from moving.about.com
So real estate wisdom tells us that spring and summer are the prime seasons for house hunting. People are more likely to get out and shop when the weather is nice. It is a more pleasant time of year, and sellers know their yards look better when not covered in snow. Yet there are some very logical and compelling reasons for going shopping for a house in the winter as well.
As we know, Moving and Real Estate often go hand in hand, and though we'd like to dictate when we move and when we buy a house, very often other circumstances can emerge and force us to sell, buy and move anytime of year. But having to buy a house in the winter is not the worst thing that can happen. In fact, here are some advantages that show how you could benefit from house hunting in the winter.
Fewer Buyers to Compete With
The most obvious plus is exactly because real estate wisdom says to shop spring and summer. As a result of this popular piece of real estate advice, there will be fewer buyers in competition during the winter months. It's simple economics - the low demand will work in your favor. So for the investor looking to swoop for a good deal in the house market, the winter can be prime time.
Prices Will Be Lower
When you have fewer buyers in the market, supply exceeds demand. This usually results in prices will being lower than during the hot season.
Sellers Will Be Motivated
All the low activity in the winter will result in sellers being far more motivated to sell. Real estate agents know that the slow winter months are when sellers are more willing to negotiate, whether it is on selling price, closing costs, closing date or even terms of the sale, including what household appliances and items are included in the sale. And these are all the very reasons that many real estate agents recommend that their clients delay listing their homes till at least the spring. The winter is not a great time for sellers, in general.
Furthermore, there are the circumstances hinted at above when sellers are forced to sell during the winter. Perhaps a job offer has dictated a winter move, or the seller may have personal issues that are dictating his/her actions - financial woes, divorce, etc. Again, this may work to the buyer's advantage for the seller will be very motivated.
Fewer Chances That There Will Be Multiple Offers on the House You Want
Another reason that winter can be such a buyer's market for real estate is that the fewer number of buyers competing for homes means that the chances of there being multiple offers on a single property are greatly reduced. This again translates to buyers having the upper hand over sellers in the negotiations.
Your Real Estate Agent Will Work Harder For You
Low activity during the winter months also means you will have the undivided attention of your realtor, and he or she will be working harder for you. These lean months of low sales volume encourage realtors to try just that little bit harder to negotiate a sale.
So brave the cold, pull on a winter coat, and get out there and house hunt. Remember that in the U.S., it is still a great time to invest in real estate. Prices are low and so are interest rates. Check out these Tips For Buying a Home.
Tuesday, November 18, 2014
Top 5 Market Insights
from Denver Metro Association of Realtors
TOP 5 Market Insights:
1. Hottest price range for Single Family Homes: $200,000 to $299,999
2. Hottest price range for Condos: $100,000 to $199,999
3. The Condo market remains hot
4. Top three counties for transactions: Denver, Arapahoe and Jefferson
5. High rent prices and desirability of Denver area driving Millennials into the market
TOP 5 Market Insights:
1. Hottest price range for Single Family Homes: $200,000 to $299,999
2. Hottest price range for Condos: $100,000 to $199,999
3. The Condo market remains hot
4. Top three counties for transactions: Denver, Arapahoe and Jefferson
5. High rent prices and desirability of Denver area driving Millennials into the market
Top 10 Tips for Selling Your Home During the Holidays
from FrontDoor.com
Attract homebuyers even during the holidays with these useful tips!
The holiday season from November through January is often considered the worst time to put a home on the market. While the thought of selling your home during the winter months may dampen your holiday spirit, the season does have its advantages: holiday buyers tend to be more serious and competition is less fierce with fewer homes being actively marketed. First, decide if you really need to sell. Really. Once you've committed to the challenge, don your gay apparel and follow these tips from FrontDoor.
•Deck the halls, but don’t go overboard.
Homes often look their best during the holidays, but sellers should be careful not to overdo it on the decor. Adornments that are too large or too many can crowd your home and distract buyers. Also, avoid offending buyers by opting for general fall and winter decorations rather than items with religious themes.
•Hire a reliable real estate agent.
