1. How do I pick a contractor?

Ideally, you want to build the same kind of relationship with your contractor as you do with your real estate agent: one built on trust that makes you want to go back to that person for any future needs. Your contractor should be a very good listener and communicator. You want them to “get” your vision for your home, and to keep you in the loop every step of the way. Do your due diligence by checking out contractors’ reputations, talking with other clients, and looking at work they have done previously before you make your selection.

2. How much will my project cost?

Of course, the answer depends upon the scope of your project, but in order to get the best estimate from your contractor, take time to write down each detail of your plan so that the contractor can include everything in their estimate. Renovations are famous for taking longer and costing more than originally planned, but this is often because the homeowner makes additions or changes along the way, or they don’t realize that, for example, if you move a wall in your home, you may have to then reroute electricity and outlets. One item often leads to another, so you have to look at everything piece by piece.

3. How long will renovations take to complete?

As we said above, this depends on the amount of work being done– and how many changes are made along the way. The more pre-planning you do, the better estimate your contractor can give you.

4. How do I prioritize projects?

If you are living in your home during renovations, you may want to plan out the project in phases, so you can live out of some rooms while others are being worked in. You may also need to phase projects based on cost and availability of funds.

5. Where do I begin?

You begin by conducting a lot of research. Start a look book for your home, either in a notebook or online, collecting pictures of the look and finishes you want. Talk to different contractors, and visit kitchen, bathroom, appliance, and flooring showrooms to get ideas on selections and pricing.

6. Do I need permits?

Your contractor will know what projects require permitting. Make sure that you do abide by permitting regulations, as failure to secure proper permits can come back to bite you if further work is needed down the road.

7. How much will renovations increase my home value?

Every homeowner hopes that making improvements will increase their home’s value, and this is usually the case, but sometimes what homeowners view as improvement can turn out to be liabilities to future buyers. For example, don’t put so much money into the house that it becomes more expensive than the rest of the neighborhood. And be careful not to add personal style preferences that can’t be easily changed, like ornamental fixtures, radical architecture, or unusual landscape features.

8. How should I pay for renovations?

If you have the cash to pay for your renovations, that’s certainly a good way to go. Otherwise, you might consider a home equity loan with a manageable monthly payment or a revolving line of credit that you can use for renovations as well as emergencies that may arise later.

1. Check your curb appeal. Take an honest look from the curbside. What are buyers seeing first? If your home needs to be painted or pressure washed, consider making that investment. Clean up landscaping by trimming trees and bushes, planting some fresh annuals, and laying new mulch. Clean windows, repair sagging soffit, or porch railings, and have any trip hazards on your driveway or front walk repaired. Finally, consider some attractive, yet subtle decorations for your front porch.
2. Create an inviting entryway. When buyers step inside your front door, you want them to feel welcomed. If you have a foyer or front hall, it is easier to make an attractive entryway, but even if your front door opens right into your living room, you can create the feel of an entryway with a couple of simple tricks. Clear the area of clutter things that tend to pile up at the front door, like backpacks, dog leashes, or shoes. Place a small table or bench beside the door with plants, candles, or another simple décor. A small area rug can help define the space as the entryway.
3. Let the light shine in. Take advantage of natural light as much as you can. Trimming any bushes or trees outside your windows can help immensely. Wash your windows inside and out and replace or remove any worn screens. Make sure to open blinds or curtains before all showings.
4. Add some fresh color. Painting is an easy and inexpensive way to make an older home look new and is especially important if your current wall color is dark or outdated. Choose a light neutral color like a warm grey or light beige and use the same color throughout the house. If your home tends to be dark, this will help brighten it up.
5. Let storage spaces speak for themselves. Many sellers make the mistake of waiting until they have a contract to start cleaning out closets. Cleaning out clutter is part of getting ready to show, not just getting ready to move. You want buyers to perceive that there is ample storage in the home, and this doesn’t work if every drawer, cabinet, and closet is stuffed to the gills.
6. Eliminate distractions. Streamline your decorating so your buyers see the house and not your personal belongings. Go ahead and pack up collectibles and family photos and keep decorative touches to the minimum. Too many plants, magazines, or toys distract the buyers from seeing the home as their own.
7. Entice them with outdoor space. The back yard shouldn’t be an empty space of infinite possibility, nor should it be a storage area for neglected toys. Get rid of any eyesores you’ve been avoiding dealing with, spruce up your landscaping, repair irrigation or pool issues, and create an entertaining space with a patio set, or a backyard oasis with some potted plants and a hammock.
8. Make it easy for them. Taking care of minor repairs is another step you can take to help buyers see your home as an easy and comfortable move. You want them to be mentally arranging their furniture as they walk through, not making a list of nicked woodwork, torn window screens, and leaky faucets. The less work involved, the easier it is to fall in love.

