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5 Tips to Create a Home Bar

Thu, 09 May 2024 23:08:33 GMT

Mix and Mingle: How to Create an Impressive Home Bar Setup with Ease

So many businesses have been affected by the events of 2020, causing permanent and temporary closures of many of our favorite spots—including the corner bar. The local watering hole has always been a great place to meet friends, watch sports, and unwind after work.

Many homeowners have used this time at home to work on home improvement projects. Why not consider adding or improving a home bar to the list? Making simple changes can have a large impact.

1. Moody Paint – Carve out an unused nook and paint it a dark, masculine

color. Think of the old speakeasy with dark wood and soft lighting.

2. Sophisticated Seating – If your space allows, create a lounge-style

atmosphere with barstools or a bistro set. A black or wood finish will

emphasize the feel of a bar.

3. Stock Up – The key to a great bar is having the right tools and ingredients.

Retailers offer a variety of styles for such items as shakers, muddlers,

corkscrews, among others. Don’t forget the alcohol and mixers.

4. Open Up – Open glass shelving will showcase your style. Save money by

displaying the liquor bottles themselves instead of decanters.

5. Make It Mobile – If you don’t have extra space for your bar, there are a

multitude of bar carts to not only suit your style but allow you to go where

the party is.

If you’ve exhausted your weekend honey-do list, consider spending a little time to create a home bar. With a little thought and attention, you can entertain in style, even if you’re alone.

5 Maintenance Skills All Homeowners Should Know

Sat, 27 Apr 2024 19:56:08 GMT

Maintaining Home Bliss: Nurturing Your Home with Fundamental Maintenance Skills

Owning a home can be one of the most important parts of a satisfying lifestyle. The joy of coming home to someplace you can call your very own offers security and comfort. Yet owning a home comes with responsibilities as well; maintaining the home in proper condition is critical to avoid larger problems later.

While some people are handier than others, here are 5 maintenance skills anyone can master.

1. How to Turn off Your Gas and Water –If you smell gas or have a water leak, taking quick

action to shut off the source to the home while you wait for a professional can save

thousands of dollars, and even lives.

2. Understanding How Electricity Is Fed to Your Home –Learn how to reset GFI outlets and

popped breakers at the panel to avoid expensive house calls.

3. How to Find a Wall Stud – Avoid drywall repair when hanging pictures or shelves.

4. How to Change Your Air Filters – Keep your air fresh and your HVAC systems running

efficiently.

5. How to Address Simple Plumbing – From fixing a running toilet to recaulking the

shower, simple plumbing related issues can save money in service calls and damage.

A quick visit to the local big box home supply store or afternoon online watching repair videos can help any homeowner tackle a few simple do-it-yourself tasks around the house. Learning a few basic maintenance skills will ensure you and your loved ones are safe and you’ll help your home stay in top condition.

Essential Components of the Home Tool Kit

Mon, 08 Apr 2024 14:35:50 GMT

Building Your Arsenal: The Must-Have Tools Every Home Tool Kit Needs

A well-equipped home tool kit is not just for weekend warriors and do-it-yourself types. Hanging a picture, tightening a cabinet door, or assembling a Swedish-built cabinet are all moments when one might reach for a tool kit. If your toolbox

consists of duct tape and a hammer, a quick, inexpensive trip to the local hardware store can save you lots of time and headache later when you need your tool kit.

Essential Components of the Home Tool Kit

• Hammer – The hammer is the most used tool in any home. Choose one

that feels comfortable in your hand and is light enough that you can use

easily.

• Screwdrivers – While fancy ratcheting screwdrivers are comfortable, the

plain old inexpensive ones work just fine. Make sure you have at least one

flat head and one Philips head on hand.

• Nails and Screws – Of course, you’ll need these to go with the first two

items on the list. Since these are inexpensive, choose a few sizes to have on

hand for various projects.

• Measuring Tape – Alongside the hammer, you’d be surprised how often

you’ll use this tool.

• Drill – Drills are versatile tools and useful to hang pictures or tighten

screws. Decide whether your preference is cordless or corded.

• Duct Tape – Yes, duct tape does have a role in a well-stocked tool kit.

• Utility Knife – This will not substitute for a saw but small cuts and simple

adjustments can be performed easily with this small tool. A box cutter

would also work well here.

• Protection – Safety goggles and work gloves offer essential protection from

flying debris and hand or eye injuries.

Feel free to add other fun items you find during your stroll through the hardware store. You may never be ready to remodel your entire kitchen, but the right tools will provide you what you need to keep your home in great condition.

Barn Doors – Is the Trend Over?

Mon, 08 Apr 2024 14:35:23 GMT

Behind Closed Doors: Passing Fad or Timeless Design Element?

