Team Ed Martin

Selling Your Home During the Holidays

November 11, 2016 by Team Ed Martin

Putting your home on the market in December doesn’t sound like much fun. But, before you let your inner Scrooge get the best of your festive spirits, keep in mind that there are some characteristics of the season that might position you for a quick sale.

Deck the halls with a light touch.
Emotion is a big part of home buying and you can capitalize on that this time of year. Go light on all the holiday accents, however. Of course, you can put up a tree. Just make sure it’s not so big around at the base that it dwarfs the living room. You might put a little greenery above the fireplace, but don’t hide the beautiful mantle with everyone’s stockings. Yes, your most favorite nutcracker and Santa figurine can find a cozy spot. Just remember that a little jolly touch will look inviting, but an explosion of red and green everywhere will look cluttered. One person’s “merry” is another person’s “tacky”, so less-is-more with the holiday goodies.

In case you are really sad about skipping some of your usual holiday decorations while your house is being shown, keep in mind that next winter you should be relocated into your new home and your big Christmas village and all the other ornaments will be out again!

Curb appeal is still critical.
The same minimal touch goes for your outside decorating, too. Rein in any Clark Griswold impulses to have the house on your street covered with the most lights this year. A pretty wreath on the door or a string of lights accentuating the shape of the roof line are good choices. A big blow-up snowman… not so much. Another possible plus: a blanket of snow could make your home look like a winter wonderland and you don’t have to spend lots of time getting the lawn and flower beds in shape.

You need to have a knock-out online listing.
The majority of shoppers look online to check out listings and plan which to see in person. During the winter months, bad weather makes this especially true. You want your agent to make sure your home shows great online with excellent photos of beautifully staged rooms. If possible, include a spring or summer photo of your home so buyers can see what it looks like during another season. Including a video tour with your listing is a big plus for potential buyers who can’t get there in person during a snow storm.

Competition during the holidays is less fierce.
Lots of people are reluctant to sell their homes during this time of year, so the housing inventory is smaller. That may make it easier for you to get top dollar for your sale. Additionally, if someone is house hunting during the holidays, they are likely more motivated than usual. If your prospective sellers are willing to alter their holiday plans and go out in cold weather to look at properties, they are probably doing so because of a job transfer or something similarly compelling them to move in December or January.

Create a holiday-friendly schedule for showings.
If you are travelling during the holidays, showings are easy. Keep the heat on so the house hunters are happy, and enjoy a little peace of mind that your home will be checked on while you are away. When you’re home, set black-out dates so you can enjoy holiday company and celebrations. Your agent will help you with this if you let him/her know your preferred schedule for showings. It’s okay to have limited availability this time of year. People will understand.

It may look like a tremendous hassle, but selling your home during the holidays can be a stress-free experience if managed well. Partner with your agent to meet scheduling and staging goals and hope for a quick sale. If not, there’s always next year, right? And New Year’s Eve is only a few weeks away!

Avoid These Common Seller’s Mistakes

May 12, 2016 by Team Ed Martin

Selling your house can be both exciting and emotional. You may be looking forward to a great change with a move to a new town or a larger house, but you are leaving a home full of treasured memories. Although you have strong attachments to your home, it’s important put aside sentimental feelings and make this sale one of your smartest business moves. It pays to do your homework upfront in order to sidestep the most common seller mistakes. Think carefully about each of these pitfalls to avoid frustration for you and your family, and save thousands of dollars.

Mistake #1 – Trying to Sell Your Home before It’s Physically Ready
Don’t rush when making necessary repairs and cosmetic upgrades before putting your home on the market. You will lose money if you don’t make repairs ahead of listing your house thereby letting prospective buyers see the home’s faults. You are nearly guaranteed that offers will be lower, and the buyers will want credit back for work that still needs to be done after your property is listed.

Mistake #2 – Hiding Your Home’s Flaws
Trying to cover up serious problems like foundation issues, water damage, or mold can come back to haunt you. Don’t try to keep your home’s history a secret from the buyers. They will likely be discovered during the home inspection, and you could lose the sale. Also, if hidden problems surface after the house is sold, you could be faced with a messy legal battle. Be upfront with both your listing agent and your buyers.

Mistake #3 – Selling Your Home Without a Professional Real Estate Agent
Statistics show that homes without representation remain on the market longer and end up selling at a lower price than those listed with a professional. Your agent will help you price your home, research comparable properties, market and show the property, deal with the buyers and their agent, and help you negotiate the mountain of documents that goes along with a house sale.

