The Perks of Buying a Home in the Fall

Editor’s Note: This post was originally published on September 16, 2015. Housecall continues to share this piece due to ongoing requests and reader interest.

As we close out a summer marked by rising home prices and limited supply, we’re conditioned to expect the inevitable end-of-season slowdown. But the change of season doesn’t mean activity drops off completely – in fact, fall’s arrival presents opportunities for homebuyers, in part due to a “back-to-school mentality,” according to a survey by ERA Real Estate.

If you’re a prospective homebuyer, tap into that renewed sense of motivation – and consider the following perks – while hunting for a home this fall.

You can enjoy year-end tax breaks. Buying before the year’s out allows fall homebuyers to take advantage of tax breaks such as the mortgage interest and property tax deductions. “There are certain deductions that can be claimed by homeowners only,” explains 1040Return.com Founder John Gregory. “If you have taken out a homeowner’s loan, consider these deductions as Uncle Sam’s gift to you.” To learn more about the tax benefits available to homeowners, click here.

You can sidestep the multiple-bid minefield. Bidding wars dominated low inventory markets this summer, but competition tends to wane as activity slows in the fall. With fewer folks searching for homes, fall homebuyers can spend less time chasing supply and more time finding – and getting – the perfect home.

You may have more bargaining power. Aside from less competition, fall homebuyers may have the opportunity to purchase their home of choice at a reduced price, especially when negotiating with sellers who had hoped to unload their homes over the summer.

Related Link: If Your Home Didn’t Sell This Summer, Don’t Despair – Fall and Winter Are Great Times to Sell, Too

You’ll be home for the holidays – literally. As ERA reports in their survey, fall homebuying activity is also fueled by emotional motivation. “As vacations wind down after Labor Day and people become more focused, the desire to be in a new home for the holidays is a historically strong driver of fall home sales,” says ERA President and CEO Charlie Young.

 

Posted by Suzanne De Vita on RISMedia’s House Call

Ready to buy your next home? Click HERE to get started!

Advertisements

5 Reasons You Should Sell This Fall!

Here are five reasons why listing your home for sale this fall makes sense.

1. Demand Is Strong

The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase…and are in the market right now! In fact, more often than not, multiple buyers end up competing with each other to buy the same homes.

Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now 

Housing inventory is still under the 6-month supply needed for a normal housing market. This means that, in the majority of the country, there are not enough homes for sale to satisfy the number of buyers in the market. This is good news for homeowners who have gained equity as their home values have increased. However, additional inventory could be coming to the market soon!

Historically, a homeowner stayed in his or her home for an average of six years, but that number has hovered between nine and ten years since 2011. Many homeowners have a pent-up desire to move as they were unable to sell over the last few years because of a negative equity situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move.

The choices buyers have will continue to increase. Don’t wait until this other inventory comes to market before you decide to sell.

3. The Process Will Be Quicker

Today’s competitive environment has forced buyers to do all that they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and much simpler as buyers know exactly what they can afford before home shopping. According to Ellie Mae’s latest Origination Insights Report, the average time it took to close a loan was 44 days.

4. There Will Never Be a Better Time to Move Up

If your next move will be into a premium or luxury home, now is the time to move up! The abundance of inventory available in these higher price ranges has created a buyer’s market for anybody looking to purchase these homes. This means that if you are planning on selling a starter or trade-up home, your home will sell quickly AND you’ll be able to find a premium home to call your own!

According to CoreLogic, prices are projected to appreciate by 5.1% over the next year. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait.

5. It’s Time to Move on With Your Life 

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you feel you should?

Only you know the answers to the questions above. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to move on and start living the life you desire.

 

Posted by The KCM Crew

Are you looking to sell your home? Visit our website TODAY to get started!

September Home Checklist

How to Brighten a Dark Home

Dreading the end of Daylight Saving Time? Trick your way into a brighter space — even when the natural light prospects are dim.

Whether you live in a large home with a dark interior or a small apartment with only one window, follow these tips to bring in more sunshine — or at least make it look that way.