For the past several years, it seems every design magazine or home décor center featured barn doors. These doors offered a warm, rustic charm to the space and offered a focal point for the home. As time went by, however, many designers and homeowners realized that these doors also had a downside: they did not muffle sounds.

Barn doors hang on an upper track and slide to the left or right as needed. As many people raced to be a part of this classic farmhouse décor trend, they were dismayed to find that they lost privacy, soundproofing, and the functionality of a closed door.

So, is the trend over? The initial trend may have passed, but the use of barn doors has been reimagined. Barn doors now come in a wide variety of colors and styles.

• Clear or frosted glass doors can separate a home office

• Sleek metal might camouflage appliances in a modern kitchen

• A simple panel design could provide access to a formal dining room

• Barn doors are also used in more functional ways, on entertainment consoles or shelving

Barn doors offer new options for creating or accenting various spaces in the home. By hanging on a simple track, they can be placed where other doors would require extensive construction alternations. They are lightweight and easy to install. The farmhouse style might be fading, but homeowners are finding creative ways to use barn doors; this versatile feature will likely be around for a long time.

Mastering the Art of Quick and Lucrative Home Sales: Your Ultimate Guide

Mon, 11 Mar 2024 18:07:42 GMT

Today's Tips for a Quick & Profitable Sale

�� **Mastering the Art of Quick and Lucrative Home Sales: Your Ultimate Guide**

Welcome, homeowners and potential sellers, to a comprehensive guide crafted to transform your home-selling journey into a quick and lucrative success story. As a dedicated realtor with a proven track record, I'm thrilled to share the strategic steps that will pave the way for a seamless and financially rewarding experience.

**1. Strategic Pricing: Unlocking Your Home's True Worth**

Pricing your home strategically is a cornerstone of a successful sale. Dive deep into your local market trends, analyze recent sales, and assess comparable properties. I'll guide you through the nuanced process of setting the right price, ensuring your home not only attracts potential buyers but reflects its genuine value.

**2. Curb Appeal: Crafting a Lasting First Impression**

In the world of real estate, first impressions matter. Explore the secrets to enhancing your home's curb appeal, creating a visually captivating atmosphere that entices prospective buyers from the moment they lay eyes on your property.

**3. Professional Photography: Elevating Your Online Presence**

In today's digital age, captivating visuals are paramount. Discover the transformative power of professional photography, showcasing your home's unique features and creating a compelling online presence that captures the attention of potential buyers.

**4. Social Media Mastery: Expanding Your Reach**

Efficiently leverage social media platforms to broaden your audience, generate leads, and convert them into eager buyers. Learn strategies that will propel your listings into the spotlight, accelerating your journey towards a successful sale.

**5. The Art of Negotiation: Securing Your Profit**

Armed with my Real Estate Negotiations Specialist (RENE) designation, I'll provide invaluable tips on negotiation strategies. From managing offers to navigating counteroffers, gain the confidence to secure the best deal for your property.

**6. Real Estate Investing Insights: Maximizing Returns**

Drawing from my Real Estate Investing Certification (REI), delve into insights on leveraging your home sale for potential future investments. Uncover the financial opportunities that arise when strategically positioning your property in the market.

**7. Personalized Support for Busy Homeowners**

As a realtor and a parent, I understand the unique challenges you face. Receive time-saving tips and personalized advice to streamline the selling process, allowing you to balance family responsibilities while achieving your real estate goals.

Ready to embark on this transformative journey? Let's connect and discuss a tailored strategy to ensure a quick and lucrative sale. Reach out to me, Shalante Davis, at info@shalantedavis.realtor or (240) 830-7072. Together, let's turn your home sale dreams into a reality!

#RealEstate #HomeSales #SuccessGuide

Seller's Fear: Inability to get a Fair Market Value

Mon, 11 Mar 2024 17:38:12 GMT

Unraveling the Mysteries of Fair Market Value in the DC Metropolitan Area

Disclaimer: This blog serves as an informational resource and does not substitute professional financial or real estate advice. Consult with a licensed real estate professional for personalized guidance.

Navigating the Concerns: Overcoming the Fear of Inability to Get a Fair Market Value

Are you planning to sell your home in the vibrant Washington DC Metropolitan Area but grappling with concerns about getting a fair market value? As a seasoned realtor at Platinum Trust Realty, I understand the anxieties that can accompany the selling process. In this blog, let's address these fears head-on and explore actionable strategies to ensure you not only get a fair market value but maximize the potential of your property.

Understanding the Fear: Why Does it Matter?

The fear of not achieving a fair market value is a common concern among sellers. It stems from the desire to receive the best return on investment and to ensure that your property is valued accurately. While this concern is valid, it's essential to approach the selling journey with confidence and a well-informed strategy.

