These days, you'd be crazy not to want to save money. So when it comes to managing your rentals, there aren't many people who don't take the time to weigh the costs of hiring a Las Vegas property manager versus managing their own properties. The average property manager charges anywhere from 10%-13% the cost of your rent. So is it worth the cost? Definitely! Here are five ways property managers actually save you money!
1.) An Empty House Gathers No Cash
So you've got the perfect house or condo available for rent and you're looking to make a little supplemental cash. There's only one problem. You can't get a tenant in it! Most homeowners may have trouble nailing down a resident for their property, but an experienced Las Vegas property management company has all the marketing tools necessary to fill your place quickly. From MLS listings and specialty realty sites to proper signage and flyers; they're not only pros at marketing, but they also thoroughly screen potential tenants with credit, criminal, and background checks to better your chances of landing a primo tenant.
2.) Maximize Your Mileage
You may think you've got the property management trade down pact, but if you live miles away from your rental property or even out of state, a Las Vegas property manager can be your best friend! Why? Because between the fuel cost of commuting or the cost of plane tickets to shuttle back and forth between your home and your rental, a property manager can already be there keeping an eye on your place and keeping everything in great working order.
3.) Maintenance Money
Quick! A pipe just burst in your rental property, the air conditioner went out, and the dishwasher is dead. What do you do? And what's it going to cost you? If you just happen to be a licensed contractor with experience repairing HVAC systems and electrical problems, these emergencies may not faze you. But if you're like the rest of us, you have no clue how to take care of these issues yourself. Resolving this may take hours of tracking down contractors, scheduling appointments, and your cold hard cash to fix it. Or you can rely on your Las Vegas property management company to take care of it. They'll either have in-house contractors or trusted sub-contractors to take care of maintenance issues as quickly and as inexpensively as possible.
4.) Court Anyone?
No matter how extensive a background check is, it simply doesn't guarantee the perfect tenant. You never know if you'll have to deal with someone who trashes your property, constantly violates their lease or worse, won't pay their rent. Ridding your rental property of a bad occupant is frustrating and it's even more difficult if you have to evict them, change the locks, and take them to court. Having a competent Las Vegas property manager saves you the hassle of dealing with this uncomfortable situation. In addition, they'll also go to court for you should the need arise which saves you hundreds of dollars in court fees and hours of frustration.
5.) What's Your Time Worth?
Everyone knows that time equals money. So when you break down all the time a good Las Vegas property management company saves you by dealing with everything from finding a tenant for your property, taking care of maintenance issues, collecting rent, dealing with disputes, and much much more it's pretty obvious that you're getting a great deal. Why not give yourself and your wallet a break and let the professionals take care of the rest!
Simply Property Management Practical Tips
Home buying season is back in full swing this spring, and buyers are seeing more listings flood the market. Whether you're selling your home or seeking new renters through Tucson property management companies, in this market curb appeal is king. First impressions are lasting and a great looking place can mean the difference between a house that sits vacant and a house that's snapped up in a matter of days. Here are five fabulous ways to add some curb appeal zing to your home this spring.
Knocking on heaven's door
One of the very first things potential homebuyers and renters will notice about your home is the front door. So why not make a statement before they even cross the threshold? Something as simple and inexpensive as a fresh coat of paint can do wonders in creating a more inviting entrance. A fresh punch of color that compliments your home not only looks good, but also hides the beatings most doors take after a few years. Many Tucson property managers also recommend updating the hardware which makes an attractive upgrade.
Light the way
You never know when a buyer or renter will drive by your place so a home that looks welcoming day or night is a great asset. Good lighting can help highlight the points of interest of your property and make the path to the front door seem more accessible and secure. Entryway lights are a great way to add some soft lighting to make your home appear more inviting and show off landscaping features like fountains and gardens. Notable Tucson property management companies suggest cleaning exterior light fixtures and replacing any burnt out bulbs.
Ditch the dirt
Between the beating of winter and general wear and tear over the years, your tidy little home exterior can take on a grungy, weathered look. Not budgeted for repainting? Try renting or borrowing a power washer and give your home a much needed burst of clean! Power washers can not only give new life to your house but can also give windows, porches, and garage doors a much needed improvement in the sparkle department.
