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Pricing It Right - Competitive Listing Prices Play Pivotal Role in Getting Homes Sold

March 15, 2013 5:20 pm

Pricing your home right is one of the biggest factors that can’t be overlooked when it comes to getting your home sold. While getting as much money as possible for your home is at the top of any seller’s list, setting a price that’s too high will not work in your favor.

In most cases, a real estate agent will be able to talk you down to a price that’s competitive in the marketplace, but if they can’t, and you choose to go with an over-inflated figure, you need to be prepared to play the waiting game.

Chances are, an overpriced home will also keep agents away from previewing the property. Agents understand the market as well as home values in the neighborhood better than anyone else, and they’re not going to waste their time looking at homes that are unrealistically priced. Also, even if a property does sell above true market value, it may not appraise, and the buyers may not be able to secure a loan.

When it comes to pricing, it’s your right to stay firm with your beliefs, however, if you don’t price a home right from the beginning, you may lose out on prospective buyers who may have been interested in your home. By setting the right price from square one, you’ll avoid having to lower the price after realizing that your home isn’t selling. And a simple price drop to a price-point where the home should have been originally may not necessarily help.

According to real estate industry veterans, the first 30 days a house sits on the market are the most important because that’s when the listing attracts the most attention and gets the most showings. Once a house is “old news,” it’s hard to recapture the flurry of initial activity you would have had with a realistic price.

House hunters will see that the house has been on the market for a long time and may think there might be something wrong with it—other than the price. Therefore, you might be forced to make a significant cut to stimulate some interest and warrant a second look from those who may have passed over the house the first time.

Plus, potential buyers might think you are getting desperate and make an even lower offer.

By overpricing your home in the beginning, you could actually end up settling for a lower price than you would have normally received if you’d priced your home correctly from the get-go.

For more information about pricing your home competitively in today’s market, contact our office today.

Published with permission from RISMedia.


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Home Sale Contingencies Practical in Today's Housing Market

March 15, 2013 5:20 pm

Finding your dream home can be a time-consuming process, however, it’s entirely possible to find a house that’s perfect for you before you have a chance to sell your current home. If you find yourself in this situation, a home sale contingency may be your best bet.

In its simplest terms, a home sale contingency means that the purchaser of a property must sell and settle their own home in order to purchase the new property…and the buyer is giving them time to do so.

An agreement like this, while complicated, can be practical in today’s housing environment. For one, it provides a sense of comfort to the seller because they know they have a sale in place. When it comes to the buyer, it takes the stress out of having to find a new home once they sell their own. Buyers can then make decisions regarding their sales price and terms, knowing what lies ahead for them in their next house.

The buyer in a contingency will still be going through the motions of the sale and spending money on home inspections, bank fees and appraisal fees that won’t be refunded if the deal falls through because they are unable to sell their own home. It’s a risk that many are willing to take, however.

If your home has been on the market for a while, a contingency makes sense. However, if you’re selling a home in a seller’s market, then it wouldn’t make as much sense to enter into a home sale contingency, especially if you’re in a hurry to sell.

There are also sale and settlement contingencies that allow the seller to continue marketing the house to other potential homebuyers. That means if someone else wants to buy the house, they will give their contingency partner a deadline to come up with the purchase price. If they can’t make it happen, the deposit is returned and the home can be sold to the new buyer.

The downside to an agreement like this is that the home is listed as being under contract with the first right of refusal, which may keep other buyers from coming by to take a look, knowing that even if they fall in love with it and make an offer on the spot, they may not get it.

There’s also something known as a settlement contingency, where the purchaser of your home has already completed the sale of their property and have a set settlement date. If you’re accepting this arrangement, be sure that the buyer’s sale is on track with no inspection issues holding it up.

For more information about home sale contingencies, contact our office today.

Published with permission from RISMedia.


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Kick Your Home Decor Up a Notch: Adding Art a Simple, Inexpensive Fix

March 15, 2013 5:20 pm

Sprucing up your home to catch the eye of a potential homebuyer can come in many shapes and sizes. Whether it’s fixing up the entryway, giving your kitchen an upgrade or going through and decluttering, sellers put a lot of time and energy into the process of getting their home in tip top shape before it hits the market. If you’re looking to give your home added appeal—without breaking the bank—look no further than those empty walls, where adding simple artwork or decorative pieces can do wonders.

Art is always in style and adding a few key pieces to your home is one of the best ways to beautify your space and make your rooms truly stand out. If you want your interior to inspire or intrigue, it’s important to choose artwork that creates tension, such as modern art with classically designed furniture. If you prefer a soothing atmosphere, be sure to incorporate artwork that doesn’t scream out to be noticed.

