The RE/MAX Associates Louisville Real Estate Blog

Setting the Right Price for Your Home

A key element in the marketing plan is setting housing list prices. If your home is priced too low, there isn't much room for benefits; and if it's priced to high, potential buyers won't be interested. It will also sit on the market for quite a while. To find the best asking price ask your agent what the cost of recently sold homes were in your area. You should also use current market trends and evaluate the competition to find a reasonable price for your home. You may find it helpful to talk to your agent about other terms and condition, and what items should be included in the sale of them home. Both of these can make your home more appealing to potential buyers.

     1.Location: this is one element you cannot escape. If your house is in a desirable area that is in demand, you will be getting a better price than other houses in other areas.

     2. Condition: Potential buyers always favor houses that have constantly been maintained over houses that were neglected.

     3. Desirable amenities: It's simple, houses that include popular amenities in the marketplace, it will bring a higher price.

     4. Calculate the price per square foot: The average price per square foot shouldn't be the final determinant of the final asking price for your home, but it is a helpful starting point.

For unique properties, a formal written appraisal can be useful. Some owners are having trouble finding the right asking prices because of a lack of activity in their area, co-owners disagreeing on prices, and unsure of where to begin. Keep in mind that appraisers consider the location of the home, it's proximity to good schools and other public facilities, the size of the lot, the size and condition of the home itself, and recent sales of comparable properties.

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The Golden Rule To Selling Your Posch Palace

You've completed all the greatest renovations on your new home by hiring a designer, shifted the Fung Shui till good auras were flowing out from every piece of furniture in the house. Even though you've spent a huge amount of money renovating, it's a given from day one in the luxary buyer's market the buyer will come in and redo everything.

The buyer of your lovely mansion will sand the floors restain them, strip the bathroom and redo it, paint a few walls, add a deck, change the cabinets all because it's their taste, not yours. This is the luxary buyers market, and they're going to make their newly bought home fit to their style. So what should you do?

The golden rule here is not to look at your posch palace as your maticously designed home, instead it is a commodity. All the effort and money you've put into designing your home is hopefully the thing that will allow you to sell your home quickly and at the right price. It is unlikely that you're home will sell better than the market, so get a good agent, a great CMA, and price your mansion right. In this market, you'll probably get lower than you want, and that's why it's important who will get a good agent who will actually sell the true value of your home instead of testing the market with a price above what other homes are selling for.

Just remember your home is now a commodity, and people want it. Be sure to stage it properly and sell it like it's the best house in the world. Also be ready for potential buyers to bring in their cabinet maker to see what possible work could be done during an open house.

You love your home now, but you'll love your next one too. One last positive note to keep in mind is that your next home will most likely be selling less than it has in a decade or more.

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The Federal Reserve Beige Book

To figure out where real estate is going in the next few months, start looking towards the Federal Reserve. Maybe you should focus on the latest pending home sales numbers? Look at both, but the key is this: The Federal Reserve's latest Beige Book Report. This report has economic data from each 12 regional banks, and nine of those 12 had positive data.

Despite the bad weather at the beginning of the year, the Federal Reserve found consumer spending and manufacturing output increasing. Both of these factors are good indicators of economic growth, especially consumer spending which accounts for 70% of U.S. economic activity.

A seperate report by the Commerce Department stated that consumer spending increased by half of a percent in January, which outpaced the growth for the past four months.

What does all this mean? It means consumers are getting their confidence back and spending more money to fuel the economy.

For the housing market, the National Association of Realtors claimed that the severe weather that tore parts of the country apart has damaged home shopping, knocking down pending home sales by 7.6 percent.

Pending home sales, which are signed contracts that havent yet been closed, are still 12 percent higher than they were this time last year. It's believed that there will be a bounce back in the next few months because buyers will be rushing to sign contracts to qualify for the expiring home purchase tax credits.

