10 things that may Negatively affect your Home's Value

This is a great read for both buyers AND sellers. Sellers - this helps you price correctly. Buyers - consider these things when choosing your next home!
See Also 11-Things-That-Negatively-Affect-Your-Home-s-value

1. Bad location. This can come down to freeway noise, power lines, you name it. See: Location Issues That Make it Hard to Sell

2. No garage or small garage. Unless you're living in a condo, retirement community or historical or in-town neighborhood, most buyers will look for at least a two-car garage.

3. Garbled floor plan. Small rooms and bathrooms, an inconvenient floor plan or a layout that requires you to access bedrooms or bathrooms through other rooms will detract value from your home.

4. Outmoded appliances or systems. Who wants an electrical system or plumbing system incapable of handling modern conveniences? Would you buy a home if the appliances were worn or broken?
Phipps remembers walking into one house with clients who casually opened the oven door -- and it fell off.

5. Stale or overly personal decor. Sure, [insert color] is the hot wall color right now, but for how long?  What is more important? Letting the buyer see your home or photos of your kids?

 6. A bad roof. Roofs are expensive to replace and a good roof is considered standard equipment in a house. If your roof has problems, expect to take a hit in the price.

 7. A pool. Forget what you might have heard. An in-ground pool in most parts of the country doesn't automatically raise the value of your home.
Having a swimming pool will automatically limit your market when it comes time to sell, he says. It's constant upkeep, they get cracks, the equipment goes down and it's expensive to replace, and the liability is high.
Consider your home value and location. In a million-dollar house, not having a pool is a detraction but will not necessarily increase your value.

8. Poor maintenance. If you've got an old roof and deteriorating exterior paint/siding/trim, I don't care if the home is immaculate inside, you won't even get the buyer out of the car. If the curb appeal is in disrepair they buyer starts out on a negative note thinking about what else may be poorly maintained.

9. Environmental hazards. Besides being a danger to human health, lead, mold or asbestos can kill home value.

10. A laundry list of needed improvements. A list of must-dos just to conduct everyday life will scare off a lot of potential home buyers. Especially with first-time buyers since most of them are already scraping cash together just to close.

Look for ways to increase your value? Check out these ideas:

Most Important Home Selling Tips

Tips for Building New or Remodeling

What the heck is so great about your house?

Are Online Home Value Estimates Accurate?

How to Correctly Price Your Home 

Where can you donate that stuff?

Who will take my stuff?

Do you have a lot of stuff in your house or clothing that you are not taking with you when you move?
The best time to get rid if it is BEFORE you even put your home on the market to sell.
If you don't have someone to take your things and you can't sell them (or just don't want to) here is a list of places you can donate them and pick up services you can use.

Some items you can donate or have picked up are: Furniture, cribs, mattresses, household items, clothing, shoes, linens, drapes, toys, books, electronics, dishes, appliances, sporting goods, computers, sofa beds, rugs, jewelry, unopened toiletries, and more! (All of these places accept different types of items and some are specific about condition.)

• Arc’s Value Village Thrift Stores and Donation Centers 612-861-9550
• Bibles for Missions Thrift Center 763-522-1786
• Bridging 952-888-1105 www.bridging.org (information only)
• Christ United Methodist Church 651-739-8875
• Courage Center 952-881-1100
• Epilepsy Foundation 651-287-2300
• Hope Chest 952-471-8700 or 651-642-2850
• Lupus Foundation of Minnesota 651-748-0400
• Minnesota Disabled American Veterans Pickup Service and Donation Centers 651-487-2002
• Pilot City 612-348-4762
• Salvation Army 612-332-5855
• St. Vincent DePaul Thrift Store 612-722-7882
• Steeple People 612-871-8305
• Vietnam Veterans of America. 651-778-8387

A more comprehensive list can be found at Minnesota Chapter of the National Association of Professional Organizers.
Hope this helps!

[VIDEO] What is Title Insurance?

Do I Need Title Insurance?

What is Title Insurance?

An insurance policy that is issued by a title company to protect and indemnify the property owner against any financial losses resulting from title defects, once the purchase is complete.

What is the purpose of Title Insurance?

A title insurance policy provides coverage in the event that some person asserts a legal claim against your property. Some common risks that it will insure you against include property liens for unpaid taxes, forged title deed, missing or undisclosed heirs, impersonation of the property's true owner or mistake made while recording legal documents.

