As we enter 2017, many of us will look to buy or sell a home this year. If you or someone you know may be looking, in this month’s Item of Value you will find great tips on how to navigate through a real estate transaction. From the best times of day to visit a home, to conducting research and managing your expectations, this information will help you better understand the process.
5 Myths about pricing a house to sell
Nick & Cindy Davis would like to discuss pricing you home in today’s market. There are some myths out there about the price of home and what a “Seller’s Market” really means.
The Buyers in today’s market are seeking maximum value in a property.
Their decision is based on a few things such as Market Condition, Location, Size, Amenities and overall Condition of the house.
By knowing these and pricing your home correctly you will be maximizing your chances of selling your home quickly for the best price and most favorable terms.
So let’s get into the 5 Myths about pricing a house to sell.
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I put $25,000 worth of upgrades into my house when I purchased it and therefore I should get $25,000 more for my home today. Sorry we wish it was this way, but upgrades you purchased 3, 5, 7 years ago do not hold dollar for dollar when it comes time to sell your house. They will compliment your sales price, provided that they still are the ones everyone is looking for today.
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My next door neighbor said he sold his for $. As a REALTOR® Cindy and I will look at all comparable sales in your neighborhood and sometimes, neighbors like to over embellish just a little with what the sales price actually was.
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New homes in the community across the street are selling for $. When we do our analysis for your house. We will compare similar homes to yours. We will start off in your neighborhood and typically look at homes that are 10-15% smaller and larger than yours, we will only look at pool homes if your house has a pool. We try get as close as possible to homes similar to yours. Now if there are not any sales in your neighborhood, then we will normally go outside of your neighborhood to find other homes. But using new construction prices to let’s say a home that is 5 to 10 years old is not a good practice and could cost you more money in the long run.
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I want to start $25,000 over what you suggest as a list price. Timing is extremely important in the real estate market. A property attracts the most activity from the real estate community and potential buyers when it is first listed. It has the greatest opportunity to sell when it is new on the market. So if you are $25,000 over what homes are selling for chances are when buyers come and look at your home they are used to seeing larger homes with more upgrades for that price.
- I have plenty of time to sell. What we would ask is then why put your home on the market today, why not wait? Every month your home is on the market it costs you money. So let’s say like in #4 you place your home $25,000 over where it should be priced. And your Mortgage Payment and carrying costs (electric, water, etc) comes to $2,500 a month. If your home is on the market for 90 days and that is not unrealistic if you are that much overpriced. It cost you $7,500 for those 90 days. And the $25,000 can be spent real quickly.
In closing we would like to share something that happened to us in November 2015. We listed a home for a past clients Mother and Father in Law. W suggested that based on market conditions and the condition of the home that we list the home at $150,000. Comparables showed home sales $145,000 to $152,500. The home went Active in MLS.
On day 3 we received First Offer, Day 4 2 more offers came in and day 5 a 4th offer was received. We suggested to owner that we request Highest and Best Offer. We did and the home was sold for $157,400 by a cash investor with 0 days for inspection contingency and closing took place 14 days later. To see some other examples of how Nick & Cindy Davis assist you in selling your house. Just click here
We are ready to sell your home. By Pricing your House to Sell, not go into MLS and then just sit on the market. Please feel free to contact us at 813-300-7116 or you can always email us at:
NickandCindyDavis@TampaHomesSold.com
Six Home Maintenance and Repair Do It Yourself Jobs
If you are like Nick you are saying it’s just easier to pay someone to take care of this because I have no idea on what I am doing. Well this can become very costly, really quick. It can be intimidating and seem to complex, but over the years we have learned so much in doing some things ourselves that wound up saving us in the long run.
Simple Home Maintenance Tips
Toilets
Water leaking toilets tank will not only cost you money every month in the utility bill, but it can cause damage to your bathroom floor and wear out the internal parts of your toilet. A simple trick is to add red colored food dye in the water tank of your toilet. Check back in an hour or so and see what color the water in the tank is. If it is pink, you have a leak. To replace flapper; turn off water valve, which is normally right behind toilet. Remove the lid and flush the toilet to empty the tank out. Use a towel or sponge to mop out any excess water left in the tank. Remove the flush chain from the lever and then slide the old flapper off the overflow tube. Slide new flapper in place, reconnect the chain and then turn water back on.
Washing Machine and Dryer
Regularly checking your washing machine water supply for leaks is so important. One of the top reasons for insurance claims is for water damage caused by supply lines that are leaking. You should inspect the lines at least once a year and replace them at a minimum of every three years if they are plastic. When checking you notice the metal ends are discolored or rusty, replace them immediately.
You should also check to ensure that the drain lines are tightened properly. A pair of pliers or crescent wrench. You should not be able to tighten any further if the line is properly tightened.