That means someone who will work hard for you and won't disappear during Thanksgiving, Christmas or New Year's. Ask your friends and family if they can recommend a listing agent who will go above and beyond to get your home sold. This will ease your stress and give you more time to enjoy the season.
•Seek out motivated buyers.
Anyone house hunting during the holidays must have a good reason for doing so. Work with your agent to target buyers on a deadline, including people relocating for jobs in your area, investors on tax deadlines, college students and staff, and military personnel, if you live near a military base.
•Price it to sell.
No matter what time of year, a home that’s priced low for the market will make buyers feel merry. Rather than gradually making small price reductions, many real estate agents advise sellers to slash their prices before putting a home on the market.
•Make curb appeal a top priority.
When autumn rolls around and the trees start to lose their leaves, maintaining the exterior of your home becomes even more important. Bare trees equal a more exposed home, so touch up the paint, clean the gutters and spruce up the yard. Keep buyers’ safety in mind as well by making sure stairs and walkways are free of snow, ice and leaves.
•Take top-notch real estate photos.
When the weather outside is frightful, homebuyers are likely to start their house hunt from the comfort of their homes by browsing listings on the Internet. Make a good first impression by offering lots of flattering, high-quality photos of your home. If possible, have a summer or spring photo of your home available so buyers can see how it looks year-round.
•Create a video tour for the Web.
You'll get less foot traffic during the holidays thanks to inclement weather and vacation plans. But shooting a video tour and posting it on the Web may attract house hunters who don't have time to physically see your home or would rather not drive in a snowstorm.
•Give house hunters a place to escape from the cold.
Make your home feel cozy and inviting during showings by cranking up the heat, playing soft classical music and offering homemade holiday treats. When you encourage buyers to spend more time in your home, you also give them more time to admire its best features.
•Offer holiday cheer in the form of financing.
Bah, humbug! Lenders are scrooges these days, but if you've got the means, then why not offer a home loan to a serious buyer? You could get a good rate of return on your money.
•Relax — the new year is just around the corner.
The holidays are stressful enough with gifts to buy, dinners to prepare and relatives to entertain. Take a moment to remind yourself that if you don't sell now, there's always next year, which, luckily, is only a few days away
Attract homebuyers even during the holidays with these useful tips!
The holiday season from November through January is often considered the worst time to put a home on the market. While the thought of selling your home during the winter months may dampen your holiday spirit, the season does have its advantages: holiday buyers tend to be more serious and competition is less fierce with fewer homes being actively marketed. First, decide if you really need to sell. Really. Once you've committed to the challenge, don your gay apparel and follow these tips from FrontDoor.
•Deck the halls, but don’t go overboard.
Homes often look their best during the holidays, but sellers should be careful not to overdo it on the decor. Adornments that are too large or too many can crowd your home and distract buyers. Also, avoid offending buyers by opting for general fall and winter decorations rather than items with religious themes.
•Hire a reliable real estate agent.
That means someone who will work hard for you and won't disappear during Thanksgiving, Christmas or New Year's. Ask your friends and family if they can recommend a listing agent who will go above and beyond to get your home sold. This will ease your stress and give you more time to enjoy the season.
•Seek out motivated buyers.
Anyone house hunting during the holidays must have a good reason for doing so. Work with your agent to target buyers on a deadline, including people relocating for jobs in your area, investors on tax deadlines, college students and staff, and military personnel, if you live near a military base.
•Price it to sell.
No matter what time of year, a home that’s priced low for the market will make buyers feel merry. Rather than gradually making small price reductions, many real estate agents advise sellers to slash their prices before putting a home on the market.
•Make curb appeal a top priority.
When autumn rolls around and the trees start to lose their leaves, maintaining the exterior of your home becomes even more important. Bare trees equal a more exposed home, so touch up the paint, clean the gutters and spruce up the yard. Keep buyers’ safety in mind as well by making sure stairs and walkways are free of snow, ice and leaves.
•Take top-notch real estate photos.
