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PROFARM Neighborhood Advocates
Remodeling ROI (September 2017)

Whether you’re thinking about modernizing a room in your home or rehabbing an entire house, you’ll want to make sure the money you invest in the project has a positive effect on your home’s value. Before you start tearing up tile, ripping out old plaster or buying that “handyman’s special” you’ve had your eye on, consider consulting a professional real estate appraiser about the economics of your proposed project.

You may receive good advice on questions such as:

  • Is the improvement feasible and marketable?
  • Are neighborhood trends pointing to an upward cycle?
  • How to go about it

When it comes to improving your home, don’t count on a dollar-for-dollar return on every improvement. For example, real estate appraisers have found that remodeling a kitchen or bathroom or adding a room may bring the greatest return on a homeowner’s investment. Some custom installations can actually detract from value, which appraisers call “overimprovements.”

“The latest research shows that home improvements with a relatively low cost are most likely to generate a positive cost-to-value ratio,” says Appraisal Institute President Jim Amorin. “Spending big dollars on major renovations doesn’t necessarily equate to a dollar-for-dollar return. In short: cost doesn’t necessarily equal value.”

Amorin encouraged homeowners contemplating renovation projects to compare the planned improvement to what’s standard in the community. “Projects that move a home well beyond community norms are typically not worth the cost when the owner sells the property,” he says.

Make sure essential repairs are completed before you start improving — a posh sauna won’t make up for a leaky roof. In fact, simple and relatively inexpensive repairs such as plastering and painting could earn a better return on your investment than some major improvement projects. Many buyers can’t overlook tacky paint colors, old or dirty carpet and ugly kitchen cabinets. Start with freshening up what you already have before adding new features to your home.

When deciding what to improve first, take a look around and find out what other homebuyers want. That way, you’ll select those improvements for which the market is willing to pay. Beware of overimproving.

If you do it yourself, do it right. Keep your improvements consistent with the quality of your home and the character of the neighborhood. If you decide that you can’t do the job yourself, be sure to contact a reputable contractor. Pay a fair price for improvements, not an inflated price.

Also be sure to consider energy-efficient improvements. While they may not save you a great deal of money now, as energy costs increase, so will your savings. Many buyers are looking for “green” and “smart” features in homes these days. Even something as simple as installing a smart thermostat can be an attractive bonus to buyers.

Most importantly, obtain any necessary permits to make sure your improvements are legal. Illegal improvements might not add value. In fact, work done without the necessary permits can create problems for you and the new buyer when it comes time to finalize a sales transaction.

I would be happy to discuss ideas and a strategy with you that would be appealing to buyers. Let me know how I can assist you! Thank you.

AnnalisaWeller1@gmail.com, 727-804-6566

 

Sources:

The Appraisal Institute, “Remodeling & Rehabbing: Some Valuable Hints for Homeowners,” © 2014 (http://www.appraisalinstitute.org/assets/1/7/remodeling_rehabbing_web.pdf)

Florida Realtors News, “Top return on investment? Smaller remodeling projects,” April 20, 2017 (http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=351064)

REALTOR Magazine, “Ugly Home Features Buyers Can’t Overlook, “ August 3, 2017

(http://realtormag.realtor.org/daily-news/2017/08/03/ugly-home-features-buyers-cant-overlook)

© 2017 Pinellas Realtor® Organization

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July There's no place like home

 

                                                              Capture                                                           PROFARM Neighborhood Advocates
                                                           No Place Like Home (July 20, 2017)

Wherever you are in your real estate journey – dreaming, planning, remodeling, looking – a REALTOR® can help you along the way.

There’s no place like home… until a better house hits the market! You thought you were settled, until a “For Sale” sign showed up in front of that house you’ve been eyeing for years. Even when you are settled, there are always shifting priorities and scenarios that may prompt you to consider moving.

The kids are gone and you want to downsize, or maybe a parent is moving in with you. Perhaps you’ve just gotten married or are having a baby and need more room. Housing and family needs combined account for 72.7% of the reasons people move, according to the 2015-2016 U.S. Census Bureau.

Or you’ve got outdated appliances and have new kitchen envy. Many of the homes in Pinellas County are older housing stock, and need not only cosmetic, but in many cases safety or efficiency upgrades.

The next generation of home buyers are looking for updated interiors, well-equipped kitchens and outdoor living rooms.

According to the National Association of REALTORS®, for-sale-by-owner homes stay on the market longer and sell for $39,000 less than those sold with the help of a real estate professional.

