How important is it for your kitchen to be updated? More important than you might realize.
Sellers, you’re not selling a home – you’re selling the kitchen. The kitchen comes first. If your home is in need of updating, start with the heart of the home.
A home can feature hardwood floors or other desirable updates, but if the most important room lacks granite or looks dated, many buyers will move on to the next one. The buyers who decide to pursue the property may make a much lower offer than you’d like to receive.
It’s not necessary to break the bank on updates, but remember, the right updates to kitchens bring the most return when selling. A buyer may discount $10,000 or more for an out-of-date kitchen. Ouch.
Take a look at the before and after pictures below. You’ll notice only the countertops were updated – in one or two the backsplash and faucet were also done. Appliances and cabinets remained the same.
If appliances are in poor condition then it may be necessary for you to replace them along with countertops. You’ll be amazed at the response from potential buyers. Make the heart of the home appealing and the rest of the home will be appealing as well.
Always consult with your real estate professional before making costly improvements, which may not net you a good return.
Murphy’s Law has reared its head once again: homes in North Texas, and the nation for the most part, are more affordable than they’ve been in more than three decades. Unfortunately, mortgage guidelines are more strenuous and therefore it’s harder to obtain a loan today than it has been in 15 years.
Don’t let this news discourage you – there are still plenty of great loan programs available and the means of getting them are still attainable for most. If you’re one of the fortunate, then now is a great time to move up, or down, in home size or purchase that investment home, vacation home or retirement property you’ve been secretly considering. Today’s home prices and low-interest rates make it possible for many to purchase properties they wouldn’t have otherwise considered. Be sure to prepare a budget and know exactly what you’re able to afford so that you never over-buy and put yourself in a financial predictament.
This is an especially good time to purchase an investment property. Those with good credit and solid income are finding it easier than ever to buy homes and earn additional income from rental properties. And, as foreclosures continue, the demand for rental properties will continue to rise.
If you’ve toyed with idea of taking advantage of the current home prices and interest rates, you can search for properties in North Texas or contact us if we can be of assistance.
Pricing your home correctly from the moment it is listed is the single most important thing a seller can do to insure a quick and profitable sale. Most Collin County residents who plan to sell their home are faced with a challenge: how to sell their home for a profit.
Many sellers incorrectly believe that asking a higher price will net them more money; thinking that starting high gives them negotiating room. Unfortunately, these two notions are completely incorrect. This approach could actually prolong the time a home goes unsold and reduce the final sale price to well below market value.
A few key points to consider when pricing a home: The higher the sale price, the more it will be excluded from buyer property searches. A properly priced home will draw more prospective buyers and increase the chances for a quick sale. Statistics clearly show that the longer a property remains on the market, the lower its final sale price will be - buyers are wary of price-reduced properties, believing that something must be wrong with it.
Market analysis reports show that when a property sells in the first four weeks, it typically achieves a sale price within 1.9% of the fair market value. This discount increases to 3.6% after four weeks on the market, 5.6% after 12 weeks and 8.9% after 24 weeks. These percentages support the importance of pricing a home correctly from the start.
In competitive housing markets, it’s especially important that your home is not priced so high that it is overlooked or skipped in searches. A large number of buyers begin their searches on the internet. They key in price ranges and desired locations to get started looking at listings that meet their search criteria. A home that is priced even $1 above that range would be omitted.
The price of a home is critical – don’t let a pricing error cause you to lose more money in the long run.
Home builder confidence in the single family housing market has dropped for the third straight month, according to the National Association of Home Builders (NAHB). The Housing Market Index (HMI) reached a 3-year high just 90 days ago, but has dropped almost half in August reaching a multi-year low.
The new construction housing market and consumer confidence are down for similar reasons: high unemployment levels, strict credit guidelines, heavy supply of distressed properties (foreclosures) and battered home values. Although home values are on the rise in North Texas, it a slow recovery.
For home buyers in Collin County and surrounding areas, this drop in builder confidence can be an excellent negotiation tool. When sales are lean, builders are more likely to offer incentives, upgrades and price reductions as a means of enticing prospective buyers. This is especially true on inventory or spec homes, as the builders do not want to carry excess supply into the slow months of fall and winter. In addition to the obvious savings offered by builders, a weakness in home building can indirectly affect and reduce mortgage rates.
The combination of incentives and excellent mortgage rates make this a great time to build a new home. Contact us to help you take advantage of these great offers!