What Does Title Insurance Cover?

There are the two main types of title insurance

An owner's title insurance policy - Insures the property owner up to the purchase price paid for property. A new title insurance policy is issued each time there is a change in property ownership. The coverage it provides cannot be transferred or assigned to subsequent owners of the same property.
A lender's title insurance policy - Insures the lender up to the amount of the loan issued. The policy's value decreases over time as the loan is paid off. The lender's title policy insures the lender's valid and enforceable lien in the property. It can be assigned to any other party that owns the loan.

How much is Title Insurance?

There is a one time fee for the insurance premium due at closing of escrow.

Need more information?

Contact us!

Packing for a Move: Where do you get the boxes?

Packing and Unpacking

Finding moving boxes that fits both your needs and budget takes some preparation. It includes assessing what kind of assortment and how many boxes you will need and researching the costs. And being prepared with moving box knowledge saves time - you won't be running out at the last minute to buy more boxes and good organization helps save time during the loading and unloading process for your movers.

And don't forget, after the move, compress your boxes, remove the tape, and find place to stash them, like a storage unit or an overhead closet. You will have exactly what you need for the next time move.

1. Cardboard boxes 
Cardboard boxes are convenient because they can be bought virtually everywhere -- from Amazon to Home Depot to Sam's Club) The downside is that they are usually sold in one-size packs and you may end up with a surplus of unused, wasted boxes. 
Some online moving supply companies, like directmovingboxes.com and usedcardbordboxes.com, have solved this by selling "moving kits," which include a variety of box sizes and other necessities, such as bubble wrap, packing tape and markers. The benefit of buying a package is that the supplier helps you estimate how many boxes you will need, based on the size of your place.

2. Grocery store boxes (apple boxes, plastic milk crates, and glass or wine boxes)
Best to stow small, heavy items for the move. It's a cheap, eco-friendly way to get boxes for your move; however, it requires a little extra work on your part to get chummy with the manager of a local grocery and start accumulating a set of boxes. Restaurants and coffee shops are your best bet for finding plastic milk crates, free of charge.

3. Banker boxes (boxes that usually store paper or legal files; roughly a foot wide and high, by 2 feet long) 
They have handles for easy transport and lift-off lids. Best for little or heavy items, such as books, DVDs and cooking utensils or children's clothes.

4. Wardrobe boxes (the tall, slender boxes that come with hinged holes and a metal bar) 
Works well for light, bulky belongings such as pillows, comforters, sleeping bags, etc). Do NOT put heavy things in these boxes.

5. Eco-friendly boxes (eco-conscious moving boxes). 

You can rent these storage boxes for a couple of weeks to pack and move, and then they are picked up once your move is complete. The downside of this is usually cost.

Read More: DONATE YOUR STUFF
 9 Ways to Save on Moving Expenses
Five Must Have Moving Supplies

• Packing Supplies for a Smooth Move
• Green Moving Guide

• Packing Your Home for Moving Day
• Best Ways to Unpack After Moving

• Move with Storage Containers: Packing and Unpacking Made Easy

6 Things That Turn Buyers OFF

No fluff, let's jump right in. Here is the stuff buyers whine about. Where you're done here, check out more Tips for Sellers.

Is your house turning buyers off?

Curb Appeal: 

Besides mowing the lawn, your to-do list should include trimming scraggly trees and shrubs and removing anything that's dead or beyond resuscitation. Edge, weed and mulch garden beds. Plant annuals in a plot or pot for color.

Paint: 

Avoid using stark-white paint, though. Choose a warm neutral color -- beige, ivory, taupe or light gray -- that makes your rooms look inviting, larger and brighter. Redo painted trim in white. 

Popcorn Ceiling:

 If you've lived with a popcorn ceiling, you know that it accumulates dirt, defies cleaning and is hard to paint. A knockdown ceiling is the way to go.  Search this blog for more on ceilings.

