Category: Home Selling Tips

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3 Home Improvement Projects with Great Return on Investment

Looking for a home improvement project that will provide a high return-on-investment at resale? What about one that won’t need a small loan to accomplish?  A national Cost vs. Value Report recently evaluated projects across our area in order to come up with the ones that have the most bang for your buck.

 

Three of the projects they outlined cost less than $1,500 but have returns on investment of 73 to 129 percent.
Here are the short project descriptions and cost breakouts.

Attic insulation with fiberglass

Whether you use your attic as a storage space or are thinking of repurposing it as a living area, it’s critical that the area is insulated. By sealing off your attic with fiberglass insulation, you’ll spend an average of $1,300 and you could recoup $1,470 upon resale.  That’s right, you should theoretically make money by insulating your attic. Additionally, you should see a drop in your heating and cooling bills once your attic is insulated. When it comes to your return on investment, attic insulation is one of the top-returning home improvement projects you can take on.

 

Garage door replacement

Whether your garage door has had an unfortunate run-in with your mini-van or it’s simply dingy after too many Central Kentucky winters, the time has likely come for it to be replaced. With a cost of just $1,650 on average and a 73 percent return on investment, you won’t lose much money on this project whether you sell this spring or in a few years.

 

Entry door replacement

There’s a reason front doors are often used on homeowner magazines, movie posters and book covers — they’re eye-catching and draw in attention. This is especially true when it comes to buying a new home. Most staging and home seller tips recommend that sellers purchase a new front door or paint their current front door so it’s bright and inviting. Whether a buyer is looking online or driving by in person, a bright front door will capture their interest.

 

The Cost vs. Value Report verifies that this isn’t just a great trick for drawing buyer attention, it can also pay off at closing. Across our area, this project should cost $1,380 and could recoup $1,775 — a return on investment of 129 percent!

 

 

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Home Insights Home Selling Tips Newsletter Featurettes

Avoid These Emotional Mistakes Home Sellers Make

When selling your home, you want to get a fair offer and a fast path to closing.  To do so, it’s important to remain as emotionally detached as possible. Here are five emotional mistakes every homeowner should avoid when selling a home in Lexington and Central Kentucky.

 Home Selling Mistakes - red brick wall with a crack to symbolize imperfections

Mistake one: Not recognizing your home’s imperfections

The first step to emotionally detaching from your home is recognizing that your home isn’t perfect. Just as you’ll be showing off your home’s best features in order to draw in a higher offer, buyers and their agents may focus on the property’s flaws in order to get a better deal. Remember that this isn’t a personal attack — you are just on opposite sides of a business transaction.

Prior to listing your home, talk with your agent about the property features that could bring your value down and determine if they are worth fixing. That way, you won’t be surprised when a buyer comes back with a contingency or lower bid.

Mistake two: Not prepping for showings

To appeal to most buyers, it’s critical that your home be free of clutter, and staged to show off its best features. Additionally, your home should be spotless any time you leave the house so you can accept last-minute showings without rushing home to wash the dishes or make the bed.

If your home has been on the market awhile, it’s common to become apathetic to showings. You may start to think, “I have to live in this house and it’s just not possible for it to be sparkling clean at every minute. If a buyer doesn’t understand that, that’s their problem!” The reality is that when a home is sparkling clean, it shows the pride the seller has in the house. By showing off your home’s best assets every time you have a showing request, you’ll be showing each buyer that your home is worth its listing price.

Mistake three: Staying in the house during showings

While you may be curious about potential buyers, you should not remain in your home during showings or open houses. Buyers need to be able to freely look at each room of the home and share feedback with their family, friends or agent. By remaining in your home, you could stifle the buyer’s interest in your home.

Mistake four: Refusing early bids

If you get an offer within the first few days on the market, you may believe you have priced your home too low. While this is an understandable reaction, the reality is that buyers are much more eager to look at (and make offers on) homes that have just entered the market. It’s proven that homes receive the most interest —  both in terms of showings and offers —  in the first two weeks after they are listed on the MLS.