When the weather outside is frightful, homebuyers are likely to start their house hunt from the comfort of their homes by browsing listings on the Internet. Make a good first impression by offering lots of flattering, high-quality photos of your home. If possible, have a summer or spring photo of your home available so buyers can see how it looks year-round.
•Create a video tour for the Web.
You'll get less foot traffic during the holidays thanks to inclement weather and vacation plans. But shooting a video tour and posting it on the Web may attract house hunters who don't have time to physically see your home or would rather not drive in a snowstorm.
•Give house hunters a place to escape from the cold.
Make your home feel cozy and inviting during showings by cranking up the heat, playing soft classical music and offering homemade holiday treats. When you encourage buyers to spend more time in your home, you also give them more time to admire its best features.
•Offer holiday cheer in the form of financing.
Bah, humbug! Lenders are scrooges these days, but if you've got the means, then why not offer a home loan to a serious buyer? You could get a good rate of return on your money.
•Relax — the new year is just around the corner.
The holidays are stressful enough with gifts to buy, dinners to prepare and relatives to entertain. Take a moment to remind yourself that if you don't sell now, there's always next year, which, luckily, is only a few days away
You Can Buy This Abandoned CT Town For Less Than A Brooklyn Apartment
from gothamist.com
This cute, abandoned town in Connecticut is basically Stars Hollow from Gilmore Girls, and it's currently being sold off at auction with a starting bid of $800,000. That's less than a brownstone in Brooklyn. That's less than some studio apartments here. It's a whole goddamn town! That's 62-acres, plus plenty of homes and General Store type structures that may or may not be haunted by cool, historic ghosts. Here's the deal:
"Why are they selling an entire town? Well, for starters, it’s been vacant for more than 20 years and through its history, has been abandoned not once, not twice, but three times
Dating back to the 1830s, Johnsonville was once a thriving mill town and popular recreation spot set along the Moodus River, with amenities including a restaurant called the Red House Restaurant, a general store and a one-room schoolhouse.
Victorian and colonial-style houses with fireplaces and pillared porches were built by the families of the mill-owners where they lived contently up until the 1950s. All the historic buildings still remain. But then modernization crept up on the quaint community, work dried up and Johnsonville became a ghost town for the first time."
According to the auction site, the buyer will be in a unique opportunity to redevelop the town by combining "the historic value of the 19th century village with 21st century living as permitted uses include: single family, multifamily housing to include market rate and affordable, senior housing, arts/entertainment center, B&B’s, inn, restaurant/banquet facility, retail shops and schools." And just think, you'd be like a 40 minute drive to all that pizza.
This cute, abandoned town in Connecticut is basically Stars Hollow from Gilmore Girls, and it's currently being sold off at auction with a starting bid of $800,000. That's less than a brownstone in Brooklyn. That's less than some studio apartments here. It's a whole goddamn town! That's 62-acres, plus plenty of homes and General Store type structures that may or may not be haunted by cool, historic ghosts. Here's the deal:
"Why are they selling an entire town? Well, for starters, it’s been vacant for more than 20 years and through its history, has been abandoned not once, not twice, but three times
Dating back to the 1830s, Johnsonville was once a thriving mill town and popular recreation spot set along the Moodus River, with amenities including a restaurant called the Red House Restaurant, a general store and a one-room schoolhouse.
Victorian and colonial-style houses with fireplaces and pillared porches were built by the families of the mill-owners where they lived contently up until the 1950s. All the historic buildings still remain. But then modernization crept up on the quaint community, work dried up and Johnsonville became a ghost town for the first time."
According to the auction site, the buyer will be in a unique opportunity to redevelop the town by combining "the historic value of the 19th century village with 21st century living as permitted uses include: single family, multifamily housing to include market rate and affordable, senior housing, arts/entertainment center, B&B’s, inn, restaurant/banquet facility, retail shops and schools." And just think, you'd be like a 40 minute drive to all that pizza.
