List in the Winter

Some home owners may be hesitant to list in the winter, believing the cold-weather season won’t attract many buyers or leave the best impression of their property. But while spring may be the peak home shopping season, owners may be able to sell their home for more in the winter.

The real estate brokerage Redfin found that on average, sellers net more above asking price during the months of December, January, February, and March than they do from June through November. The study found this is true even in cold-weather cities like Boston and Chicago. What’s more, homes listed in the winter tended to sell faster than those in the spring too.

“Timing always depends on supply and demand,” says Christine Dossman, a real estate professional in Indianapolis. Evaluate the number of days on the market for current and recently sold listings. If most listings are lingering for more than 60 days, home owners may find waiting until spring when more buyers emerge as more beneficial.

But “if properties are selling quickly, take that as a green light to list,” Peggy Vee, a real estate broker in Vienna, Va., told TIME.

However, winter home sellers need to be wise with their approach, agents say. The winter season needs special pricing considerations since there tend to be fewer shoppers, and as such, it can be a bad time to test the market and list high. Also, winter buyers will be more attune to issues like heating – the cost and maintenance. Also, home stagers say that the gray days ahead can leave a gloomy impression of the home too. They urge home sellers to still place a high importance on curb appeal such as with basic landscaping and cool-weather plants like holly to liven up the outdoor landscape. Home sellers can also try to create a sense of warmth inside the home, such as with throw blankets in the living room and stacked wood by the fireplace.

Source: TIME

***Many homeowners that were trying to sell during the warmer months, decide to take their home off the market as the cooler weather and holidays approach. Their thought is to relist the property in the springtime when there are more people "looking" at homes that are for sale. Not only are there more people looking, there are more properties to choose from.

In my experience, those homeowners that keep their property available for purchase during the "slower" months ultimately find that the prospective buyers are more serious about buying and there is far less competition. These are reasons to consider prior to deciding to take your property off the market.

- Scott Snyder

Happy Halloween - Haunted Houses

Ever wondered what it’d be like to live in a haunted house? Skip the ghost tour and buy one of these haunted listings, perfect for those unafraid of sharing space with the supernatural.

Ann Starrett Mansion

Photo: John L. Scott Real Estate

Port Townsend, Wash.
$750,000
Overlooking Puget Sound, the Queen Anne-style Ann Starrett Mansion is reportedly haunted by a red-headed female specter in the home’s 70-foot tower, seen by an innkeeper from outside the locked residence. Constructed in 1899 by contractor George E. Starrett for his wife, the home features an octahedral dome atop the tower that acts as a solar calendar, with ruby-colored glass casting a red glow inward as the seasons change. In recent years, the property was a bed and breakfast and boutique hotel.
As the listing description states, “frescos of angelic maidens painted in Ann’s image will enchant you”…and give you nightmares.
Kenworthy Hall

Photo: The Realedyne Group

Marion, Ala.
$950,000       
Presently home to a horse farm, Kenworthy Hall is an Italianate-style villa purportedly haunted by a female apparition in the tower room on the fourth floor. The woman is thought to be Lucinda, wife of Edward Kenworthy Carlisle, an established cotton broker and planter who commissioned architect Richard Upjohn to design the home in 1858. The property was named a National Historic Landmark in 2004.
Neither furniture nor horses are included in the list price, but we think a ghost is a fair trade-off.
Related: 'The Silence of the Lambs’ Home Hits the Market 
John Sowden House

Photo: Sotheby’s International Realty

Los Angeles, Calif.
$4,799,000
Drawing comparisons to a Mayan temple and a great white shark, the John Sowden House was designed by Sowden’s friend, architect Lloyd Wright, and built in 1926. The home, located in Los Feliz, was later occupied by Dr. George Hodel, the prime suspect behind the grisly Black Dahlia murder. (Hodel’s son maintains the slaying occurred inside the home.) Successive residents report Hodel haunts the property, and many have heard the sound of heavy chains dragging, among other strange noises.
Creeeeepy!
Schweppe Estate