With regards to the dryer, it is important to always make sure you regularly clean your lint screen in order to prevent fires. This will also increase the life of the heating element. You can also remove any fabric softener residue by washing the screen in warm water and dish detergent every week or two.
Air Conditioning
Air Conditioners are normally one the most overlooked appliances when it comes to regular maintenance. And one of the mostly costly when it comes to getting them repaired.
You will want to regularly check the condensation line where the water comes out of the house and make sure that you can see water freely flowing from the line. This will ensure that the line is not clogged. If this is not occurring you can attach a Shop VAC to the line and turn it on for 3-5 minutes and attach it to the drain line. You will hear if anything comes out and then remove the Shop VAC and you should notice that the water is flowing freely again.
Air Filters
Change the Air Filter in your central air and heat often, especially during the peak usage months. Usually 30 days in longest you want to go between changing the filters. Nick puts it on the calendar with the sizes we have in our house, so if he is out he always has the sizes available.
We use the cheap fiberglass filters; which are actually preferred as opposed the HEPA filters for the following reasons: 1. it is more cost effective to use the cheaper ones. 2. The fiberglass filters actually allow for more air flow into the climate controlled unit which will reduce the amount of energy used to effectively cool or heat your home.
Refrigerators
Door Seals are the main thing that you should keep an eye on. By doing this you will reduce the amount of energy it takes to keep your food cool or frozen. This will also keep you refrigerator working more efficiently and prevent premature wear on internal parts.
Easy test for your door seal. Use a dollar bill and close the door on the bill. Then attempt to pull it out with the door closed. If you cannot easily pull the bill out, then your seal is in good shape. If the bill slides out easily, it is time to replace the seals. This is something you can purchase at any local hardware store. Recommendation before heading out the door, take a picture of the tag which has make, and model number of your refrigerator so you show the sales person. This will prevent you from making multiple trips.
If you have a refrigerator with coils along the back, it is recommended that you periodically vacuum the coils to remove dirt and dust build up. The coils contain the coolant that the refrigerator uses to keep the inside temperature cold. If they are dirty, they will not work the way they are supposed to and your refrigerator may stop keeping your food cold.
Hopefully we have given you some very simple DIY tips that even a novice person can accomplish. It really is all about routine maintenance. Which could wind up saving you big money in the long run. Especially if you are considering selling your house. Remember a buyer will do a home inspection and lack or routine maintenance can add up real quick. Please check back regularly as we are always updating our site with good to know information. Feel free to email us any comments or questions to NickandCindyDavis@TampaHomesSold.com
11 Tips Before You Leave for the Holidays
11 Tips Before You Leave for the Holidays
Leaving your home during the holidays? Follow these tips to keep it safe and save a few bucks on bills while you’re gone.
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Put mail on hold
An overstuffed mailbox or a pile of newspapers at the bottom of your driveway can be an invitation to thieves. Not only is it a sign that no one’s home, identity thieves can find all sorts of goodies while sorting through unattended mail. Go to usps.com to have the US Postal Service hold your mail, and also check on your options for holding newspaper delivery. -
Put lights on a timer
It makes it appear that someone is home. If you can, switch your exterior lights to the “motion-activated” setting. -
Check batteries
Make sure the batteries are fresh in your smoke alarms and that they function. -
Remove valuables
Hiding your jewelry is always an option, but when you’re gone for several days, thieves have more time to hunt through the house. If you can, place jewelry and important documents in a safety deposit box or home safe. -
Grab your spare key
Bring inside any keys that are hidden outside. You can give one to a neighbor along with your contact information where you'll be, just in case there's an emergency. -
Unplug
Your electronics will still suck energy while you’re gone. Unplug the biggies, like your TV and computer. -
Don't advertise your trip online
At least until you return, when it’s safe to make your Facebook friends jealous with photos from your holiday beach vacation. Don’t post the dates when you’re leaving your house vacant. -
Switch your water heater to “vacation” mode
It won’t turn off completely, but it will still save energy. -
Lower your thermostat
Keep it warm enough to prevent the pipes – and the goldfish – from freezing. Your energy company can recommend a temperature that’s appropriate for your climate. -
Deodorize the sink
To avoid returning to a kitchen disposal that belches up the stench of your pre-vacation dinner, run it with a half-cup of vinegar, or lemon peels and ice cubes, before you leave. To keep things smelling fresh, it’s also a good idea to throw out any food that will go bad while you’re gone and make sure to take out any trash. -
Bleach the bowl
Dump half a cup of chlorine bleach into your toilet bowl to prevent mineral stains from developing.
Searching for a home you’ll hate to leave alone? Nick & Cindy Davis can help you in your search.