On the other hand, homes that remain on the market for extended periods of time are often less appealing to buyers, who may believe that something is wrong with them. If you get an early offer on a house, be sure not to take it the wrong way. Together with your Rector Hayden Agent, you can determine what the offer means, and if you should hold out for more competing offers or accept this fast path to the closing table.

Mistake five: Expecting more than your home is worth

Perhaps the most common emotional seller mistake is to have a price in mind before you’ve consulted with an agent.  Your home’s value is not what you hope to earn at closing, it is what a buyer is willing to pay for it in today’s market. The good news is that home prices have been on the rise for more than three years in our local market, so many sellers are finding it’s an advantageous time to sell.

By working with an agent to look at comparable recent sales in your area, your home’s condition and buyer demand in your area, you can come up with a fair but competitive price.

Sold Handshake - Market Value

Ready to see what your home is worth in today’s market?

We have local specialists in every neighborhood across Lexington and Central Kentucky who would love to help you determine a price and selling strategy for your home. Call, chat or email us today to get connected with a Rector Hayden Agent!

 

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Home Insights Home Owning Tips Home Selling Tips Newsletter Featurettes

The Problems with Clutter

The urge to de-clutter often stems from a simple annoyance, like stepping on a Lego or running into furniture that’s too big for the space. But in order to really commit to a more minimalist lifestyle, you’ll want to consider the deeper ramifications of having too much “stuff”.

Here are some insights you can use for downsizing your belongings, and how doing so can affect everything from your expenses to your well-being….to selling your home.

Problem One: Clutter is expensive

For many of us, a successful shopping trip is one where the cart is filled to the brim with good deals — not one where we successfully avoided the tempting sale section and bought only what we needed. Once the habit of getting a good deal takes hold, it can seem impossible to say no to another knick-knack or a second set of novelty wine glasses — or to see that these items will be a waste of money in the long run.  Of course, it isn’t just the buying of “stuff” that makes it expensive. Storing it can also get pricey. Too many people are paying thousands of dollars per year to store items they’ll never use or see again.

Problem Two: It isn’t making you happier

If your cluttered home stresses you out, you’re not overthinking it and you’re not alone. A recent UCLA study shows that women with a high density of household objects feel more stressed than those with less stuff.  It’s not hard to see why: Well-maintained homes are the ideal portrayed in every magazine and movie, but the expectation to buy more stuff also weighs heavily on most Americans. The end result? Families purchase things they don’t need and don’t have space for, then feel stressed that their houses don’t resemble the ones portrayed on HGTV.

Problem Three: It makes it harder to sell your home

Today’s homebuyers expect to see de-cluttered homes with clean walls, minimal décor and extra storage.  To list a home that will appeal to the masses, most sellers may need to depersonalize by boxing up personal items and photographs (and maybe change up furniture arrangements) — but sellers with overly-cluttered homes may have to look into investing in a storage rental unit to get their home in peak selling condition.

 

Considering selling?

Decluttering is usually the first step to selling your home, and we can help advise you on that – and the rest of the process.  Call your Rector Hayden Agent today!

 

 

 

 

 

 

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Home Insights Home Selling Tips Newsletter Featurettes

Sell Your Home for Top Dollar This Fall

Stage for success

Fall is here!  With it comes the fresh autumn air, colorful leaves, front porches adorned with pumpkins, gourds and corn stalks—and a great opportunity to sell your home. In fact, you may be surprised to know that more than a quarter of real estate activity takes place in the last several months of the year!

While many properties — especially those in lower and mid-level price points – continue to sell quickly, sellers in ALL price ranges are still competing with one another. Fortunately, a well-staged home can give you a leg up on the competition and help you get top dollar this fall.

Exterior adjustments

First, focus on the exterior. Keep your lawn freshly cut, and rake and bag leaves daily. Play up autumn by using potted plants and flowers like mums, which come in gorgeous hues, as well as pumpkins and other gourds to give a front porch or steps extra curb appeal.

Steer clear of over-the-top seasonal decorations (think scarecrows, mummies, ghosts and goblins) that may turn buyers off and keep them from focusing on the attractive features of your home.