While some believe that hanging paintings around the living room is all that can be done when it comes to adding art to their home, they couldn’t be more wrong. Art is appropriate in every room. Whether it’s used in an entranceway to make a statement, a formal living room with a traditional landscape or an entertaining area with a festive piece, incorporating art into your home is a personal decision.

Depending on what type of art you choose, it can add many things to any area of your home. Traditional or modern pieces—or anything that falls in between—can mix well with almost any home furnishing style. A good piece of art can also set the mood of an entire room, or be used as a subtle backdrop. When looking to entice buyers, finding that perfect balance between room colors, flooring and fabric colors is critical.

Additionally, artwork is one of the most powerful forces when it comes to decorating because it gives a space heart and soul. While art is subjective and everyone’s idea of good art is different, all art should inspire, evoke emotion and transport the viewer.

When choosing artwork to bring into your home, it’s important that you don’t fill bare spaces for the sake of simply filling a space. Wait until you have something perfect or a piece that you really love. While it might take some experimenting and arranging, going with a more minimalist approach will look more attractive than haphazard or inadequate arrangements.

Also, if hanging items on a blank wall, aim for roughly eye level. Don’t place numerous disconnected pieces throughout a room, and aim for consistent wall height between furniture and wall décor.

Remember, you can fill your home with fabulous furnishings and beautiful accents, but if you don’t take advantage of your wall space with some dramatic artwork, your home will never feel finished and may actually turn off potential homebuyers.

For more information about incorporating artwork into your home décor, contact our office today.

Published with permission from RISMedia.


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In this Edition: Contingencies

March 15, 2013 5:20 pm

Our lead story in this month’s Home Matters, brought to you through our company's membership in RISMedia’s Real Estate Information Network® (RREIN), examines how incorporating art into your home décor provides an easy, inexpensive way to spruce up your home and attract potential buyers. Other topics covered this month include the importance of pricing your home right and why you shouldn’t overlook the kitchen when it comes to decluttering. We hope you enjoy this month’s edition of Home Matters and as always, we welcome your feedback. Email us anytime!

Published with permission from RISMedia.


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Checking Your Sump Pump This Spring Can Help Avoid Costly Basement Flooding

March 14, 2013 4:02 am

As winter gives way to spring, the threat of water flooding your basement substantially increases. As soil thaws it is overly saturated with water, and when a spring rain adds a few fresh inches, the water finds the easiest path to flow—usually along your home’s foundation, down to the basement and into your sump pump basin. If your sump pump fails, you’ll have a major water damage problem on your hands.

A sump pump is a last defense against flooding, pumping out water from the lowest section of the basement before the water level reaches the basement floor level. As groundwater levels rise, it is diverted into the sump hole. When the water reaches what is called ‘the critical level,’ the sump pump begins to pump the excess out through a pipe that leads outside and away from your foundation.

Just a few inches of water in a basement can cause tens of thousands of dollars in damage. According to the Insurance Information Institute, water damage— including sump pump overflow, frozen and burst pipes—has accounted for about 22 percent of all residential insurance claims. The average claim was $5,531.

The average lifespan of a sump pump is about 10 years, and they do eventually wear out. Fortunately, most sump pump problems can be avoided by a few regular maintenance checks and can easily be fixed by the homeowner.

Here’s a list of common sump pump problems and solutions for each. Before performing any sump pump maintenance, be sure to unplug any electrical power leading to the unit.

• Debris in The Sump Basin. Always check to make sure that the sump pit is free from debris. Children’s small toys and debris from items stored around the basin can get into the unit and hinder the float mechanism, causing it to fail. Test the float itself, since they can burn out over time. Fill the pit up with water, making sure it both starts and stops the sump pump as designed.

• Inspect the “Check” Valve. Sometimes, the check valve can be improperly installed. The check valves are set up so that when the sump pump shuts off, no water will go back into the sump pump. The check valve’s arrow should not be pointing toward the sump pump.

• Clean The Weep Hole. Some pumps will have a weep hole, usually between the sump pump and the check valve. You can clean this weep hole out with a toothpick or other tiny object. Be careful not to break anything into the weep hole.

• Clean the Impeller. This is a small filter that can easily become clogged. If your sump pump has stopped running suddenly, or has been making a whining noise, this could be the problem. The impeller should be connected to the sump pump with bolts and may need a good cleaning to work properly.

• Sump Pump Odor. Typical odors are caused from the sump pump trap. The trap always retains some water, but when water doesn’t flow into the basin during the dry seasons of the year, an odor starts to form. You can eliminate the odor by using a bleach-water mixture to cleanse the basin. One part bleach to five parts water will work. You can also fill the basin with water until the sump pump engages, cycling the water and helping to eliminate the odor.