Educational Empowerment: Unraveling the Fair Market Value Enigma

Knowledge is power, and in the world of real estate, understanding how fair market value is determined is crucial. Through informative posts and engaging videos on our social media platforms, we aim to demystify the process. From breaking down the appraisal process to showcasing successful case studies, we provide insights that empower sellers to make informed decisions.

Interactive Workshops: Mastering Comparative Market Analysis (CMA)

We believe in equipping our clients with practical tools. That's why we host live and recorded workshops on platforms like Facebook and Instagram, guiding sellers through the intricacies of Comparative Market Analysis (CMA). By conducting your CMA, you gain a deeper understanding of your property's value and feel more confident in your pricing strategy.

Transparency in Action: Q&A Sessions

We understand that selling a home involves numerous questions and uncertainties. Our regular Q&A sessions on social media provide a platform for sellers to voice their concerns. By addressing these queries openly and transparently, we build trust and demonstrate our expertise in achieving fair market values.

Staying Ahead: Market Updates and Insights

In the ever-evolving real estate landscape, staying informed is key. We commit to providing regular updates on the local market, sharing insights into trends, demand, and pricing dynamics. By arming sellers with up-to-date information, we empower them to make decisions that align with the current market conditions.

Your Fair Market Value Toolkit: Resources for Success

To further support our clients, we've created downloadable guides, checklists, and templates. These resources serve as invaluable tools for sellers to navigate the fair market value landscape with confidence. Empowering you with the right resources is at the heart of our commitment to your success.

Conclusion: Embrace the Journey with Confidence

Selling your home should be a journey filled with excitement, not anxiety. By addressing the fear of not getting a fair market value and providing actionable solutions, Platinum Trust Realty aims to redefine your selling experience. Embrace the journey with confidence, armed with knowledge, resources, and a trusted realtor by your side.

Ready to turn your concerns into success? Let's embark on this journey together. Feel free to reach out to discuss your specific needs and create a personalized strategy for achieving the fair market value your property deserves.

Top 5 Ways to Make Your Offer Stand Out

Thu, 29 Feb 2024 20:40:54 GMT

Elevate your Offer: How to set your Offer apart from the crowd ?

If you’ve been looking for a new home, finding the right one is exciting. Now that it’s time to

write the offer, however, you might be wondering what you can do to make sure the seller is

impressed with your offer. Of course the easiest way is to offer cash significantly over asking

price, but fortunately in the real world there are still great ways to ensure the seller takes your

offer seriously and improve your chance of acceptance.

Top 5 Ways to Make Your Offer Stand Out

1. Pre-Approval Letter – A pre-approval means your lender has done their due diligence

and has all the documentation needed to close the loan.

2. Contingency Removals – Certainly you should not remove any contingencies which

could put you at risk, but the contract is full of some which you can safely remove.

Consider removing or shortening contingency periods to provide peace of mind to the

sellers.

3. Sell Your Home First – One red flag is the buyer who needs to sell their own home

before closing. Sell before you write the offer whenever possible.

4. Escrow Period – Working with your agent, offer a longer or shorter escrow period based

on the seller’s moving needs.

5. Win-Win – Show the seller that you want to create a win-win. Negotiations are part of a

home sale, but avoid seeming unreasonable or demanding.

While price is always important to the home seller, there are other valuable concessions or

offers which can mean as much. Work with an agent who views the transaction as a win for all

sides and learn what’s important to the seller before you write the offer. By accommodating

their needs as much as possible, you are more likely to have your offer accepted.

Selling the Family Home?

Thu, 29 Feb 2024 20:40:46 GMT

Turning the Page: Navigating the Emotional Journey of Selling your Family Home

Family is important , and your decision to sell your home may be difficult for those

closest to you. Moving can create mixed emotions, and it’s important to help your

family understand how and why you made your decision. Including family

members in the process can prevent strong emotions from potentially sabotaging

the sale.

As soon as you decide to sell your home, set aside time to have a serious

conversation with the rest of your family. If you have children living at home, they

may be fearful of leaving their home, their school, and possibly their friends.

Listen to them and reassure them of the safety of the family unit.

You can’t promise that nothing will change, but share the good things you expect

to get from the move; a bigger home, a better job, advantages of the new area,

etc. Help your children see that you’ve considered them from the very beginning

and explain why it will be a good move for them as well.

Adult children might be difficult as well. Even though they have left the home,

they may be less than enthusiastic for several reasons. They may question your

decision to move into the new home or area, or they might simply be nostalgic

and sad to see their childhood home sold.

A home is a special place and the decision to sell, especially if you’ve been in the

home for a long time, affects not just you but your family. You can help bring

them into the conversation by making time to listen and understand their

concerns and then share your own. This way, while you might not all agree, no

one will feel left out of the decision.