Interior additions

When it comes to the interior of your home, it’s important to keep it cozy but accessible. Remove photos and personal mementos so potential buyers can easily picture themselves and their belongings in the space. To keep your home looking warm and inviting, add soft blankets and pillows to the couch and light the fireplace if you have one.

Autumn temperatures can be unpredictable, so pay attention to forecasts in order to keep your home at a comfortable temperature to create a warm impression with potential buyers. The scents of fall—like apple-scented candles, cider or pumpkin spice—can be a nice addition to a kitchen or living area as well.

Lighting tips

For lighting, the key is to maintain a bright space that doesn’t look stark. During the day, keep your window treatments open to draw in fall’s natural lighting. At night, turn on side table lamps and overhead lights as well.

When it comes to evening showings, don’t forget to ensure potential buyers can easily view your home’s exterior and appreciate its appeal. Turn on pathway lights and other outdoor lights to make sure visitors are sure-footed.

 

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Home Insights Home Selling Tips Newsletter Featurettes

Key Insights For Selling This Fall

Although fall can be a challenging time of year to move if you’re a buyer or seller with school-aged children, fall buyers are typically highly-motivated — meaning that sellers could get a faster path to the closing table.  Our gorgeous local fall scenery makes it easy to show off the natural beauty of a neighborhood and the homes within it!

Here are some of the pros and cons you’ll want to consider as you make your decision.

Pros of selling a home in the fall

Less competition

Inventory in our local market is always higher in the spring and summer, and the number of homes for sale usually dips in the early fall. If you decide to list your home this autumn, it may stand out amidst the condensed inventory available.

Motivated buyers

Many families are hoping to accomplish their move by the holidays, or before the second half of the school year begins — so buyers looking in the fall tend to be highly motivated. You could benefit from buyers who are ready to move quickly.

Autumn staging is a breeze

While you’ll have to stay on top of raking and bagging your leaves, staging your home in the fall is relatively easy. The natural beauty of the changing leaves will do half the work for you, and staging tips from your Rector Hayden Agent will get you the rest of the way there.

Cons of selling a home in the fall

Time is precious

For many, fall is the busiest time of year. It’s important to remember that the upkeep of your home’s interior and exterior will be critical to selling your home this season.  Consider cutting back on other less significant plans and commitments so you’ll be up to the task.

Uprooting can be hard

If you’re a parent of a school-aged child, it can be difficult to move across districts in the middle of the school year. However, studies have shown that kids actually adapt very quickly when the transition is accomplished during the middle of the school year.  Immediately having new friends and new experiences can be a good thing!

Ready to sell?

Whether you’re ready to list your home or want the insights of a local market expert, we can help. Contact your Rector Hayden Agent today!

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Tips to Pass Your Home Inspection

The vast majority of Central Kentucky home-buyers will want to have a thorough home inspection performed as soon as their offer is accepted by the seller. Here are five tips on how to ensure that when selling, you pass your home inspection with the fewest issues possible.

 

1. Unfettered Access

First tip to pass your home inspection, provide unfettered access to your electric panels, heating and cooling systems and your attic. The inspector will need to assess all of these areas, so it’s best to let them get in easily. Remember also to clean the space below your sinks so the inspector can easily assess your pipes.

2. Appliance Check

Second, be sure to empty all your appliances to facilitate the inspection (except your refrigerator, of course).  That means your washer, dryer, dishwasher and stove should all be fully empty and ready to test.

3. Documentation

Next – if possible — provide full documentation of your appliances, systems and any work you’ve had done on them. For example, “if you’ve had an engineer inspect a crack in your foundation and there’s nothing wrong with your structure, display that report so the home inspector doesn’t have to be concerned about the crack,” says a local inspection company.

You can even attempt to provide the manuals for appliances by using online resources like GE’s Appliance Manual online center: http://www.geappliances.com/ge/service-and-support/literature.htm

4. Light The Way

One incredibly simple tip – replace ALL light bulbs so the inspector won’t have to worry about whether a burnt out bulb is really an issue with your wiring. 