Photo: Berkshire Hathaway HomeServices KoenigRubloff

Lake Forest, Ill.
$9,950,000
The Schweppe Estate, also known as the Mayflower Palace, was built in 1915 as a wedding gift to Marshall Field’s heiress Laura Shedd and her husband Charles Schweppe (of Schweppes carbonated drinks). The property sat empty for more than 45 years following Schweppe’s suicide, brought on by the discovery that his wife had left him just $200,000 of her $10 million fortune after her untimely death. Several accounts claim both Charles and Laura haunt the estate’s bedrooms, and one master bedroom window has remained eerily free of dust, despite the age of the home.
Does that mean we’ll save on maid services?

Source: RisMedia Housecall by, Suzanne DeVita
 

New Mortgage Disclosure Rules Coming Soon

REALTORS® say they plan to change their purchase agreements to allow for a longer timeline for the closing process due to the upcoming changes from new mortgage disclosures rules.

Starting on Oct. 3, the TILA-RESPA Integrated Disclosure rule is to go into effect, which will merge the HUD-1 Settlement Statement, the Good Faith Estimate, and the Truth-in-Lending disclosure form into two new closing forms: a Loan Estimate and a Closing Disclosure. The new rule also aims to provide consumers with more time to review the total costs of their mortgage prior to closing. The Loan Estimate form is due to consumers three days after they apply for a loan, while the Closing Disclosure form is due three days prior to closing.

The current HUD-1 settlement form can be revised and delivered up to the day of settlement, but the new mortgage forms must be finalized and in the borrower’s possession three days prior to closing. If that deadline is not met, borrowers will receive another re-issuance of the closing disclosure and wait another three days.

As such, some real estate professionals are extending their contract timelines due to the uncertainties of dealing with the new regulations, says Ken Fears, NAR's director of regional economics and housing finance.

Eighty-two percent of real estate professionals say they've taken some training to prepare for the TRID rule.

Source: "Real Estate Agents to Extend Contracts for New Mortgage Disclosures," National Mortgage News (Sept. 1, 2015) and "REALTORS® Train for TRID," National Association of REALTORS®' Economists' Outlook

This September a Great Month for Buyers

 

Buyers who are willing to close on a home purchase during the off-peak seasons – like fall and winter – tend to have the upper-hand, according to Jonathan Smoke, realtor.com®'s chief economist. September, in particular, is the best month of this year to sign a contract to purchase a home, according to his analysis.

For one thing, supply is rising, providing home buyers with more choices of homes for sale than they've had in the past 10 months. In the third week of August, inventory was at 1.91 million units, an increase from 21 percent since January, according to realtor.com®.
"Normally inventory peaks in August and begins to slow as the nights grow longer," Smoke says. "But this year the typical seasonal decline will start a bit later. There will be more choices in September than any other month in 2015."

Also, he says that overall demand is down now that the school year has started so buyers will provide less competition this month too.

"And, of course, with less competition for the most listings all year, pricing power weakens as inventory takes longer to sell," Smoke says.

As an added incentive to home buyers, mortgage rates are remaining low, for now. The 30-year fixed-rate mortgage ended the week under 4 percent due to recent stock market turbulence. In June, 30-year rates were averaging 4.2 percent, but have since fallen.

Source: Daily Real Estate News
Realtor®Magazine

Moving Tips

Moving Tips

Within the next month, the kids will be out of school and for a lot of families, it might just be time to move. Moving brings an entire new set of stresses and tasks.

Check out these tips for moving, courtesy of Move.com.

4 weeks from move date: Get organized and start notifying the right people and companies that you'll be moving soon and give them a date to forward or terminate service. Start looking for licensed and professional moving companies, moving guides and relevant coupons.

