Real Estate Information Archive

Selling your home can sometimes be a daunting task; however we are going to talk about a few ideas of how to make selling your home a little bit easier.      

• One way to make your home stand out when you put in on the market is to stage it.  By this I mean make it look like a model home by taking down your family photos and adding a few decorations to match whatever season it may be at the time. 
• While your Realtor is showing your house, be sure to have a few candles lit and some relaxing music playing in the back ground for the potential buyer to enjoy.   Little things such as this will help to make a buyer much more at ease and to feel at home. 
• Be sure to have the yard looking nice and neat when you have a potential buyer coming to tour your home.  If you have kids and they have toys or bikes in and around the yard, be sure to put them up where they will not be seen.  Keep in mind you want the potential buyer to be able to envision themselves living in the home and if there are too many reminders of you and your family they may have a hard time doing this. 
• If you really want to make your potential buyer feel at home, leave a plate of warm cookies out for the showing.  Leave a little note out offering for the people touring your home to take one or two cookies and to enjoy them.  Your Realtor may have other ideas of what types of snacks you can leave out. 
• Be sure to clean from top to bottom and to put away anything that may be lying around.  Do not leave laundry lying around.  Even clean laundry laying on the floor or bed can make a home look messy and uninviting.  Remember you want your potential buyer to feel calm and at ease when touring your home and we all know that laundry usually makes us feel anything but calm and at ease. 

Hopefully these tips will get you started in the right direction for selling your home without much hassle.  A good Realtor can go a long way towards selling your home but you can do your part to help out and make sure your home stands out above all the others.  You want your buyer to remember your house and it’s my guess if you make them feel comfortable and relaxed while there, they WILL be back!

Information courtesy of Chester County PA Real Estate Expert Scott Darling.

Whether you are remodeling your home to get it ready to go on the market or you are making some changes to the home you just moved into, it doesn’t have to be a nightmare.   In this blog post I will give you a few tips on how to make your next remodeling project a good experience.

1. Get hold of a set of plans for your home so that you will be able to take accurate measurements  of doorways in small areas such as the bathroom.  This will insure that you don’t end up with a door that is positioned in a way that is inconvenient for everyone.
    
2. Make sure that you place outlets in areas in which they will be easily accessible.  Also be sure not to place outlets in wet areas where you may be at risk for electric shock. 
    
3. When remodeling your kitchen be sure to place your appliances in an area that will have adequate clearance.  There is nothing worse than opening the dishwasher and realizing that you cannot open it all the way because there is a wall in the way. 
    
4. When moving light fixtures over to make them fit in the center of your table, be sure that you have enough excess chain to make it look pretty and that it won’t end up looking like it was not intentional.  If you are a little OCD, this kind of thing will bother you immensely if you do it wrong.
    
5. Test your new paint color on the wall before you paint an entire room.  Paint is not always the color on the swatch once it is dry.  If you can get away with only purchasing one color and stick with that one color you will save yourself a lot of money and time. 

Keep these helpful tips and ideas in mind for your next remodeling project and you should come away from it feeling as if you have accomplished something great rather than feeling like you never want to tackle that type of thing ever again. 

Information courtesy of Chester County Realtor Scott Darling.

I am often asked, “Should sellers fix up their home before selling?” First, let’s talk about the stuff any Realtor is going to tell you so you have context for the rest.

It is easier to sell a house that is attractive to buyers and shows as being well-maintained. That is a matter of doing a little fix-up, but mostly clean-up. Make sure pipes aren’t leaking, for instance. That is relatively easy and not expensive. If your home really needs painting consider doing that. These are not high priced issues. Below we are talking about the expensive items.

If your house has structural defects or other problems that are expensive to fix you have more challenging decisions to make. First, remember that every house has defects! That is simply the nature of a complex structure. Second, savvy buyers know to expect defects so don’t try to hide them. Don’t kid yourself that if a problem can’t be seen easily it won’t be found out.

Most buyers assume there are some problems with any house. If they make an offer that you accept they will pay for a professional home inspector who knows real estate. Good buyer inspectors are very thorough. They are being paid by the buyer and are looking out for the buyer’s interests, not yours. It is not unusual for an inspection report to be in excess of twenty pages…in small type! Being honest with yourself about defects will prepare you better when you are faced with that inspection report.

So, the question becomes “Do I fix the problems before going on the market, or do I make it clear that I am selling “as-is” and discount the price accordingly?” The obvious follow-up question is “If I spend the money before selling, will I get that money back in the final sale price?” The general answer is that it depends on the nature of the defect and magnitude of the likely cost of repair.

Potential buyers are most likely to overestimate the cost if they have to make the repair and under-estimate the cost if the seller is paying. Cost versus value then becomes a negotiation to establishing a final purchase/sale price. If the cost of repair is major, such as a septic system, it makes the most sense to repair it before selling.

The best way to go about making these decisions is to pay a professional home inspector in your real estate market to make an inspection on your behalf as the seller. Their report will give you a thorough list of issues you might be faced with. It will also give you the tool to get estimates from contractors to make the repairs. Then you have a sound basis for making decisions.