Carpet:

Buyers these days expect hardwood floors and tile even in starter homes. If carpet hides your home's natural hardwood floors, remove it to expose them, even if the wood isn't in the best condition. If you don’t have hardwood, you may want to consider having it installed in a first-floor living area. If you must keep the carpeting, make sure it looks and smells its best by having it professionally cleaned, especially in high-traffic areas or if you have pets.
Fixtures: From switch plates to chandeliers, builder-grade, shiny yellow gold or brass is out. Replace it with chrome- or satin-nickel-finish fixtures for a contemporary look, or an oil-rubbed bronze or black finish to update a traditional room. This is a pretty straightforward do-it-yourself job. Acrylic knobs in the bathroom look cheap and can be hard to use by young, aged or soapy hands. Replace them with a faucet and handle set that matches the existing fixture's configuration (centerset or widespread) and meets the standard of the Americans with Disabilities Act with flipper- or lever-style handles. Polished-chrome finish will cost you the least and still be durable. Plus, the National Kitchen and; Bath Association says that the finish is enjoying a surge in popularity over brushed or satin finishes.
Nothing says 1970s like a Hollywood-style strip of bare, round lights over your bathroom mirror. Replace it with a fixture that includes a shade for each bulb in a style and finish that complements your faucet set. If you have a one-person mirror, you could replace the vanity strip with a wall sconce on either side of the mirror to achieve better lighting for shaving or applying make-up.

Stuff:

 In most cases, buyers walk in and see your furniture before they see the house.  Look at your furniture and ask yourself, would I buy that TODAY if it were for sale?  If the answer is no, it shouldn't be in your house when buyers come.  If your furniture is in rough condition, it give the house a feeling of poor condition. Some agents may disagree but I believe it's better to be empty and show the house than distract with bad furniture.  Yes, you have to live there but if you are getting rid of that furniture when you move anyway, just get rid of it now.  If you are keeping that couch, get a plain couch cover and make sure it's neat and tidy for showings.

Dirt and minor disrepair: 

If a buyer grabs a cabinet handle and it's loose, they immediately think "If the homeowner can't even tighten a handle, have they maintained anything?"  If they see stained or peeling caulk around tubs and sinks they often say out loud to their agent "that's gross. I wouldn't want to touch that" so it's important to get that handyman and the house cleaner out there if you can't make the simple repairs yourself.  This home will be "new" to the buyers so just like a car dealer gives the those trade-ins a good buff and shine, you need to do the same with your house.

• Check out more buyer and seller FAQs.
• Learn more about Sarah & Call Sarah First, Inc
• Contact Sarah Marrinan

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Should I get that tested?

What should I have tested in the house I own or the house I am buying?

Every few years, it seems there is a new big concern about something that is causing a health issue. Asbestos, Lead, Carbon Monoxide, Radon... the list goes on.  So what items should you really worry about?

In short, if you are asking about whether something specific should be tested, the answer is probably yes.
Especially when buying a house.  Here are some common things people get tested and some resources to help you learn more about this areas.  Of course, this list is not comprehensive, only touches on common items.  For the sake of your health, it's good to educate yourself and proceed with caution though I would recommend obsessing about any of these items.

• Lead Paint - MN has statutes about the disclosure of lead paint, remodeling a home with lead paint, etc. Learn more: http://www.health.state.mn.us/divs/eh/lead/rule.html
• Radon - Effective in 2014, radon disclosures are required in real estate transactions. Learn more: http://www.health.state.mn.us/divs/eh/indoorair/radon/index.html
• Water - Safe water is important to your health. Learn more: http://water.epa.gov/drink/
• Meth Labs - This can be a particularly high concern in some areas.  Learn More: http://www.health.state.mn.us/divs/eh/meth/lab/property.html
• Mold - This is more concerning to some people than others. Learn More: http://www.health.state.mn.us/divs/eh/indoorair/mold/
• Septic/Private Subsurface Sewage Treatment Systems - These systems are regulated by Minnesota statutes. Learn more: http://www.pca.state.mn.us/index.php/water/water-types-and-programs/subsurface-sewage-treatment-system-ssts/index.html

These are common concerns when buying home in Minnesota.  Other states have additional issues with things like termites that are not as common here.  My point in bringing these up it not to freak you out but simply make you aware.

You should also have the overall condition of a home inspected before buying or selling a home. Read more about home inspections here and find out about having the structure, electrical, plumbing and more inspected.

Selling My Parents House

Is your parents' house an asset or a liability?