Flower power
Never underestimate the power of flowers! Sometimes a charming zing of color is all a Tucson property manager needs to grab the attention of renters and a great way to capture the eye of a buyer. Planting flowers along the front of the house, along the entryway, or even a few tasteful hanging baskets are an inexpensive way to add warmth and visual impact to your property. Don't have a green thumb? Perennial container plants are the way to go for a seasonal and low maintenance option.
Less is more
Spring cleaning isn't just for inside your home. Sometimes front yards need some TLC to remove non-essentials that can deter buyers or Tucson property management company referred renters. Broken lawn ornaments, old vehicles, and rusty grills may look like a seemingly well placed feature to you, but for new buyers and renters it can be a huge turn off. Never underestimate the power of a good de-cluttering. In addition to removing dead plants, broken pavers, and trash be sure to move anything that doesn't visually enhance your front yard straight to the back.
Sometimes it's hard to look at your home in an objective light so don't be afraid to have a friend, realtor, or Tucson property manager look over your house and give you an unbiased opinion. Adding a little zing to your curb appeal may be just the thing your home needs to move this spring!
Knocking on heaven's door
One of the very first things potential homebuyers and renters will notice about your home is the front door. So why not make a statement before they even cross the threshold? Something as simple and inexpensive as a fresh coat of paint can do wonders in creating a more inviting entrance. A fresh punch of color that compliments your home not only looks good, but also hides the beatings most doors take after a few years. Many Tucson property managers also recommend updating the hardware which makes an attractive upgrade.
Light the way
You never know when a buyer or renter will drive by your place so a home that looks welcoming day or night is a great asset. Good lighting can help highlight the points of interest of your property and make the path to the front door seem more accessible and secure. Entryway lights are a great way to add some soft lighting to make your home appear more inviting and show off landscaping features like fountains and gardens. Notable Tucson property management companies suggest cleaning exterior light fixtures and replacing any burnt out bulbs.
Ditch the dirt
Between the beating of winter and general wear and tear over the years, your tidy little home exterior can take on a grungy, weathered look. Not budgeted for repainting? Try renting or borrowing a power washer and give your home a much needed burst of clean! Power washers can not only give new life to your house but can also give windows, porches, and garage doors a much needed improvement in the sparkle department.
Flower power
Never underestimate the power of flowers! Sometimes a charming zing of color is all a Tucson property manager needs to grab the attention of renters and a great way to capture the eye of a buyer. Planting flowers along the front of the house, along the entryway, or even a few tasteful hanging baskets are an inexpensive way to add warmth and visual impact to your property. Don't have a green thumb? Perennial container plants are the way to go for a seasonal and low maintenance option.
Less is more
Spring cleaning isn't just for inside your home. Sometimes front yards need some TLC to remove non-essentials that can deter buyers or Tucson property management company referred renters. Broken lawn ornaments, old vehicles, and rusty grills may look like a seemingly well placed feature to you, but for new buyers and renters it can be a huge turn off. Never underestimate the power of a good de-cluttering. In addition to removing dead plants, broken pavers, and trash be sure to move anything that doesn't visually enhance your front yard straight to the back.
Sometimes it's hard to look at your home in an objective light so don't be afraid to have a friend, realtor, or Tucson property manager look over your house and give you an unbiased opinion. Adding a little zing to your curb appeal may be just the thing your home needs to move this spring!
When Kellie and Michael May decided to refinance their home in the New York suburbs, they wanted to take advantage of historically low interest rates. But before landing a new 30-year fixed-rate mortgage, they had to get through a home appraisal.
"It was a major stumbling block," says Kellie May, who has owned the 4-bedroom, 3-bath colonial for seven years. Not that she and her husband were unprepared; they'd been through an appraisal for another refinance in 2010, so they knew to point out improvements they'd made to the 3,400 square foot home, and supply prices for other neighborhood properties that had sold recently.
But the appraisal came back roughly $70,000 less than the $1,230,000 the Mays were expecting, and too low to support their new loan.
They responded with a paperwork arsenal aimed at their lender, asserting that the appraisal had been based on faulty recent sales data. The loan squeaked through, after the bank crafted an exception for the Mays. It was able to do that because their loan was a jumbo loan, not subject to the more rigid underwriting standards they would have encountered if it were a conventional loan aimed at secondary buyers like Fannie Mae and Freddie Mac.