• Install a Back-up Power Source. Purchasing a sump pump back-up power supply or a generator is a great idea to avoid overflow when you have a power outage. Most power outages are caused by heavy thunderstorms that bring huge amounts of rain very quickly. This is when you need your sump pump most. If you lose power the back-up system will take over to get rid of the water as the basin fills up. There are also water powered back-up systems that tap into your home’s water supply to provide the energy needed to run the pump. It is good to invest in the purchase of a back-up system now, rather than face the costs of a flooded basement.

Source: www.advantagerestorationandcleaning.com

Published with permission from RISMedia.


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What Do We Like to Do Most in Our Yards? Relax, says a New U.S. Poll

March 14, 2013 4:02 am

With spring 2013 around the corner, many Americans will finally be venturing out to enjoy their yards. And according to an online survey conducted by Harris Interactive in December 2012, those with a yard/landscape will be looking forward to three yard and landscape activities most of all: relaxing, planting, and spending time with family.

The study, conducted among more than 2,800 U.S. adults (ages 18+) on behalf of PLANET, the national trade association of landscape professionals, finds that yard/landscape ownership is highly prevalent (88 percent) among Americans. In fact, 81 percent of those with a yard/landscape say the upkeep of their yard/landscape is important to the look of their home.

Why Take Care of That Yard/Landscape?
When asked the chief reason for maintaining or improving their yard/landscape, yard/landscape owners are most likely to cite showing pride in their home (42 percent) as the primary motivator, although creating an outdoor relaxing space (16 percent) and raising or protecting their property value (15 percent) also win double-digit support.

But, when it comes to what the yard or landscape is commonly used for, relaxing rises to the top (26 percent), followed by planting flowers/vegetables (17 percent) and spending time with family (14 percent).

Not surprisingly, those with children under 18 in the household are more likely to view the yard as a place where the whole family can interact, and where kids can play.

• 70 percent of people aged 55 and over and 75 percent of retirees say that the upkeep of their yard/landscape is important to them vs. 40 percent of 18-34 year olds.
• Yard owners 55 and over are much more likely than any other age group to use their yard mostly for relaxing (33 percent vs. 26 percent for the 45-54 age group, 18 percent for those 35-44, and 22 percent among those 18-34.)

Hiring Professional Help
Since taking care of a landscape often requires help, if yard/landscape owners were to look to landscape professionals for help, the most important factors they would look for would be price (69 percent) and quality of work (68 percent). Interestingly, men place more value on quality of work, whereas women cite price as particularly important.

“Our members dedicate their lives to helping homeowners keep their yards and outdoor spaces healthy and inviting,” said PLANET CEO, Sabeena Hickman, CAE, CMP. “We’re glad to see that consumers are taking pride in their well-kept landscapes and find them important areas for relaxation and quality time with family.”

Published with permission from RISMedia.


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Rent.com Survey: 60 Percent of Renters Do Not Have Rental Insurance

March 14, 2013 4:02 am

You’ve already “sprung forward” your clocks to let a little more sunshine in, but did you know that March is also National Maintenance Month? Daylight Savings acts as an annual reminder to make sure your whole pad is up to par.

Rent.com conducted a survey of 1,000 renters nationwide and found a few startling stats that shine a light on how unprepared most renters actually are in case of an emergency situation:

• 21 percent of 18-24 year old renters didn’t know they were supposed to perform maintenance.

• 35 percent of renters have no plan for safety in case of an emergency situation.

• Over 55 percent of renters do not feel safe and prepared in and around their apartment, yet 60 percent of renters don’t have renters insurance.

Despite the fact that the National Association of Insurance Companies found that the average premium payment is just $15.75 a month, 60 percent of renters who don’t have renter’s insurance say it’s because it is too expensive. This amount roughly is:

• Less than the approximately $80 a month that 50 percent of the American workforce spends buying coffee.

• Less than the approximately $148 a month two-thirds (66 percent) of American workers pay for lunch.

• The cost of just two movie tickets a month at the national average of $7.96 each.

Source: Rent.com

Published with permission from RISMedia.


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Tips for Making Roof Color Choices with Confidence

March 13, 2013 4:02 am

Standard slate gray or bold terracotta? Solid brown or a blend of three warm brown tones? For some homeowners, the question of what color to cap off their homes is more challenging than the decision of what roofing product to use.

According to color expert Kate Smith, CMG, people are often paralyzed at the idea of making a roofing color decision. "Selecting exterior building product colors can be daunting for some people, specifically because of the long lifespan of those products," says Smith. With some roofs having as much as a 50-year warranty, it's a long-term color commitment to make. "While it's fairly easy and inexpensive to repaint the interior of a room, you want to maximize your roofing investment by selecting a color you can live with for many years. Many people need some support and guidance when making those larger color decisions."