5. Get Outta There

Last, get out of there!  Think of the inspection as another home showing – you need to be out of sight and out of mind so the inspector can speak freely with the buyers and their agent. And if at all possible, take your pets with you or arrange for them to be visiting a friend or relative during the inspection time.

 

These tips are a great starting point to helping pass your home inspection. Remember, your real estate agent is your best resource throughout the entire listing process. They are there to guide you through each part of the transaction and answer any questions that you have. Rector Hayden REALTORS® are trained to handle the different situations that occur in our market and are dedicated to the success of your sale.

 

How Sellers Can Pass The Appriasal

Maybe you’d also find this article helpful? How Sellers Can Pass Their Appraisal

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Home Insights Home Selling Tips

4 Home Seller Myths Exposed

4 Home Selling Myths - BUSTED

Wondering how to sell your home in less time and for more money?
Don’t believe everything you see on HGTV.
Here are four common seller myths that we’ve debunked for you.

 

#1) Don’t renovate everything

In today’s market, sellers have the upper hand and buyers are competing over a shortage of inventory. While it’s advantageous for your home to stand out, you can likely get a great offer by making smart, minimal repairs. Work with your Rector Hayden Agent to determine what changes they’d recommend and see if they agree that you could focus on low-cost upgrades like new light fixtures, fresh paint, replaced hardware, and some fresh spring landscaping.

 

#2) Don’t “list high”

Some sellers, especially those who aren’t in a hurry to move, fight to list their home at a price higher than the fair market value. Their idea is that by listing high, they may snag a high-bidding buyer — and if they don’t, they can simply lower the price later on.

This is a dangerous plan for a few reasons:

  • Buyers and their agents are unlikely to overbid on a home that’s being sold for much more than the one down the block.
  • Homes get the most attention in their first two weeks on the market. When a buyer sees that a home has been on the market for a long time, they will either think that there is something wrong with the home or that it is listed for too high a price.

 

#3) Don’t sell on your own

The most common reason to sell a home “For Sale by Owner,” or FSBO, is to avoid paying a commission for a real estate agent. While we understand that it can be tough to part with any money from your hard-earned home sale, the reality is that sellers who use a Realtor end up earning more on their home sale, even when the commission is considered.

In 2017, the median selling price of a FSBO home in the U.S. was $185,000, while the median selling price of an agent-assisted home was $245,000.  This large gap may be why the National Association of REALTORS® reports that FSBO sellers have dwindled to their lowest number in more than 35 years. Last year, just 8 percent of home sales were FSBOs.

In short, the act of listing a home for a fair price is best handled by a true market expert who has deep insights on your community, recent sales, housing trends and more.

 

#4) Don’t sell using a “retail price” model

It’s interesting to see that homes priced at a round number price point — like $150,000 or $400,000 — often sell faster than homes listed at $149,000 or $399,000.

Why? It’s really a matter of buyer exposure to online listings. Today’s home-buyers mostly shop online, and they enter in search parameters based on price. If you list your home at $299,000 instead of $300,000, buyers who are searching between $300,000-$350,000 won’t end up seeing your property.

That small pricing change can make a massive difference when it comes to online exposure. Homes with round number pricing showed up in search results 58 percent more than those that were listed at a “discount” price.

 

What more tips for buying and selling in the Central Kentucky Market? Get in touch with your Rector Hayden Realtor or join our eNewsletter mailing list!

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The Benefits of Selling with a Home Warranty

The Benefits of Selling with a Home Warranty

Even though our current housing market remains very strong, the period from list-to-close can be many weeks. 

How can sellers protect their valuable equity in the home during that time? With a home warranty! 

A warranty placed during the listing period can eliminate many out-of-pocket expenses sellers often experience from unexpected breakdowns and repairs to mechanical systems and appliances.

Seller coverage is free to the seller for up to six months when they commit to purchase coverage for the buyer at closing. If the property never closes, the seller owes nothing, even if claims were paid.

Seller benefits:

Coverage while your home is on the market. Mechanical system failures are covered during the listing period for up to six months. This means if something goes wrong, you can continue to concentrate your efforts on selling your home instead of worrying about repairs.

