First-Time Homeowners Tackle an Imperfect House

RE/MAX Housing Blog

First-Time Homeowners Tackle an Imperfect House

By Marly Beste, RE/MAX Copywriter

We did it! We bought a house! After a frenzied home search, we actually ended up at the closing table, signed the paperwork and left with keys in our hands.

The fun was about to begin.

My husband and I knew renovations were in store. At the very least, we’d need to paint, do some updating and redesign some spaces. But this is our first house, so remodeling is new to us. We're complete novices.

But that hasn’t stopped us from tearing a few things down. In the first month of ownership, we’ve stripped wallpaper, removed two living room walls and demolished the brick fireplace.

And we still have a long way to go.

If you’re thinking about buying a home in need of TLC, here are some tips on whipping it into shape:

• Capitalize on having an empty house. If possible, delay your move-in so you can begin the transformation without getting your things grimy (even if you have to live with your in-laws, like we did!).
• Ask for help. We made an event out of it. When it was time to paint, we threw a “painting party.” Before friends arrived, we made a tray of tropical ham sandwiches, poured some drinks and queued up an island-inspired Pandora station. Everyone had a blast and the job got done.
• Rely on expertise. The paint pros at your local hardware store are invaluable when the 5-gallon jug you just bought looks more purple than grey.
• Work hard, but within reason. When you rush, it’s easy to make mistakes – and bad decisions that can compromise the overall design.
• Get organized. Keep all your receipts in one place. Register new appliances and electronics and file for rebates within the first five days of your purchase. Don’t give in to the temptation to postpone these tasks in the chaos of moving; you could lose money down the road.

If you’re considering buying a home, contact your local RE/MAX agent for guidance on finding the right house – and exploring your options on making it even better.

Prepping for Sale: Spruce Up the Laundry Room

RE/MAX Housing Blog

Prepping for Sale: Spruce Up the Laundry Room

    In many houses, laundry rooms are little more than semi-neglected utilitarian spaces best left unseen – not an impression you want to make if you’re selling your home.

 If your laundry space needs some care, follow these organization and decorating tips to upgrade or cleverly conceal it.

Closet Up
Laundry rooms are tucked into many different places in a home, including the garage, basement, utility room, the kitchen and, in some urban homes, even the bathroom.

That’s where cabinets can come into play. A cabinetmaker can build an enclosure for the washer and dryer alone or for your entire laundry setup. You can also purchase cabinetry at a home improvement store and
 install it yourself.

When possible, conceal your laundry space with doors that match or complement other doors in your home. Avoid the conspicuous "accordion" door often found on laundry closets in older homes.  Alternatives include a sliding-door track system or even curtain panels. Curtains are a cheaper, softer and less permanent way to separate and hide your laundry.

Become Shelf Conscious
If your main concern is to conceal a bulky, full-size washer and dryer, a countertop installed directly above the appliances discreetly says, nothing to see here, folks! Use the countertop space as a display shelf during showings. Install a rod and curtain underneath to hide the machines from view.

Color Cleverly
Coordination is key when it comes to camouflaging a laundry room. Choose soothing, neutral palettes for curtains, wood and paint in your laundry space.

If the laundry room lacks cabinetry or shelving, use baskets and storage cubes in a coordinating color scheme to conceal detergent, hangers and clothes.

Show Discipline in Decor
Put laundry room knickknacks away. The last thing you need when sprucing up your laundry space is a cutesy sign that reads "Loads of fun" or "Drop pants here." Choose laundry area decor that is not personal or specific to cleaning. Home Buyers gravitate toward places they can easily picture living in ­– not picture you living in.

There are many easy ways to minimize your home’s flaws and highlight its best features. If you’re thinking about selling your home, contact your local RE/MAX agent for guidance on everything from quick upgrades to pricing, contract negotiations and support throughout the selling process.

Would You Trust an Online Estimate to Value Your Home?

Would You Trust an Online Estimate to Value Your Home?

  You be the judge.