Low appraisals are becoming a bigger problem for many would-be buyers and refinancers as home values have started to stabilize and rise in some markets.
In Leesburg, Florida, for example, low appraisals have caused the cancellation of as many as 15 percent of home sales for local real estate broker Gus Grizzard.
"We are seeing higher price appreciation and are starting to run into appraisal problems," said Charlie Young, chief executive officer of ERA Franchise Systems, a firm with a national network of real estate brokerage offices, including Grizzard's. The National Association of Realtors reported on Tuesday that inventories of homes were low and the median price a home resale was, at $180,800 in December, up 11.5 percent in a year.
Appraisals are based on recent sales prices of comparable properties. And in rising price markets, those sales prices might not be high enough to support the newest deals. Young said there were many places in California reporting appraisal problems.
On Friday, the federal government issued new rules aimed at improving the appraisal process as it pertains to high-interest mortgages on rapidly appreciating homes.
But those rules don't go into effect for a year, and don't apply to most conventional loans. It pays to protect your own loan before the bank even thinks about sending that guy with the clipboard over to your house.
"The reality is that the appraiser is only there for 30 minutes at most," says Brian Coester, chief executive of CoesterVMS, a nationwide appraisal management company based in Rockville, Maryland. "The best thing a homeowner can do to get the highest appraisal possible is make sure they have all the important features of the home readily available for the appraiser."
Here are eight ways you can bolster your appraisal:
MAKE SURE APPRAISER KNOWS YOUR NEIGHBORHOOD
Is the appraiser from within a 10-mile radius of your property? "This is one of the first questions you should ask the appraiser," says Ben Salem, a real estate agent with Rodeo Realty in Beverly Hills, California.
He recalled a recent case where an appraiser visited an unfamiliar property in nearby Orange County and produced an appraisal that Salem said was $150,000 off. "If the appraiser doesn't know the area intimately, chances are the appraisal will not come back close to what a property is really worth."
You can request that your lender send a local appraiser; if that still doesn't happen, supply as much information as you can about the quality of your neighborhood.
PROVIDE YOUR OWN COMPARABLES
Provide your appraiser with at least three solid and well-priced comparable properties. You will save her some work, and insure that she is getting price information from homes that really are similar to yours.
Websites including Realtor.com, Zillow and Trulia offer recent sales prices and details such as the number of bedrooms and bathrooms in a home.
KNOW WHAT ADDS THE MOST VALUE
If you're going to do minor renovations, start with your kitchen and bathrooms, says G. Stacy Sirmans, a professor of real estate at Florida State University. He reviewed 150 variables that affect home values for a study sponsored by the National Association of Realtors. Wood floors, landscaping and an enclosed garage can also drive up appraisals.
DOCUMENT YOUR FIX-UPS
If you've put money into the house, prove it, says Salem.
"Before-and-after photos, along with a well-defined spreadsheet of what was spent on each renovation, should persuade an appraiser to turn in a number that far exceeds what he or she first called out."
Don't forget to highlight all-important structural improvements to electrical systems, heating and cooling systems - which are harder to see, but can dramatically boost an appraisal. Show receipts.
TALK UP YOUR TOWN
If your town has recently seen exciting developments, such as upscale restaurants, museums, parks or other amenities, make sure your appraiser knows about them, says Craig Silverman, principal and chief appraiser at Silverman & Co. in Newtown, Pennsylvania.
DISTINGUISH BETWEEN UPSTAIRS AND DOWNSTAIRS
Many homeowners covet that refinished basement, but that doesn't mean appraisers look at it the same way. "Improvements and additions made below grade, such as a finished basement, do not add to the overall square footage of your house," says John Walsh, president of Total Mortgage Services in New York. "So they don't add anywhere near as much value as improvements made above grade."
According to Remodeling magazine, a basement renovation that cost $63,000 in 2011-12 will recoup roughly 66 percent of that in added home value. That's not as good as an attic bedroom, which will recoup 73 percent of its cost. Even similar bedrooms typically count for more if they are upstairs instead of downstairs.
CLEAN UP
Even jaded appraisers can be swayed by a good looking yard. "Tree trimming, cleaning up, a few flowers in the flower beds and paint touch up can all help the appraisal," says Agnes Huff, a real estate investor based in Los Angeles.
