Real Estate Information Archive

Interested in selling your home this fall? Here are some seasonal staging, pricing and negotiating tips to help close a deal before the holidays. 

1. Focus on curb appeal. Start by sprucing up your lawn: Keep falling leaves at bay with frequent raking and patch up any brown spots in the grass. 
2. Appeal to the senses. As the weather cools down, make your home a warm, welcoming space where buyers will want to stick around.  
3. Flaunt your fireplace. A warm, inviting fireplace is a great selling point as the weather gets cooler.
4. Update your listing photos. If your home has been listed since spring or summer, update your online photos with brand new fall shots.
5. Hire a reliable real estate professional. As if selling your home isn't stressful enough, you're probably preparing for the holidays during the fall and possibly helping the kids ease into a new school year. During this hectic season, you definitely want a great real estate agent to take some of the pressure of selling your home off your shoulders.

Please don’t hesitate to contact me and let me show you how my innovative marketing strategies will go above and beyond to get your home sold!

Healthy credit scores have never been more important. As banks tighten their lending standards, it's important to have your score as high as possible.

A FICO score is a number, in general from 300 to 850, that is formulated from your payment history, including such things as amounts of money owed, length of your credit history, new credit accounts open, and how you have used your credit. Age, salary, race, education, and religion do not affect your score. You can't buy a good score; you can only build one over time by demonstrating that you are a responsible borrower.

To improve your credit score, start with these steps.

1. Pay your bills on time. This seems like a simple enough feat, but in hard economic times, more and more borrowers are finding themselves hard-pressed with the decision of what bill to pay. If you find yourself having a hard time paying bills, be sure to talk with the lender or company you owe. They may have programs or suggestions that will help you avoid having your bill sent to collections.

2. Don't let items go to collections. Once an item is sent to collections, your credit report will suffer. This ding will stay on your report for seven years.

3. Don't open other new credit lines when applying for a home loan. You may want the new car or living room set, but the home buying process is not the time to open multiple new accounts. This is a sure-fire way to temporarily reduce your credit score. If you do this before finalizing your mortgage, you many find yourself stuck with a higher interest rate.

4. Monitor your report on a regular basis for errors and cases of identity theft. Errors do happen. To get them corrected quickly, be sure to contact both the organization that provided the erroneous information, as well as the credit bureau. Identity theft happens. And it is your responsibility to identify it and address it!

5. Pay down credit cards. Carrying high balances on credit cards can severely affect your credit score. Think of it this way. If you have a grand total of $10,000 worth of credit limits available, but you owe $5,000 on all of your cards put together, you are using half of your available credit!

The best loans and mortgages are available to borrowers with FICO scores 700 and above. Experian, one of the major credit reporting agencies, reports that the average credit score is 693.

For a look at your credit report, visit the government sponsored site, myannualcreditreport.com. You may access your report three times a year free of charge.

By Carla Hill, Realty Times

Published: August 10, 2010

People often ask me which remodeling projects will not only increase comfort and functionality of their homes, but also add value. An August 6th article in Realty Times addresses this well:

"While kitchens are still high on the interest list for buyers and homeowners, the National Association of Home Builders (NAHB) is reporting that remodeler survey respondents say that a bathroom remodel was one of their most common projects during the first six months of 2010--as much as 61 percent of their remodels were done on bathrooms.

"In previous years, kitchen remodeling was reported as the most common activity by more than 70 percent of remodeler respondents," according to the NAHB news release.

NAHB reported that its Remodeling Market Index sunk to 40.7 from 47.9 in the first quarter. The survey also showed a decline in larger remodeling projects "such as room additions, whole house remodeling, bathroom additions, and second story additions. But NAHB is forecasting encouraging news. "While remodelers are continuing to struggle, we expect the rest of 2010 to be a period of stabilization for remodeling, with the first stages of recovery emerging by the end of the year, followed by a robust recovery beginning early next year," said NAHB Chief Economist David Crowe.

No matter which room you're going to remodel, doing your homework and knowing exactly what you want will save you not only money but also potential headaches. Things like checking references and visiting some of the recently remodeled projects are a great way to determine if the company you plan to hire will be suitable for your needs."

1. Disassociate yourself from your home. Let go and begin to move forward.

2. De-Clutter - Think of this as getting a head start on the packing. Less is More in this case.

3. Make minor repairs. Look around like you are the buyer, check the details.

4. Curb appeal. First impressions are everything!

5. Give your home a good deep cleaning. Windows, carpet, closets, and cabinets. Then keep it up so those last minute showings really count. You want your home to be clean, clutter free and have a fresh clean smell.