A powerful marketing tool. Research shows that 8 out of 10 buyers prefer to buy a warranted home. It’s added incentive that gives you the edge and sets your home apart from the competition.

Help prevent post-sale disputes. If an unexpected failure occurs in the home after the sale, the buyer will turn to the warranty company — not you — to solve the problem.

 

Avoid the worry and inconvenience of dealing with unexpected home repairs!  
With a home warranty provided by Rector Hayden Realtors, you get reliable protection backed by great service. Want more information about our Home Warranty partner, HMS? See more on our website at: www.rhr.com/homewarrantyprogram

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What You Need to Know Before Purchasing This Summer

What You Need to Know before Buying this Summer

With consumer confidence high and mortgage rates low, our local home-buying market is hot!  Here are some essential tips to get prepared and stay ahead of the pack as multiple offers and quick sales will rule the summer.

Get pre-approved

The first step in the home-buying process is getting pre-approved with a top lender.  That way, you’ll be all set to make a strong, serious offer when you find the right property.  Contact HomeServices Lending for great rates and service!

Be the first to know

With homes selling quickly, you’ll want to be the first to know about new listings as they hit the market.  Rector Hayden’s top local home search website – RectorHayden.com – is updated at the top of every hour, as is our mobile home-search app. You can save searches and receive alerts for homes that match your criteria!

Do smart searches

It’s easy to do your home search, no matter where you are or how you like to get your information. Download the Rector Hayden Home Search app for iPhone, iPad and Android to get access to every home for sale on our Central Kentucky MLS. Our mobile app allows you to search based on plenty of different criteria. Use our app and find homes that fit within two different commute times (ex: close to work and close to school!).

Get to know your ideal location

As you narrow things down, visit your preferred neighborhoods and talk with neighbors and local businesses. To learn more about current issues and any concerns, contact the local neighborhood association.

Open House season is upon us

It’s an exciting time of year to explore your options. Check out our upcoming Open House list anytime at RectorHayden.com.

Make your first offer your best offer

It’s a seller’s market. You’ll want to discuss with your Rector Hayden Agent how to tailor your offer to appeal best to a seller.   An experienced agent can make all the difference in your negotiations!

 

curated by Keith Rector

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How Sellers can “Pass” their Appraisal

Blog Article - Featured Image Template(2)

How does the appraisal process work and what influences it? If you’re selling your home, here are insights you can use to get a fair, informed appraisal for your property.

First, how does the appraisal process work and what influences it?

What does an appraiser do?

In short, an appraiser determines the current value of a property. They do this by performing a walk-through of the interior and exterior of the property and making note of any amenities such as a finished basement. They will also note health and safety code violations or other areas of concern. Most appraisers will utilize comparable home data (often referred to as comps) of nearby recent sales and neighborhood statistics to help determine a home’s value.

…

Understanding an appraiser’s work style

Since appraisers are independent contractors (hired by the lender and typically billed back to the buyer), it’s important to understand that they have their own preferences and work styles. While they are on your property, it’s essential to allow them one to two hours to complete the inspection without interruption. However, there are things you can do to make the appraiser’s job easier — and help your home get an accurate valuation.

 

How can the seller help?

  • Make sure all utilities are on
  • Ensure spaces and mechanical pieces are clean, functioning and free of debris
  • Replace burned out lights and make needed repairs
  • Make sure crawl spaces, attics and outbuildings are accessible

 

What happens if the home doesn’t appraise?

If a property appraises under the sales price, your options will then be:

  • Request a reconsideration of value. Although unlikely, it’s possible that the appraisal could be reconsidered and you could still close at the price agreed upon by you and the buyer
  • Ask the buyer to pay more than the appraisal by increasing their down payment
  • Renegotiate the contract, by dropping the contract price to the appraised price

 

What happens if the home appraises?

Hooray, your property appraised at the sales price! All systems are go and you’re on your way to the closing table. Now the buyer’s financial and credit history will be verified, the lender will approve the home mortgage loan and the loan package will be submitted to the title company to prepare the documents for closing.