http://eliterealty.me/blog/sort_entrydatetime-desc/ As a homeowner, it's perfectly natural to wonder how much your house is currently worth (and, not so incidentally, how much money you might make today if you were to sell it). Even though the internet has brought information about home values directly to our fingertips, not all of it is reliable -- that's one big reason why appraisers are still in business, charging hundreds of dollars for an accurate valuation. The truth is that sometimes even appraisers get it wrong. Your house is worth whatever a buyer in your market is willing to pay for it, and that's usually not evident until you put it on the market and start considering offers.All that said, there are still ways you can assess your home's value without actually putting it on the market. Here are nine things to consider when you're trying to figure out how much your house is worth.1. Look at your property tax billYour property tax bill isn't an exact estimate of your home's value, but it's a good jumping-off point. Homes are assessed for property taxes at different times, depending on which state, county, or city you live in. In most states, homes are assessed for taxes every five to seven years; depending on how recently your own home was assessed, you may be able to use the assessment as a starting point for figuring out how much your house is worth.That said, beware of considering an assessment of the final word on your property's value. Typically, an assessment is done by taking the assessment rate of your locale, looking at the appraised value of your house, and multiplying the assessment rate by your home's appraised value. If the last time your house was appraised was when you bought it -- and that was decades ago -- then the assessment of your home could be significantly higher or lower than its actual fair-market value. (But you won't know that unless you call in a professional appraiser and ask their opinion.)2. Examine homes that have sold recently in your neighborhoodTo pinpoint a home's value, most professionals use "comps" -- this is just a term for homes that are comparable to yours that have sold recently, preferably within the past three months, but possibly as long as six months ago, depending on how many homes are for sale in your area and how easy it is to find comparable homes. At least three comps should be identified and used to find your home's value, but you can use as many comps as you like; five or six might generate a number that more accurately reflects your home's fair-market value.What makes a house comparable to yours? It really depends on what comps are available in your area. They should definitely be as close to your house physically as possible, and preferably should "look" a lot like your house in terms of the number of bedrooms, bathrooms, square footage, and total lot size. Preferably, the comps will also align in details like the number of parking spaces and even the material used to build the house.To find some comps yourself, look up homes that have recently sold in your area or neighborhood. Try to be as honest as possible with yourself; you're not going to get a reliable valuation if you're only looking at luxury homes and your house is not also a luxury home, or if you're only considering mid-level houses and yours is a starter home. The recently sold homes should be as, well, comparable to your house as possible for this to be a valuable exercise.3. Consider inventoryIn some markets where there just aren't very many homes for sale, it might not even matter that much if your house is comparable to others that have recently sold. “The San Francisco Bay Area is a good example of a market where there isn't a lot of available inventory (a fancy term for "homes for sale") and therefore even tear-down homes can capture seven-figure sales prices - buyers are just that desperate to get their foot on the housing ladder, and they're willing to pay whatever it takes.Those markets are few and far between, but it's still a smart idea to look at how many homes are for sale in terms of total inventory and then use that information to determine how much your own house might be worth. In areas where there are a lot of homes for sale, you might not be able to capture a price at the very top of your price range -- but in areas where there are very few homes for sale, it's likely that you'll be able to get a lot closer to top dollar for your own house.4. Use an online toolAlthough online tools for calculating your home's value are everywhere, they aren't always accurate. Many of them use the same process as a human would to assess value -- namely, comps -- and a robot or algorithm isn't always as good at picking the best comparable homes as a human would be. (This is why valuation tools like Zillow's Zestimate usually don't capture the actual sales price of a house.)A robot or algorithm hasn't actually seen your house; they haven't walked through it to determine whether the flooring, finishes, appliances, and other details are above the market average or below market average, so it's really not possible for them to give you a totally accurate value for your house. It's a lot easier to get an accurate online valuation for a cookie-cutter house in a recent development with lots of current sales than it is for a one-of-a-kind property.Nonetheless, if you want a quick answer, sometimes an online tool is the fastest way to get at least a ballpark range. There's a very simple one at the Federal Housing Finance Administration, which looks at when you bought your house, how much you paid for it then, and then tells you what it's likely to be worth today just based on the housing market:  https://www.fhfa.gov/DataTools/Tools/Pages/HPI-Calculator.aspx. Zillow, Trulia, and