Finding the right agent matters! An experienced agent, who knows the market and has a network of potential buyers, can help sell a home 32% faster than an inexperienced agent (study by Dr. Bennie D. Waller, Longwood University).

Whatever your life stage or wherever you are in your real estate journey, you have a partner in me to help guide and support you.

I’m ready when you are! Contact me to set up a personalized plan for your real estate goals. Thank you, Annalisa Weller

© 2017 Pinellas Realtor® Organization

Study shows blues and grays are the way to go for interiors and doors, ‘greige’ for exteriors

Homes with bathrooms painted in a powder blue or periwinkle shade sold for an average of $5,400 more — the highest sales premium of all colors analyzed.

When it comes to a home’s exterior, neutral tones, such as ‘greige,’ sold for $3,496 more than comparable homes in a different color.

by MARIAN MCPHERSON 

Furthermore, homes with front doors painted in shades of dark navy blue to slate gray sold for an extra $1,514.

On the other hand, buyers seem to be put off by style-specific features such as terracotta walls, which resulted in a $2,031 dip in sales prices. But even more than that, prospective owners seem to hate white walls: Homes that had no color whatsoever sold for an average of $4,035 less. Ouch!

“Color can be a powerful tool for attracting buyers to a home, especially in listing photos and videos,” said Zillow chief economist Svenja Gudell. “Painting walls in fresh, natural-looking colors, particularly in shades of blue and pale gray not only make a home feel larger, but also are neutral enough to help future buyers envision themselves living in the space.

“Incorporating light blue in kitchens and bathrooms may pay off especially well as the color complements white countertops and cabinets, a growing trend in both rooms,” she added.

If a seller is adamant about keeping color in the home, have them consider a pop of color on an accent wall using Pantone’s Color of The Year, Greenery, or have them incorporate jewel-toned decor pieces throughout the home.

BYMARIAN MCPHERSON     Email Marian McPherson.

7. Kitchen3

1766 Maryland Ave NE, St Petersburg, Florida

When a homeowner decides to sell their house, the number one thing that they want is, of course, the best possible price!! Right? Next, is that they want the least amount of problems to receive this price. Most sellers don’t realize all of the steps required to reach their goal. Marketing is more than sticking a sign in the yard, placing an add on Craig’s list or posting some photos on Facebook. Does the seller know how to stage the house to show it’s best appeal to the most buyers? Is the seller willing to answer phone calls 24/7, literally? Yes, at 2 in the morning when a buyer is searching the Internet! Does the seller know if the buyer is a serious buyer with their mortgage in place or are they pre-approved? In order to know all of these things & much more, a seller really needs to hire a real estate professional.

Technology has changed the buyer’s behavior during the home buying process. According to the National Association of Realtors’ 2016 Profile of Home Buyers & Sellers, the percentage of buyers who used the internet in their home search increased to 94%. However, the report also shows that 96% of buyers who used the internet when searching for homes purchased their homes through either a real estate agent/broker or from a builder or builder’s agent. Only 2% bought their homes directly from a seller that they didn’t know. Most of the buyers who bought homes directly from sellers (For Sale By Owner) still used a Realtor to represent them. Buyers start their search for a home online but then depend on an agent to find the home they will buy (50%), to negotiate the terms of the sale (47%) & price (36%), or to help understand the process (61%). There is so much information out there, either through the Internet or family & friends that more buyers are now reaching out to real estate professionals to help them through the very complicated process. The percentage of buyers who have used agents to buy their homes has steadily increased from 69% in 2001.


Sooooo, if you are thinking of selling your home, don’t underestimate the role a real estate professional can play in the process. The vast majority of buyers have realized that they actually need a Realtor in order to purchase their new home correctly. The laws regarding real estate change constantly & a professional Realtor will know the latest requirements & forms, as well as have a much larger audience with which to present your home in the best light.

These are some of the best “Smart Home” devices that may help to sell your home or increase the selling price of your home. Some may even help to lower the cost of your homeowner’s insurance. Worth checking out. Let me know what you think or which ones you’ve utilized.

 

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SAN FRANCISCO – Nov. 1, 2016 – Technological advances have made real estate agents especially important to millennials, according to a study by Coldwell Banker, “Wealth, real estate and the high-net-worth investor.”

http://www.floridarealtors.org/NewsAndEvents

The study found that over 70 percent of respondents believe agents are more important than ever, with nearly two-thirds saying they would never buy or sell a home without an agent’s help. More than half of those polled said agents are more important to the home-selection process than friends, family or digital resources.