Tip: If using a professional mover, get quotes from multiple moving companies to get the best deal that is right for you and your needs. Ask plenty of questions like whether or not they give binding quotes and what kind of insurance is included. Be sure to talk with them about the different options available with full-service moves such as packing and unpacking services and providing boxes and packing supplies.

Tip: Important documents such as your child's school records may need to be accessible during your transition. Make sure to put these items aside and make copies of any records for yourself, in case you forget what box they're packed in.

3 weeks from move date: Once you've selected a mover, begin by taking inventory of your belongings and their worth and decide what will be coming with you to your next home.

Tip: Start cleaning out closets, drawers and storage areas of your home and divide things into categories: "pack," "recycle" and "give to friend." You can always have a garage sale or donate old items to charity. This will make packing day a lot easier and you may reduce the total weight you'll be paying for to move.

Tip: If you're moving yourself or contracting for a self-service move, pack the items you know you won't need until 30 days after the move. It will feel great to get started early.

Tip: If possible, take pictures of rooms and areas inside the home or apartment you'll be moving into so you can start thinking about placement of furniture, artwork and other items. This will help save time, headaches...and money...on moving day.

2 weeks from move date: If you choose not to take advantage of full service mover packing services, or are planning to do it yourself and rent a truck, start packing things into boxes. Figure out the logistics of the move, travel plans and if other specialized plans need to be made.

Tip: If you are using a professional mover find out what items are on their "non-allowables" list and discard those items or find a way to transport them separately.

Tip: Instead of stacking plates, pack them vertically; they will travel safer this way.

Tip: If you are moving long distance, remember travel arrangements for your pets. There are pet-exclusive airlines available such as Pet Airways but regular airlines have travel options for pets as well.

Tip: If you have young children, you may want to make childcare arrangements so you can be 100% focused on moving day and your little ones remain safe and busy with fun activities.

Tip: Schedule "move out" cleaning service, carpet cleaners and heavy appliance disposal if necessary for once you'll be out of the home you're vacating. Even if you're selling your current home, it's a nice welcome for the buyers to move into a clean and tidy home.

1 week from move date: Set aside valuable items and keep those with you. Clean before moving and leave your house or apartment as clean as it was when you moved in.

Tip: Make sure the details for paying the moving company are taken care of. Some will require money orders or cashier's checks upon delivery; know their policy in advance to avoid stress on moving day.

Tip: Start eating all the frozen foods you have, or give them to a neighbor or friend. This way you won't have to throw them away on moving day, or worry about packing an ice chest.

Tip: Also think about necessities for managing moving day like confining your pets and anticipating the amount of time you will need.

Tip: Place necessities such as toiletries, toilet paper, rags, "must-have" cooking supplies and organize them in boxes marked "open first" so it's easy to find the initial items you'll want handy on those first few days of being in your next home. Don't forget the flashlight!

Tip: If possible, take one last tour of the new location and identify water and gas shut off locations, as well as the electrical breaker box just in case something happens in the first few days so you're prepared. Might be smart to drop off a fresh box of light bulbs too!

Moving day and beyond: Take one last walk through and make sure nothing has been forgotten or overlooked. Also, make sure all doors and windows are locked and switches turned off, then you are on your way to your new house or apartment.

Tip: Go back to the photos you took when you began to pack up. Now you can show the movers or those helping you unpack exactly where everything goes with photos.

Tip: Unpack one room at a time according to basic needs starting with the kitchen and at least one bathroom...and don't forget to make a bed as early in the day as possible if you'll be sleeping in your home that evening! Remember, you don't have to unpack everything in one day, or even in one week.

Tip: After you've settled in a bit, introduce yourself to some neighbors, ask for advice on the best places to eat, grocery shop, etc. This way you will feel like part of the community and can get some great local tips.

How Much Will That Project Cost?

Have you ever loved "that" home, but if only it had hardwood floors instead of carpet throughout. How much would that cost?

Some new online resources may help you gather quotes for you in a hurry. For example, HomeAdvisor’s True Cost Guide: http://www.homeadvisor.com/cost/ can provide you with an idea of what you can expect to pay for projects in your area.