It's unwise to pay too much, but it's worse to pay too little. When you pay too much, you lose a little money - that's all. When you pay too little, you sometimes
great quote from Jon Ruskin
"It's unwise to pay too much, but it's worse to pay too little. When
you pay too much, you lose a little money - that's all. When you pay
too little, you sometimes lose everything, because the thing you
bought was incapable of doing the thing it was bought to do. The
common law of business balance prohibits paying a little and getting a
lot - it can't be done. If you deal with the lowest bidder, it is well
to add something for the risk you run, and if you do that you will
have enough to pay for something better."
"It's unwise to pay too much, but it's worse to pay too little. When
you pay too much, you lose a little money - that's all. When you pay
too little, you sometimes lose everything, because the thing you
bought was incapable of doing the thing it was bought to do. The
common law of business balance prohibits paying a little and getting a
lot - it can't be done. If you deal with the lowest bidder, it is well
to add something for the risk you run, and if you do that you will
have enough to pay for something better."
Home Inspection Nightmares
Home Inspection Nightmares XXVII from thisoldhouse.com
Shocking electrical work, dangerous decking, and more questionable building practices found by the home inspectors in The ASHI Reporter
"How ingenious is this: To reduce the chance of electrocution from the circuit breaker panel, we simply lowered the shower head!"
"Duct-tape siding: I wonder if the paint voids the warranty."
"While inspecting a 120-plus-year-old home, I found this attic stairway opening directly outside the door from an attic bedroom. I sure hope the people sleeping here don't sleepwalk."
"This house comes with mature trees!!"
"This is a welcome mat covering a hole in the roof. Welcome to my roof!"
"I found this at a recent inspection. Don't worry, the cardboard will protect you from the deadly shock awaiting you behind the sign."
Shocking electrical work, dangerous decking, and more questionable building practices found by the home inspectors in The ASHI Reporter
"How ingenious is this: To reduce the chance of electrocution from the circuit breaker panel, we simply lowered the shower head!"
"Duct-tape siding: I wonder if the paint voids the warranty."
"While inspecting a 120-plus-year-old home, I found this attic stairway opening directly outside the door from an attic bedroom. I sure hope the people sleeping here don't sleepwalk."
"This house comes with mature trees!!"
"This is a welcome mat covering a hole in the roof. Welcome to my roof!"
"I found this at a recent inspection. Don't worry, the cardboard will protect you from the deadly shock awaiting you behind the sign."
Home Upgrades with the Lowest ROI
from houselogic.com...interesting article...
Life is a balancing act, and upgrading your home is no different. Some upgrades, like a kitchen remodel or an additional bathroom, typically add value to your home. Others, like putting in a pool, provide little dollar return on your investment.
Of course, home owning isn’t just about building wealth; it’s also about living well and making memories — even if that means outclassing your neighborhood or turning off future buyers. So if any of these six upgrades is something you can’t be dissuaded from, enjoy! We won’t judge. But go in with your eyes wide open. Here’s why:
1. Outdoor Kitchen
The fantasy: You’re the man — grilling steaks, blending margaritas, and washing highball glasses without ever leaving your pimped-out patio kitchen.
The reality: For what it costs — on average $12,000-$15,000 — are you really gonna use it? Despite our penchant for eating alfresco, families spend most leisure time in front of some screen and almost no leisure time outdoors, no matter how much they spend on amenities, according to UCLA’s Life At Home study. And the National Association of Home Builders’ 2013 What Home Buyers Really Want report says 35% of mid-range buyers don’t want an outdoor kitchen.
The bottom-line: Instead, buy a tricked out gas grill, which will do just fine when you need
to char something. If you’re dying for an outdoor upgrade, install exterior lighting — only 1% of buyers don’t want that.
2. In-Ground Swimming Pool
The fantasy: Floating aimlessly, sipping umbrella drinks, staying cool in the dog days of summer.
The reality: Pools are money pits that you’ll spend $17,000-$45,000-plus to install (concrete), and thousands more to insure, secure, and maintain. Plus, you won’t use them as much as you think, and when you’re ready to sell, buyers will call your pool a maintenance pain.
The bottom-line: If your idea of making it includes a backyard swimming pool, go for it. But, get real about:
How many days per year you’ll actually swim.
How much your energy bills will climb to heat the water ($760-$1,845 depending on location and temperature).