realtor.com all have home valuation tools, too, and your local real estate brokerage might even have one available for you to play with. http://eliterealty.me/blog/5/4-tips-for-assessing-your-home’s-value/ Tue, 06 Jun 2023 05:40:56 -0600 When you’re selling a luxury property, the usual rules about how to market a home tend to go out the window.For starters, not all sellers want the universe to know that their home is going on the market, so you might not have the option of advertising the home on a real estate portal or even listing it on the multiple listing service (MLS). And depending on whether or not the seller (or the home) is noteworthy locally or nationally, there could also be quite a few “interested buyers” who don’t have the means to purchase a home but who still want to come inside and look around.But that doesn’t mean that marketing a luxury home is impossible — far from it! There are specific tactics and strategies that wouldn’t make sense for another type of property but that are perfect for luxury homes, and you can use some or all of them to secure a qualified buyer without compromising privacy.Keep it in your pocketWhen a home is for sale but it’s not listed on the multiple listing service (MLS), it’s known as a “pocket listing.” There are many reasons why a seller might want to leverage a pocket listing instead of using the reach and network of the MLS, and privacy is usually at the top of the list.If the address or the person who lives there is relatively well-known, then it probably won’t be too long before the media or a fan picks up on the home for sale and turns it into a story.That can be a tactic that works to your advantage, of course, but you might want to save the step of listing on the MLS until after you’ve used the local luxury network to shop the home (and you have not received any viable offers).The local community can be your best asset in the home sales process. If you tell your friends, colleagues, and members of any clubs or organizations where you’re a regular attendee that you’re putting your home up for sale, the likelihood of you finding a qualified buyer is heightened — and your acquaintances can tell anyone they know about the fact that your home is for sale. You might not be telling every buyer in the market that you’re putting a house on the market, but you’ll certainly be reaching a large portion of people who are financially qualified to take on that investment … and possibly interested in buying it.If you think you could stand to expand that network, host a party. There’s no better way to show off your home than when it’s packed with admirers.The luxury world is a stageEven the best-maintained luxury home looks more lived-in than magazine-ready most of the time, so before you showcase yours, it’s smart to take care of any cosmetic issues that might have been lingering and possibly even consider moving yourself and your things to a different location so that it can be staged and presented at its very best.That might be an extreme idea in your opinion, and there’s a lot you can do to make your home shine short of moving out and leaving it to professionals. Start with the basic curb appealIs your lawn manicured and maintained, and is your landscaping polished?Do you need more gravel or flowers anywhere?Do your trees and shrubs — and grass blades — look healthy?Inside, get the place deep-cleaned to within an inch of its life. Steam the carpets and polish the wood floors. Then look at the balance of furniture in the room — is it arranged to showcase the place at its best, or for human convenience? You might want to remove a piece of furniture or two for every room so that you have plenty of space around each item. Allow for smooth and uninterrupted traffic flow through each room. Some experts recommend leaving space (including between furniture and walls) around each piece of furniture.Examine your decor with a critical eye, too. It might not be enough to remove those family photos from the guest rooms — you may also want to think twice about showcasing any artwork or decorations that are tailored to specific tastes. The idea is to invite visitors to imagine themselves living in the home, and some people might not be able to do that around certain images, so if your own preferences tend toward the risque or out-there, think about going a little more moderate while you prepare to sell.Build your (visual) asset bankIf your home doesn’t sell as a pocket listing and you do decide to put it on the MLS, then you’ll need some high-quality images to help entice a qualified buyer to your doorstep.The people who can afford to buy your home won’t want to waste time visiting a property that doesn’t meet whatever standards they’ve set themselves, and in this era of digital opportunity, it’s a huge mistake to ignore images when you’re trying to sell a luxury property.It’s not enough to “just” have pictures, either. You want the lighting, staging, and finish that comes with a professional photographer and all of the accompanying cameras, lights, and other tools. And if you really want to make a splash, you’ll need to go a step further and think about creating a video that really showcases what makes your property shine.Tell a story about the special featuresA luxury home wouldn’t be a luxury home without sweeping people away somehow. Whether that’s an architect who’s a household name, finishes fit for royalty, or a view that leaves you breathless, you need to know what makes your home fit for the “luxury” label and how you can convey its attraction to people who have never seen it.Pick the thing or couple of things that always elicit a comment from the people who visit your house.You probably know them if you begin