The main reason millennials value Realtors? They recognized their own lack of experience in the sometimes complicated homebuying process.

However, technology remains important to young adults. A Realtor’s role has diminished in some areas thanks to online tools, such as mortgage calculators; easy access to taxes and other government-related information; and general background info on cities and neighborhoods.

Moreover, technology has changed the process by making it easier to respond quickly to contacts, which is a must for millennials. This demographic also takes into consideration an agent’s reputation on social networks

As a result, a Realtor’s role may not have diminished, but the study suggests that successful agents must adapt to the changing demands and expectations of today’s younger buyers.

Source: Tech.Co (10/27/16) Costa, Diogo

© Copyright 2016 INFORMATION, INC. Bethesda, MD (301) 215-4688

http://www.floridarealtors.org/NewsAndEvents

This is an impressive post that brings out excellent points for both sellers and buyers. These are the kinds of things that we Realtors explain weekly, if not daily. Thank you Cara!
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Don’t go into the buying and selling process blind

As a layperson, you don’t know what you don’t know when it comes to handling the single largest transaction you’ll likely make in your life.

As with most important things in life, you wouldn’t try to handle a legal situation without an attorney, build your own house or take on the IRS solo to challenge a tax matter. Well, buying or selling a home is no different.

Here are 10 reasons you should never buy or sell a home without a agent.

1. Knowledge is not power

A little knowledge can be a dangerous thing when it comes to real estate. At the click of a mouse or a tap on your phone, you can get an instant valuation of your property.

Is that value realistic? On which properties is it based? What did those properties have that yours does or does not? What were the dates and details of those sales?

That valuation could be significantly more or less than what your property is actually worth. Just like using the internet to self-diagnose a medical issue is not the best idea, the same applies to real estate.

2. What do you know about the market?

To the above point, as a seller, do you know what other options buyers are likely to consider when they are looking at your home? Do you know who the typical buyer audience is, where they are coming from and how to find them?

Do you know what agents likely work with this group? What is the average number of days on market for homes in your area, and what percentage of the asking price are they getting? Are there any particular terms of sale that are a trend in your area, such as sellers paying closing costs for buyers or other concessions?

As a buyer, what types of properties are most realistic for your price range and the kind of financing you will be doing?

A good agent educates you about “real estate reality” as far as what you can get for your money in your desired areas and criteria that are important to you.

Lastly, whether a buyer or seller, do you know why properties in one particular location sell faster than another? Are there challenges, perceived or real that could affect values?

A stellar agent can prevent you from making an expensive mistake when it comes to buying (such as a home near a soon-to-be-constructed highway or busy railroad tracks — no wonder it was priced so cheap). And alternatively, that same agent can help sellers position their property in the best way when taking into account external factors around it that can affect value.

3. Agents are expert problem-solvers

So what happens when the inspection reveals termites, a roof leak, a house that needs to be replumbed — or worse yet when an inspector paints a picture of a fairly minor repair issue in a far worse light than it is? What happens when an appraisal comes in at less than contract sales price?

These are run-of-the-mill issues that agents face every day. They don’t make our palms sweat and cause us to faint, but instead we stand tall in the face of the myriad challenges this business presents.

My first broker told me, “If you aren’t solving problems, you aren’t selling real estate.” How true this is.

If you are selling your home on your own and encounter these situations, can you prevent the buyer from running for the hills? Do you have a plethora of experts you can call upon, often at a moment’s notice, who can help?

As a buyer, do you really want to be addressing repair items with a seller directly? Sellers are so often in “repair denial,” particularly when they are trying to sell their home on their own — there are never any issues as far as they are concerned.

As a buyer, do you really want to be addressing repair items with a seller directly?

 

4. Overcoming objections is what agents excel at

You are selling your home on your own. Do you have a record of who has come through and when? If they had an agent, who it was and what the buyer thought of it? If they didn’t buy your home, what did they buy instead and why?

A real estate agent with two buyers

That’s what agents working with sellers manage. Are there any themes emerging? If there are concerns that are presenting as a challenge for buyers, do you know how to address them?

Are there ways to combat these objections by providing additional information or consulting with needed designers, contractors, landscapers, the homeowners’ association and so on?

Superstar agents can effectively address objections such as “didn’t like layout” or “needs too much work” and know how to position a property effectively, so buyers go from “just looking” to locking an offer up.