An added benefit to having your own inspection on hand is that you have a professional document that you can use when negotiating with a buyer. Be practical and be prepared with your own inspection.

Information courtesy of Chester County PA Realtor Scott Darling.

A new year has begun and it seems to me that time goes faster and faster each day. The economy is predicted to grow around 3% in 2015 and as you can guess that is good news for the real estate business!  The real estate market holds a few more predictions for 2015…

• Interest rates are still low compared to what they have been in years passed but Freddie Mac is predicting that interest rates will rise above the low 4% they had dipped to in 2014 to up to 5% by the end of 2015.  Still these interest rates are extremely low so if you are in the market for a new house you should go ahead and plan on making a purchase sometime in the year of 2015. 
• Prices for houses by the end of 2015 are predicted to be a little higher than in years passed but not so high that they won’t still be affordable.  Home appreciation will likely move to 4.5 percent instead of 9.3 percent as in 2014.  It may be that home appreciation will drop to 3 percent by the end of 2015.
• If building a home is in your plans then you are apparently on target with a lot of other folks. The building of new homes is expected to rise 20 percent from 2014.  If you don’t find the house that fits your every need this coming year on the market, it will be a great year to build it to your own specifications. 
• Not as many folks will be refinancing in 2015.  As a matter of fact refinances will drop to make up only about 23 percent of single family orientations this coming year.  In 2014 refinances made up roughly more than half of single family orientations. 
• It will be a bit easier to get a loan for your new home purchase in 2015 as some of the restrictions that were once placed on new home buyers will be eased.  Funding sources will grow for new home buyers in 2015 as well. 

As you can see there is a lot of good news for the real estate market in 2015.  If you are considering buying a home, don’t wait another day longer…get on the phone and give me a call today to get you started in the right direction. 

Information courtesy of Chester County PA Realtor Scott Darling.

Be sure to read the article below from Realty Times author Blanche Evans discussing why sellers overprice their homes. She doesn't mince words!

Why would sellers deliberately sabotage their chances of selling their homes? It doesn't make any sense, yet it happens all the time.

Sellers arrogantly slap the highest price on their homes that they think they can get away with. Then they're surprised when the market slaps them right back with insultingly low offers or none at all.

If you're a seller getting ready to list your home with a real estate professional, and you're even thinking of testing the market with a high price tag, it's time to slap you and get your attention.

Here are four really bad reasons to overprice your home.

You think you're smarter than everyone else.

If you're truly smarter than everyone else, then your agent, the buyer's agent, the buyer's lender, the county appraiser, all the other sellers who have sold or who currently have their homes listed in the market and every buyer on the market is stupid compared to you.

Maybe you'll get lucky and some state lottery winner will write you a check. Oh, yeah, that'll happen.

You want control.

You're the seller who hires a real estate professional, but then doesn't listen to a word she says. Or you politely listen, smile smugly, and then inform your agent that you're in no hurry, you can afford to wait for the right price, you can always decide to drop the price later, blah, blah, blah.

But you're not in control. The market is in control. Buyers don't have to buy homes, and they certainly don't choose to buy overpriced homes.

You're dishonest.

Like keeping an ace up your sleeve, you see nothing wrong with hiding information from your agent or the buyer. Maybe you want to put such a high price on your home because you owe more on your home than it's worth. What if you can't get your price and you have to ask the lender to take less money. That's a big risk. It takes more time, the lender could say no, and your buyer could get righteously angry and walk away.

You're entitled.

You feel you deserve nothing but the best, but you're really the client from hell. You really think it's your hapless agent's job to meet your unrealistic expectations. You expect your agent to hire Josh Whelan to video your home, put a full-page ad in the New York Times, hold an open house every week, stand in your front yard with a bullhorn and get buyers to step right up -- all for a discounted commission.

Overpricing is a risk. Buyers aren't stupid. Agents don't work for free. Lenders don't ignore lending guidelines. So don't be stupid. Don't overprice your home.

Information courtesy of Chester County PA Realtor Scott Darling!

You’ve officially joined the ranks of the empty-nesters. One of the first questions that usually comes to mind is should we downsize our home. The kids are gone and we probably don’t need this big house. But is buying a smaller home right for you? Obviously, there are pros and cons to consider about both your finances and lifestyle before making a decision.

Reasons not to downsize:

• The family is spread all across the country and you want to have a place for everyone to gather for the holidays and vacations.
• You’ve been in your current home for many years and have filled it with mementos you don’t want to part with.
• You’re not emotionally ready to pack up and leave a lifestyle you worked hard to create. Leaving family, friends and familiar surroundings is more than you can bear.
• You enjoy the feelings that go along with your larger home. A smaller home will not feel right for your current lifestyle.

Reasons to downsize:

• The lower (or zero) mortgage payment that comes with a smaller home would give you more discretionary funds to travel and enjoy other recreational activities.
• A smaller home means less to maintain and more time to play.
• You and/or your spouse are not able to navigate the stairs like you use. A single level home is more desirable.
• A smaller, newer home is more efficient and cost effective.
• You need to be closer to a family member who needs assistance and your attention.