to think about them — the beautifully landscaped pool area, perhaps, or the industrially equipped kitchen, or the horse stables, or the view from the master bedroom. Then make sure you make those features a central focus of your property marketing. Help potential buyers feel what it’s like to wake up and look out those windows, or take a dip in that pool after dark. Luxury is a feeling, and if you can spark that feeling in the people who are searching for a place to live, you’ll be working toward a sale in no time.Pricing and incentivesIt can be difficult to price a luxury home to sell because they are usually much rarer than entry-level or mid-level homes, and therefore they don’t exchange hands quite as frequently. That makes it tough to pull comparable sales when you’re wondering how much your home might fetch on this market.Talking to a real estate professional who specializes in luxury sales is essential when you’re trying to nail down the right price for your home.If you overprice it, it will linger on the market for much longer than it should while you consider reducing the price or pulling it off the market — agonizing for any seller. And it’s equally bad to price it so low that you’re leaving money on the closing table when the time comes to walk away.Don’t use the l-wordMost buyers in the market for a luxury home aren’t going to Google “luxury homes for sale in my area.” They look for clues that indicate a property is high-end without saying it outright: “gated community,” “estate,” “extravagant,” “opulent,” or “grand,” for example. They might also look for clues in a listing, like whether it’s a waterfront property or the price per square foot.A real estate professional can walk you through the different cues and clues that qualified buyers in your area are going to be using and help make sure that your marketing materials and listing is peppered with them. http://eliterealty.me/blog/4/how-to-market-a-luxury-home/ Tue, 06 Jun 2023 05:39:14 -0600 If you’re not familiar with home inspections, then you might have a lot of questions about what gets inspected, how thorough the inspectors are, why you even need one, and what you can expect if you’re walking with an inspector through the house you’re hoping to buy.There’s a lot to know about home inspection, and your questions deserve answers. Here they are!What is a home inspection?A home inspection is an event that is basically exactly what the name implies: A home inspector walks through the home, looking at specific elements and features of the house, and then provides a report about anything that needs to be repaired.Why would I want a home inspection?An inspection is a good idea anytime you want a full rundown on any issues or problems with your house. If you’re already living there, it’s a lot less necessary than if you’re buying the home — when you will most definitely want an inspector to check for any potential red flags. They’ll be your problem after closing, and big issues can sometimes affect the insurability of your house (which, in turn, affects your loan eligibility), so home inspections are most common after an offer is made on a house but before the closing finalizes the deal.What does the home inspector look at?There are six essential parts of an inspection that you can expect every inspector to hit. They are:the roof and attic, the basement and foundation, the plumbing, the electrical setup, the heating or air conditioning systems, the interior of the house, the exterior of the house.Depending on where you live and what common problems tend to manifest in the homes, you might also want to think about hiring a pest inspector, a sewer line inspector, or even ask about an engineering report to evaluate the home and plot’s structure and stability.And in areas where radon is prevalent, or where there’s a lot of humidity, you may also want to ask about radon or mold testing (some home inspectors do this as an add-on part of the package).How much does it cost?The price of the home inspection is going to depend on the size of the house. You can typically expect to spend around $300 on a home inspection, but smaller properties (less than 1,000 square feet) might cost only $200, whereas larger homes (more than 2,000 square feet) cost upwards of $400 to inspect. Ask an inspector or a real estate agent in your area what they usually cost to get a closer estimate.Do you need an inspector for a new house?It’s always a good idea to get a home inspection — even in a brand-new house. You don’t want to find out there’s a problem after you move in, and an inspection is the best way to figure that out. So follow the “trust, but verify” process with your builder: Trust that they did their very best to get your home in the best condition possible … then verify that they did just that with an official inspection.Should you attend the inspection?It’s usually a smart idea for the buyer to attend the inspection in case they have questions for the inspector or want to follow up on any notes the inspector makes. Many inspectors today use new technologies that allow them to include photos of any issues or potential problems, but there’s nothing like being there in person to better understand exactly what’s wrong and how to fix it.What happens if a problem is uncovered?If everything is not in good shape with the home you’re about to buy, there are options. Usually, when this happens, the buyers and the sellers start negotiating again — this time, to figure out who’s going to pay for the necessary repairs. Buyers might be able to ask for some money to be knocked off the final sales price to accommodate for the problem, or sellers might decide to go ahead and fix it before closing. If everyone can come to an agreement that