Smith, a national color expert, offers these tips for homeowners trying to determine what roofing colors to select.

• Tip #1 – Take time and do your homework. Don't rush a decision. Try to envision a home exterior that you will like next year, five years from now, and then 20 years from now.

• Tip #2 – Consider your options. While a solid color roof may work for some home styles, a blend of several colors may offer a "softer" look with more accent options. Pre-bundled roofing color blends can be made with two, three, four or five different color blends that complement each other.

• Tip #3 – Investigate the different roofing color options available to you. Use a Color Design tool to create your own custom color blends.

• Tip #4 – Request life-sized samples of your favorite color roofing tiles to hold up against your current roof to see the change that a new color will make for your home.

• Tip #5 – Look at the other homes in your neighborhood. Your home should blend in or stand out from other homes, but never clash with the rest of the homes in your community. A roofing color can help achieve a harmonious look.

• Tip #6 – Get assistance from a professional. Just as selecting the roofing product is a big decision requiring the assistance of a professional, so is the choice of the roof color. Consult a color expert and use the color tools offered by experts and product manufacturers to gain a strong comfort level for your color choice.

Source: www.davinciroofscapes.com

Published with permission from RISMedia.


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Tips on Planting the Right Tree in the Right Place

March 13, 2013 4:02 am

There are many benefits to planting trees: they keep homes cool by providing shade, enhance property values and clean the air. However, if the right tree is not planted in the right place, it can potentially damage electric and gas lines, causing power outages, gas leaks and other serious public safety concerns. In fact, more than 90 percent of tree-caused power outages come from healthy trees and branches that fall or grow into power lines.

Even trees that are small when planted may grow to heights that can interfere with overhead distribution power lines, and planting any type of tree near larger, higher-voltage transmission power lines should be avoided all together. Calling 811 before digging will also help customers plant trees in a location where roots won't interfere with underground electric and gas lines.

Here are a few tips for planting the right tree in the right place, especially if you are planting trees near distribution power lines:

• Only plant a tree near distribution power lines if it will grow to less than 25 feet at maturity. (This information is available at your local nursery.)

• Avoid planting any type of tree near larger and higher voltage transmission power lines; only use low-growing plants.

• Whenever homeowners or contractors are grading, installing sprinklers or planting a tree, PG&E urges them to call 811 at least two days before starting a project to have underground gas and electric lines marked. For more information, visit www.call811.com.

• Keep all trees, equipment and people at least 10 feet away from power lines.

Source: Pacific Gas and Electric Company

Published with permission from RISMedia.


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Top Five Termite Facts & FAQs

March 13, 2013 4:02 am

According to pest control leader Orkin, this is the season for termite swarms in the southeast U.S. When temperatures are consistently above freezing, termites often swarm inside homes before moving outdoors to search for food and water. Here are answers to consumers' top five frequently asked questions.

Q: Are termites only active in the spring and summer?
A:
No, even though termites are most visible in the spring, they can damage property year-round. According to the National Pest Management Association, termites cause about $5 billion in damage per year in the U.S.

Q: What is a termite swarm, and if I see one, does that mean I have a termite problem?
A:
Swarmers, also known as the "reproductives" of the colony, are termites that come out each year to start new colonies. They usually leave the nest in the spring. Colonies do not typically start producing swarming termites until the colony is fairly mature and has more than likely been established for a while. If people see a swarm of termites inside their home, that could be a sign that termites have been there for at least five to seven years.

Q: How can you tell the difference between a termite and a flying ant?
A:
Although termite swarmers and flying ants can be easily confused, homeowners should not assume swarms are groups of flying ants. Termites are found in every state except Alaska and thrive in warm and damp, humid climates. This is a good example of why it is important to partner with a professional pest management company. They can help homeowners determine what type of pest they have and develop a customized approach to a treatment plan and solution. Another difference is that ants typically swarm in the summer, while termites generally swarm right at the onset of spring when winter is ending.

Q: I do not see any signs of termites, so do I need to worry about a preventive plan?
A:
Warning signs can be subtle and often go unnoticed until structural damage has already occurred. Signs of an infestation can include termite swarms, mud tubes and piles of discarded wings. After the termites swarm, which is typically during warm spring days, they can shed their wings and leave piles of them behind. Any area around your home that is in contact with the soil can be a potential termite entrance.

Q: What else can homeowners do to prevent a termite problem?
A:
Orkin advises homeowners to keep gutters clear, and direct water from downspouts away from your home. Also, do not pile mulch or allow soil to accumulate against your home's siding. This could provide access for termites to enter your home. Finally, pay close attention to dirt-filled porches and crawlspaces. Termites could have easy access to wood through cracks in foundation walls or if wood is in contact with the soil.

Source: Orkin

Published with permission from RISMedia.


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