Mistake #4 – Setting an Unrealistic Price on Your Home
Even in markets where inventory is tight, sellers need to be careful about overpricing their home. Properties that are priced too high frequently end up selling for less than they would have if they had been priced appropriately from the start. Pricing a home to sell is an art. You must look at comparable sales in your immediate area, as well as market movement, demand, location, and your home’s condition. Sellers who are forced to lower their asking price after their home has been on the market for several weeks lose their competitive edge in final negotiations.

Mistake #5 – Marketing with Bad Photos
Over 90% of buyers begin their search online, so your photos make the first and lasting impression. Make sure you and your agent post excellent photos to show off your property and its best features. Too many homes are shown with poorly framed, crooked photos of cluttered rooms. No appeal there! This is an easy one to get right, so be sure to nail it.

Mistake #6 – Refusing to Negotiate
Although your home has a lot of sentimental value to you and your family, it must be regarded as a commodity once you put it on the market. Put your emotions aside and be ready for reasonable negotiations. You need to start with a fair and realistic price on your home, but you should also build in a little elbow room. Many buyers will offer an extremely low-ball price just to see what the response will be. Of course, they want to pay as little as possible, and they want to feel like they got a great property at a bargain price. You can keep the buyers happy by accepting a bit less than your asking price, while still making the profit you need. An experienced real estate agent is an invaluable asset for negotiating the tricky path of getting your price without scaring off the potential buyer.

Benefits of Owning a Home

May 11, 2016 by Team Ed Martin

The emotional and financial stakes are high when purchasing a home, but rewards can be, too. There are intangibles that are tough to measure, such as stability and pride of ownership. However, there are other substantial benefits that are important to consider. When considering purchasing a home, be sure to look for a house that can grow with your family. The financial benefits of home ownership increase over time.

You don’t own anything when you pay rent. However, every mortgage payment increases your degree of ownership in your home and your equity grows. Home ownership requires buyers to save for a down payment and then save each month by paying down a portion of the mortgage principal. To equal this savings, renters would have to invest an amount equal to a down payment plus the monthly savings. Most renters don’t do that.
Your costs tend to be more predictable and more stable than renting if they are based on a fixed-rate mortgage.
You can deduct mortgage interest and property taxes.
In the long term, buying is cheaper than renting because, over time, the interest portion of your mortgage will eventually be smaller than rent you would have been paying. So, instead of paying off your landlord’s building, you are paying off your own home.
You can borrow against your equity to pay for major purchases, such as college tuition or remodelling.
When you sell your home you may qualify for capital gains exclusion depending on your total financial picture, it’s best to reach out to your accountant for full details.
Your home is indeed your castle to do with as you like. Paint the walls any color you choose and bang nail holes where ever you wish.
You have greater privacy without any requirements imposed by a landlord.

First Time Home Buyers

May 11, 2016 by Team Ed Martin

Buying a first home can be challenging and a little intimidating. Should you grab the first house that you can afford, or is it better to just keep renting? Although there is a steep learning curve if you hope to become a homeowner for the first time, some smart planning can make the process easier and get the most out of the purchase.

How’s your credit?
This is a good place to start. Your credit score is one of the most important factors in qualifying for a mortgage loan, so get a sense of where you stand. You can get a free credit report from each of the three credit bureaus at AnnualCreditReport.com. Check them over for mistakes, unpaid accounts or collection accounts. Be aware of the amount of credit you are actually using relative to your available credit limit. Repairing damaged credit can take time, so start this process at least six months before you start home shopping.

What are your assets and liabilities?
You need to have a good idea of what is coming in and what is going out every month in your household budget. Tracking income and spending for a couple months is a good idea. Lenders will want to know about the regularity of your cash flow. If you are self-employed or work on commission, they may want to see a solid two years of earning history when considering your loan.

Organize your documents
Lenders typically want to see two recent pay stubs, the previous two years’ W-2s, tax returns and the past two months of your bank statements.

How much can you qualify for?
You need to know how much you can afford to spend. There is no fixed debt-to-income ratio required, but you should not plan on spending more than 28 percent of your gross monthly income on housing. Lenders will consider how much other debt you have and how long you’ve been at your current job, in addition to your monthly income.

How much can you afford?
Figure out how much you will need for a down payment and your monthly mortgage payment. You also need to look at the home’s total cost. Be aware of closing costs, property taxes, home insurance costs and how much you plan to spend to maintain or improve the property.

