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Remodeling? Recoup Your Investment When You Sell

Mon Dec 24

Remodeling? Recoup Your Investment When You Sell

Before you pour your savings into a new kitchen and a rainforest shower for the master, think about whether or not you'll be able to recoup your investment when it comes time to sell.

If you have equity in your home, you can make improvements, but don't go over the limit of what other buyers can spend for a home similar to yours in your neighborhood.

While it's tempting to make your home more beautiful, you have to consider the rest of your neighborhood. If most residences in your neighborhood are three-bedroom single-story homes, buyers are unlikely to shop in your area for two-story four-bedroom homes.

Buyers want to shop for a home where there is the most selection of homes that fit their criteria. If they want a swimming pool, they're going to look in neighborhoods where many homes have pools. They won't be aware of your home if you have the only pool in your subdivision.

That's why over-improving for the neighborhood is a bad idea. Not only will you not get your money back for some updates, your home my be harder to sell because of them.

Another reason buyers don't tend to pay as much for updates as you might think is broad differences in taste. Your updates may include choices your buyer wouldn't have made because of several reasons:

You only improved one or two rooms, leaving the rest of the home looking unfinished.

Your updates were too radical, such as cold minimalism in a traditional setting.

Your updates masked a problem but didn't solve it, such as a kitchen that's too small. If the kitchen is still too small after you've put in granite counters, don't expect buyers to care.

You failed to do necessary repairs and updates that were less visible than the new décor but buyers noticed anyway.

Your updates are beautiful but require a lot of cost and upkeep.

Buyers want to make a home their own, and don't want to be distracted or confused by design statements that they don't agree with. Enjoy your home while you can, but make sure your new look can be easily depersonalized when it comes time to sell.

Don't expect to set a listing price based on what you've put into your home no matter how long you own it. Your home will be worth market value no matter when you sell, whatever the value is for that point in time.

All the improvements in the world won't change that basic fact. Your home and the improvements you make are only worth what willing buyers say they will pay.

Before you begin renovations, talk to your Realtor and your lender. They will help you develop a reasonable plan for updates that will add value to your home.

How small is the world’s smallest horse and other tiny horses facts you need to know

Sat Nov 24

There isn't a current record holder for the world's smallest horse, but here are some of the smallest horses on record:

Thumbelina

This dwarf miniature horse was 17 inches tall and weighed 57 lbs. She was born in St. Louis, Missouri and died in 2018.

10/26

Wed Nov 24

Long Island, NY Housing Market *

Sat Nov 24

The median sale price of a home in Long Island was $700K last month, up 8.5% since last year. The median sale price per square foot in Long Island is $447, up 6.9% since last year.

The longer you wait to purchase a home the higher they are going! There are good deals for 1st time homebuyers.

Home Sellers and Their Selling Experience

The typical age of home seller was 63 this year, the highest ever recorded.”
For all sellers, the most commonly cited reason for selling their home was the desire to move closer to friends and family (23%), followed by home was too small (12%), home was too large (11%), and the neighborhood was becoming less desirable (10%).
The median number of years a seller owned their home was 10 years, the same as last year. That number was higher than reported from 2000 to 2008, when the tenure in the home was only six years.
36% of sellers traded up and purchased a home that was larger in size than what they previously owned, 30%bought a home that was similar in size, and 32% traded down and purchased a home that was smaller in size.
For recently sold homes, the final sales price was a median of 100% of the final listing price. This continues to be the highest recorded median since 2002.
For all sellers, time on the market this year was a median of three weeks, one week longer than last year.
68% of sellers were very satisfied with the selling process. 22% were somewhat satisfied.

Home Selling and Real Estate Professionals

66% of recent sellers used an agent that was referred to them or used an agent they had worked with in the pastto buy or sell a home.
81% of recent sellers contacted only one agent before finding the right agent they worked with to sell their home.
50% of sellers used the same real estate agent to represent them when purchasing or selling their home. That number jumps to 71% for sellers within 10 miles of their home purchase.
Sellers place a high priority on the following three tasks: help market the home to potential buyers (22%), price the home competitively (20%), and sell the home within a specific timeframe (18%).
The real estate agent’s reputation remains the most important factor when sellers select an agent to sell their home (35%), and an agent’s trustworthiness and honesty (21%).
Most sellers—87%—said that they would definitely (72%) or probably (15%) recommend their agent for future services.