Many times as our parents are aging we think about the logistics of who will take care of them, is their will/estate planning in line, etc and of course we go through a series of emotions about the potential of losing them.

Something that is often over looked or pushed aside is their home. We often forget that maintenance gets harder as people age, physically, financially and even mentally (did I change the furnace filter?). Not only do homes that aren't maintained deteriorate faster, the plummet in resale value.

What can you do about it? Make a list and prioritize. Here is a list from Bob Vila to get you started or you may visit my (longer) list by clicking HERE.

So what do you do if your parents have already moved out and you are getting ready to sell their house?
Go through he whole maintenance checklist now or hire an handyman to do so.  You will want to find any problems before a potential buyer does.  What may only cost you $100 to fix will look like $1000 to a potential buyer and hurt you when it comes to negotiating the best price for the house.

Once you have had the home maintenance reviewed and completed, it's time for cosmetics.

The cheapest thing to do is CLEAN.  Cleaning often includes de-cluttering.  Tis best to have have only a few key pieces of furniture in a house.  Buyers often have a hard time seeing past all the "stuff" in a house.  You may want to consult a professional if this is overwhelming to you.

Once you have everything clean, you can evaluate for updates that will provide the best return.

Removing wallpaper and painting a neutral color can make a huge difference in a home that is otherwise out of date. You may need to hire this one out but it's often worth the return on your investment.

Other items you can do to quickly update a home are:

• New cabinet hardware
• New light fixtures
• New appliances
• New Carpet and Linoleum (especially if it is very worn or a color that is 20 years out of date)

Imagine this room minus the curtains and with fresh paint and carpet!

Paint and carpet are two things that you will see a lot of banks doing with foreclosures.  Why would they make this investment on a property they most likely have already lost money on?  Because it has proven to be a good return on their investment in both the price they get for the house and the amount of time it takes to sell.  Often they will also add a low cost set of new kitchen appliances if they were missing or in poor condition.



Are you ready to sell or need referrals to help get these things done?
Let me know!

What the heck is so great about your house?

Have you been thinking about selling your house?

by: +Sarah Marrinan - Keller Williams Premier Realty 

As I'm sure you already know a lot of work we're going to preparing to sell. Just like anything else you want to get top dollar for you need to make it look it's best but aside from all the cleaning decluttering and staging that you're going to do we're going to need to get as much information about your house as possible.
So let's answer the first question that will be on most buyers minds when they come to look at your house.

What's so great about this house and why should I pay this price?

Start thinking about the things that made you fall in love with the house and the things that you've done to improve it and write them out.

It's no secret that everybody wants to find a good value; to be sure that what they're getting is worth the money they're spending; so it only makes sense that you want to provide a list of features and benefits defending top dollar value for your home.

Need help getting going with your list? Please give me a call!

Are you celebrating too soon?

Sellers: Are you celebrating too soon?

by: +Sarah Marrinan - Keller Williams Premier Realty 

The stories of multiple offers and above-asking sales prices happen frequently in today’s market, but some sellers assume their home will be in that number way before they even sign the listing agreement. Sellers who “celebrate too soon,” so to speak, can put themselves at a disadvantage in a number of ways, like:

• Cheaping out on staging, 
• Failing to do all the items on their property prep list,
• Overpricing their homes, assuming the demand-supply imbalance will automatically swing in their favor
• Getting sloppy in how they maintain their homes on a daily basis, while they are still on the market, and
• Making large purchases or spending their house proceeds “in advance,” while the buyer’s loan and inspections are still pending.

First, the homes that have multiple offers and sell quickly were a GOOD VALUE to the buyer. Meaning, the home was appealing in size, condition, location and amenities compared to other homes of similar list price.

Second, even on today’s "hot market", deals sometimes fall out of escrow because a buyer has a change in their life, their job or their family, or because they simply turn out not to qualify for the loan they were pre-approved to receive. Smart sellers stay vigilant and keep their houses meticulous and their finances in good shape throughout the entire time frame from property preparation through close of escrow. It’s also essential to keep your mortgage broker close to help align the timing of the purchase of your next home in a way that makes sense with your current home’s listing and sale.

Call me today to discuss how you can get top dollar for your home in the current market!

Links you may enjoy:
Housing Market Updates  |  Getting the Best Price for your Home  |  Getting pre-approved  |  Homes for Sale  |  What is Your Home Worth  |  Why Call Sarah First

Come find me!