Simply put, when you refinance your mortgage, you are taking out a new loan to pay off your original mortgage, so the first question to ask yourself may be is there a better product available to you than what you started with?

Refinancing allows you to borrow against the equity you have built up in your home and take out cash you can use to pay off other debt, make home improvements, or invest in your retirement. For example, let’s say you have $70,000 of equity in your home, but still owe $175,000 on your mortgage. You may take out a new mortgage for $200,000 that is used to pay off the first mortgage, and then pays you $25,000 in cash. If you have made regular payments on your initial mortgage for at least five years, you probably have enough equity built up to take a cash-out mortgage.

Another reason to refinance is to reduce your monthly payment to give you more flexibility in your monthly budget. When you refinance, you are basically starting over on your 30-year commitment, but, if you are not taking cash out, your new mortgage amount will be lower, so your payments decrease.

If you originally took out a 15-year mortgage, changing to a 30-year term will lower your monthly payment considerably.

You may also choose the opposite and switch from a 30-year loan to a 15-year term. Your monthly payments will likely increase, but you will pay your loan off earlier and pay less interest.

Another reason people refinance is to change from an adjustable-rate mortgage (ARM) to a fixed-rate. This eliminates fluctuations in your monthly mortgage payment and may help you take advantage of favorable rates.

Before you decide to refinance, do some homework. You should perform an audit of your monthly budget, assess your short and long-term financial goals, check your credit score, watch interest rate fluctuations, and consider the costs involved in refinancing ads there will be closing costs on your new loan.

How will you determine my home’s value?

To determine your home’s value and set a listing price, I will complete a Comparative Market Analysis. The CMA uses recent sales of homes close in geography, age, size, and features to yours. (A CMA is not the same as an appraisal, which a licensed appraiser can perform.)

Is it a good idea to start high?

Many sellers like the idea of “starting high” to see if they get higher offers, but this strategy isn’t usually practical. First, buyers may not see your listing if they use a price filter set to what they expect prices in the area to run. Second, you run the risk of the appraisal coming in lower than your contract price, which will require your contract to be renegotiated or canceled. Third, if your listing price puts your home higher than your neighborhood value, your home will likely sit on the market longer as buyers wait for you to make a reduction. It’s best to set a realistic listing price that will bring you buyers quickly. My goal is always to get you the highest possible price in the shortest amount of time.

What percentage of the listing price can I expect to get?

The list-to-sell ratio is determined by dividing the selling price by the listing price. The ratio is largely market-driven. In a sellers’ market, which is when inventory is low, sellers may get close to 100% or over 100% if the home sells above list price. In a market with a large inventory of homes, a buyers’ market, buyers have more negotiating power, so the list-to-sell ratio may be closer to 90%. My goal is to get you as close to a 100% list-to-sell ratio as the market will bear.

How soon can I get my home on MLS?

Once we agree to work together, I will begin entering your home information on the MLS system. I will also schedule a time for a professional photographer to take photos of the property. As soon as all the information and pictures are uploaded items, your listing can go live on MLS.

What do I need to do to get ready to list?

For your part, it’s a good idea to begin cleaning out or organizing storage spaces, closets, and drawers and putting away some of your décor or belongings. You may also want to have the exterior pressure washed, and the landscaping cleaned up. We can talk further about specific things that will help your home show better.

How will showings be conducted?

You and I will agree on the terms you are comfortable with for showings. We want to make the home accessible to buyers without too much disruption to your personal life. We can use a showing schedule, and unless we agree otherwise, I will notify you in advance of showing requests. We typically use electronic lockboxes that only active members of our local Realtors association can access. We can set the lockbox on a schedule, if necessary. Any time the lockbox is accessed, I receive a notification.

How will you market my property?

Marketing your listing is of utmost importance. Most buyers find their properties online through MLS (via their agent,) Realtor, Zillow, or other search engines. Listings in our MLS system automatically show up on these sites within a day or two of becoming active. In addition, I share my listings with the agents in my network, on my website, and on my social media. We can discuss additional opportunities such as hosting open houses and marketing within your neighborhood.