That advice holds true indoors, too. "Get rid of all the clutter in your home," says Jonathan Miller, a longtime appraiser in New York. "It makes the home appear larger."
GIVE THE APPRAISER SOME SPACE
Don't follow the appraiser around like a puppy. "I can't tell you how many homeowners or listing agents follow me around in my personal space during the inspection," he says. "It's a major red flag there is a problem with the home."
And while you're at it, make the appraiser's job as pleasant as possible by giving your home a pleasant smell. At a minimum, clean out the litter box. Baking some fresh cookies and offering him one or two probably won't sway your appraisal, nor should it. But it couldn't hurt.
"It was a major stumbling block," says Kellie May, who has owned the 4-bedroom, 3-bath colonial for seven years. Not that she and her husband were unprepared; they'd been through an appraisal for another refinance in 2010, so they knew to point out improvements they'd made to the 3,400 square foot home, and supply prices for other neighborhood properties that had sold recently.
But the appraisal came back roughly $70,000 less than the $1,230,000 the Mays were expecting, and too low to support their new loan.
They responded with a paperwork arsenal aimed at their lender, asserting that the appraisal had been based on faulty recent sales data. The loan squeaked through, after the bank crafted an exception for the Mays. It was able to do that because their loan was a jumbo loan, not subject to the more rigid underwriting standards they would have encountered if it were a conventional loan aimed at secondary buyers like Fannie Mae and Freddie Mac.
Low appraisals are becoming a bigger problem for many would-be buyers and refinancers as home values have started to stabilize and rise in some markets.
In Leesburg, Florida, for example, low appraisals have caused the cancellation of as many as 15 percent of home sales for local real estate broker Gus Grizzard.
"We are seeing higher price appreciation and are starting to run into appraisal problems," said Charlie Young, chief executive officer of ERA Franchise Systems, a firm with a national network of real estate brokerage offices, including Grizzard's. The National Association of Realtors reported on Tuesday that inventories of homes were low and the median price a home resale was, at $180,800 in December, up 11.5 percent in a year.
Appraisals are based on recent sales prices of comparable properties. And in rising price markets, those sales prices might not be high enough to support the newest deals. Young said there were many places in California reporting appraisal problems.
On Friday, the federal government issued new rules aimed at improving the appraisal process as it pertains to high-interest mortgages on rapidly appreciating homes.
But those rules don't go into effect for a year, and don't apply to most conventional loans. It pays to protect your own loan before the bank even thinks about sending that guy with the clipboard over to your house.
"The reality is that the appraiser is only there for 30 minutes at most," says Brian Coester, chief executive of CoesterVMS, a nationwide appraisal management company based in Rockville, Maryland. "The best thing a homeowner can do to get the highest appraisal possible is make sure they have all the important features of the home readily available for the appraiser."
Here are eight ways you can bolster your appraisal:
MAKE SURE APPRAISER KNOWS YOUR NEIGHBORHOOD
Is the appraiser from within a 10-mile radius of your property? "This is one of the first questions you should ask the appraiser," says Ben Salem, a real estate agent with Rodeo Realty in Beverly Hills, California.
He recalled a recent case where an appraiser visited an unfamiliar property in nearby Orange County and produced an appraisal that Salem said was $150,000 off. "If the appraiser doesn't know the area intimately, chances are the appraisal will not come back close to what a property is really worth."
You can request that your lender send a local appraiser; if that still doesn't happen, supply as much information as you can about the quality of your neighborhood.
PROVIDE YOUR OWN COMPARABLES
Provide your appraiser with at least three solid and well-priced comparable properties. You will save her some work, and insure that she is getting price information from homes that really are similar to yours.
Websites including Realtor.com, Zillow and Trulia offer recent sales prices and details such as the number of bedrooms and bathrooms in a home.
KNOW WHAT ADDS THE MOST VALUE
If you're going to do minor renovations, start with your kitchen and bathrooms, says G. Stacy Sirmans, a professor of real estate at Florida State University. He reviewed 150 variables that affect home values for a study sponsored by the National Association of Realtors. Wood floors, landscaping and an enclosed garage can also drive up appraisals.
DOCUMENT YOUR FIX-UPS
If you've put money into the house, prove it, says Salem.
"Before-and-after photos, along with a well-defined spreadsheet of what was spent on each renovation, should persuade an appraiser to turn in a number that far exceeds what he or she first called out."