Paint it light and bright

Colors and values are nothing more than the light that reaches our eyes after bouncing off objects.

The amazing thing about white is that it reflects most of the light that hits its surface, creating the illusion of light. Case in point: that glowing ball in the sky we call the moon.

Paint colors that are saturated yet light in value create a similar effect, while lending their own distinctive personalities to a space.

Keep the contrast

A kitchen with white cabinets, countertops, walls and backsplashes is about as bright as it gets, yet the lack of variety can leave the overall effect a bit dull.

To keep things interesting, introduce contrast. Choose accessories, cookware and decorations in your favorite color, or even decide on an entire palette.

Sneak in some style and personality with a colorful mosaic backsplash, or add drama to the scene with dark furniture, picture frames or patterns.

Strategically place mirrors

Mirrors cannot make a room look brighter on their own, though there is some truth to the mirror myth, since they’re excellent at reflecting natural light in rooms that already receive it.

Don’t expect to get the same effect in dim hallways and bathrooms, though, since it does no good to duplicate a dim view. So, go ahead — replace those huge panels of mirrored glass in your bathroom with more attractive framed mirrors. You won’t miss out after all.

Install new windows

Yes, installing an entire window or two is the nuclear option, but if your home is so dim that you’re forced to keep the lights on all day, then it could be taking a toll on your utility bills — or even your mental well-being!

This isn’t a decision to take lightly (no pun intended), so talk to a contractor to discuss options and pricing before you break out that sledgehammer. You might be better off installing a skylight or light tubes.

Eliminate glare

Sometimes the problem isn’t the amount of light, but rather the quality. Overhead lights can brighten up a room, but the effect is harsh as high-noon sunlight.

Instead, you want the diffuse, indirect light of early morning. Place lights near the walls, and place LED strips under cabinets to cover the wall in a soft glow. Be sure to include task lighting wherever it’s needed most, such as the home office or wherever you need to read and work.

Rethink window treatments

If your curtains cover up too much of the window, replace them with something less obstructive. Sheer and semisheer window treatments let in plenty of light, without sacrificing privacy during the day.

If you’re tired of pulling up the Venetian blinds or plantation shutters every day, replace them with blackout window treatments you can open all the way during the day and close at night.

Brighten the view outside

Maybe you’re too busy focusing on the indoors to see the forest for the trees. But all those trees and overgrown foundation shrubs can block natural light from reaching the house, so cut those bushes and trim those tree limbs. If necessary, call an arborist.

Also, use plants with variegated or silver leaves in your landscape to reflect light indoors, and consider renovating your patio and paving it with something brighter.

 

Replace doors

Doors present a great opportunity to let in more light, improve the view from inside and make the entry more welcoming.

Since your front door is a reflection of your home’s personality, as well as your own, pick a style that’s appropriate to the architecture. If you’re concerned about privacy, choose one with stained glass or small windows at the top. Even a small amount of natural light will make a huge difference.

Clean windows

It ought to be obvious, but when was the last time you cleaned all your home’s windows, both inside and out?

To avoid streaks on outdoor surfaces, don’t bother with the window cleaner and paper towels. Wash the windows with a sponge and mildly soapy water (dish soap will do), wipe dry with a squeegee, and finish them off with a soft chamois.

 

Posted by Steve Asbell on Zillow

4 Reasons to Sell This Fall [INFOGRAPHIC]

Some Highlights:

  • Buyer demand continues to outpace the supply of homes for sale! Buyers are often competing with one another for the listings that are available!
  • Housing inventory is still under the 6-month supply that is needed for a normal housing market.
  • Perhaps the time has come for you and your family to move on and start living the life you desire.

Posted by The KCM Crew

Ready to sell? Click HERE to see how much your home is worth!

The Most Rewarding Fall Home Improvement Projects, Ranked For ROI

New windows and a freshly washed exterior can update your home’s look—and boost its value.

Spending a little time on DIY and professional upgrades now can pay off big come spring.

