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Wednesday, June 21, 2017

The Top 5 Upgrades That Don't Add Value to Your Home

When updating your home, avoid these five renovations that won't bring you much value.

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Whether you want to get your home ready for the market or just to enjoy it a little bit more, there are five upgrades that won't add any value.

Spend your renovation money in the kitchen and bathrooms for the best return.

  1. Extensive landscaping: It simply won't give you a good return on your dollar.
  2. A new roof: The bottom line is that people who buy a new home typically expect a roof that works already. 
  3. Swimming pools and hot tubs: Chances are good that new buyers won't want a hot tub, and in some cases, it can even bring down the value of your home. 
  4. New paint: This will help the house look better, but like the roof, buyers expect houses to be painted already. Adding a fresh coat won't really add value unless you do the labor aspect yourself. 
  5. Solar panels: This is a big one up here in the Northwest. Even though they might cut down on your electricity costs and a small number of buyers really love solar panels, most buyers don't really think much of it or attribute any value to it.

If you have any questions about upgrades that will add value to your specific home, just give me a call or send me an email. I'd be happy to advise on some updates or renovations that will bring you a good return on your money.

Thursday, June 8, 2017

Avoid These 5 Mistakes When Selling Your House

If you want to sell your house in the Eugene market, avoid these five mistakes at all costs.

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When the time comes to sell your house, there are some big mistakes that you need to be sure to avoid:

Don't just hire the Realtor who says they can get the highest price for your house.

  1. Overpricing it: People hear about how good the market is and try to add an extra cost. The problem is that if it's competing against comparable homes that are priced lower, it will sit on the market. Once buyers see that it has been on the market for a long time, they start to think something is wrong with it and shy away. Then, you'll have to lower the price until it sells, and many times you'll end up having to sell for less money than you could have sold for by pricing it correctly in the first place. 
  2. Not decluttering the home: The more you do, the better it will look to prospective buyers. Box up everything you haven't used in the last few months and either put it in the garage or a storage unit. From there, you can stage your home any way you want.
  3. Not making simple repairs: This is the easy stuff like a ripped screen door or scratched linoleum. They're very noticeable to a buyer and can cause the price to drop. The good part is that it doesn't cost much to make these repairs ahead of time.
  4. Staying emotional about your home: You love your home. It's why you bought it in the first place. You've made a ton of good memories there, too. However, you want to avoid getting emotional when selling it. Buyers may try to lowball you, which might offend you, but just counter their offer like you should. They might also talk about remodeling the home or tearing out things you've worked on over the years, but remember that your goal is simply to get a particular price for the home.
  5. Not hiring the right Realtor: Don't just hire the Realtor who says they can get the highest price for your house because some Realtors will inflate that number just to get your business. You want someone who is straightforward and honest and tells you what you need to know, not what you want to know.

If you're thinking about selling your house, give me a call or send me an email. I'd be glad to help!

Wednesday, May 10, 2017

Where Is Our Crazy Market Headed?

Our market is favoring sellers, but buyers should be careful to avoid overzealous buying.

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Is this a crazy time in the Lane County real estate world or what?

As you probably know, back in February we only had 1.9 months of inventory, which means at that rate of consumption, we’d be out of properties in 1.9 months. To give you some perspective, six months is considered a balanced level of inventory between buyers and sellers. 1.9 months was not a good number, but I got encouraged when it shot up to 2.2 months in March. This means we’re getting more listings, which will help the market. 

There is a huge demand from buyers right now, and the market needs more inventory. Otherwise, prices will continue to skyrocket for the lower-end properties. I’ve gotten calls from several sellers lately asking me if I could sell their house at a great price. My response to them was that I could, but only if they priced it right first. If you price a property correctly, it should sell easily and quite possibly generate multiple offers in doing so. If you price it above its value because you think the market will support it, it won’t.

There is a huge demand for buyers right now, and our market needs more inventory.

How do you price your home correctly? 

You need to confer with your Realtor and have them do a comparative market analysis of homes that have sold recently that are similar to yours to give you a legitimate price point basis. If you price your home high and it doesn’t sell right away, you’ll have to lower the price. After that, your home will become a stale listing in this market. For example, if you price your home at $275,000 or lower, there will be high demand for it. If you price it higher than that, your pool of potential buyers will be much smaller. 

On the buyer’s side, I want to warn you about overzealous buying. Right now, many homes listed in the $225,000 to $250,000 price range are receiving multiple offers. The problem with this is each buyer is trying to position themselves higher than the other by putting in escalation clauses in their offers, which means they’ll pay more than the highest competing offer up to a certain price. The danger here is that this drives prices up and may cause you to overpay for a home.

If you’re a buyer of an entry-level home, be patient for the next couple of months because the recent surge in demand should cease. Don’t wait too long though, because interest rates may go up. If you’re a seller, don’t get greedy. 

If you have any questions about our market or are looking to buy or sell a home, don’t hesitate to give me a call. I’d be glad to help.