I thought you might be interested in the latest home sale statistics for June, 2010 according to the Dayton Board of Realtors website:

June’s single-family sales activity rounded out a very encouraging first half of 2010 with five of the first six months sales totals topping those of a year earlier. There were 1,080 transactions reported in June, an increase of 19 over last June’s 1,061.

 A sales volume of over $148.8 million produced this year’s highest average sale price by far, at $137,840 per unit. This was a big jump from May’s figure of $126,966, and topped last June’s average by 2.5%.  The streak of year-over-year monthly increases in the average sale price has now reached a full 12 months in a row.

Single-family figures for the first half of the year compared to the same period in 2009 are up in every statistical category, a fact which hopefully signals a positive trend going forward. Sales January-June totaled 5,445, a 12.5% increase over the same reporting period in 2009.

 A sales volume of $678.6 million year-to-date is a 20.8% increase over last year, and the average sale price is up 7.4% from $115,986 in 2009 to $124,641 in 2010. The median sale price year-to-date shows an even more impressive improvement of 14.1%, from $95,500 to $109,000. Percentage sale/list is also up by 0.83%.   

Single-family listings entered in June totaled 2,177, considerably more than May’s figure of 1,890, but nearly identical to last June when 2,180 listings were posted. Listings submitted from January-June have reached 12,652, a 7.6% increase over last year’s first half total of 11,758. 

Overall single-family inventory at the end of June stood at 9,101, the highest number of available properties for sale so far this year, which is typical of the summer months when selling activity picks up. The supply, based on June’s sales pace, stands at 8.4 months, up from May’s 7.5 month supply.

The inventory at the same point last year was at 8,920 single family listings, but the sales pace was also slightly lower, which translates into an identical supply of 8.4 month’s at the mid-point in 2009.

Buyers will compare the different homes that they see to determine value. If two or more homes of the same size are on the market in the same area, for the same price, the one in the best condition will probably sell first.

If two or more homes of the same size are on the market in the same area, in the same condition, the one with the best price will probably sell first.

If two or more homes in the same condition are on the market in the same area, at the same prioce, the largest one will probably sell first.

If two or more homes of the same size are on the market for the same price, in the same condition, the one with the best location will probably sell first.

I'd like the chance to talk with you in depth about what can be done to sell your home. Feel free to contact me at 937-470-2083.

Offering a Home Warranty Plan is an excellent incentive for attracting buyers to your home. A home warranty protects against financial setbacks due to costly repair or replacement of covered appliances and major systems.

The good news is that the cost is not paid until closing but you, the seller, are covered during the listing period and it protects the buyer for a full year, beginning on the day of closing.

There are several home warranty plans available, each offering coverage options at varying rates. We can discuss the different rates, coverage options, and exclusions. I will help by obtaining the home warranty for you.

Typical major systems and appliances covered are : HVAC, water heater, dishwasher, oven/range, refrigerator, roof, plumbing and electrical systems. Items such as septic systems and swimming pools can be added.

The weekend is fast approaching and, if you’re like me, you have a whole list of household chores to do. Oh, I know you’d rather be golfing or playing tennis or watching TV, but keeping your home in good shape is important. Your home may be the biggest investment you will ever make. Taking good care of it with regular maintenance is necessary to maintain its value and ensure it will provide a comfortable, safe shelter for you and your family for a long time. 

Here is a home maintenance quiz that will test your maintenance knowledge. While this quiz does not address every home maintenance project, it does provide helpful tips and reminders for chores you may have overlooked.

 1. How often do forced-air furnace filters need to be changed?
At least every three months during the heating season.

 2. What part of the faucet usually needs to be replaced when you have a water leak?
The washer.

 3. Should you run hot or cold water through your garbage disposal?
Cold water.

 4. How often should the moving parts of garage doors be oiled?
Every three months.

 5. What tools can you use to unclog your drains?
A plunger and a plumber’s snake.

 6. What tool can be used to unclog a toilet?
Coil spring-steel auger.

 7. What faucet part needs to be cleaned every three to four months?
Aerator—the screen inside the end of the faucet.  

8. What can you use for traction on icy sidewalks, steps and driveways?
Cat litter or sand—never use salt because it damages the pavement.  