Fall is the season for posting apple-picking photos on Instagram, enjoying pumpkin spice–flavored everything, and spending weekends enjoying the autumn scenery. Just peek out your window —whether you live in Boston, MA, or own a piece of Atlanta, GA, real estate — the cooler temps and changing leaves are hard to resist. While beautiful, fall is also the perfect time for rolling up our sleeves and tackling those home improvement projects we put off during the summer.

“Enjoying the weather can put you in a great state of mind and allow you to focus on the task at hand — and do it well. Beyond that, most building materials are at their best when they are installed at moderate temps,” says Phil Eby of Eby Exteriors in Akron, PA. Plus, contractors typically have fewer projects during the fall, so you’re more likely to find help quickly if you don’t want to go the DIY route. Especially if you plan on listing your home in the spring (or anytime within the next year), you’ll want to prioritize the best home improvements for resale. To figure out what’s worth your time and budget, we asked real estate agents and other professionals for their expert opinions. Here’s what they had to say.

1. Paint the front door

ROI: 80% to 140%

Hands down, the easiest exterior project is also the one that reaps the biggest rewards. A freshly painted front doorhelps your home stand out from the block, and it can be finished in less than an afternoon. Fall is usually the perfect time for this activity; just pick that afternoon wisely. “Normally, exterior painting should be done at a time when the temps are at least 50 degrees or so and aren’t dipping below the 40s at night. This allows the paint to adhere properly and prevents it from freezing before it is fully dry,” Eby says.

2. Refresh (or repair) the deck

ROI: 80% to 120%

A deck is only as good as its condition. If the wood is splintering, the finish faded, or the rails shaky, call in the experts. “A buyer who sees a dirty deck that’s in disrepair may sour their feelings about your house, and even if they still want to buy your home, they will certainly use it as a negotiating point,” says Eby. Even if you have to outright replace the deck, it’s worth the expense. (Just remember to get a permit!)

3. Enhance the exterior

ROI: 60% to 100%

If your exterior paint job is in decent shape, a few touch-ups could suffice. But for those with chipping paint or a 1970s color scheme? Call the pros immediately. “The last thing you want is to scare buyers away before they even get inside,” says Than Merrill, former host of A&E’s Flip This House and CEO of FortuneBuilders. On average, you’ll spend $1,000 to $3,000 (for a 500- to 1,500-square-foot single-story home), but he estimates that the investment in curb appeal can help properties sell for up to 10% more than others on the block. Just stick to neutrals: This isn’t the time to try out a statement color.

4. Replace or repair your roof

ROI: 50% to 110%

“The peace of mind offered by a functionally sound roof is invaluable to its respective occupants and is weighed heavily by those intent on making a purchase,” Merrill says. A new roof can be basic or with details that enhance curb appeal, but its main value comes from instilling confidence in a prospective buyer. This holds true for repairing leaks and for cosmetic damage, which buyers often use to negotiate a lower price.

5. Power-wash the exterior

ROI: 40% to 110%

The ROI for this project can vary based on just how dirty your home was before the wash. If the home was merely a little dirty, the ROI may not be as great as it is for one that will look almost new after the wash. If your home falls into the latter category, it can be worth it to hire a pro. “The ROI could be 100% or more, even if done by a pro for $1,000 or more,” Eby says. If you decide to go DIY, Eby cautions to take care to avoid spraying water in a direction that’ll force it behind siding or under shingles.

6. Window replacement

ROI: 50% to 80%

Windows can be hit-or-miss investments, mainly because they are expensive to replace and almost invisible to buyers. “It’s been my experience that unless the windows are damaged or so poorly insulated that your utility bills are sky-high, most buyers don’t consider windows to be a major deciding factor,” says Wingfield.

7. Update your HVAC

ROI: 20% to 50%

This project ranks as one with the lowest payoff, simply because current buyers have come to expect all homes have central air. An upgrade isn’t a selling point unless the system was old to begin with. “If your existing system has been in place for more than 10 to 15 years, it’s likely that you’ll soon need a new one. It becomes an area that a potential buyer will most likely use to negotiate a lower price,” Eby says. Even then, you might have to show proof of gains in efficiency to recoup your costs.