Interior Designs Tips for Your Bedroom

Mon, 26 Feb 2024 17:22:11 GMT

Sleep in Style: Crafting a Serene Bedroom Escape.

Everyone can agree that 2020 was a very difficult year; the pandemic forced us all to spend more time in our homes than ever before. This renewed focus on our living space resulted in a new appreciation of the way our surroundings affect us.

With more family members working and studying from home, the bedroom offers a personal sanctuary in which to relax and refresh. Making a few simple changes can transform your bedroom into a personal retreat to be enjoyed any time of the day.

New Trends for Bedrooms

• Canopy Beds – A focal piece for the room, modern canopy beds are open and streamlined.

• Headboards – Headboards are a simple way to update a look without taking up space; add some pattern or texture to the room.

• Comfortable Furniture – Consider adding a comfy chair where you can sink in with a good book or favorite movie.

• Paint for Relaxation – Proven to be one of the most relaxing colors, create a calming environment by painting the walls your favorite shade of green.

• Mood Lighting –Under-bed lighting and smart bulbs that dim can help set the mood and transition the bedroom as a space to use during the day or at night.

Finally, you can freshen the look of the room by exchanging bedding, area rugs, and cabinet hardware with modern styles and natural materials. Simple changes can encourage you to take a break from distractions, escape the stresses of

working or learning from home, and rest in your beautiful bedroom.

Maximizing Your Home Value

Sat, 11 Nov 2023 00:30:00 GMT

Here are the proven ways to boost your Home's Worth & Appeal!

Are you ready to list your home for sale? One of the first questions you might have is, “how

can I maximize my home value?” Every seller wants to get the best possible price for their

home; fortunately there are ways to make sure your potential buyers see the true value of

your property and allow you to receive top dollar when you sell.

Clean, declutter, depersonalize – The first thing every home seller needs to do is take a

critical look at the home and clear out the distractions. Cleaning the home/yard is a

must. Remove anything that can draw a buyer’s eye away from the beauty of the home.

Redecorate – Professional home stagers will often advise clients to remove and/or

replace furnishings. Even if you love oversized furniture, it can make the room look

small; consider renting more neutral pieces during the listing.

Perfect Condition – No home is perfect, but before you list take care of deferred

maintenance issues. Replace missing roof tiles, repaint any area that is worn or dirty,

and re-sod your lawn; remember; buyers want to know the home has “good bones.”

Update carefully – It’s not important for home sellers to have the latest countertops or

custom bathtub to get a good value for their home. Often the home

updates/improvements sellers undergo cost more than they would lose in sales price

without them. If your home is very dated, consider a seller credit instead to allow the

buyer to choose their own upgrades.

Homes retain value based on a few factors; the location, the condition and the features.

Before you list, speak with your agent, friends and family – then make any necessary repairs

and changes to ensure you get the best value for your home when you sell.

Selling in Summer

Tue, 08 Aug 2023 15:59:21 GMT

What to Expect when Selling in the Summer

Summer has traditionally been the best time to sell a home. Not only do many families take

advantage of moving when the kids are out of school, but in climates where winter weather is

unpredictable or severe, the warmer months make it easier to be away for showings. With

more homes on the market, how can you maximize your potential for a great offer among the

options? Fortunately, you can take a few steps to ensure your home stands out from the

crowd.

Tips for Selling in Summer

Control the Climate – The first thing a buyer will notice when they walk into a home is

the temperature. If the weather is warm and humid, it’s critical you keep the home cool.

A larger air conditioning bill is a small price to pay for a top dollar offer.

Let in the Sun – It might be tempting to close the blinds to save money on air

conditioning, but bright, sunny rooms are always more appealing; leave enough open to

showcase natural light.

Extend Outdoors – Today’s lifestyle includes the outdoor areas and more and more

homes feature outdoor living and dining areas. Regardless of your home’s features,

maximize the impact of your yard with furniture, BBQs and manicured landscaping.

Spring Clean – A fresh, decluttered home with a lighter, seasonal color scheme will be

visually appealing to your buyers. Replace dark pillows, linen and accents with softer

colors which make the rooms seem larger.

The summer selling season is here. Make sure your home is dressed for success. Welcoming

outdoor spaces and bright sunny rooms combined with inviting an air conditioned rooms will

ensure you get the best possible offer.

How to Lower Closing Cost?

Sun, 14 May 2023 03:04:31 GMT

Tips to the trade to help lower closing cost.

Closing costs help facilitate the sale of a home and both buyers and sellers pitch in. Some closing costs can be paid before the home is officially sold and others are paid at the end.

However, closing costs aren’t set into stone and they can be negotiable. You can ask your real estate agent or lender with help in estimating your actual closing costs. Look over everything to make sure all the numbers are right and then you plan accordingly in how you’re going to lower them.