At the site, plug in the project you want to complete, along with your ZIP code. The tool then will list the average cost of the home improvement project or repair in their area based on what others have paid. You can see a breakdown of cost estimates from the low to high end as well as average. The site offers a searchable database to gather estimates for more than 300 types of home projects and repairs, whether you want to find the average cost of remodeling a bathroom, painting the home’s exterior, installing new windows or countertops, or more.

 Another cost estimating site, called Fixr:  http://www.fixr.com/ also offers estimates on various home improvement and remodeling projects — just plug in the project and find estimated costs as well as get access to a list of contractors in your area. The site also features cost guides to give you an overview of the price of tackling projects like kitchen and basement remodels as well as the costs of repairing siding, installing new windows, adding a porch or swimming pool, and more.

These tools allow home buyers to decide if the repair or renovation is within their budget, if they opt to buy the home. The tools may also come in handy for sellers in deciding whether they should invest in fix ups prior to listing their home for sale.

Source: Realtor Magazine by Melissa Tracey

It's Becoming Easier to Get a Mortgage

  

Lenders are showing signs of loosening up when it comes to home buyers seeking a mortgage. The Mortgage Bankers Association's Mortgage Credit Availability Index ticked up slight in April, following an increase the previous month too. Increases in the index are indicative of an overall loosening of credit.MBA's index shows that mortgage credit availability has increased consistently over the last several months, coinciding with recent announcements from the federal government of programs that have been designed to open the credit box.

 

Fannie Mae and Freddie Mac's move to back 3percent loans as well as the Federal Housing Administration’s action to reduce it's mortgage insurance premiums have helped ease credit, MBA Chief Mike Fratantoni says.

Other government offerings also helped to ease credit even more in the latest report, reflecting April data, MBA notes.
"Mortgage credit availability increased on net in April," Fratantoni says. "The increase was driven by new offerings of FHA's 203K home improvement program, new VA offerings, and new jumbo products. The increase was partially offset by some investors tightening underwriting criteria on conventional cash out offerings."

REALTORS® surveyed have pinpointed tight credit conditions, significant lender overlays, and loan processing delay as a major hurdle facing their buyers the past few years, but REALTORS® are also reporting gradual improvements, according to the latest Realtors® Confidence Index, a survey of real estate professionals.

REALTORS® point to the trend of lenders showing more willingness to accept slightly lower FICO scores – moving from the high range of 740-plus to now the mid-range of 620-740.

Also, REALTORS® note an increase in the number of their clients securing a loan while making zero to 6 percent down payments. FHA's reduction in the mortgage insurance premium and the GSE-backed 3 percent down payment loans are helping buyers to come with less money to the table.
But while mortgage credit availability is showing definite signs of easing, credit continues to still be far less available than it was during the housing boom days, according to MBA.

Source: "MBA: It Keeps Getting Easier to Get a Mortgage," HousingWire (May 12, 2015) and "REALTORS® Confidence Index," National Association of REALTORS® (April 2015)

Yard Maintenance Season by Season

Early Spring

Like so many maintenance jobs, everything goes smoother -- and you’ll get better results -- with proper preparation. Early spring is the time to get ready for lawn-growing and mowing season.

Related: How to Bring Back Your Lawn After Winter Damage

Sharpen mower blades to ensure clean cuts. A dull blade tears the grass, leaving jagged edges that discolor the lawn and invite pathogens.

Sharpen mower blades once each month during grass-cutting season. Have a backup blade (about $20) so that a sharp one is always on hand.

Tune up your mower with a new sparkplug ($3 to $5) and air filter ($5 to $10). Your mower might not need a new sparkplug every season, but changing it is a simple job, and doing it every year ensures you won’t forget the last time you replaced your sparkplug.

Buy fresh gas. Gas that’s been left to sit over the winter can accumulate moisture that harms small engines. This is especially true for fuel containing ethanol, so use regular grades of gasoline.

