Anna Messina's Blog
Ever wondered what the market value of your home is? Or what the market value would look like for your dream home? If you’ve done a quick Google search you’ve probably come across at least a handful of websites offering tools to help you determine the value you on your own. But the numbers these tools put out should always be taken with a grain of salt. Calculating a home’s value is a complex calculation taking more than just hard data into account. And that’s where your real estate agent comes in with the information you need to know that an online tool couldn’t possibly obtain.
The first thing you should know is that the market value is not a number set in stone. It’s also not a number that is reached from purely quantitative data. This is because market value is what buyers are willing to pay for a home and there are so many qualitative factors that go into this decision. Factors a computer can’t find or determine on its own and that usually require someone local who has extensive knowledge of the area.
Someone like a real estate agent! An agent is well versed in selling homes in the area and connections to the community. Agents also have access to a database that stores information from all the local home sales to use as a jumping off point when calculating the home value.
So this isn’t a hard and fast rule that necessarily goes by the book. While homes that have sold with similar features as yours are part of the equation they aren’t the whole picture. So yes, the number of bed and baths in your home, amenities, recent updates, the overall condition of the home, location, and age of the house will all be carefully considered this is just a piece of the bigger picture.
Factors such as current market conditions, how many other houses are on the market, and the various reasons why nearby homes have sold are a few factors that can make an impact on your home value. Afterall, you don’t want to underprice your home based off of other homes that have sold at a lower price point to attract buyers fast or overprice for your neighborhood based on what you feel your home is worth.
Lenders want to ensure the home is selling at or above the market value so getting the price right will ensure a smoother buying process for potential buyers. However, if a property is on the market for longer than 30 days, which happens often to those that are overpriced, buyers start to wonder why. They may avoid your home as a possibility. In this scenario, sellers often have to significantly drop pricing, often below market price, to attract potential buyers.
Real estate agents are truly the best source for all of this information. They can perform what is called a competitive market analysis (or CMA). We have access to resources third-party websites and DIY-appraising just can’t access.
The homebuying journey may require many weeks or months to complete. As you approach the finish line of this journey, there are lots of things you can do to ensure a seamless conclusion.
Now, let's take a look at three tips to help you quickly finalize a home purchase.
1. Conduct a Home Inspection
A home inspection generally is performed after a seller approves your offer to purchase his or her residence. At this time, a home inspector will walk through a house and identify any underlying problems. Next, a home inspector will provide you with a report that details his or her findings.
For homebuyers, it is important to review a home inspection report closely. If a home inspector identifies major problems with a residence, you may want to modify your initial offer to purchase or rescind your homebuying proposal.
You also should attend a home inspection. Although you are not required to attend an inspection, doing so may enable you to gain insights into a home that are not included in a house inspector's report. Then, you can use all of the insights at your disposal to determine whether to proceed with a home purchase.
2. Maintain Flexibility
You may want to close on a home by a specific date, yet the homebuying process offers no guarantees. Delays may happen without notice, and you need to be able to adjust your homebuying timeline accordingly. As such, you should maintain flexibility as you try to finalize your transaction.
Remember, both you and a home seller share a common goal – to complete a property transaction as quickly as possible. If you maintain open lines of communication with a seller, you can reduce the risk of miscommunications that otherwise could slow down the homebuying journey.
3. Collaborate with a Real Estate Agent
Navigating the homebuying journey is rarely simple, particularly for individuals who want to acquire a terrific house at a budget-friendly price. Thankfully, you can collaborate with a real estate agent to achieve the best-possible results throughout the homebuying cycle.
A real estate agent will learn about you and your homebuying goals and do everything possible to make your homeownership dream come true. He or she is happy to provide recommendations and suggestions as you conduct a home search. And when you find your dream residence, a real estate agent can help you put together a competitive offer to purchase it.
Of course, a real estate agent provides comprehensive assistance during the final stages of the homebuying journey as well. Reaching a home closing date may seem impossible at times, but a real estate agent helps take the guesswork out of finalizing a house purchase. Therefore, he or she will go above and beyond the call of duty to ensure you can reach your home closing date without delay.