5. Effective negotiation skills are key

As a seller, you received a low offer on the property. Do you make a counteroffer, outright reject it or not respond?

As a buyer, you want to make an offer that asks the seller for everything and the kitchen sink (well, because it’s attached, it conveys as part of the house anyway).

How do you formulate a strategy? Do you know your opponent and have you gathered much intelligence about them? How much should you offer or counteroffer?

Does your response risk alienating the other side? What about more than one offer? How do you facilitate, manage and negotiate effectively to keep all interested buyers in play?

The negotiation landscape can get complex, which is why a third party is always beneficial in acting as a buffer zone to separate emotion from facts and work to reach an objective outcome.

6. Preventive medicine equals more money in your pockets

The saying “an ounce of prevention is worth a pound of cure” certainly applies when it comes to real estate because surprise is never a good thing when it comes to buying or selling.

Surprise is never a good thing when it comes to buying or selling.

A good agent walks you through the necessary steps before you start your property search or put your property on the market.

As a buyer, there are certain things you must do before starting your property search, such as getting prequalified — preferably preapproved — so you don’t waste time looking at properties that aren’t a match, and so that you don’t waste a seller’s time coming through a home that you cannot afford.

As a seller, are there items that should be addressed before putting your property on the market? Should you get a pre-listing inspection, and are there any repair items that need to be taken care of?

What about staging or editing your furnishings and decor? What items make the most sense for you to address to position your home for maximum exposure?

Do you need a floor plan created for your home? Is there any pertinent information you need to pull together that is critical for the sale?

In short, a top-notch agent guides you on critical steps you need to take before stepping into the market that will save you time, headaches and hassle when an offer comes through.

7. Marketing expertise is needed to sell your home

Image is everything when it comes to real estate, and a poorly presented property is like showing up at the Oscars without using a stylist.

Do you have access to the right photographers, video producers, stagers and interior designers to make your property shine?

Although you might think marketing your property on your own is easy, there is a difference between playing photographer and hiring someone with an objective, critical eye for what kind of marketing will attract the right buyers.

Are you able to find the money shot? What photos are going to best present the property? Should a drone be used, and for which shots?

Are you able to create a video to effectively tell your property’s story and how to best find that story and articulate it? What kind of marketing collateral can you prepare that’s going to communicate the features, benefits and advantages of your property over another effectively, and how is that collateral going to be distributed?

Do you have access to vendors that might be able to offer incentives or discounts for buyers who could benefit from their services with the new home?

A poorly presented property is like showing up at the Oscars without using a stylist.

8. Social network exposure is unmatched

Can you broadcast your property across numerous websites and various social media networks to pique buyer and agent interest — locally, nationally and possibly internationally?

Are you able to reach hundreds, thousands or even more with the click of a mouse? Are you able to use predictive analytics and targeted digital marketing to put your property in front of the right prospects? A top agent is skilled in making your property go viral in just seconds.

A top agent is skilled in making your property go viral in just seconds.

 

9. Agents have mad connections

Real estate agents are connected to just about everyone and everything. The three degrees of separation rule applies here.

Agents are constantly in the know — it’s their job to be. They leverage their relationships with real estate related service providers, lenders — and, most importantly, other agents — to help bring the sale together.

Agents exchange and share advice and ideas that can help one another, and by networking and information-sharing, they help bridge the gap between for sale and sold.

They also have access to properties that are not officially on the market and often know deals not advertised that builders might be offering in terms of discounts or specials that can help save you money.

Need a handyman or a really good painter? Ask your agent about the contacts he or she has, and get hooked up with great providers.

10. Trusted advice and an available point person are a seller’s best friend

Who else can you go to with a question or concern almost any time of the day or night? Yes, as much as we don’t like to admit it, there is no such thing as office hours for real estate.

A good real estate agent is your trusted adviser every step of the way, and unlike your attorney or accountant, you won’t get charged for every phone call or email.

Who else can you unload your qualms, fears and worries upon regarding the buying and selling process? When your peanut gallery of friends, family and co-workers are giving you confusing advice, who can you trust for objective information to make the best possible decision?

Don’t go into the buying and selling process blind. Let a real estate professional be your guide so that you can celebrate this incredible milestone without worry, knowing that the heavy lifting and problem-solving was done for you.

Cara Ameer is a broker associate and Realtor with Coldwell Banker Vanguard Realty in Ponte Vedra Beach, Florida. 

 

Annalisa Weller, Realtor®, Certified International Property Specialist

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