From the LosAngeles Times report:

Are Zestimates accurate? And if they're off the mark, how far off? Zillow CEO Spencer Rascoff answered that they're "a good starting point" but that nationwide Zestimates have a "median error rate" of about 8%.

That being said contact a local real estate agent before you put all your "eggs" in an online estimate basket.

Real Estate in Oconomowoc is popping. Looking to sell your home or buy a new home?

 Call Glenn Shong 262-490-2787

5 Advantages of Buying a Fixer-Upper

5 Advantages of Buying a Fixer-Upper

ReMax Housing Blog

We all have fantasy images of our dream house. These images may be hard to let go of when buying a home, especially when all you can afford are homes that, well, let’s just say need some TLC.

That’s when it’s important to keep in mind that the fixer-upper you’re looking at could have the potential to someday become your dream house. It’s just one advantage fixer-uppers can offer. Here are a few others:

1. Lower price
A home that needs work likely will be less expensive. Such properties rarely list at full market price.

2. Fewer competitors
Many buyers are unwilling or unable to put a lot of work into a house. This creates the perfect opportunity to snatch a bargain,
a major advantage welcomed in particular by first-time homebuyers or house hunters competing for homes in areas with low inventory.

3. A blank canvas
With a fixer-upper, you call the shots as to how the house will eventually look. You don’t have to settle for a home that reflects someone else’s taste. Plus, if you do some of the work yourself, you’re automatically awarded bragging rights.

4. Quicker equity
If you renovate the home shortly after you buy it, you may increase its value quickly. Equity provides many financial benefits, from raising your personal net worth to giving you an opportunity to refinance sooner, if needed.

5. The possibility of renovation loans
Ask your lender about the Federal Housing Administration’s 203k loans that provide homeowners with funds specifically for fixer-upper projects. The loans, the 203k Streamlined Mortgage and the full 203k Mortgage, are available for homes with needs ranging from cosmetic improvements to extensive structural work.

Whether you’re looking for the home of your dreams or a starter house that may need some work, a local RE/MAX agent can guide you there.

Why Home Buyers Need to Act Now

Home buyers need to move fast if they want to spend less, notes Jonathan Smoke, chief economist at realtor.com® in commentary at the site.

“Delayed purchases will only result in higher monthly mortgage payments as prices and rates rise,” Smoke writes. Realtor.com® is forecasting that affordability may decline as much as 10 percent over the year.

The Federal Reserve continues to remind the financial markets that it plans to raise its target federal funds rate this year, which will cause mortgage rates to rise. Many economists are predicting 30-year fixed-rate mortgages to average near 5 percent by the end of the year.  

For now, mortgage rates are near historical lows for homebuyers and home owners who can take advantage. Freddie Mac reported last week that the 30-year fixed-rate mortgage averaged 3.66 percent (last year at this time it averaged 4.32 percent), and 15-year fixed-rate mortgages averaged 2.98 percent (a year ago, it averaged 3.40 percent). 

“Right now, the Fed is using the word ‘patient’ to describe its approach to picking the time to raise the target rate,” Smoke notes. “However, when the Fed ‘loses patience,’ rates will go up at least 20 to 40 basis points in anticipation of the target rate officially going up. … So, buyers beware: The clock on these low mortgage rates may be ticking.”

Source: “2015: Buy Now, Before the Fed’s Patience Ends,” realtor.com® (Jan. 30, 2015)

When you're ready to look for your next home, feel free to contact me or check my website.

Real Estate in Oconomowoc is popping. Looking to buy a home call Glenn Shong 262-490-2787

The Four Reasons Your Home Is Not Selling

The Four Reasons Your Home Is Not Selling

If properly marketed properly, there are 4 very big factors in why a home is not selling

LOCATION, INTEREST RATES, CONDITION and PRICE.

 LOCATION You may have heard that LOCATION LOCATION LOCATION is prime in selling any home at top dollar. The same home for example in a different neighborhood, elementary, middle or high school district or on quiet cul du sac could sell for more money. All to often sellers insist on a specific market price because they compare their homes to others outside their immediate neighborhood. Todays big name online evaluation services often times are a disservice to sellers  in that those services compare
valuations over to broad an area or are not as in tune to a neighbor hood as a real estate agent.