Simplify the process of buying a house – use the aforementioned tips, and you can minimize the risk of encountering homebuying hurdles and streamline the homebuying journey.
For frequent hosts owning your own home is an exciting upgrade to your hospitality skill set. A home large enough to include a guest room for friends and family to stay the night allows you to provide a homey overnight stay that trumps a hotel experience every time.
To create the perfect home away from home guest room for visitors just follow this guide.
First things first, keep it tidy over time. Don’t fall to temptation and use it as a catch-all storage room. This will just lead to more clean up before guests arrive and detract from the home away from home experience if they feel like they are staying in a glorified storage closet.
Before guests arrive freshen up the room by dusting, cracking a window for fresh air, spritz linens with a spray, and vacuum the floors.
Stock your guest bathroom well with toilet paper, tissues, q-tips and cotton balls. Keep two full matching sets of towels folded up nicely and in the open for guests to easily grab. Take a page from the hotel room playbook and have decorative shelving for this very purpose. Either mount shelving to the wall or find a standalone unit that matches your decor.
Have toiletries on hand in case guests have forgotten any while packing. Include new, individually packaged toothbrushes, a tube of toothpaste and travel size deodorants for example. It is always thoughtful to stock the medicine cabinet with the basics.
Stock up on luxurious soaps, lotions, and shampoos to keep on hand in your guest bathroom. It’s best to also keep these out in the open so it is obvious to guests it is for their use. Tiered cake stands, catch-all bowls and clear jars are a great way to put these stylishly on display.
Offer the perfect sleeping experience by including a light bedding option and a warmer one - no matter the season. An ottoman at the foot of the bed with extra blankets and pillows will help guests feel at home to set up the bed their way.
Lay down on the bed to get a feel for how it would be for your guests. In fact, interacting in the room as if you are your guest is a great way to discover what your room is missing. Offer plenty of lighting. Bedside lamps in addition to the ceiling light allow guests to create ambiance or stay up reading while their partner snoozes.
Decorate the room to keep it cohesive with and as homey as the rest of the house. Hang pictures of friends and family. Frame a decorative image that has your wifi network and password readily available for guests to log in. Include fresh cut flowers and seasonal decor.
Whether you're looking for the house of your dreams or the spouse of your dreams, it helps to write up a detailed description of the qualities that matter most to you!
While your goals should be realistic and attainable, you do not want to compromise your standards or aim too low.
In the case of house hunting, there are many conditions which will directly affect the success of your search.
Here are some of the main ones.
- Your budget: All things being equal -- the higher your budget, the greater your chances for getting everything on your wish list. The most desirable locations, lot size, amenities, and square footage often come with a price. The same can be said of homes that are in optimal condition with lots of recent updates, improvements, and energy efficient or high-tech features.
- The real estate market: Three factors which will invariably affect the outcome of your real estate search will be the local real estate inventory (the number of properties available -- especially those in your price range), the law of supply and demand, and property values in your chosen geographic area.
- Your real estate agent: Choosing a real estate agent who's experienced, resourceful, and dedicated can prove to be a significant advantage in finding a home that matches your budget, your goals, and your desired lifestyle. Once you've decided what you want in your next home, an agent or Realtor can show you houses on the market that will meet many, if not all, of your requirements.
- Your wish list: Creating a list of property features and characteristics that you absolutely must have in your next home will help ensure that you get them. A carefully thought-out "wish list" is also a vital aspect of your search for the perfect or "near perfect" home. By creating a clear mental picture of your ideal living space, location, and environment, you'll be increasing your chances of finding a home that meets all your expectations. There are literally dozens of features to keep in mind, including architectural style, square footage, the number of bedrooms and bathrooms, the size of the lot, distance from the street, privacy, the spaciousness of the kitchen, and the layout of adjacent living areas. If you plan on doing a lot of entertaining, for example, you might prefer an open floor plan. Features like a screened-in porch, a patio, and a large backyard are often major wish-list items for homeowners who enjoy outdoor living. Other items to consider may include things like a fireplace, a finished basement, a convenient laundry room, and a two-car garage. Proximity to stores, quality schools, medical/dental services, and recreation areas will also be key factors in the selection of your future home.