Author: Randy Holmes

Get Very Excited if You Plan to Sell Your Home This Year
The combination of high demand for homes and shrinking inventories produces a seller’s market and typically signals rising home prices. While many forecasters expect home prices to continue rising this year, they caution that they won’t climb as quickly or as much as they did last year. “The NAR is calling for a 4.4 percent increase in existing home prices this year and 3.4 percent in 2017; other economists and strategists also put 2016 price growth in the 4 percent to 5 percent range,” claims NAR’s Adam DeSanctis.

In addition, inventories of available homes rose slightly last month. Whether or not this signals a trend toward a more balanced housing market remains to be seen. So, yes – although it sounds trite – the best time to sell your home is right now, while inventory is still low. If you will be selling a home priced in the low-to-middle price tier for your market, expect it to go quickly and for top dollar. You will have little competition and the demand in this price range is strong, according to Shu Chen of CoreLogic.

While this type of market makes it easy for home sellers to become complacent, if you expect to get top dollar for your home and want it to sell quickly, do the work required to ensure that it’s in move-in condition.

Buying a Home This Year?
While it may seem like there isn’t a whole lot for homebuyers to get excited about this year, there is one bonus for you: low interest rates. In fact, according to Freddie Mac’s Primary Mortgage Market Survey, 30-year mortgage rates fell in April 2016 to an average of 3.59 percent across the country, down from 3.65 percent the same time last year.

Combine the low rates with more relaxed lending guidelines and there is definitely good news for the 2016 homebuyer. Lower mortgage rates mean a lower monthly payment, which means you have more purchasing power, and that additional power can “mean the difference between buying a 2-bedroom home versus a 3-bedroom one; between buying a home with large closets versus small closets; and, between buying an upgraded home versus a dated one,” according to Dan Green at The Mortgage Reports.

Another reason to get excited: It appears that those deep-pocketed investors who pay all cash for homes have left the market. Last year, 33.9 percent of all home sales were to cash buyers, the lowest rate since 2008, according to Molly Boesel with CoreLogic. While there is still plenty of competition out there from other homebuyers for homes in good locations and in decent condition, the playing field is a bit more level.

Yes, there is still a lot of competition from other homebuyers. This makes it more important than ever to have all your ducks in a row before making an offer on a property. Ensure you know exactly how much you can spend and that you’ve obtained a preapproval letter from your lender. Make your offer stand out from the others by keeping it lean and mean, with the shortest time periods for contingencies as possible. While we’re still in a seller’s market, come in with your highest and best offer. The market moves too quickly right now to assume the seller will negotiate over price.

Finally, if you’ve been sitting on the fence waiting for prices to come down, jump off. Home prices are currently rising twice as quickly as incomes, and it doesn’t appear the situation will change in the near future.

It may seem that homebuyers and sellers don’t agree on much, but they share one important concern: that the transaction is successful. This comradery is never more evident than during the appraisal process. It’s only natural, since the results of the appraisal can send the deal spiraling out of control.

Updating your home to be more chic – without looking cheap – is completely doable on a budget.

If you’re looking to add more class to your home, taking on a DIY project can give your house that extra sense of style while saving you money. No need to cringe at those three little words: “do it yourself.” There really are fast, easy and affordable projects you can do on your own. Here are five relatively easy ways to enhance your home.

1. Replace Your Light Fixtures: Switching out an old or basic light fixture for a more elegant one is an easy way to shift the ambiance of a room. By adding a sophisticated light fixture, you can control the intensity of the light and character of your room. And you don’t need to pay a pretty penny for expensive new fixtures – you can buy used fixtures online.
2. Add Floating Shelves: Installing floating shelves in your home combines the functionality of extra storage space with a bit of style and personal flair. Floating shelves can be mounted on walls in many different patterns, and they come in various materials to give your rooms a unique touch. For a small room choose shallow shelves to display framed photos; for a larger room you can afford to use deeper shelves to hold vases, books and unique trinkets.
3. Paint an Accent Wall: Painting an accent wall can add a pop of color and showcase your personality. Usually a low-risk project, a homeowner of any skill level can tackle this project in a day. You just need some painter’s tape, a brush and the color that suits you! Just make sure the color you choose is complementary with the other colors in the room. Stay consistent between warm and cool tones.
4. Install Decorative Molding: Adding decorative molding around your home can add an extra touch of elegance. Install molding to the ceiling by capping walls, columns and cabinets, or add chair molding lower to the ground. With detailed molding you can add character to your rooms while also making them feel taller and more finished.
5. Build a Stone Fire Pit: Take your sophisticated style outside by building a stone fire pit in your backyard. Completed in only a few hours, take uniquely shaped rocks or large stones and put them together to create a functional and stylish fire pit. Before starting the project, be sure to check your local fire codes or homeowners association to ensure you are safe and allowed to start building.

Adding a touch of class to your home doesn’t have to break the bank! Just be sure to start with one project at a time, allowing yourself to complete one before starting the next. Otherwise, you’ll fall victim to chronic project incompleteness syndrome – not a good look!

Now that you know about these five inexpensive DIY projects, which will you try?

When it comes to selling your home, one of the most crucial aspects is getting a high appraisal. A higher appraisal can significantly impact the selling price and attract more potential buyers. While the ultimate decision lies with the appraiser, there are a few steps you can take to increase your chances of receiving a favorable appraisal. Here are three essential tips for a higher home appraisal.

1. Enhance Your Curb Appeal
   First impressions matter, and the same applies to your home’s appraisal value. The exterior of your house is the first thing an appraiser sees, so make sure it leaves a positive and lasting impression. Start by investing in landscaping and ensure your lawn is well-maintained. Trim overgrown bushes, plant colorful flowers, and consider adding some outdoor lighting to highlight your home’s best features. Repaint your front door, clean your windows, and ensure your roof is in good condition. A well-presented exterior will not only increase your home’s curb appeal but also give the appraiser a positive impression even before stepping inside.
2. Make Necessary Repairs and Upgrades
   A home appraisal takes into account the overall condition of the property. Before the appraiser arrives, take the time to fix any visible issues such as leaky faucets, broken windows, or damaged flooring. Repairing or replacing these items will not only improve the appraiser’s perception of your home but also prevent them from deducting value due to obvious flaws. Additionally, consider making strategic upgrades that can increase your home’s value. Focus on areas that typically have a high return on investment, such as the kitchen or bathrooms. Updating fixtures, countertops, or appliances can have a significant impact on your appraisal value.
3. Provide Relevant Documentation
   To ensure your appraiser has all the necessary information to assess your home’s value accurately, compile a folder with relevant documents. This can include receipts for any recent repairs or upgrades, as well as permits and licenses for any major renovations. Providing this documentation demonstrates that you have taken care of your property and invested in its maintenance. It can also help the appraiser understand the value of any recent improvements made to your home. Additionally, gather information about recent sales of comparable properties in your neighborhood. This information will enable the appraiser to make a fair assessment and give you a higher chance of receiving a favorable appraisal.

In conclusion, getting a high home appraisal requires some effort and planning. By enhancing your curb appeal, making necessary repairs and upgrades, and providing relevant documentation, you can increase your chances of receiving a higher appraisal value. Remember to consult with a real estate professional for more personalized advice and guidance throughout the process.