Do Seller's Have Closing Costs?

Do Seller's Have Costs Associated with Selling?

by +Sarah Marrinan - Keller Williams Premier Realty 

YES.

OK, so what are they? Here is a list of home sale related expenses that sellers may incur but don't let this list intimidate you.  Not all items apply to all sellers. You really need to consult an agent to decide what expenses are applicable to you.

Potential Seller Expenses at Closing

Pay-off Present Mortgage

Interest Adjustment

Pay-off 2nd Mortgage

Pay-off Home Equity Line

Mortgage Courier Fee

Seller Paid Buyer Closing Costs

VA Funding Fee

VA Closing Fee

FHA Service Fee

1 Month Association Dues (if HOA)

Association Letter Prep. Fee (if HOA)

Special Assessment Search

Special Assessment Levied or Approved

Future Pending Special Assessments

Brokerage Fee

MLS Buyer Broker Portion

Partners Title Closing Service Fee

Broker Retainer Fee

State Deed Tax

Other Title Charges

Estimated Recording and Transfer Fees

Balance of Real Estate Taxes Due

Homeowner's Warranty

Well Disclosure Filling Fee

MN Conservation Fee

Septic Compliance

Water Test

Some services that may or may not be included in your brokerage fee: Home inspection, Home Repairs/Handyman, Staging, Cleaning, Landscaping, Professional Photos, and Movers.

And we can't forget, some people will have capital gains tax... http://www.irs.gov/taxtopics/tc701.html

Need a list of expenses specific to you?  Call me for a free consultation. (Hint, my contact info is in the side column of this blog.)

See Also:

How To Save Money For Buying a Home | Tips for Selling Your Twin Cities Home | Four Horrible Real Estate Mistakes To Avoid | Housing Market Updates

How Does My Real Estate Agent Get Paid? True and False

How Does My Real Estate Agent Get Paid? True and False
By +Sarah Marrinan - Keller Williams Premier Realty 

False: Real Estate Agents have a salary or hourly wage from their Brokerage.
True: Agents only get paid when a deal closes.

False: Real Estate Agents make a huge commission on every closing.
True: The commission paid at the closing, mostly by the seller, is split four ways (more if an agent is part of a team).

False: The brokerage covers all the agent's operating costs.
True: While some brokerage agreements may cover an agent's expenses, more commonly, in addition to "the cut" the brokerage takes from each transaction for general brokerage overhead, the Minnesota agent is an independent contractor and still pays all their own business expenses from office space and copies to signage, insurance and association fees.

False: Getting into real estate is quick and easy cash.
True: While it may not sound like a lot of mandated classroom hours before you can start doing transactions, it is common for an individual new agent to take years to start making a livable wage.  You hear stories of agents that hit superstardom in their second year but out of nearly 100,000 Realtors in the US in 2013, there are only a handful that went big quickly.  Real Estate is a relationship business built largely on referrals, connections and KNOWLEDGE so naturally, agents that have had more successful transactions have more referrals (if they ask for them of course).

More You Might Enjoy Reading:
11 Shocking Facts You May Not Know About Real Estate Agents

FAQs

On that note, I am truly grateful for ALL referrals and if there is any way I can return the favor, please let me know!

Connect with me and get more great content!

See more topics in this blog:
http://livingtopics.blogspot.com/2011/12/topics-in-this-blog.html

How to sell your home in under 28 days!

How to sell your home in under 28 days!

by +Sarah Marrinan - Keller Williams Premier Realty 

Dozens of home listings in the twin cities expire every week but you could sell your home in under 28 days if you consider these key factors.

1. Price - If you're asking $250,000 for your home, then it had better be equal to or better than the other homes in the area being offered for $250,000. If not, it won't sell. The longer the house sits on the market, especially in a hot market, the less money you are likely to get for you home.  The best offers are the offers you receive in the first few weeks on the market.

When comparing a home to others, you need to be comparing the apples to apples.
Three primary things determine the value of a home:

• Location - The area, the street and the lot are all factors in location.
• Size/Style/Age - Square footage, number of bedrooms and number of bathrooms. You also should only compare town houses to other town houses and two story homes to other two story homes.
• Amenities/Upgrades - Decks/patios, granite counter tops, etc.