Don't forget to highlight all-important structural improvements to electrical systems, heating and cooling systems - which are harder to see, but can dramatically boost an appraisal. Show receipts.
TALK UP YOUR TOWN
If your town has recently seen exciting developments, such as upscale restaurants, museums, parks or other amenities, make sure your appraiser knows about them, says Craig Silverman, principal and chief appraiser at Silverman & Co. in Newtown, Pennsylvania.
DISTINGUISH BETWEEN UPSTAIRS AND DOWNSTAIRS
Many homeowners covet that refinished basement, but that doesn't mean appraisers look at it the same way. "Improvements and additions made below grade, such as a finished basement, do not add to the overall square footage of your house," says John Walsh, president of Total Mortgage Services in New York. "So they don't add anywhere near as much value as improvements made above grade."
According to Remodeling magazine, a basement renovation that cost $63,000 in 2011-12 will recoup roughly 66 percent of that in added home value. That's not as good as an attic bedroom, which will recoup 73 percent of its cost. Even similar bedrooms typically count for more if they are upstairs instead of downstairs.
CLEAN UP
Even jaded appraisers can be swayed by a good looking yard. "Tree trimming, cleaning up, a few flowers in the flower beds and paint touch up can all help the appraisal," says Agnes Huff, a real estate investor based in Los Angeles.
That advice holds true indoors, too. "Get rid of all the clutter in your home," says Jonathan Miller, a longtime appraiser in New York. "It makes the home appear larger."
GIVE THE APPRAISER SOME SPACE
Don't follow the appraiser around like a puppy. "I can't tell you how many homeowners or listing agents follow me around in my personal space during the inspection," he says. "It's a major red flag there is a problem with the home."
And while you're at it, make the appraiser's job as pleasant as possible by giving your home a pleasant smell. At a minimum, clean out the litter box. Baking some fresh cookies and offering him one or two probably won't sway your appraisal, nor should it. But it couldn't hurt.
Spring has sprung and now is as good a time as any to focus on the once a year tasks for the season. Here are six simple spring cleaning tips recommended by top Las Vegas property management companies for reviving your rental before the summer.
1.) Light Bright
Lighting makes a huge difference in any space. Brighten up dull lighting by dusting off light fixtures and bulbs. Don't forget, ceiling fans and air-conditioner vents need love too. Removing dirt and dust from those areas helps stop redistributing dust back into the air and help you breathe easier.
2.) Fun with Floors
Whether you have carpet, tile, or wood floors, any area that has that much foot traffic deserves extra TLC. Carpets should be cleaned at least every 12 to 18 months and can be done professionally or you can do it yourself. Check with your Las Vegas property manager or landlord to see if they'll cover the cost of hiring a professional. And be sure you're using the appropriate cleaning products on your hard surfaces so as not to damage and scratch your surfaces. You'll soon have floors so clean you can eat off them!
3.) Window Warriors
If eyes are the windows to the soul, than windows are literally the windows to the soul of your home! And though most people would proclaim that they don't do windows, Las Vegas property managers recommend tackling this task at least once a year. Clean windows allow more light in the home and really brighten up your rooms. You'll be surprised what a huge difference it makes!
4.) Closet Case
Ever have a tough time getting out of the door and off to work? Are messy closets the culprit? If so, organizing your closet is probably the first step to organizing the rest of your rental home. When you rid your space of unused clothes and space hogging items, you'll have more room for storage. You can also organize your clothes and accessories by how you get dressed in the morning so getting out of the door becomes that much easier.
5.) Tackling Tracks
From sliding patio door tracks to the vinyl tracks in your fridge, if there are ridges chances are there's dirt trapped in them. Scrubbing sliding doors, closet doors, drawers, and any type of area with a track makes opening them loads easier and can even help prevent the need for future fix ups.
6.) Scrubbing Surfaces
You know those everyday surfaces you tend to overlook? Las Vegas property management companies recommend a good spring time scrub down. Wash anything from baseboards and door frames to walls and door knobs. Sanitizing those forgotten areas will help keep dust at bay and really give your rental home a polished look.
No matter when you decide to tackle your spring cleaning to-do list, your rental home will certainly shine. Pressed for time? You can devote as little as ten minutes to your tasks. Happy cleaning!