What you’ll pay to clean and chemically treat the pool ($20-$100/month in-season if you do it yourself; $75-$165/month for a pool service).
The fact that you’ll likely need to invest in a pool fence. In fact, some insurance carriers require it.
If you do put in a pool, you can save money by installing a solar heater.
3. In-Ground Spa
The fantasy: Soothing aching muscles and sipping chardonnay with friends while being surrounded by warm water and bubbles.
The reality: In-ground spas are nearly as expensive ($15,000-$20,000) as pools and cost about $1 a day for electricity and chemicals. You’ll have to buy a cover ($50-$400) to keep children, pets, and leaves out. And, like in-ground pools, in-ground spas’ ROI depends solely on how much the next homeowner wants one.
The bottom-line: Unless you have a chronic condition that requires hydrotherapy, you probably won’t use your spa as much as you imagine. A portable hot tub will give you the same benefits for as little as $1,000-$2,500, and you can take it with you when you move.
4. Elevator
Your fantasy: No more climbing stairs for you or for your parents when they move in.
The reality: Elevators top the list of features buyers don’t want in the NAHB “What Buyers Really Want” report. They cost upwards of $25,000 to install, which requires sawing through floors, laying concrete, and crafting high-precision framing. And, at sales time, elevators can turn off some families, especially those with little kids who love to push buttons.
The bottom-line: If you truly need help climbing stairs, you can install a chair lift on a rail system ($1,000-$5,000). Best feature: It can be removed.
5. Backup Power Generator
Your fantasy: The power in your area goes kaput, but not for you. You were smart enough to install a backup power generator. While the neighbors eat cold hot dogs by a flashlight beam, you’re poaching salmon in your oven and pumping out Red Hot Chili Peppers tunes.
The reality: Power outages may seem to go on forever, but they don’t. Fifty dollars worth of batteries can power portable lights, radios, and TVs; a car adaptor will charge your cell phones and iPods; and some dry ice will keep freezer food cold for at least a couple of days.
The bottom-line: If you live in areas where power shortages are the rule, not the exception, spend the money for reliable backup power: Your still-frozen steaks, home office fax, and refrigerated medicine will thank you. But if the power goes out rarely, then installing a standby generator is overkill.
Nationwide, homeowners recouped 67.5% on their average $11,742 investment in a backup generator — one of the lowest ROIs on the annual Cost vs. Value Report. If you need occasional emergency power, a gasoline-powered portable generator ($200-$650) probably will suffice.
Related: What I Learned About Portable Generators One Dark and Stormy Night
6. New Windows
The fantasy: Brand new windows that don’t stick, and slash energy bills.
The reality: A $10,000 vinyl window replacement project will recoup about 70% of your investment at resale, and if they’re Energy Star-qualified, they can save you around $300 in energy bills per year. So, plan to live in your house about another 10 years to recoup the cost of new windows.
The bottom-line: We get it — new windows are sturdy, pretty energy savers. But unless old window frames are thoroughly rotten, most windows can be repaired for a fraction of replacement costs. And if you spend about $1,000 to update insulation, caulking, and weather-stripping, you’ll save 10%-20% on your energy bill.
Life is a balancing act, and upgrading your home is no different. Some upgrades, like a kitchen remodel or an additional bathroom, typically add value to your home. Others, like putting in a pool, provide little dollar return on your investment.
Of course, home owning isn’t just about building wealth; it’s also about living well and making memories — even if that means outclassing your neighborhood or turning off future buyers. So if any of these six upgrades is something you can’t be dissuaded from, enjoy! We won’t judge. But go in with your eyes wide open. Here’s why:
1. Outdoor Kitchen
The fantasy: You’re the man — grilling steaks, blending margaritas, and washing highball glasses without ever leaving your pimped-out patio kitchen.
The reality: For what it costs — on average $12,000-$15,000 — are you really gonna use it? Despite our penchant for eating alfresco, families spend most leisure time in front of some screen and almost no leisure time outdoors, no matter how much they spend on amenities, according to UCLA’s Life At Home study. And the National Association of Home Builders’ 2013 What Home Buyers Really Want report says 35% of mid-range buyers don’t want an outdoor kitchen.