Home prices across the country are showing hints of improvements. According to the latest Clear Capital Price Index, prices have risen 5% on average for the most recent quarter on a year-over-year basis.

What is helping this is continuing favorable financing conditions in the mortgage markets. Mortgage applications have been up 12 percent in the past few months.

 

Goodluck

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Real Estate Outlook: Jobs Key to Recovery

Having a job is a luxary in today's economy. Their rebound is a huge factor in recovering the housing market. President Obama's proposed jobs legislation includes $15 billion dollars that would go toward fixing up and selling foreclosed homes. These homes would be sold at no profit, or at the price it cost to refurbish them.

The unemployment rate remains at 9.1% and even though jobs have been growing, they're not growing fast enough to establish a true recovery. Fewer jobs means less construction, less projects completed, and less money trading hands. The U.S. Commerce Department states that some months are worse than others concerning foreclosed homes. While most declines in housing were seen on the multi-family houses, some months have seen as much as 5%. Builders are hesitant to build houses due to lack of buyers,  possible foreclosures. This being the case builders confidence has declinded, but has risen slightly over the past few months, but still at a depressed level.

Many consumers are still unable or unwilling to move forward with the process of buying a house. Some places around the country are growing, but we need to get the whole country on board to grow, which means we need everyone to have jobs.

The only place where builders are still comfortable is the midwest. Builders have continued to confront the same challenges in accessing construction credit, obtaining accurate appraisal values for new homes, and competing against foreclosed properties that they have seen for awhile. What didn't help builder and consumer confidence was the market disruption caused by S&P downgrade and congressional gridlock on the budget deficit.

In order to get this great country back on it's feet, we need our Americans to get off their butts and get job. This is just a small step towards recovery, but it gets businesses moving again and puts money in peoples hands which usually goes right back into the economy. Help your country, help yourself,...

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Moving with Pets

Pet owners often face a stressful delimma when moving. They consider them as beloved family members, and want to make the moving process as easy as they can for their furry friends. Our pets are routined animals, unlike humans. Our pets look to us for providing them with nourishment, safety, and affection. It is our responsibility to make sure our pets have a low stress level during the moving process.

It's very important to plan ahead when you're loading the moving vans and your house doors are likely to be open. Now wouldn't be a great time to be chasing your dog down the street, or panicking over a lost cat. Ask a friend to be a pet sitter while you're packing up the house. It also eliminates the chance of you tripping over them when going in and out of the house numerous times possibly injuring yourself or them. Also consider a kennel, but if heither of these choices is an option, keep them in  fenced in or in the backyard.

Because your animals are routine animals, it's a good idea to keep their eating and potty habits at their regular times. Your afternoon walks can act as your stress reliever also. Keep your pets food constant by stocking up on the brand they like before leaving town; you don't want a hunger strike! 

Go to the vet and make sure your pet is up-to-date on all their vaccinations. Also consider microchipping your pet incase they wander off during the move; if you don't want the microchip then you should update the tags on their collar.

often times moving involves driving across states or even the entire country. Ask your vet what they recommend for distance traveling. You'll want to pack a some pet ammenities for the tiring drive. These include food, water bowl, treats, blankets, leashes, travel litters, etc.

Once you're at your new home be quick in setting up their 'go to' areas. It might be wise to contain them in a bedroom or bathroom while you unload your belongings. But don't forget to show them attention...

Which Remodeling Efforts Entice Buyers

During the past few years most sellers have chosen to stay put in their homes because tey would rather remodel than move. Someday you might want to move, so which remodeling projects help add value to your home and entice buyers?

Considering the housing market as it stands today, there are a few areas that are more important than others to remodel. Here are a few areas to consider remodeling to help entice potential buyers.