How long will it take to find a buyer?

Several factors influence the time it takes to find a buyer. These include the market conditions, price range (higher-priced or luxury homes typically take longer to sell,) location (whether your home is in a desirable neighborhood or a unique location,) and the condition of the home (is move-in ready or in need of renovations?) In a balanced market, most houses, when priced accurately and without significant damage or extenuating circumstances, go under contract within thirty days. Homes sell faster in a seller’s market, while buyers take more time to look when inventory is high.

Will you qualify the buyer?

When an offer is received, I will work with the buyer’s agent to vet the buyer. All offers should be accompanied by either a pre-approval from a mortgage lender or, if paying cash, by verification of funds available to cover the purchase price. Once you accept an offer, the buyer must put down the agreed upon escrow deposit, schedule any inspections as stipulated in the contract, and, if financing is involved, their lender will initiate the loan approval process. I will stay in close contact with the buyer’s agent to make sure due process is followed.

What are the costs involved?

The seller usually pays for the real estate agent fees, which are divided between the buyer’s agent and the seller’s agent. The seller also pays their share of the property taxes and HOA dues. If the full annual amount has been paid, the buyer will repay their portion back to the seller at closing. Often the seller elects to pay a portion of the buyer’s closing costs to help make the transaction work for the buyer.

Is your commission negotiable?

The commission is not negotiable. Keep in mind that the commission is split between the two sides, and both agents must abide by the structure their brokerage follows. If we were to reduce the commission upfront, buyers’ agents might be less likely to advocate for your property. I will work very hard to represent you honestly with full loyalty and integrity to earn the designated commission. This work is my livelihood, and I often go above and beyond the call of duty to earn my pay and close transactions for my clients.

Will you also represent the buyer?

If I happen to find the buyer for your home, be assured that I am trained and experienced in handling both sides of the transaction fairly. As a professional, I respect the confidentiality and loyalty required in dealing with both parties. On the plus side, communication is easy when I am representing both sides. Working on both sides of the transaction is hard work, but it would not be a problem.

Can I cancel if I find my own buyer?

The listing agreement is a contract between you and me and/or my brokerage. It stipulates the terms for cancellation, which you are encouraged to review. Once we have signed the listing agreement, a prospective buyer that approaches you directly should be redirected to me.

How often will we communicate?

Communication is key to an easy and successful sale. I will keep you appraised of events every step of the way. You are welcome to reach out to me with questions or concerns. When we go over the listing information, we will discuss our preferred means of communication and schedules to make sure we know each other’s availability and boundaries.

Thinking of selling? I’m here to help! Shoot me a message or give me a call today.

Ready to buy your first home in Wake County in 2022? Exp Realty specialize in helping first-time home buyers like you find their dream property in Wake County.

Before you start searching for homes online, it’s important to take the first step to house shopping: Getting pre-approved for a mortgage.

Your pre-approval will tell you what you can afford and what your monthly payment will be, so it’s important to determine this before you start searching for your new home.

Pre-approval is good for about 30-90 days, so once you’re ready, take these first 3 steps to get it done.

1.  Contact me, and I’ll send over a list of lenders I know and trust.
2.  Look over the list, check out online reviews, and ask friends and family for referrals.
3.  Email 2-3 lenders you like or let me introduce you over email.

Once you’ve got your pre-approval letter in hand, it’s time to start the search!

Before we hop into the home search, I like to advise my clients to create a “Needs” list and a “Wants” list. This will help us to really focus on the things that are most important in your future home.

Needs are the non-negotiable features; the features you simply must have in your next home. Wants are the ones you’d like to have, but you can add or change down the road. Remember, you can’t change the lot or the location so make sure you love both.

Once you’ve established what you’re looking for, I will set you up on a search so you can receive an email the second a home that fits your criteria goes live. If you have any questions about a property, send me the information and I will find out for you. Send me listings you like and I can get more information and set up showings on your behalf.

After touring houses and choosing the one you love, it’s time to make an offer. To do this, you’ll need your pre-approval letter or proof of funds. You’ll also need to make an escrow deposit of at least 1-2% of the purchase price. This will go towards your closing costs at closing.