Loyalty Programs

Some banks offer assistance to buyers when they use them to help pay for the purchase. It’s a way for a bank to reward loyal customers.

Closing at the End of the Month

Schedule your closing at the end of the month so you don’t have to pay the per diem interest for so many days.

Get Multiple Quotes

Get estimates from different lenders because you’re looking for the best package of closing costs and interest rates. There might be something better out there.

Junk Fees

There may be some fees a lender charges that may be negotiable, such as origination fee, processing fee, or application fee. Make sure to ask if what you are being quoted is the best they can offer.

Title Costs

Sometimes title insurance and settlement are bundled together. You may be able to find a title and settlement company that is less expensive.

Negotiate With the Seller

You can try to negotiate with the seller in paying for some of your closing costs. Buyers can ask for credit or to cover lender expenses during the offer and negotiation process.

Easy DIY Home Projects That’ll Make You Say, “Yes I Can!”

duda@secondgen.com — Wed, 10 Nov 2021 18:03:39 GMT

A little elbow grease; a big difference!

By: Leanne Potts

Beautiful you-can-do-it inspirations for easy DIY projects.

As anybody who’s been inspired by HGTV can tell you, DIY home projects on TV look amaaaazing.

But DIY renovations in real life: kiiiinda the toughest thing ever. And, yet, these rookie craftsmen did beautiful, jaw-dropping work that will totally inspire you. Check out these easy DIY projects for your home:

#1 Pinterest-Worthy DIY Window Seat

An empty recess in a room is a ripe spot for a DIY project, as home improvement blogger Britt Kingery can tell you.

She and her husband, Justin, built a window seat so ridiculously Pinterest-worthy you’ll want to make one for yourself (like, right now).

It’s a roomy 10-foot beauty, so you can seat a houseful of guests without dragging chairs all over the place. And (bonus!) there’s storage underneath for stashing lots of stuff out of sight.

You can custom-create your own for about $250 if you’ve got a few essential DIY tools.

Or you can do an Ikea hack to get the same result. Just attach one of their long, horizontal storage systems to your walls. Then add cushions and preformed molding for the same custom look.

The big reveal doesn’t happen overnight, and a renovation almost always looks worse before it looks better.

Britt Kingery, home improvement blogger

#2 Miracle Makeover With Just Paint, Stain (and Patience)

“The Brady Bunch”-orange wall and abused floors in the before photo are homely enough to strike you blind.

But what a miracle paint, sanding, and stain can do! Lighter shades on the walls, trim, and floor reflect natural light, making the space so much brighter. And for very little money (about $150).

The key to such an amazing transformation, Kingery says, is to be a tortoise, not a hare.

Sanding, taping, patching holes, and waiting on stain, paint or polyurethane to dry takes care and patience if you want professional-looking results.

“The big reveal doesn’t happen overnight, and a renovation almost always looks worse before it looks better.”

#3 Instant Open Floor Plan

Cramped, dark kitchens are so very 1981.

Sarah Lemp of the “All Things With Purpose” blog turned her dated kitchen into an open, light-filled space that feels and functions like a larger room.

The cost? $300. Yep. For less than the cost of a set of countertop canisters at Williams Sonoma, Lemp worked magic.

The biggest fix? She just removed a set of overhead cabinets that blocked light and the view into the dining area, making an instant open floor plan.

Then she turned to paint, the budget remodeler’s friend. She used a soft griege (designer-speak for grayish beige) for the walls of the kitchen and dining area.

She painted the remaining upper cabinets white, and the bottom ones dark gray.

“I love the look of white cabinets, but figured a darker color was more kid-friendly,” she says.

Lemp skipped the requisite subway tile backsplash and went with peel-and-stick shiplap instead. “It was easier and cheaper,” she says.

#4 Brighter Bedroom With Paint and Wood

This may be an ugly room, but we’re not sure because it’s so dark all we can see are cheap blinds and a poofy valance that hasn’t been fashionable since the Olsen twins were toddlers.

It needed major help.

Ashley Rose and Jared Smith of the blog “Sugar and Cloth” pulled off a weekend makeover by painting the walls a lighter color and replacing the window treatments with wispy, white drapes that practically pull sunlight into the room.

A pair of wall-mounted reading lamps added a second layer of light, because a lonely overhead fixture can’t light the whole room all by itself.

And that wall behind the bed? It’s strips of reclaimed wood with an adhesive backing. Peel, stick, and you’re done. No nails. No glue. And just one tool: a level to make sure you stick the wood strips in a straight line. Awesome.

#5 An Easy-Peasy Backyard Patio

Dirt’s ugly. It’s also a pain, turning into mud when it rains, dust when it doesn’t, and sneaking into your house on the feet of dogs and kids.

Covering it with a paver patio is a great fix. Chelsea Foy of the blog “Lovely Indeed” built this one in a neglected flower bed in just 10 hours.

