Realizing the Highest ROI on your Outdoor Remodeling Projects!

Realizing the Highest ROI!

This report takes a deep dive into the reasons why homeowners complete outdoor remodeling projects, the value of taking on such projects, and the increased happiness experienced by homeowners once a project is completed. It also contains:

• The typical cost of 10 outdoor projects, as estimated by members of the National Association of Landscape Professionals (NALP).

• How much appeal each project is likely to have for buyers, according to REALTORS®.

• How much REALTORS® estimate homeowners can recover on the cost of the outdoor projects if they choose to sell the home.

Should You Fear Rising Mortgage Rates?

No Need to Fear Rising Mortgage Rates!

History shows us that we don’t need to fear the recent spikes in mortgage rates because they won’t have an impact on home prices, according to Fannie Mae researchers in a new report.

Fannie Mae evaluated the trajectory of mortgage rates since 1990. Over the years, researchers have found that rising rates don’t hamper home sales and have no impact on home prices.

“History suggests that interest rate increases at the level recently witnessed will not stop the current housing recovery,” the report notes.

For example, the study found that from October 1993 to December 1994, mortgage rates rose from 6.8 percent to 9.2 percent. However, home prices leveled off and then only dropped slightly during that time.

From October 1998 to May 2000, mortgage rates soared from 6.7 percent to 8.5 percent and there was no impact found on home prices during that period, according to Fannie Mae.

“What we see through the ups and downs of rate changes is that sellers are reluctant to lower prices,” Mark Palim, who led the Fannie Mae study, told CNNMoney. Read more

Multiple Offers! Did you say “Ugh”?

Multiple Offers 101!

Welcome to Multiple Offers! That’s what is happening all around Puget Sound. Since there is very little inventory on the market and when a property is priced at or below market value, it’s not unusual for a seller to receive 8-10 offers. Sometimes home buyers wonder if it’s even worth trying to compete against other buyers—NEWS FLASH—it’s almost always a good idea to write an offer anyway. By clicking the image above, you can review several tips that will leave you holding the key at the end of the day. These are just a few ideas, and with some strategic planning and thoughtful consideration, I can help you achieve your homeownership goals!

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Should I Replace My Carpet Before Selling My Home?

Samples of color of a carpet covering closeup

Should I Replace My Carpet Before Selling My Home?

Last week I was asked the following question by a potential seller:

“Should I replace my carpet before selling my home?”

This is actually a question that I am asked quite often. The answer is, “it depends”. I cannot give a blanket recommendation about whether or not to replace the carpet because it depends on your particular selling situation.

For example, I have seen situations where a flood of buyers came through a house, but none made an offer. The reason cited in the feedback from these buyers was that the carpet was dated and worn, and a musty smell that permeated the home was likely due to the very aged carpet. Additionally, the sellers were competing in a highly competitive market against other newer homes. In this instance, the sellers did replace the carpet and the home sold quickly.

However, I have also seen the alternative—a buyer who replaced the carpet, but it was not enough to ensure a quick sale and it lingered on the market.

I have also seen a buyer replace the carpet, only to have it torn out by the new homeowners who were going to put in hardwood floors.

The key is to look at your competition. If you are competing price and location-wise against other properties which have been updated, then an adjustment should be made. That may be by lowering the price to accommodate for the older carpet, offer a carpet allowance to the buyer, or even possibly installing new carpet.

But before you go down that road, here are two alternatives to consider:

1. If the structure of the carpet looks good (it isn’t loose or has worn patches), consider hiring a cleaning company to do a thorough cleaning. It may take care of the problem.

2. If it doesn’t take care of the problem, you could offer a carpet allowance OR you can offer to replace the carpet when you move out. In this case, you could go to places that sell carpet with a dollar amount in your mind you want to spend and your room measurements. Discuss your situation with the salesperson and pick up a few squares of carpet in a variety of colors or finishes that match your budget. Then have the samples in, say, the living room along with an explanation that you will be replacing the carpet with one of the samples (buyers’ choice). This way, the buyers get exactly what they are looking for and if they choose to replace with hardwoods, the cost or allowance can be included at closing, and the buyers can then pay the difference and get the flooring they really want.