If you decide to downsize, make sure the new home fits both your lifestyle and pocketbook. Talk with a real estate professional about how much money you will net from the sale of your current home, as well as the costs of buying another one. Look into how much it would cost to move and to maintain the smaller home. Make sure it really is cheaper to live there. Downsize only once you’re satisfied that the finances make sense.

Buy into your new lifestyle:

A smaller house in your current neighborhood could be the right decision if your priority is maintaining close ties to neighbors. Just make sure there are amenities like public transportation and stores nearby if your health begins to deteriorate.

A retirement community could be perfect if you never want to move again and you want to focus on travel, hobbies and perfecting your golf stroke instead of mowing the lawn. Talk to current residents to see whether they’re happy with the rules and the way things are run. Another option you may prefer is a condominium to eliminate the maintenance but not be locked in for life like many life care communities.

It is a big decision to downsize. So, make it carefully, do not rush, and get professional advice about the real estate and financial aspects of moving.
 

Results from the annual REAL Trends 500 once again display the difference between RE/MAX Associates in the U.S. and their competitors: RE/MAX agents, on average, sell more homes.

Within the brokerages participating in the 2014 REAL Trends 500, RE/MAX agents averaged 17.8 closed transaction sides in 2013, a figure more than double the average (8.4 sides) of all other agents. The RE/MAX average easily topped the average of major competitors such as Coldwell Banker/NRT (9.1), Century 21 (8.4), Berkshire Hathaway HomeServices (7.9) and Keller Williams (7.2).
 
RE/MAX agents also averaged $3.9 million in sales volume, 60 percent higher than the $2.5 million average of all other agents in the survey.

In perhaps the most telling result, when you rank the brokerages by Transaction Sides Per Agent, 91 of the top 100 firms are with RE/MAX. Associates in those offices averaged a staggering 32 transaction sides each.

Ready to buy or sell a home. Contact me today and let's get started!

Military home buyers have benefits, legal protections and financing available that are complex, convoluted and often ignored. The ins and outs of Veteran Administration financing can be difficult and mind boggling to understand. It takes a knowledgeable and experienced real estate agent to help veterans navigate the real estate landscape.

Because the these complexities, a new designation for real estate professionals has been developed with the goal of helping military families understand and utilize the benefits they have so deservedly been given. The name of this designation is Military Residential Specialist (MilRES).

I have proudly earned the new MilRES in order to provide the best possible council and guidance to my military clients. Currently, there are only 2 other designees in the state of Pennsylvania.

MilRES has developed relationships with the Department of Defense, Veteran’s Administration, key Congressional leaders and others who share our goal to help the “military” community without any additional cost to them. Working together, we hope to make a difference in the lives of our veterans, our active duty personnel and their families.

Are you a veteran, reservist or active duty military and looking to buy or sell a home? If so, please contact me at your convenience. I am proud to assist you and your family reach your real estate goals.

If you moved to your Chester County PA home in 2013 now is the time to anticipate itemizing deductions on your tax return. Take yourself to a quiet corner of your home and begin to plan for tax time in April. Here’s a partial checklist of some often overlooked deductions:

• Mortgage Points: Most homeowners know that mortgage interest is deductible, but often forget that points are, too?  Points are actually prepaid interest and may be deductible as mortgage interest if you itemize deductions on Form 1040, Schedule A.
• Moving expenses: If you moved more than 50 miles for a new job, expenses such as movers, renting a truck, storing and insuring furniture, connecting/disconnecting utilities, and the cost of lodging while moving can be claimed as deductible expenses. Refer to IRS Pub. 521.
• Job hunting costs: When looking for a position in the same line of work you held previously, you can deduct expenses associated with trying to land a new position including out-of-town lodging, transportation, employment agency fees, business cards, and resume printing costs.
• The standard deduction:  If you turned 65 last year remember you are now eligible for a larger deduction.
• Medicare insurance and long-term care premiums: Medical expenses over 10% of Adjusted Gross Income are deductible. Remember to include the cost of Medicare Parts B, C, D, and supplemental insurance.
• State sales tax: You still have a choice between deducting state income taxes paid or state sales taxes paid. Since you will choose whichever gives you the largest deduction, keep in mind the purchase of unusually large items like home building materials.
• U.S. Armed Forces members, especially those serving in combat zones, face some special tax situations and are entitled to special tax benefits.  Click here for specific details. Moving expenses listed above also apply to the military.
• Early withdrawal penalty:Did you cash in a CD last year? If you were charged an early withdrawal fee, you can deduct it directly on your 1040. Financial Planning and Management Expenses, Schedule A. Be sure the fee is itemized on the Form 1099 from your bank.
• Investment Advice: The costs of investment newsletters, paid financial advisors, or other fees spent to manage your money can be deducted.

Remember the above is a partial checklist for your convenience. For more details concerning deductions related to moving to your home refer to www.irs.gov and/or consult a tax advisor.