2. Condition - Rundown homes and homes that aren't updated don't sell unless they are priced substantially lower than the competition. Buyers see work and dollar signs when they look at these homes.  Even if it would only cost $10,000 to fix it up, they are likely to expect more than that off the price.

3. Marketing - Your home has to be listed on the local MLS with accurate listing information and professional copy. You have to have signage. Virtual tours, paid enhanced listings on the major real estate websites, individual property websites, and personalized domain names can help sell a home. Active reverse prospecting (an agent contacting their database of buyers and other agents) is often critical to stand out in a crowd. Other marketing could include post cards, classified ads, open houses, broker opens and the list goes on. Without proper marketing, your home won't get seen.

The best way to ensure that your home gets visited by many potential buyers is to price it right!
For a fee, a professional appraiser can provide you with a an accurate estimate of market value called an appraisal.
Real Estate Professionals can prepare a CMA, or Comparative Market Analysis which compares your home to recent sales that are similar in neighborhood and in size to determine a price that will cause your home to sell. Realtors use much of the same data to determine value as an appraiser does but they will also include current homes for sale.  After all, you must know what your are competing against!

If you call me today, we'll provide you with your CMA free of charge and free of obligation. 












HOME SELLING TIPS  |  HOME BUYING TIPS  |  HOME FINANCES



Come find me!

Does staging really help your home sell for more money?

Does staging really help your home sell for more money?
By +Sarah Marrinan - Keller Williams Premier Realty 

Heck yes!

Staging isn't just moving a little furniture around, it's helping a buyer picture themselves living there. This means taking YOUR personal touches out and creating a neutral, welcoming atmosphere that highlights the best features of the home.
Buying is triggered by the emotions of the buyer.  You might be attached to the photos of your dog and your favorite arm chair but the buyer can't see past it to imagine their cat and precious antiques there. The faster you can get a buyer "attached" to your house, the faster it will sell and the more money you will get for your house. So again, YES, staging will get you more money for your home!

Check out THESE before and after pics or THESE.

 It works, right? :)

Everyone wants to get the best price for their home. Let me help!

Since it is your stuff and your house, it's often hard to stage it yourself. Call me and I will help you get started.

Here are more TIPS FOR SELLING YOUR HOUSE.

Baby it's cold outside! Invite the buyers in!

Think of your buyers as your most desired guests.  Roll out the red carpet treatment and you will create a lasting impression!

By +Sarah Marrinan - Keller Williams Premier Realty 

 Make your home seem warm and welcoming to potential buyers with an inviting atmosphere. This will encourage them to stick around, giving them more time to admire the space. Here are some tips to help your home make a lasting impression in even the coldest months.

Crank up the heat. When it’s cold outside, buyers will be grateful for a place to warm up. Turn the thermostat up a couple of degrees to make it extra toasty, or light a fire in the fireplace for an extra homey touch. Just be sure not to leave a fire unattended.

Let in the light. To make your home look bright and open when it’s a bit dreary outside, turn on all the lights and open all the shades and curtains to let in as much natural light as possible. Use amber-colored light bulbs to give your home a warm glow.

Create appealing aromas. The scent of freshly baked cookies, cinnamon rolls or apple pie is almost universally appealing. Avoid artificial fragrances like sprays and scented candles, which might affect buyers' allergies. If your house has been closed up tightly, you may want to open all the windows and doors for just a few minutes each day to freshen things up.

Offer warm treats. If delicious aromas are wafting through your home, follow through by having food and drinks available for buyers, such as cookies, hot chocolate or apple cider set out.

Play soothing sounds. Classical or jazz music playing softly in the background can add to your home’s inviting atmosphere. An acoustical holiday music CD may be seasonally appropriate.

Add seasonal adornments. While overly large decorations or an abundance of decorations can distract buyers from your home, tasteful wintry accents can complement your decor. Consider a simple wreath on the door, a vase filled with poinsettias on an end table, or a centerpiece made of pine cones on the dining room table. Simple or professionally done exterior holiday lights will help light a buyer's way on those winter months when the sun sets early.

Emphasize cozy comfort. As a finishing touch, emphasize the comfort of your home with luxurious and inviting fabrics, like soft blankets, plush towels or a silky tablecloth.