9. Where should the fire in your fireplace be built?
On the andirons or grate, never on the fireplace floor.  

10. What will prevent soot and add color to the fire in your fireplace?
Throw in a handful of salt.  

11. Where should your firewood be stored?
Outside, away from your house and not directly on the ground.

 12. What helps keep unpainted concrete floors easy to keep clean?
Concrete sealer.

 13. What should you use to clean unpainted concrete floors?
A solution of 4 to 6 tablespoons of washing soda in a gallon of hot water. Mix scouring powder to the solution for tough jobs.

 14. When can you clean hardwood floors with water?
When the floors have a polyurethane finish.

 15. Do hardwood floors need to be waxed?
Hardwood floors that do not have a polyurethane finish probably will need to be waxed periodically. Use liquid or paste “spirit” wax.

 16. What is the best polish for vinyl floors?
Water emulsion wax.

 17. When is basement condensation at its maximum?
In new homes because gallons of water went into the concrete of basement walls.

 18. Why should noisy water pipes be fixed promptly?
The condition that causes noisy pipes may be accompanied by vibration that can cause fittings to loosen and leak.

 19. Why should frozen pipes be thawed slowly?
Frozen pipes should be thawed slowly to prevent the formation of steam, which could  cause the pipe to burst.

 20. How often should your roof be inspected?
A qualified roofer should inspect your roof every three years. 

High quality video tours are essential to selling homes in today's tough market. More and more buyers are turning to online shopping when it comes to their home search and the more information I can give them about your home, the better.

A recent article titled "Ten Tips For Terrific Listing Videos" states "If a 14 year old can post a video from their school field trip online in seconds, a well-paid real estate professional should be able to do something at least as good" (Matthew Ferrara & Co., Real Estate The Next Generation). I agree. That's why, as part of my innovative marketing services, I provide a Full Motion Video Tour, shot by a professional, of every home I list.

These videos help potential buyers to determine what your home's unique benefits are and what their living experience in the home might be. In addition, the Video Tour information is attached to your home's For Sale sign where potential buyers driving by can access it quickly and easily.

To take a full motion video tour of my current listings, please visit www.TourDaytonHomes.com. For additional information, please refer to a previous blog entitled "Preparing Your Home For A Video Tour."

Many buyers begin looking for homes in the Spring, making this time of the year a traditionally busy time in the real estate market.

In today's market, sellers have to work harder to persuade buyers that their property is worth a look. With Spring in the air, take the time to incorporate one of more of these landscaping tips that buyers are sure to notice.

1. Add splashes of color. With every changing season, a landscape should provide a new display of colors, textures, and fragrances.  Example: white iceberg roses that bloom in spring, summer, and fall as a backdrop; in front, a contrasting punch of purple salvia or lavender that will flower at the same time; and as an accent, a crape myrtle tree that provides changing leaf colors in fall and interesting branches come winter. 

2. Size trees and shrubs to scale. These should be planted in the right scale for the house so that they don’t block windows, doors, and other architectural features on the home’s facade. A large two-story house can handle a redwood, Chinese pistache, sycamore, or scarlet oak, but a one-story cottage is better paired with a flowering cherry, crabapple, or eastern redbud. Too many trees cast too much shadow and cause potential buyers to worry about maintenance and costs. 

3. Maintain a perfect lawn. A velvety green lawn demonstrates tender loving care, so be sure sellers’ homes don’t have brown spots. Some rocks, pebbles, boulders, drought-tolerant plants, and ornamental grasses will generate more kudos, especially in drought areas. 

4. Light up the outside. Good illumination allows buyers to see a home at night and adds drama. Sellers should use low-voltage lamps to highlight branches of specimen trees, a front door, walk, and corners of the house. But less is better. The yard shouldn’t resemble an airport runway. 

5. Let them hear the water. The sound of water appeals to buyers, and you shouldn’t just reserve this for your backyard. A small fountain accented with rocks provides a pleasant gurgling sound, blocks street noise, and is affordable. 

6. Use decorative architectural elements. A new mailbox, planted window boxes, and a low fence wrapped in potato vines add cachet, particularly during winter months when fewer plants blossom. Colors should complement the landscape and home. Just don’t overdo it: Too much can seem like kitschy lawn ornaments.

Source: Michael Glassman, landscape designer, Michael Glassman and Associates, Sacramento, Calif., www.michaelglassman.com