If you need to dump old gasoline, ask your city or county for local disposal sites that take old fuel.

Clean up your lawn. Time to get out the leaf rakes and remove any twigs and leaves that have accumulated over the winter. A thick layer of wet leaves can smother a lawn if not immediately removed in early spring. Cleaning up old debris clears the way for applying fertilizer and herbicides.

Spring

Depending on your weather, your grass will now start growing in earnest, so be ready for the first cutting. Don’t mow when the grass is wet — you could spread diseases, and wet clippings clog up lawn mowers.

Fertilizing: Both spring and fall are good times to fertilize your lawn. In the northern third of the country, where winters are cold, fertilize in fall — cool weather grasses go dormant over winter and store energy in their roots for use in the spring.

For the rest of the country, apply fertilizer just as your grass begins its most active growth. For best results, closely follow the application directions on the product. You’ll spend about $50 to $75 per application for an average 1/4-acre lot.

Aeration: Aerating punches small holes in your lawn so water, fertilizers, and oxygen reach grass roots. Pick a day when the soil is damp but not soaked so the aeration machine can work efficiently.

Pre-emergent herbicides: Now is the time to apply a pre-emergent herbicide to prevent crabgrass and other weeds from taking root in your lawn. A soil thermometer is a handy helper; you can pick one up for $10 to $20. When you soil temperature reaches 58 degrees — the temperature at which crabgrass begins to germinate — it’s time to apply the herbicide.

Early Summer

Watch out for grubs: Warm weather means that grub worms, the larvae stage of June, Japanese, and other beetles, start feeding on the tender root systems of lawns. Affected lawns show browning and wilting patches.

To be certain that the culprits are grubs, pull back the sod and look for white, C-shaped grubs. If you see more than 10 per square foot, your lawn should be treated with a chemical pesticide.

Milky spore is an environmentally friendly way to control some species of grubs. When using insecticides, read and follow all label directions, and water the product into the soil immediately. Cost is around $50 to $75 per application.

Grass-cutting tip: Your grass is starting to grow fast, and you might even be cutting more than once a week to keep up. To keep grass healthy, mow often enough so you’re removing no more than 1/3 of the grass blade.

Pesky weeds: Weeds that have escaped an herbicide application should be removed with a garden fork. Use a post-emergent herbicide only if you think the situation is getting out of hand.

Summer

Here’s a good mantra to guide you through the heart of grass-mowing season: The taller the grass, the deeper the roots, the fewer the weeds, and the more moisture the soil holds between watering.

With that in mind, here’s how to ensure a healthy, green lawn:

• Set your mower blade height to 3 inches.

• Deep and infrequent watering is better for lawns than frequent sprinkles, which promote shallow root growth. In general, lawns need about 1 inch of water per week to maintain green color and active growth.

Lawns that receive less than that will likely go dormant. That’s okay, the grass is still alive, but dormant lawns should still receive at least 1 inch of water per month. Your grass will green up again when the weather brings regular rains.

• To check the output of a sprinkler, scatter some pie tins around the yard to see how much water collects in a specific length of time. Having a rain gauge ($5 to $20) will help you keep track of how much water the lawn receives naturally.

• At least once each month, clean underneath your mower to prevent spreading lawn diseases.

• Although it’s OK to leave grass clippings on the lawn where they can decompose and nourish the soil, large clumps of clippings should be removed. Regularly rake up any leaves, twigs, and debris.

Early Fall

The best time to patch bare or thin spots is when the hot, dry days of summer have given way to cooler temps. Follow these simple steps:

1. Remove any dead grass.

2. Break up the soil with a garden trowel.

3. Add an inch of compost and work it into the soil.

4. Add grass seed that’s designed for shade or full sun, depending on the area you’re working on. Spread the seed evenly across the bare patch.