1.) Light Bright
Lighting makes a huge difference in any space. Brighten up dull lighting by dusting off light fixtures and bulbs. Don't forget, ceiling fans and air-conditioner vents need love too. Removing dirt and dust from those areas helps stop redistributing dust back into the air and help you breathe easier.
2.) Fun with Floors
Whether you have carpet, tile, or wood floors, any area that has that much foot traffic deserves extra TLC. Carpets should be cleaned at least every 12 to 18 months and can be done professionally or you can do it yourself. Check with your Las Vegas property manager or landlord to see if they'll cover the cost of hiring a professional. And be sure you're using the appropriate cleaning products on your hard surfaces so as not to damage and scratch your surfaces. You'll soon have floors so clean you can eat off them!
3.) Window Warriors
If eyes are the windows to the soul, than windows are literally the windows to the soul of your home! And though most people would proclaim that they don't do windows, Las Vegas property managers recommend tackling this task at least once a year. Clean windows allow more light in the home and really brighten up your rooms. You'll be surprised what a huge difference it makes!
4.) Closet Case
Ever have a tough time getting out of the door and off to work? Are messy closets the culprit? If so, organizing your closet is probably the first step to organizing the rest of your rental home. When you rid your space of unused clothes and space hogging items, you'll have more room for storage. You can also organize your clothes and accessories by how you get dressed in the morning so getting out of the door becomes that much easier.
5.) Tackling Tracks
From sliding patio door tracks to the vinyl tracks in your fridge, if there are ridges chances are there's dirt trapped in them. Scrubbing sliding doors, closet doors, drawers, and any type of area with a track makes opening them loads easier and can even help prevent the need for future fix ups.
6.) Scrubbing Surfaces
You know those everyday surfaces you tend to overlook? Las Vegas property management companies recommend a good spring time scrub down. Wash anything from baseboards and door frames to walls and door knobs. Sanitizing those forgotten areas will help keep dust at bay and really give your rental home a polished look.
No matter when you decide to tackle your spring cleaning to-do list, your rental home will certainly shine. Pressed for time? You can devote as little as ten minutes to your tasks. Happy cleaning!
Selling your home? In most parts of the country, you have finally regained the upper hand. To get your best price, though, you need to finesse your timing, list competitively and match your marketing strategy to local conditions.
Lower your sights to make more money.
Rising prices breed rising hopes: In a recent poll, brokers complained that 75% of homeowners think their agent's recommended listing price is too low. Pricing your property above recent sales to cash in on the momentum may slow down deals, and sitting on the market too long can stigmatize a house. Catch buyers' attention -- and get multiple offers -- by pricing your home in line with comparable sales, says Rick Turley, president of Coldwell Banker San Francisco: "Then let the market take it higher."
Trading up? Move fast. Downsizing? Go slow.
It's tempting to postpone selling to hold out for a better price. But if you want to move to a larger place, act sooner rather than later. True, higher-end homes aren't rising as quickly, but the gap is small. So while you'll be able to sell your home for more if you wait, the appreciation on the trade-up home will be greater.
When you're downsizing, the math works the other way, so it pays to wait.
The case for these strategies should strengthen as gains slow for cheaper homes. "Investors are driving the lower end of the market, and there is a point when the investor opportunity becomes less attractive," says Richard Green, director of the University of Southern California's Lusk Center for Real Estate.
Smooth out your home's rough patches.
Repair that leaky roof and address other obvious structural problems, or you'll have to subtract the cost of doing so from your price. "In today's economy, many buyers don't have as much savings left over after their down payment for improvements," says Teri Herrera, a broker in Bellevue, Wash. Smaller fixes that pay off the most, according to a HomeGain poll of real estate professionals and consumers: cleaning and decluttering, brightening (adding lamps and clearing window obstructions), and solving electrical and plumbing problems.
Get ready for your home's close-up.
Sellers who stage their homes -- rearranging or replacing furniture to bolster appearance -- usually do so just before an open house. The better time to glamorize: right before you post your listing online, where 90% of buyers look first. Says Realtor.com president Errol Samuelson: "Web appeal is the new curb appeal." Use a professional photographer and get tight shots of fixtures and other details. The cost: $200 to $500 for a gallery of 30 to 40 photos. Homes between $300,000 and $400,000, shot professionally, sold for about $3,000 more than those with amateur images, Redfin found recently.
