Tips Trackback from your site. Leave a Reply  

View more