Find a real estate agent
A professional agent can help you find properties in your price range and market area as well as protect you from the problems you may encounter during your search. Your agent will help you find a home, make an offer, negotiate price, get a loan and work through all the associated paperwork. Count on your agent’s expertise as a valuable asset as you make your first home purchase.

You’ve bought your new home -- now what?
Congratulations on becoming a new homeowner! There are still a couple of good tips to keep in mind as your new place becomes your home. First, keep saving. An emergency fund for unexpected, yet inevitable, major expenses arise, such as broken hot water heater or air conditioning system. Also, keep up regular maintenance. Making home repairs while they are small is easier to manage and less expensive.

Home Buying Tips

May 11, 2016 by Team Ed Martin

Buying a home may be the largest single purchase of your life and the process can be daunting. Organize your plans and expectations in the following order to simplify and smooth your way into home ownership.

Set Your Priorities
Whether you are a first timer or a repeat homebuyer, this is an emotional and financial decision. The best negotiators are the most informed. What can you afford? What is your credit rating? Do you have a down payment? Do you know the neighborhoods you prefer? What are the recent sold prices of the homes there?

Hire a Real Estate Agent
The process isn’t easy, and you will be glad to have experienced, professional advice to help your find properties, as well as guide you through with the maze of forms, financing, inspection and negotiating. Find an agent who you like and who knows the community well.

Arrange Financing
Most buyers need to finance the home purchase. Consult with a lender to find out the different types of mortgages and how you quality. Find out how much you can afford to borrow and get pre-approved. This is a crucial step before beginning your home search.

House Hunting
Looking at properties can be fun, frustrating and challenging. Where to live? What style of home? Old or new? Ready-to-go or a fixer-upper? Searching websites will bring up thousands of homes for sale. As you educate yourself on the market, your agent will help you narrow your priorities and make an informed decision about your final choices.

Make an Offer
This is another area where your agent is invaluable in negotiating for you. Decide whether or not you will go with the asking price. The offer will include conditions, or contingencies, necessary for the sale. These are items that must be satisfied within a set time frame for the sale to go through. A home inspection also should be scheduled.

Close the Deal
Closing or settlement or escrow are all terms for finalizing the sales transaction. The buyer and seller sign numerous documents and the closing agent disburses the money. The title company is responsible for having the deed and other documents recorded at the county office.

The Keys, Please
The home is yours. Your contract states when you can take possession of your new home. Ask your agent if you will get the keys at closing or after the deed is recorded. Along with the keys, you should receive garage door openers and security alarm codes if those are included. Then you are ready for the moving van, unpacking boxes and hanging pictures!

Moving In

May 11, 2016 by Team Ed Martin

When closing is finally complete and the keys to your new home are in your hand, there are a number of things you will want to do to make your move as smooth as possible. If your schedule allows, plan on a day or more to get your new place ready before the boxes actually come through the door. Then move through the following checklist.

Change the Locks
You really don’t know who has keys to your new home, so changing the locks gives you assurance that you are the only one with access. New deadbolts are the smartest choice, and installation is not expensive.

Locate the Mains
Find the location of your new home’s breaker box. You don’t want to put this off until an incident leaves you fumbling in the dark looking for a flashlight that is still packed away. If the breakers aren’t labelled, get this done to save guesswork later. Finally, find the main water valve to your new home.

Pest Proof
Setting off a bug bomb or having an exterminator spray before you move in is a good plan. Even if you don’t see any crawly things, they are likely there, and you don’t want to share your new place with them.

Deep Clean
It will never be as easy to clean your new house again as when it is empty. Wipe out cabinets and add shelf paper if you like. Dust baseboards and windowsills. Have the carpet steam cleaned. Run a phantom load through the dishwasher and washing machine. Wipe out the refrigerator, freezer, and oven.

After the Movers Leave
Inspect everything after the boxes and furniture have been moved into your new home. Unpack the essentials first, including towels, bed linens, toiletries, and a enough clothes for the next few days. Find the coffee maker and the pet supplies, A few bumps and scrapes are likely during unpacking, so unpack a few basic first aid items. Make the beds. Other things for your “open first” box: toilet paper, trash bags, paper towels, kitchen basics and scissors. Once all those are done, you can move onto everything else from organizing closets to hanging pictures.

Let Everyone Know
You have a new address, and you need to share it. Fill out change of address information with the post office, credit card companies, banks, insurance company, and magazine subscriptions. If you have moved to a new state, your automobile registration, driver’s license, and voter registration will need to be updated.