8. Clean the gutters

ROI: Priceless

Here, an ounce of prevention is worth a pound of cure. “While you may need to wait for inclement weather to realize your return on investment, a mere 30 minutes of routine rain gutter maintenance could prevent thousands of dollars in damage to the foundation of a home,” Merrill says. If you outsource this chore, expect to pay $3 to $9 per foot.

Posted by Brie Dyas on Trulia

7 Reasons Fall Might Just Be the Best Time to Buy a Home

Arpad Benedek/iStock

Spring and summer usually get all the real estate glory with lofty accolades as the best time to buy a home—and, of course, the busiest. Meanwhile, their seasonal sibling, fall, often gets tossed to the leaf pile by potential buyers who might think autumn is just about haunted houses and turkey dinners rather than house hunting.

But surprise! Fall is not only a great time to buy a home, it might also be the best season to find the perfect property (and not just because you can browse the listings while cupping a pumpkin latte).

Read on to discover the many reasons.

Reason No. 1: Lower home prices

The best month to snag a deal when buying a home? October. This isn’t just some random guess; it’s based on RealtyTrac’s analysis of more than 32 million home sales over 15 years. The resulting data showed that on average, October buyers paid 2.6%below estimated market value at the time for their homes.

For a house that would normally be $300,000, 2.6% translates into a $7,800 discount. Those savings are nothing to sneeze at, so bargain hunters should get hopping once autumn rolls around. (For an even better deal, aim for Oct. 8, when buyers get a home, on average, at 10.8% below estimated market value.)

“For buyers looking for a better deal, fall is a great time to make offers,” says New York City Realtor® Joanne R. Douglas. (In case you’re wondering, the worst month for buyers is April, when homes sell for 1.2% above estimated market value. The worst single day is Jan. 19, with an average 9.6% premium.)

Reason No. 2: Less competition

Like a beach after Labor Day, the realty market clears out as the days turn crisp. Most summer buyers have already found a home, meaning a fall buyer will have way less competition for the available houses on the market, says Bill Golden of Re/Max Metro Atlanta Cityside. And don’t worry about those buyers who didn’t close before August, either.

“Many folks will drop out of the market until after the new year,” says Golden, giving a fall buyer even greater room to roam at open houses. There may not be as many properties to choose from, but as Golden says, “a little patience and perseverance could reap big rewards.”

Reason No. 3: Worn-out home sellers

Say hello to your little friend, leverage. Sellers who have their homes on the market in the fall “are generally people who need to sell, which can make for better negotiations for the buyer,” says Golden. And if a home you have your eye on has been on the market all summer, you’re really in the driver’s seat as far as making an offer the seller can’t refuse. The longer a home sits on the market, the more negotiating power the buyer wields.

Reason No. 4: The holidays are around the corner

Not only are most home sellers worn out after the summer selling season, they’re also caught between a real estate rock and a hard place in that the holidays are barreling down on them. If they want to move and settle down in time to host Thanksgiving and put up their Christmas lights, they’ll have to close, fast. So use this preholiday window to your advantage by offering to help them vacate fast if they cut you a deal.

Reason No. 5: Year-end tax credits

No one wants to buy a home purely to make their accountant happy. But there’s a sweet added incentive to closing on a home at the end of the fiscal year. Come the following April 15, you might be able to take some nice tax deductions, including closing costs, property tax, and mortgage interest, to offset your taxable earnings.

Reason No. 6: More quality time with your real estate team

As the year comes to an end, fewer buyers also means you should have the full attention of your real estate agent, mortgage broker, real estate lawyer, and everyone else on your house hunting team. You can take your time to ask all those questions you have aboutearnest money, due diligence, title transfers, and more without feeling like you’re horning in their busiest season to turn a buck.

Reason No. 7: Home improvement bargains

Once you close on that home you found in the fall, you may want to upgrade your appliances. Luckily, December is when major appliances—refrigerators, stoves, washers, and dryers—are at their very cheapest, according to Consumer Reports. It’s also the best time of year to buy cookware and TVs.

So once you’re settled in (and provided you have any money left), get ready to renovate!

Posted by Margaret Heidenry on realtor.com