She used patio stones molded to look like several individual bricks, because leveling one large stone is tons easier than leveling a bunch of bricks.

Those arcs of large river rocks just off the patio make a natural-looking transition between the factory-perfect pavers and the rest of the yard. They’ll also give you less lawn to mow or flowers to tend.

#6 Fancy Wall Molding for a Bargain Price

Wall molding makes a room look so custom, so finished, so much better than boring old drywall. But it costs around $25 a square foot just for the materials.

Mysha Barton of the blog “Remington Avenue” pulled it off along her stairs for just $30 — total.

The secret? She used MDF (medium density fiberboard, aka fake wood) to keep it cheap, and didn’t mount it in the traditional way with board panels on the wall.

Instead, she put thinner “chair rail molding” directly on the wall, and painted everything white, including the wall to get that rich look of molding.

The toughest part was cutting all those angles, Barton says.

She got it done with a miter box and a handsaw. “My advice is to use scrap wood to practice your angled cuts before taking on your expensive molding pieces.”

Barton did this project in just eight hours with three small children in the house, so even if 10th-grade geometry made you cry, you can do this.

#7 A Space-Saving Workbench

A DIY workbench is a gateway project, one that can lead you to harder projects and possibly, a home improvement addiction. Make this workbench your very first project and you’ll have room to do scads of projects — money-saving ones.

It’ll fit in a small space because it’s actually a door mounted on door hinges, so you can fold it flat against the wall when you’re not using it. Be sure to buy a solid wood door, not a hollow one, so it’s sturdy enough to stand up to years of projects.

We’re pleased to announce the addition of a real estate veteran to our team. Andrew Stevens joins us in our main office after 10 years in our northern branch.

How to Prevent (Home) Buyer’s Remorse

duda@secondgen.com — Wed, 10 Nov 2021 18:00:17 GMT

Always feel confident it's your dream home.

By: Lynn Ettinger

You can make a successful offer on a home even in a competitive market — with the right information and help.

When you’re house hunting, the pressure of competition can move you from “Hmm, I like that, but it’s too pricey,” to “I have to have that!” You think, so what if paying for this house will put me way over budget? I can cut back somewhere else, right? But that kind of thinking can get you into trouble. Trouble that’s totally avoidable.

Whether you’re in the middle of a home bidding war or facing down a list of must-haves, don’t lose sight of your budget and the risks. That way, you can own a house without home buyer’s remorse. And you’ll have money left to enjoy things like new furniture, entertainment, and just plain having fun.

Who Has Home Buyer’s Remorse and Why?

A competitive real estate market can set buyers up to purchase a home that’s either beyond their budgets —sometimes hugely beyond — or doesn’t meet their needs, according to a 2021 survey by Bankrate and YouGov. The survey found that recent home buyers, including 64% of millennials, had regrets about their home purchase. The top reason? They were unprepared for maintenance and other home ownership-related costs. On top of that, 13% percent of millennials said they think they paid a higher sales price than they should have.

“Things in homes always break down, so people should put aside a budget for anything that will need fixing,” says Lawrence Yun, chief economist at the National Association of REALTORS®. “A rule of thumb is to anticipate 1% or 2% of the home price for potential maintenance,” he explains. “So, for a $300,000 home, that means setting aside $3,000.”

One reason home buyers may be tempted to go over budget is they’ve been influenced by the beautiful homes on TV, according to an NAR report on home staging. “The shows can create unrealistic expectations for the home buying process and how homes should look,” says Brandi Snowden, NAR director of member and consumer survey research. In time, buyers can view features that used to be luxuries as necessities. They believe everyone has them and they should too. One solution: Work with a REALTOR as early as possible in the process. “Make sure your agent knows your budget, so they can help you set expectations and stick to them,” she advises.

How to Navigate House Hunting in a Competitive Market

In addition to pressure to exceed their budgets, buyers are facing hurdles like these five:

1. Requests to Waive Contingencies

Tamara Suminski, a real estate agent at Beach Real Estate Group in Manhattan Beach, Calif., is seeing not only bidding wars but also sellers wanting buyers to waive contingencies. “With an appraisal contingency, if the appraisal comes in low, the buyer has choices. They can choose to try to renegotiate with the seller, bring in the difference, or cancel. When they remove that contingency and its protection, and if the home doesn’t appraise at the right level, the seller is not very likely to renegotiate with them. And the buyer has waived their right to cancel. If they cancel anyway, they’re risking their deposit.”

Some buyers are also waiving contingencies related to home inspections. These investigations are an opportunity to have a home inspector view the home based on disclosures and for the buyer to use findings as a bargaining tool, Suminski says.