suits everybody, then the sale can move forward. http://eliterealty.me/blog/3/answers-to-your-questions-about-home-inspections/ Tue, 06 Jun 2023 05:36:44 -0600 When you're selling your house, it can be tempting to hope that buyers will see past the surface to the beautiful bone structure of your abode and realize what a lovely life they could make in it. But the truth is that most homes could use a little bit of a facelift before you invite people to walk through and hope they'll make an offer on it.So what do you need to do, exactly, to get your house into perfect shape, and keep it that way throughout all the showings and events? Here's a rundown of the steps you can take to make and keep your house not only picture-perfect -- but open-house perfect.Getting startedThere are a few steps you'll want to take throughout your house in order to get it ready for deep cleaning and make it presentable for showing.Start by walking through each room and asking yourself what items you haven't used lately or that you can do without for a while. Minimizing the stuff in your house will make it much easier to keep everything clean throughout the selling process.Don't forget about the furniture! Removing furniture from a room can make it look more spacious. If you don't want to get rid of anything, rent a storage unit where you can stash your larger items until you're finished showing your house.When you've removed one-third to half the furniture in your house, rearrange what's left to create inviting pathways through each room. Visitors should be able to walk around everything without bumping into anything else.You'll want to pack up and stash any books, clothes, appliances, equipment, or other things that you don't need or want immediately (or, realistically, for the next couple of months). It's fine to keep a few back -- nobody lives in a completely empty house -- but remember that less is more and do your best to streamline to less.Details, details, detailsNow that the house is more or less arranged the way you want it, it's time to start paying attention to some of those details.Look at your walls and ask yourself if you need to add or remove anything. One strong piece of artwork in each room is a good goal -- two if the room is really big. Where you aren't replacing art, repair any holes in the walls and paint over them. In fact, if you're going to give any rooms in your house a coat of paint, now is a great time to do that -- before the real deep cleaning starts.Add a houseplant or two. Assess your houseplant situation: How many do you have, and do you need to remove or add any? Like artwork, one or two plants per room is probably a good balance.Assess the lighting in your house. Are there dark areas in certain rooms? A well-placed floor or table lamp or two can take any room from gloomy to soft and relaxing, so think about where you could use a little light help and add it.Think about how your house (and each room) smells as you walk through it. If you have pets and your nose might be sensitized to odors, then ask a friend to give you an honest opinion about how odiferous the place is.Once you've tackled these general tasks, it's time to get down and dirty in each room and outside your house. Get ready!The kitchenIf you haven't already decluttered the kitchen, start with the cabinets and work your way down. Box up and store any dishes and kitchen appliances that you don't need accessible -- you may be in for a few weeks of boring dinners or take-out, but it's all in the name of making your house stageworthy. Organize your pantry, your cabinets and other kitchen storage spaces, which should be quite a bit easier to do with fewer items to organize.Remove everything from your countertops and deep clean them, making sure you scrub the backsplash and pay attention to any tile grout (you may want to steam clean or bleach grout if you have tile countertops or floors).Spend some time cleaning all of your appliances -- oven, stove, fridge, microwave. Replace any worn burner pans on your stove, and remove any personal items you've secured to your fridge door with tape or a magnet, like kids' drawings or phone number lists.The living roomClearing off surfaces is going to be the first order of business in the living room. If there are ashtrays on coffee tables, remove them while your house is on the market and find somewhere else to smoke.After you've cleared coffee tables and bookshelves of any mementoes or unnecessary items, clean and dust the tables and bookshelves, then do your best to keep those surfaces clean and dust-free. Kids' toys can be one of the biggest contributors to a messy living room, so confine them to bedrooms or invest in a toy chest or bin where you can quickly toss them and keep them out of the way.Make sure any fireplaces or wood stoves are in good working order and clean off and dust any mantles. Only replace items that aren't too personalized, and make sure that mantles aren't crowded with knick-knacks.The bedroomsDo you have a "special occasion" bedding set that doesn't get used very often? If not, you might consider investing in one -- talk to your real estate agent or stager before you do to get an idea of what's appropriate. If so, now's the time to haul it out and put it on the bed, so make sure that your nicest bedding set is on display in the bedroom.Clear off all the surfaces in your room -- bedside tables, dressers, and any other surfaces -- and clean them thoroughly. Make sure you've purged any personal items and keep any additions minimal and dust-free.One tip: Don't just shove everything in your closets. Buyers look in there, too!  http://eliterealty.me/blog/2/home-seller's-step-by-step-guide-to-preparing-for-showings/ Tue, 06 Jun 2023 05:31:51 -0600