For-Sale-by-Owner (FSBO) Sellers

90% of sellers sold with the assistance of a real estate agent, up from 89% last year, and only 6% were FSBO sales. The share of FSBO sellers was a historical low.
For 38% of all FSBO sellers, the main reason to sell via FSBO was because they sold to a relative, friend, or neighbor.
Getting the price right (17%), selling within the length of time planned (13%), and understanding and performing the paperwork (10%) were the most difficult steps for FSBO sellers.
FSBOs typically sell for less than the selling price of other homes; FSBO homes sold at a median of $380,000 in 2023 (up from 310,000 in 2022), still far lower than the median selling price of all homes, which was $435,000.

Real Estate Info

Sat Nov 24

Common Appraisal Myths

An appraisal is an important part of many real estate transactions. An appraisal is typically done if a buyer requires a mortgage loan to purchase a property. The appraisal is done by an appraiser (who is licensed), and it's based on multiple data gathered during an inspection by the appraiser. When it comes to appraisals, there are many myths or misconceptions around them. Whether you're looking to buy a home, looking to refinance a current mortgage, or you're looking for more information about all that goes into real estate transactions, here are some of the most common myths when it comes to appraisals.

An Appraisal is the same as a Home Inspection

While both an appraisal and home inspection provide important information to all parties, the two are not the same. An appraisal is done to determine the value of a property, generally for the benefit of a lender. The appraiser will inspect a property for improvements and deficiencies but only to determine the overall value of a property. A home inspection, on the other hand, is an inspection, but its main purpose is to look at the 'guts' of a property, assessing the overall condition, and inspecting the major systems, appliances and structure to determine the shape of a property. The appraisal is done to determine the value of a property; a home inspection (which isn't required) is done to determine the overall health of a property.

Assessed Value, Appraised Value and Market Value are all the Same

For many properties and in many states, the idea that the assessed value, appraised value and the market value are equal is understandable. But, in many areas and instances, this isn't the case. Assessed value is determined by an assessor (who works for a city, town or county) and is usually used to levy taxes; if the assessor doesn't actually physically inspect the property, s/he won't know if any improvements (remodeling projects, interior updates, additions, etc.) have been done. The same can also be said if nearby properties have not been reassessed for a long period of time or they don't reflect the area's current real estate market. Appraised value is determined by an appraiser, and is a result of a detailed physical inspection of a property and research done on the neighborhood and any nearby recently sold properties. Market values are consumer-driven and can be influenced by a buyer - if a buyer is willing and able to pay more for a property, then the market value is what the buyer is willing to pay. While all three values can be similar, all three also have the chance of being vastly different.

The Appraiser is Hired by the Buyer

An appraisal is required when a home is being purchased with a mortgage loan; a current homeowner is looking to refinance his/her existing mortgage; or when someone is selling a home to someone that is not an all-cash buyer. The appraisal acts as a security for the lender to understand the value of the property when making the loan decision. Due to federal changes several years ago, although the lender orders the appraisal, the lender does not hire a specific appraiser; the appraiser comes from a 'pool'. For the majority of property transactions, the buyer is responsible for the cost of the appraisal (sometimes a seller will cover the cost of the appraisal, but this is unique, and for the most part the buyer or borrower pays the costs through the lender). There are times when a seller may want to get an appraisal to get an idea of a home's value before listing the property - in this case, the seller would hire the appraiser and pay for the appraisal.

The Appraisal Varies Whether it's For the Buyer or Seller

Typically, an appraiser has no vested interest in the price of a property - s/he doesn't represent any particular person. The appraiser should complete an independent and objective appraisal, simply performing the service of determining a property's appraised value. Appraisals can be done for a number of reasons: insurance, home loans, tax losses, estates, liquidation and net worth. Because of this, depending upon the purpose of the appraisal, the market value and appraised value can vary, but the appraiser does not complete an appraisal in favor of the seller or the buyer.

Appraisers Use a Formula to Determine the Value of a Property

The way in which appraisers determine the value of a property is very detailed. An appraiser will analyze all aspects of a property: location, condition, size, proximity to amenities and other facilities, and s/he will also consider the recent sale prices of comparable properties in the area. Other items that are considered in the appraisal: number of bedrooms and bathrooms and the floor plan functionality. The appraiser does a visual and physical inspection of the interior and exterior of the property. S/he will take into consideration the type of flooring in a home; the materials used in the kitchens, bathrooms, and other rooms; the siding and any other recent upgrades. An appraiser will also consider things that need to be repaired, and other miscellaneous items. Far from a specific formula, appraisers use a lot of data to determine the appraised value of a property and an appraisal can take a number of hours to complete depending on the size of a house and complexity of the property.