Aging in Place

     Since tough economic times are  upon us through short sales and foreclosures, some families are combining homes to reduce the cost of living and living under a single roof. The National Association of Home Builders has found that 62 percent of builders in a survey were working on home projects that were helping families 'age in place'. These types of remodeling are placing a bedroom at the entry-level of a home, wider doorways that would fit a wheelchair, and accomodations that benefit the elderly like less stairs. These new accomodations were once looked at as unattractive, but since a decent amount of families are trying to age in palce they are now considered valuable.

Savvy Kitchen

     Popular rooms that bring families together are still the kitchens and living rooms. Most families prefer to sit down and spend time together even if it means having less space to prepare a meal. Utility rooms and pantries are becoming more popular while cabinets and shelves are being customized to meet the needs of a family, which can be expensive. Kitchens are becoming more of a cooking space for chefs with open shelving and islands to help prepare food faster while still being able to mingle with guests.

Totally Wired

     Busy workers who usally work from home are finding smart homes to be more appealing. These homes cater to the needs of people who work from home by being able to handle...

Should I Accept this Offer?

Being a seller in today's market surely has its challenges. When do you know if you should accept or pass on an offer? Is the current offer a low ball offer or simply hesitating over attachment to the home. This is most crucial question to ask yourself.

It's time to emotionally detach yourself from all the hard work you've put into your home. You know down to the penny what you've invested in your home, but in today's market housing prices have dipped and it's now time to look at your house in a financial perspective.

Ask yourself how long your home has been on the market. If your home is new to the market and have already had multiple requests for showings, accepting the first offer can be risky. The first offer might be lower than what you were hoping for, but you may not have another offer for quite awhile.

Are the terms agreeable? Some offers can will be sticklers with moving-out dates, closing cost consessions, but may be giving you the price you've asked for. You will need to have a home for yourself lined up incase the buyer wants you out in two weeks. Be sure to ask your agent about all the factors included in the sale.

Another question to ask yourself is if you will lose money on the sale. In the past six years most homes have lost value, plain and simple. So can you afford to sell at the offered price, or will this loss cause you to be too far in debt on your next mortgage?

Are you in risk of going into forclosure? If you are in risk of not making your mortgage payments and hurting your credit for the next seven years then you should probably sell on the lower offers. Buyers are few and far between in today's markets.

Your agent has some expertise. They can tell you the market activity of your area is like, how long homes usually sit on the market, etc. If you have an offer that you think is too low, ask your agent if they think you'll receive another offer in a short period of time.

Today all buyers are looking for a deal....

The Choices of Natural Flooring

Quite a number of important things are going green these days. One of them is a non-toxic flooring choice. Most homeowners are giving up on the formaldehyde drenched fibers of yesterday and moving on to new a better things.

The first thing you need to do is to decide which type of flooring works best for you and your home. Whatever you choose make sure you committ to it and go and get it.All natural hardwoods work well with living rooms and bedrooms, but they don't like moiste bathrooms. Time will have a much more visible effect on the wood floor in the bathroom than anyt other room. Tile works well for every room, but it's time consuming. Carpet is also good, but finding a non-toxic carpet can be difficult. 

The next step is to decide upon a budget. There are options for all price ranges.

For instance, going green and wanting carpet doesn't mean you have to give up on the warmth that carpet provides. Traditional carpet can be somewhat cheap, the padding and glues beneath is can be the toxic underliers. The EPA claims that airborne formaldehyde really irritates the upper and lower respiratory systems. 10-20% of the U.S. population, including asthmatics are really allergic to these airborne toxins, and it's not a pleasant experience.

Wool carpets are pretty, comfy, and can save you big when it comes to durability and green status. Go online and find a wool carpet store in your community.

If you want a wood, bamboo is a truely renewable source. Even though it's not a hardwood, it looks like one, and it's one of the least expensive floors.

natural stained hardwoods are another great choice. However, the stains produce fumes into your home for years just like paints do. Look for natural stain options. Hardwood will last for years and will only need little care throughout the years.

Lastly, consider the beenfits of tile. Stone tile is unique in the way that it comes right from the earth and onto your floor requiring no chemical treatment....