The bottom-line: Instead, buy a tricked out gas grill, which will do just fine when you need
to char something. If you’re dying for an outdoor upgrade, install exterior lighting — only 1% of buyers don’t want that.
2. In-Ground Swimming Pool
The fantasy: Floating aimlessly, sipping umbrella drinks, staying cool in the dog days of summer.
The reality: Pools are money pits that you’ll spend $17,000-$45,000-plus to install (concrete), and thousands more to insure, secure, and maintain. Plus, you won’t use them as much as you think, and when you’re ready to sell, buyers will call your pool a maintenance pain.
The bottom-line: If your idea of making it includes a backyard swimming pool, go for it. But, get real about:
How many days per year you’ll actually swim.
How much your energy bills will climb to heat the water ($760-$1,845 depending on location and temperature).
What you’ll pay to clean and chemically treat the pool ($20-$100/month in-season if you do it yourself; $75-$165/month for a pool service).
The fact that you’ll likely need to invest in a pool fence. In fact, some insurance carriers require it.
If you do put in a pool, you can save money by installing a solar heater.
3. In-Ground Spa
The fantasy: Soothing aching muscles and sipping chardonnay with friends while being surrounded by warm water and bubbles.
The reality: In-ground spas are nearly as expensive ($15,000-$20,000) as pools and cost about $1 a day for electricity and chemicals. You’ll have to buy a cover ($50-$400) to keep children, pets, and leaves out. And, like in-ground pools, in-ground spas’ ROI depends solely on how much the next homeowner wants one.
The bottom-line: Unless you have a chronic condition that requires hydrotherapy, you probably won’t use your spa as much as you imagine. A portable hot tub will give you the same benefits for as little as $1,000-$2,500, and you can take it with you when you move.
4. Elevator
Your fantasy: No more climbing stairs for you or for your parents when they move in.
The reality: Elevators top the list of features buyers don’t want in the NAHB “What Buyers Really Want” report. They cost upwards of $25,000 to install, which requires sawing through floors, laying concrete, and crafting high-precision framing. And, at sales time, elevators can turn off some families, especially those with little kids who love to push buttons.
The bottom-line: If you truly need help climbing stairs, you can install a chair lift on a rail system ($1,000-$5,000). Best feature: It can be removed.
5. Backup Power Generator
Your fantasy: The power in your area goes kaput, but not for you. You were smart enough to install a backup power generator. While the neighbors eat cold hot dogs by a flashlight beam, you’re poaching salmon in your oven and pumping out Red Hot Chili Peppers tunes.
The reality: Power outages may seem to go on forever, but they don’t. Fifty dollars worth of batteries can power portable lights, radios, and TVs; a car adaptor will charge your cell phones and iPods; and some dry ice will keep freezer food cold for at least a couple of days.
The bottom-line: If you live in areas where power shortages are the rule, not the exception, spend the money for reliable backup power: Your still-frozen steaks, home office fax, and refrigerated medicine will thank you. But if the power goes out rarely, then installing a standby generator is overkill.
Nationwide, homeowners recouped 67.5% on their average $11,742 investment in a backup generator — one of the lowest ROIs on the annual Cost vs. Value Report. If you need occasional emergency power, a gasoline-powered portable generator ($200-$650) probably will suffice.
Related: What I Learned About Portable Generators One Dark and Stormy Night
6. New Windows
The fantasy: Brand new windows that don’t stick, and slash energy bills.
The reality: A $10,000 vinyl window replacement project will recoup about 70% of your investment at resale, and if they’re Energy Star-qualified, they can save you around $300 in energy bills per year. So, plan to live in your house about another 10 years to recoup the cost of new windows.
The bottom-line: We get it — new windows are sturdy, pretty energy savers. But unless old window frames are thoroughly rotten, most windows can be repaired for a fraction of replacement costs. And if you spend about $1,000 to update insulation, caulking, and weather-stripping, you’ll save 10%-20% on your energy bill.
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