Category Archives: home value

How to Win Homes in a Seller’s Market

love lettersIf you’ve ever experienced the disappointment of losing out on a home in a seller’s market, you want to do everything possible to keep it from happening again. One tactic many buyers overlook is the “love letter” written to sellers about their home.

Rationally, you might expect the highest offer will always win the home, but there are a host of other factors involved. Some are emotional. Some sellers want to see their home go to a buyer they not only trust to close the deal, but they also like personally.

Want to give yourself an edge? Craft a short “love letter” to go with your offer. Here are the basics you’ll want to cover in your letter:

  1. Explain how much you like their home. Don’t go overboard, but prove to them you know the home and you truly appreciate their taste and the unique characteristics of the house. This might touch on improvements they’ve made or other aesthetic details. 
  1. Spare them all the things you might want to change. What you say is as important as what you don’t say. Don’t tell them you’re going to gut the place as soon as you close, add a second story, or rip out their garden for a pool. 
  1. Demonstrate you’re qualified to close. Make them feel confident in your qualifications as a buyer. Show them you’re pre-qualified for a loan, are buying cash, or have other reasons why you’ll be a hassle-free buyer. 
  1. Be humble and positive. Don’t give them a sob story about the four other homes2022051168 you’ve lost out on. Praise the neighborhood and make them feel as though you would be positively honored to be chosen as the next owner of their home. 
  1. Check the letter for typos. Read it out loud. Listen for clunky sentences or awkward repetition. Have someone proof it for mistakes. Their confidence in your attention to detail is important.

 A good agent should be able to tell you if the letter sounds like an honest appeal. Have it included with your offer as a cover letter.

Need help finding a home worth a love letter? Get in touch today: Barbara & Gregg, The Nicholas Team of Village Square REALTORS 973-509-2222 ext. 1126

What Does It Mean to Sell A House “AS IS “?

Sometimes people inherit a home they simply need to unload and other times they don’t want to make the effort to make repairs or tune up the home’s curb appeal. In today’s world, it can also be a financial concern to finish projects or catch up on some of those deferred maintenance items. sell-my-house-as-is For these home owners looking for a quick sale, they often think selling a home “as is” is the way to go. If you’re like most folks, you might think the “as is” sale means “take it or leave it” and “what you see is what you get.”  

But an “as is” sale isn’t necessarily a cakewalk. It doesn’t mean you’re completely exonerated from taking some responsibility for the home’s condition. While advertising a home “as is” lets buyers know they’re likely to have to do some work, it also broadcasts that the home is probably going to be a relatively good deal, provided they’re willing to take on repairs.

home-disclosureAs is” doesn’t relieve you from disclosing problems with the home.   What you know about, you must disclose by law. Failure to do so could get you into hot water. If you know about a problem but hope it slips by the buyer’s inspector, you’re at risk. The seller’s disclosure provided by most listing agents to their their sellers to fill out; is a great way to list any of the improvements you might have done on the home as well as a chance to give buyers an idea of how old the roof or the heating system might be… these are two questions almost every single buyer asks – they are concerned about the big ticket items needing to be replaced or repaired.

 

And that’s another thing: “As is” homes still go through the inspection process. While your “as is” sale may indicate your unwillingness to make repairs, it doesn’t mean the buyer won’t ask you for compensation based on condition issues. You may not come out of pocket, but it could come right off the top of your listing price, so keep this in mind. What’s more, once these conditions come to light you generally must disclose them to future prospective buyers if the current one bails-in other words, if one buyer walks after an inspection – you must now disclosure all known defects to other prospective buyers.  Keep in mind, safety and environmental issues or hazards are almost never – AS IS. Underground abandoned storage tanks, wood destroying pests, and lead paint are just a few of buyers concerns.

calculaterWith any luck, your “as is” buyer will be a cash buyer, but if not, prepare for the appraisal. Banks don’t want to loan money unless they deem the value of the home is acceptable. If the appraisal comes in low, your buyer may find themselves without the funds necessary to meet your price.

While selling “as is” may seem like a viable alternative to bringing a house up to its full market potential, recognize there are some trade-offs. Go in informed and you’ll find the process much easier to navigate.

Thinking-About-Selling-Your-HouseWhether you’re looking to sell “as is” or not, I’m happy to help you get the best price possible for your home. Let’s talk when you’re ready!

Oh, By The Way, We are Never Too Busy To Give Some Help or Guidance!

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Oh By The Way, we have a great referral base of contractors, painters, dining and more to help make your house home…

Adding an Independent Living Area to Your Home

suite2Years ago, it wasn’t so uncommon to have multiple generations living in the same home. Sometimes these were aging parents moving back in with their kids, and other times they were college students getting their finances in order after graduation. Many homeowners utilized extra space in their home to create independent apartments or separate living spaces. Though they go by many common names (in-law unit, granny flat, garden cottage, basement apartment), these types of spaces are known as ADUs, or Accessory Dwelling Units.

If you have extra space such as an above-garage loft, or extra land where you could build a freestanding structure, you might be interested in adding an ADU to your home. Even if you don’t have a family member in need of the space, they can be great for hosting out-of-town visitors or earning extra income from short or long-term rental agreements.

While communities have different rules regarding ADUs and their permitted uses, there’s a high likelihood that you can find a pathway to adding one to your property if the idea appeals to you. According to AccessoryDwellings.org:

Flexibility in housing makes sense for environmental, lifestyle, and financial reasons. Though many people buy houses and live in them for decades, their actual needs change over time. But the way that houses are currently built doesn’t reflect those changes, especially the way households may spend decades with just 1 or 2 members. Many American houses are too big for 1- or 2-person households, which is too bad, because size is probably the biggest single factor in the environmental impact of a house.

If you have a reasonably sized house, and an even more reasonably sized ADU, you’ve likely got a pretty green combination with some social benefits as well. You could have your best friend, your mother, or your grown kid, live with you. This kind of flexibility and informal support could really help as the nation’s population ages. Most people want to stay in their homes as they age, but finances and design can be problematic. An ADU could help aging people meet their needs without moving.”

(Source: https://accessorydwellings.org/what-adus-are-and-why-people-build-them/)

If you’re interested in exploring ADUs, be sure to check out AccessoryDwellings.org for an extensive library of resources on the topic.

If you’re looking for a home with an existing ADU, or want to find one with land or enough space to create an ADU, I’d be happy to help you find one ASAP. Just reach out to on of us today:  Barbara & Gregg, The Nicholas Team of RE/MAX Village Square  realestate@thenicholasteam.com  973-509-2222