Have more questions about buying a home or what happens after making an offer? Reach out to me today!

iBuyers, short for instant buyers, give sellers an almost instantaneous offer on their homes. Also called instant offer companies, iBuyers promise sellers an offer within a couple of days and closing dates within one to two weeks. Some popular iBuyers include Opendoor, Offerpad, Redfin, and Zillow Offers.

Unlike house flippers, iBuyers aren’t looking for distressed homes. iBuyers purchase moderately-priced homes, fix them up as needed, and relist them.

The obvious downside to selling to an iBuyer is that you will not get top dollar for your home. They are looking for homes where they can make a specific profit margin. Typically, the company will analyze your home online, using algorithms to come up with a value. For example, Zillow Offers will most likely offer you their Zestimate price. Sellers should expect an offer of about 10% under fair market value.

iBuyers accept a tiny percentage of the homes submitted. If the company decides to make you an offer, they may send a home inspector out to determine what costs they will have in preparing to resell the house. If you work with an iBuyer, make sure to read all the terms, as you may be required to cover some repairs.

While using an iBuyer saves you from paying real estate agent fees, watch out. You may not have to pay the 5-7% real estate commission, but iBuyers charge fees that may run anywhere from 6 to 9%. The total costs of working with an iBuyer can sometimes run as much as 12-15% of your selling price.

Working with an iBuyer benefits sellers who don’t have the time or desire to market their home traditionally. If you are in a situation where you need to sell your home quickly and are willing to take less than your home is worth, then an iBuyer may work out well for you.

Before you offer your home to an iBuyer, please allow me to discuss your options with you.

2022 will fall just short of record-breaking

“Zillow’s forecast calls for 11% home value growth in 2022. That’s down from a projected 19.5% in 2021, a record year-end pace of home value appreciation, but would rank among the strongest years Zillow has tracked. Existing home sales are predicted to total 6.35 million, compared to an estimated 6.12 million this year. That would be the highest number of home sales in any year since 2006.”

Zillow

Mortgage rates may rise, but inventory may rise as well

“The market is likely to cool compared to 2021, but it will still be active… It may still be a seller’s market in many areas, but there’s likely to be more opportunities and wiggle room for homebuyers. A ‘priced out’ buyer should be able to find many more options. Experts also reinforce that 2022’s housing market is not at all likely to crash — the conditions we’re seeing are nothing like those that led up to the crisis of 2008.”

Andrina Valdes

Rents are expected to outpace home price growth over the next year

“Nationwide, rent growth went from minimal to double-digit pace in 2021 as the U.S. made substantial progress against the pandemic. With the rental vacancy rate continuing near its historic lows during the pandemic, in which just 5.7% to 6.8% of rental housing units are vacant at any point in time compared to 7% or more, historically, renters are also contending with limited supply and excess demand that leads to upward pressure on rents. In 2022, we expect this trend will continue and fuel rent growth. At a national level, we forecast rent growth of 7.1% in the next 12 months, somewhat ahead of home price growth as rents continue to rebound from slower growth earlier in the pandemic.”

Realtor.com

Curious what your home would sell for in the current market? Give me a call or an email for a free home value estimate.

1.How are you using your current space?

Do your family members feel like they don’t have adequate privacy or space to do their own thing? Are you tired of working at the dining table and really need an office or workshop? Is having the kids share bedrooms just not working out? Maybe an upsize is warranted. On the other hand, do you have rooms that aren’t being used, or are you tired of paying property taxes on more house than you need? Check for the downsize column!

2. Have you considered the maintenance costs?

If upsizing is on your mind, consider the added costs for maintaining a larger home and property, whether in money or time. Will you be able to keep up with cleaning, lawn care, and general maintenance issues that come with owning a home? If you are ready to cross maintenance off your to-do list, perhaps you are ready to downsize to a more manageable property or one where the HOA handles part of the job.

3. What are your outdoor space needs?

Are you ready to give up having a yard or garden to downsize to a maintenance-free space? Do you have pets that need outdoor space? Do you need more outdoor space for your children to play or your dog to run around in? The size of the house is one thing, but the property is important also.

4. Have you looked to the future?

What do you expect your needs to be in the next five, ten, or twenty years? Do you want a large home where your children and grandchildren will come for vacations and holidays, or will you be spending those times at their homes? Will you want to entertain groups of friends, or do you foresee going out for your entertainment? What will happen if your spouse passes; will you want to stay in the home on your own?