INTEREST RATES Naturally sellers may assume that if rates are low their home will sell. That may be true but as rates increase by even a quarter of a percent that knocks out buyers that would normally qualify to purchase a home.

CONDITION It is "interesting" to see what some sellers consider as "market ready". Many buyers are qualified to purchase but the property but the property does meet the qualifications for   "government loans" like FHA, VA etc. Peeling paint, rotten exterior wood, not so handy person electric and more. An experienced real estate agent should be able to point out the red flags prior to putting a home on the market.

PRICE  Price will compensate for the other three.A home will sell when the location is bad, interest rates are to high or the condition is bad to marginal. The price is to high if there are no showings.  The price is to high if there are showings and no offers. If price is adjusted closer to what similar homes are selling showing activity will pick up.  A seller should see one or more offers if price is at or below the median sale price for a neighborhood.

Real Estate in Oconomowoc is popping. Looking to sell your home or buy a new home call

Glenn Shong 262-490-2787. 

5 Places You Don’t Think to Clean Before Showing Your Home

5 Places You Don’t Think to Clean Before Showing Your Home

When you're selling a home, the elbow grease you put into keeping it clean and neat can come with an added bonus: a quicker sale.Even though most homeowners wouldn't dream of leaving dirty dishes in the kitchen sink or clothes on the bathroom floor when potential buyers will be coming by, there are five areas of the home that often get overlooked.

1. The garage. To make your garage show well, get rid of everything you don’t need and organize the rest. Hang your tools neatly on a pegboard, arrange paint cans on shelves and suspend holiday decorations from racks attached to the ceiling. This helps the space shout “storage solutions!” to buyers who crave them. Give the space a thorough cleaning, and you’re ready to throw open the doors and entice garage-hungry buyers.

2. The backyard. Don’t miss the opportunity to wow buyers who want an eye-catching, outdoor living space. Clean the barbecue and set the patio table for guests. If you have a hot tub, run it and leave the top off to allow guests to picture themselves taking a long, hot soak. If you do nothing else, give your backyard a thorough cleaning. Hose down the patio, mow the lawn, rake the leaves, replace dead plants and pick up pet droppings.

3. The closets, cupboards and drawers. If you could be a fly on the wall during an open house, you’d be amazed at the number of people who open drawers and cupboards. Sure, some of them are just being nosey, but others want to see how much space they offer. Remove as many items as possible from closets, cupboards and drawers. Invest in shoe racks to keep the closet floors clutter-free. Use drawer dividers to separate items as needed. Clean your cupboard shelf surfaces, especially those in the kitchen, to remove dust and food residue. Fold linens and towels and stack them neatly in the linen closet.

4. The laundry room. Soapy shelves, dryer sheets littering the floor and piles of dirty laundry on top of the dryer are all signs of a well-used laundry room. Unfortunately, these are turnoffs for buyers. Store the detergent and other cleaning supplies in bins or baskets lined up neatly on the shelf. Clean lint and dust off the walls and wash down the washer and dryer.

5. The appliances. Most owners shine up the fronts of their appliances before listing their homes, but they forget about the interiors. Whether appliances are included in the sale or not, folks will open them to take a peek inside. If anything inside of your refrigerator looks more like a science project than yummy leftovers, throw it away. Wipe down the walls and clean the produce bins. Come to think of it, don't forget the top of the refrigerator, too. A lot of dust can collect up there. Give the stove and oven the same treatment, wiping off accumulated grease and baked-on food.

House hunters know the minute they walk in the door if they want to see more of the home. If they feel like they should be wearing a hazmat suit, they won’t stick around. A clean house gets them excited about taking a tour and possibly making an offer.

When you're ready to see those offers come in, feel free to contact me.

Real Estate in Oconomowoc is popping. Looking to sell your home or buy a new home call

Glenn Shong 262-490-2787