Guard against low appraisals.
While rapidly rising prices may attract more buyers, the upswing can make it harder to close a deal. One-third of realtors polled in December reported setbacks from low appraisals, including delays in closing, lowered prices, and cancellations.
The problem: Appraisals can come in low because they're based on transactions as old as six months -- out of date, perhaps, in today's market.
Solution: Have your agent personally oversee the process, accompanying the appraiser to point out improvements and supplying data about the latest comparable sales.
Help investors find what they're looking for.
Investors amounted to one-fifth of all homebuyers in January, but are a much larger share of some markets; 38% of deals in Sacramento and 45% in Orlando, for example, involved absentee buyers. Signs of an investor market: a steady stream of resales of foreclosed homes (you can find that info at zillow.com/local-info) and the conversion of many homes in your neighborhood into rentals.
If your area fits the bill, choose an agent experienced in investor sales; she should create a flier that highlights how easy it is to attract tenants, the rents that nearby homes command, and other pertinent bottom-line info. Says Atlanta real estate agent Charlotte Sears: "All investors want to know is what their margins look like."
Lower your sights to make more money.
Rising prices breed rising hopes: In a recent poll, brokers complained that 75% of homeowners think their agent's recommended listing price is too low. Pricing your property above recent sales to cash in on the momentum may slow down deals, and sitting on the market too long can stigmatize a house. Catch buyers' attention -- and get multiple offers -- by pricing your home in line with comparable sales, says Rick Turley, president of Coldwell Banker San Francisco: "Then let the market take it higher."
Trading up? Move fast. Downsizing? Go slow.
It's tempting to postpone selling to hold out for a better price. But if you want to move to a larger place, act sooner rather than later. True, higher-end homes aren't rising as quickly, but the gap is small. So while you'll be able to sell your home for more if you wait, the appreciation on the trade-up home will be greater.
When you're downsizing, the math works the other way, so it pays to wait.
The case for these strategies should strengthen as gains slow for cheaper homes. "Investors are driving the lower end of the market, and there is a point when the investor opportunity becomes less attractive," says Richard Green, director of the University of Southern California's Lusk Center for Real Estate.
Smooth out your home's rough patches.
Repair that leaky roof and address other obvious structural problems, or you'll have to subtract the cost of doing so from your price. "In today's economy, many buyers don't have as much savings left over after their down payment for improvements," says Teri Herrera, a broker in Bellevue, Wash. Smaller fixes that pay off the most, according to a HomeGain poll of real estate professionals and consumers: cleaning and decluttering, brightening (adding lamps and clearing window obstructions), and solving electrical and plumbing problems.
Get ready for your home's close-up.
Sellers who stage their homes -- rearranging or replacing furniture to bolster appearance -- usually do so just before an open house. The better time to glamorize: right before you post your listing online, where 90% of buyers look first. Says Realtor.com president Errol Samuelson: "Web appeal is the new curb appeal." Use a professional photographer and get tight shots of fixtures and other details. The cost: $200 to $500 for a gallery of 30 to 40 photos. Homes between $300,000 and $400,000, shot professionally, sold for about $3,000 more than those with amateur images, Redfin found recently.
Guard against low appraisals.
While rapidly rising prices may attract more buyers, the upswing can make it harder to close a deal. One-third of realtors polled in December reported setbacks from low appraisals, including delays in closing, lowered prices, and cancellations.
The problem: Appraisals can come in low because they're based on transactions as old as six months -- out of date, perhaps, in today's market.
Solution: Have your agent personally oversee the process, accompanying the appraiser to point out improvements and supplying data about the latest comparable sales.
Help investors find what they're looking for.
Investors amounted to one-fifth of all homebuyers in January, but are a much larger share of some markets; 38% of deals in Sacramento and 45% in Orlando, for example, involved absentee buyers. Signs of an investor market: a steady stream of resales of foreclosed homes (you can find that info at zillow.com/local-info) and the conversion of many homes in your neighborhood into rentals.
If your area fits the bill, choose an agent experienced in investor sales; she should create a flier that highlights how easy it is to attract tenants, the rents that nearby homes command, and other pertinent bottom-line info. Says Atlanta real estate agent Charlotte Sears: "All investors want to know is what their margins look like."
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