5. Do the financial implications add up in your favor?

Can you handle the higher costs involved with a larger home, or are you ready to cut costs with a downsize? Consider where you stand on your current mortgage. Are you alright with starting a new mortgage at this point in your life, or are you in a position to purchase in cash? What are the tax implications for your move?

6. Is it the right market to upsize or downsize?

A seller’s market is hot for those looking to sell a larger home and downsize. Upsizing may be riskier in a big seller’s market, but if your family would be happier in a larger home, it might be worth the leap.

Whatever questions you have about purchasing your next home, I’d be honored to assist you. So let’s work together to make sure your next move is the right one. Send me a message.

1. Schedule your move well ahead of time. Moving companies get booked up weeks in advance, so don’t wait until the last minute to schedule your move. Make sure they know ahead of time if you have any very large or heavy items to move. The last thing you want is for the movers to show up with a truck that isn’t big enough or without enough people to move your belongings safely.

2. Consider letting the moving company pack your items. If it’s within your budget to hire packers, it may be money well spent. Packers are usually very efficient and take time to wrap fragile items securely. Packers will usually pack you the day before your move, so you don’t have to pack items away that you may need up until the day of your move.

3. Schedule services. Don’t forget to have services transferred or started at your new home.

These may include:

• Power
• Water
• Trash service
• Internet/TV/Phone
• Gas
• Lawn service
• Pool service
• Security system monitoring

4. Have your new home professionally cleaned. If your seller is not arranging for cleaning to be done prior to closing, arrange to have it done before you move in so that you won’t arrive to a dirty house.

5. Pack a moving supply box. Your moving supply box should contain items you may need while you are unpacking and getting settled in your new home, such as:

• Toilet paper
• Paper towels
• Sponge
• All-purpose cleaner and glass cleaner
• Shelf liner paper
• Scissors
• Furniture moving pads
• Tape measure
• Cordless screwdriver
• Hammer
• Picture hanging kit
• Bottled water, snacks, pet food
• Paper plates, cups, and disposable utensils
• Dish Soap and Hand Soap

6. Make Your Bed. As soon as your bed frames and mattresses come off the truck, put them together or have the movers put them together, and make them up. Pack your sheets, blankets, and pillows together in well-marked boxes so you can find them easily. When you are ready to collapse at the end of moving day, you’ll be thankful the beds are made up and ready to fall into.

7. Ditto for your towels and bath soap. Pack bath towels and soap with your bed sheets so you can jump in the shower before retiring without having to search for towels.

8. Make Plans for Your pets. The last thing you need on moving day is a stressed-out pup or kitty, or worse, one that escapes in an unfamiliar neighborhood. Make plans for your pets to spend the day with family or friends, a pet sitter, or boarding facility until you are ready to introduce them to their new home.

9. Say Yes to Helpers. Sometimes it’s hard to accept extra help from family or friends if you aren’t sure what they can help with. Here are some tasks you can delegate:

• Lay shelf liner in the kitchen and bathroom cabinets and drawers
• Unpack and put away your kitchen items (you can rearrange later!)
• Babysit or keep your children occupied
• Make up your beds, place towels in the bathrooms
• Wipe down cabinets and counters
• Break down packing boxes
• Hang clothes in closets
• Organize tools and equipment in the garage
• Pick up lunch or dinner

10. Hire a Sitter. If you have little ones, they will be very excited about their new home, new rooms, and yard. They will want to be with you, but they will not be interested in unpacking boxes! Make plans for someone to be available just for them, so you can concentrate. A family member, friend or hired sitter can help them explore their new surroundings, build a box fort, or organize their toys in their new rooms without you worrying about where they are.

11.Hire someone to hang your art. Unless you love to hang things yourself, you might consider having a handyman scheduled to come in and hand your wall art and window treatments for you. This can save you a great deal of time getting settled. If you need help deciding where to hang art or portraits, a decorator may be a better choice than a handyman. They can help you decide on placement and hang items themselves or direct a handyman where to hang items.

12. Check out of the old house. Prior to closing, you should have submitted a change of address form with the post office. You’ll also need to remember to leave all keys and garage door or gate openers, and make sure the movers don’t pack up things like ceiling fan remote controls or other loose items that stay with the house. Don’t forget to clean out spaces like the attic, backyard sheds, crawl spaces, or any other hideaway spaces you might have stored items. It’s always nice to have the home professionally cleaned for the new owners, and, if you feel inclined, leave a list of recommended local vendors for household services.