Eliminating these protections can end up costing money for buyers. And the more offers the buyer writes and loses, the more risk they will tolerate. So, they may waive contingencies and regret it later, says Suminski. Talk to a buyer’s agent who will guide you through this and explain the risks of removing protections and unknown variables, she advises.

2. Speed Showings and Decisions

Bryan Yap recently bought a home in an expensive and highly competitive market — Orange County, Calif. He found that with the pandemic, each showing lasted only 15 minutes. That was one of the biggest hurdles. “We’d see three, four, or five homes in one day. It’s hard to keep track of what you like and don’t like with each house. What I would do differently is take notes immediately after viewing a home. If you’re able to prepare beforehand, create a list of wants and requirements in priority order. Immediately after seeing each home, rank it based on the list.”

3. Focusing on the Top of Your Price Range

“If you’re looking in a micromarket where listings are achieving multiple offers and homes are going above asking price, don’t set your on the houses at the top of your price range,” Suminski says. If $300,000 is your upper limit, look at houses priced at $250,000 or $275,000. Otherwise, you’re going to be outbid from the gate every time.”

That was the process Yap used when he was looking. “I would look for homes $25,000 under my max budget. I went on Zillow and looked at homes that were sold recently and tried to calculate the average over-listing price those homes were being sold for and factor that into my offer price.”

4. The Need to Compromise

Yap’s must-haves were three bedrooms, two baths, and being closer to the city center of Anaheim. “I was able to get three beds, two baths, but I did have to compromise on location. I also had to compromise on price, which was doable because I could still afford it. To compete with all the potential buyers, I knew that we had to either offer an over-list price or remove some contingencies.”

Suminski advises adjusting your search outward geographically, even if it means a longer commute. Buyers might also have to compromise on property types and features. In addition, they should consider doing some DIY projects instead of wanting everything to be move-in ready. “They may have to be willing to look at townhouses instead of single-family homes or install carpet and paint on weekends.”

5. Information Overload

In the two years before he started searching for a home, Yap did a lot of reading. “It was a massive plan I had to come up with and stick to so that I’d be able to afford buying a home.”

Because of how hot the Orange County market is, agents scheduled showings as soon as a house was listed or showed “coming soon” status. Yap treated the home search as “almost a second job,” using lunch breaks and evenings to check emails, do online searches, and text his real estate agent about what he wanted to see. “I had to make a lot of sacrifices. People wanted to set plans with me for the weekend, but I said, ‘Sorry, I have to go view homes that day.’”

He primarily credits his real estate agents, including Sumiski, for keeping him informed. “They made all this possible. I learned a lot from them.”

Some agents, like Suminski, hold an accredited buyer’s representative designation but usually work with sellers as well as buyers. “An [agent with an] ABR has taken extensive buyer’s representation training,” Suminski says. “They’ll provide education to buyers so that they’re learning as much as they can about the market, including the risks involved with different negotiations. If buyers are going to shorten terms or remove protections, they need to be well informed about the pitfalls.”

Learn from Experiences

That access to information and guidance will help buyers making an offer on a home especially in a competitive market. “Today’s buyer has seen and written offers on many properties before they get their offer accepted,” Suminski says. “That’s common across the country. Each is a learning opportunity for buyers about what information they might need to be researching so they can move more quickly.”

When you act on advice from recent buyers and agents, you can stay well informed and get good results even in a tough market. And that’s the best way to prevent home buyer’s remorse.

A home like this comes on the market once in a decade. It’s spacious, fully renovated and designed to the highest standards.

8 Simple Rules for Negotiating Your Offer and Getting That House

duda@secondgen.com — Wed, 10 Nov 2021 17:56:12 GMT

In today's hot market, know how to make sure you get the home of your dreams.

By: HouseLogic

You and your agent are going to use everything you’ve learned to seal the deal.

Here’s the dream: Your offer is perfect, you don’t need to negotiate, and you can spend the next few weeks addressing more pressing home-ownership questions, like “Why is it called wainscoting?” and “Do I want a new couch in blush or emerald green?”

And it could happen. Many sellers accept the best offer they receive, and for a variety of reasons.

But sellers are also known to reject offers for a variety of reasons. Or make counteroffers. This is especially likely if you bid low, or when you’re up against multiple competing offers.

If you do receive a counteroffer, it’s up to you to decide whether you want to accept the new contract, negotiate the terms, or walk away.

In cases such as these, look to your agent. He or she is your spirit guide. If you decide you want to negotiate — that is, make a counteroffer to the seller’s counteroffer — your agent will use their negotiating skills to help get you the best deal. This is what agents do every day.

But you’re not just going to sit there. If you understand what negotiating tactics your agent may deploy — they depend on the local market and your position — you can back them up. And cheer them on.

