FALL'S MOST REWARDING HOME PROJECTS

 

It is official...September 22, 2020 ushered in fall at 9:31am (EST).  Before the joy of the fall season gets too far along there may be a few projects you may want to tackle to help your house prepare for the upcoming cooler weather.

1. Consider painting your front door.  This may sound strange, but during the summer months your front door may have endured the same harsh summer weather you did only it cannot tell you.  Either a fresh coat of the same color or a new color can do wonders to help your house stand out in your neighborhood.  

(P.S.  While you have the paint brushes out, if you have shutters on your home giving them a fresh coat of paint will balance the appearance of the front of your home.)

2. Power wash the exterior of your home.  The focus here is to remove the film of pollen that has been clinging to your exterior.  Caked up pollen and dust can dull the finish on your home and make your home appear older than it is.  

3. Clean gutters and downspouts.  It goes without saying that falling leaves and other debris have a way of congregating in gutters and downspouts.  This will be your opportunity to make any needed repairs to the gutter system and ensure the system is adequately secured to the roof.  

4. Repair or replace your roof.  While your gutters and downspouts are being checked, it would be doubly beneficial to have your roof examined.  Harsh winter weather can damage your roofing system so during the cooler fall weather is an ideal time to make those repairs. Have your roofer check all the valleys and ridges as well as around protruding pipes or chimneys for worn or tatters materials.  

(P.S. How well is your home insulated?  Snow melting in irregular patterns or too quickly may indicate that heat is escaping through your roof and that you need to beef up your attic insulation.) 

5. Clean the HVAC system.  You have been using the air conditioner through most of the spring and summer months.  You have been changing A/C filters on a regular basis to ensure good air quality, but now with cooler or colder months coming, your HVAC system will transfer from cooling to heating. This is a great time to get your six-month HVAC system cleaning.  It would probably not hurt to have the duct system serviced as well.  HVAC service personnel can check the system for leaks and repair or replace faulty duct work. 

Tackling these projects early on in fall will help you enjoy the season and all your activities in and around your home is comfort and warmth. 

LOW INVENTORY MAY IMPACT FALL HOUSING MARKET IN 2020

One of the bright spots in the current economy is real estate, but the one thing that may hold back the housing market in the fall from achieving its full potential is - low inventory.

You are probably aware that buyers are looking to capitalize on today's historically low interest rates, but there are not enough houses for sale to meet the growing demand.

Sam Khater, Chief Economist at Freddie Mac, states "Mortgage rates have hit another record low due to a late summer slowdown in the economic recovery.  However, heading into the fall it will be difficult to sustain the growth momentum in purchases because the lack of supply is already exhibiting a constraint on sales activity."

National Association of Realtors note that the current unsold inventory sits at a 3.1-month supply.  To have a balanced market the market needs inventory for 6 months.  If this trend continues it will get even harder to find homes to purchase in the fall.

According to Chief Economist at realtor.com, Danielle Hale, "The overall lack of sustained new listings growth could put a dent in fall home sales despite high interest from home shoppers, because new listings are key to home sales."

"The post -pandemic period has brought a record number of homebuyers back into the market, but it's also failed to bring a consistent number of sellers back," notes Javier Vivas, Director of Economic Research at realtor.com.

There are two immediate takeaways from this message:

 1. If you are thinking of selling your house this fall would be a great time to make that happen.

 2. Realtors indicate that an average of 3 offers per house and an increase in bidding wars means the demand is there and the opportunity to sell for the most favorable terms favors the seller.

7 KEYS TO OFFERING ON AN OVERPRICED HOUSE

 

Today's real estate market is on fire as buyers come out of the woodwork looking for great deals.  Incentives like lower mortgage rates and limited inventory make the home buying experience exciting.  After looking at several houses you are ready to make an offer, but you believe the seller has overpriced his property.  How do you make an offer on an overpriced house?

Here are 7 Keys to dealing with overpriced houses.

1. Determine if the house is truly overpriced for the current market by running comparable with similar houses in the area that recently sold.  With the assistance of your real estate agent, stay on top of the local property values in the neighborhood you want to live. 

2. Determine how long the house has been on the market.  Is housing in your desired neighborhood being sold within 30 days of being listed?  How long has the house you are interested in been on the market?  If over the 30 day thresh hold then pricing may be an issue.

3. Provide support for your lower offer in the form of a CMA (Comparative Market Analysis) of the recent sales in the neighborhood for similar houses.  Your real estate agent can provide this documentation in support of your lower offer.

4. Determining what the seller's motivation is for selling at this time may lead to the reason why the property is overpriced.  Is the seller fishing for an inexperienced buyer?  Is there a deadline the seller is trying to meet?  

5. Make your offer stand out by attaching a hefty deposit, agreeing to a flexible closing date, or attaching a pre-approval letter.

6. Be ready to negotiate with the seller to reach a mutually agreeable sales price.  Keep in mind your financial limits and what your highest and best offer will be.

7. Be ready to walk away.  As hard as it may seem and even though you have done your due diligence sometimes there is just no room for agreement.  So, resolve that if the seller is unmovable, simply walk away and look for another house.

Utilizing these 7 Keys may not always result in a win for you, but it will demonstrate to sellers that you are knowledgeable and in touch with the current local real estate market.

THE BENEFITS OF LOAN PRE-APPROVAL

 

You have been thinking about a "move up" and out of your current residence and finding a larger home for your growing family or out of the shoe box of an apartment.  Where do you begin?  Begin by being knowledgeable about your buying power through loan pre-approval.

Let us look at a few reasons why you start with loan pre-approval before you start house hunting.

1. By obtaining a loan pre-approval you send a message to all potential sellers of your credibility as a buyer and you have verified you have the financial resources to conclude the purchase.

2. With loan pre-approval you narrow the list of potential homes you look at so that you find the right house sooner.

3. With a loan pre-approval, as a buyer, you gain confidence and avoid disillusionment by knowing which houses match your buying power.

4. Your loan pre-approval will increase your bargaining and negotiating power with sellers.

5. Pre-approval of your loan enables you to negotiate a faster closing period on your new home because you have eliminated the need to do so after you have a signed contract.

Loan pre-approval works to the advantage of both the buyer and seller and makes the home buying process flow much easier.   The first step in your home buying process needs to be loan pre-approval because it establishes you as a serious buyer.