5. Use a hard-tooth rake to work the seed into the soil to a depth of about half an inch.

6. Sprinkle grass clippings over the patch to help prevent the soil from drying out.

7. Water the area; you’ll want to keep the patch moist, so lightly water once a day until the seed germinates and the new grass gets about one inch tall.

Fall

Your main job in fall is to keep your lawn free of leaves and other debris. You can use a mulching mower to break up leaves and add the organic matter to your soil, but be sure to clean up any clumps so they don’t kill the grass.

In the northern one-third of the country, now is the time to fertilize your lawn. Your grass will store the nutrients in its roots as it goes dormant over the winter, and your lawn will be ready for a jump start when spring warms the ground.

This is also the time to clean up your garden.

Source: HouseLogic by: Douglas Trattner

 

Raise the Value of Your Listing

A seller may be able to boost the value of their home by an additional 12 percent, with just a few smart pre-listing repairs, according to a new survey of 300 residential real estate professionals by the Consumer Reports National Research Center. On a median, single-family home priced at $205,000, that could be a potential gain of $24,600.

1. Declutter
Cost range: $0 (do-it-yourself) to $2,500 (pro)
Potential return: 3% to 5%
Clear away any clutter and depersonalize the space as much as possible.

2. Makeover the kitchen
Cost range: $300 to $5,000
Potential return: 3% to 7%
The kitchen was rated as the most important room to have in top shape before selling, according to the survey. Real estate professionals recommend focusing on minor repairs that center on the function of the kitchen first, such as repairing leaky faucets, loose light fixtures, or blemishes on the countertop. Then, they recommend small enhancements, such as painting the walls, updating the cabinet hardware, adding new curtains, or light fixtures.

3. Freshen up the bathroom
Cost range: $300 to $1,000
Potential return: 2% to 3%
Make simple improvements, such as caulking the tub or re-grouting the floor or adding new bathroom fixtures to brighten up the space. Updating the mirror and lighting also can have a big impact, the real estate professionals surveyed said.

4. Paint
Cost range: $100 (do-it-yourself) to $1,000 (pro)
Potential return: 1% to 3%
Sixteen percent of the real estate professionals surveyed said that interior painting is an important part in bringing about a sale of a home. But the seller likely doesn’t need the entire house repainted, but maybe just a redo of one or two rooms to curb costs. The two prime candidates for being repainted: Kitchens and bathrooms. Paint in whites and off-whites and a neutral palette – such as grays and beiges -- help buyers focus on the home’s features more than be distracted by bright colors, agents note.

5. Exterior touch ups
Cost range: $150 to $7,500
Potential return: 2% to 5%
Agents recommend that their clients concentrate on basic maintenance first, such as to mowing the lawn, trimming overgrown shrubs, and applying a fresh layer of mulch to the garden beds. They also recommend making any minor repairs, such as replacing cracked siding boards or repointing brick walls. The real estate professionals also recommended taking careful note of any repairs needed with the roof: 31 percent of agents surveyed said the roof is one of the most important parts of the home to have in good shape.

The latest Cost vs. Value Report, produced by Remodeling Magazine in conjunction with REALTOR® Magazine, uncovered some of the top home remodeling projects that offer some of the largest returns at resale. Many of the biggest payback projects had to do with enhancing the exterior of the home.
 
The following are the top five projects nationally in terms of cost recouped, according to the Cost vs. Value report:
1. Entry door replacement (101.8%)
2. Manufactured stone veneer (92.2%)
3. Garage door replacement (88.5%)
4. Siding replacement, fiber cement (84.3%)
5. Garage door replacement (82.5%)

Check out the latest Cost vs. Value Report to learn more about the top home remodeling projects for resale. Also, read more about easy enhancements sellers can do to help increase the value of their home in Consumer Report’s full report, “How to Make Your Home More Valuable,” which can be accessed online or found in the March 2015 issue of Consumer Reports magazine.

Source: “Top 5 Ways to Boost the Value of Your Home,” Consumer Reports (Jan. 29, 2015)