Here are eight rules every buyer should know before they — and their agent — start negotiating:

#1 Act Fast — Like, Now

When you receive a counteroffer, you should respond quickly — ideally within 24 hours. The longer you wait, the more space you leave for another buyer to swoop in and nab the property. Also? If a seller senses hesitation, they may decide to withdraw their counteroffer before you even have a chance to respond.

#2 Raise Your Price (Within Reason)

While you obviously don’t want to overpay for a house, you may have to up the ante — especially if you initially made a lowball offer. Lean on your agent’s expertise to determine how much money you should add to the sales price to make it more enticing to the seller.

Then, through their powers of persuasion, your agent can make the counteroffer look even more attractive by pointing out similarly priced “comps” — recently sold homes in your area that are comparable in terms of square footage and features.

As your agent negotiates, it can feel like things are escalating quickly. It’s stressful. You may feel a sudden urge to do whatever it takes to win.

Before you go overboard, there are two things you must keep in mind:

You can’t exceed the monetary confines of the pre-approved mortgage you received from your lender.
You shouldn’t overextend your budget.

Because your counteroffer has to be an amount you’re comfortable spending on a home. You want that new house and to keep living your life. Plus: You’re not out of options yet.

#3 Increase Your Earnest Money Deposit

Increasing your earnest money deposit (EMD) — the sum of money you put down to prove to the seller you’re serious (i.e., “earnest”) about buying the house — is another way to show the seller you have more skin in the game. A standard EMD is typically 1% to 3% of the sales price of the home. Making a counteroffer with a 3% to 4% deposit could be what you need to persuade the seller to side with you.

#4 Demonstrate Patience About Taking Possession

Depending on the seller’s timetable, changing your proposed possession date — the date you take over the property — could butter them up, too. If the seller wants to stay in the home for a few days after closing, try offering a later possession date. You could also draw up a “rent-back” agreement, meaning the seller pays you rent for staying in the home for a set period of time after the closing date.

#5 Let Go of a Few Contingencies — With Care

Want to give your counteroffer an even bigger boost?

Reduce the number of contingencies you’re asking for. It’s your way of saying, “Hey, look, I have fewer ways to back out,” which gives the seller more reassurance that the deal will close.

But be selective: Some contingencies are too important to give up. A home-inspection contingency — the right to have a home inspection and request repairs — gives you an out if you spot major problems with the home (and protects you from buying a total money pit).

You might waive a termite inspection if you’re in a state where the risk is lower.

But ultimately, waiving contingencies depends on your market, your loan program requirements, your risk tolerance, and the circumstances of the house in question. And if you waive contingencies and then you find a problem, the seller isn’t responsible for fixing it.

#6 Ask for Fewer Concessions

At a mortgage settlement, home buyers have to pay closing costs for taxes, lender’s fees, and title company fees. Closing costs vary by location, but you can expect to shell out between 3% and 4% of the home’s sales price. The seller pays an additional 1% to 3%. (Smart Asset and Nerdwallet have simple calculators you can use to get a rough idea of what your closing costs might be.)

When making an initial offer, you have the option to ask the seller for concessions — a settlement paid in cash to help you offset your share of the closing costs. (This move is less feasible if you’re going up against multiple offers.)

Concessions effectively lower the seller’s net proceeds from the sale. Making a counteroffer that removes the concessions you would have otherwise received at settlement puts cash back in the seller’s pocket — and can improve your bid.

#7 Pick Up the Cost of the Home Warranty

Sometimes sellers offer prospective buyers a home warranty. This is a plan that covers the cost of repairing major home appliances and systems, like the air conditioner or hot water heater, if they break down within a certain period (typically a year after closing).

A basic home warranty costs about $300 to $600 a year, according to Angie’s List. If it seems like waiving the home warranty can sweeten negotiations, but you still want the peace of mind of having one, tell the seller they don’t need to cover it — then buy it yourself.

Just keep in mind, whether you or the seller buy the warranty, you’ll need to pay the service fee (typically between $50 and $100) if something does, indeed, need to be repaired while under warranty.

Also, FYI: A home warranty is entirely separate from homeowners insurance. Homeowners insurance — the security blanket that covers your home’s structure and possessions in the event of a fire, storm, flood, or other accident — is required if you take out a mortgage. It can cost anywhere from $300 to $1,000 per year.

#8 Know When to Walk

When negotiating with a seller, trust your gut — and your agent. If he or she says a deal is bad for you: Listen.

And if you don’t want to make any more trade-offs — and the seller won’t budge — it’s smart to walk. That can be a tough decision to make, and rightfully so! Negotiating is tough. It’s draining.

And losing something you’ve worked hard to get can be disappointing. But don’t worry. There’s a better deal for you out there. And after those strong feelings of frustration pass, you’ll realize: Now I know how to do this.

A home like this comes on the market once in a decade. It’s spacious, fully renovated and designed to the highest standards.