Top 5 Things to Do Before You List Your Home

Top 5 Things to Do Before You List Your Home

You have decided to move. Now, your focus turns to selling

your existing home.  Not easy in this economic climate and

with fussy buyers rejecting your home by online browsing,

before they even step a foot into it.

rubber ducky

 

Your top priority should be to make your home look spotlessly

clean. Cleaning your home top to bottom will make the biggest return

in home selling price, a whopping 592% of the cost of cleaning,

according to HomeGain.  This means de-cluttering closets and storage

areas, carpeting, cleaning light fixtures, fans, and appliances until

they sparkle.  Animal odors, smoking, and food odors will turn off

potential buyers as soon as they walk in the door.  Those plug-in

fragrances won’t fool buyers, either.

 

Lightening and brightening your home is second on the list.

This means painting over dreary or stained walls with a fresh coat

of paint and replacing burnt out light bulbs.  If you have dark rooms

in your home, purchase some floor lamps to light up the area.

 

Home Staging is the third most important item you can do.

If you have too much furniture, or overly large furniture, it makes

your home look crowded.  If you have collections and

accumulations of stuff, it doesn’t look like there will room for the

new buyers furnishings.  Remember: Less is More, more room for

the new buyers home furnishings.

 

Landscaping in the yard is the fourth largest payback for sellers

compared to cost.  Take time to refresh bark in beds, trim overgrown

branches and foundation plantings; new buyers don’t want to move

in with a project list.  A pot of fresh flowers by the front door is also

a sign that you are proud of your home and take good care of it.

 

Electrical and plumbing repair is crucial to the new buyer. 

Take care of any issues because they will probably show up

on the inspection and that just gives buyers a chance to

bargain your home price down.  Most common is tub and shower

caulking that looks moldy.  Get it replaced with new caulk.  If

you have been considering upgrading your electrical system,

buyers will appreciate this as one more thing they don’t have

to do.

 

If you do these things, buyers will be more comfortable in

purchasing your home.  And why not enjoy the improvements

while you wait for the right buyer to come along?

 

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_______________________________________________________________________________

The authors of the this blog write about Grand Rapids Real Estate,

the Greater Grand Rapids MI area, and what it is like to live in

West Michigan.  We believe: Grand Rapids is a Great Place to Live!

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Westbrook Realty Grand Rapids MI Real Estate

           Contact Terry   616-292-7263

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We Do Not Want to List Your Over Priced Home

We Do Not Want to List Your Over Priced Home

Some sellers don’t understand the current real estate market.

They have fuzzy visions of listing their home: flocks of eager buyers will

ascend to their level of home ownership and buy an overpriced house. 

They believe in the words of comic Judy Tenuta, “ It can happen! “

 

I hate to have to break the news to many optimistic sellers BUT

it ain’t gonna happen!  Buyers with adequate funds have researched

their area market. They are probably working with a seasoned agent

who has helped to educate them about the local market.  If you are

overpriced by any amount, buyers just don’t look at your home seriously.

 

We recently made a listing presentation to a seller that had his home

for sale for over a year by another agent.  An overpriced year, overpriced

by about 1/3 of current value, so not even close.  Results: the seller  had

1 showing  in a year.

 

We had a heart-to-financial-heart talk and we gave him the facts. 

Even if he found someone dumb enough to pay what he was asking, it

would not close because the home would not appraise for even close to

his price.  He argued that someone with cash could buy it.  In our experience,

people with that kind of cash are not careless with their money. 

 

We encouraged this seller to get an appraisal so he could make a

decision about selling for market price.  This information came as a shock.

Sadly, the reality of a home’s worth today is a shock in many cases. 

The seller wanted to know why his former agent hadn’t explained this to him.

Yes, we were curious, too.

 

We do not want to list your over priced house.  We read industry experts

and they predict further price erosions later this year.  Whether this

happens or not, sellers should get an independent appraisal if there is any

question about their home’s value. 

________________________________________________________________________________

The authors of the this blog write about Grand Rapids Real Estate,

the Greater Grand Rapids MI area, and what it is like to live in

West Michigan.  We believe: Grand Rapids is a Great Place to Live!

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Westbrook Realty Grand Rapids MI Real Estate

           Contact Terry   616-292-7263

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Grand Rapids Real Estate Market Snapshot -January 2011 Compared to January 2012

Grand Rapids Real Estate  Market Snapshot – Jan 2011 Compared to January 2012

The latest figures for January 2012 real estate activity in Grand Rapids

are out from the Grand Rapids Real Estate Board.  These statistics compare

January real estate activity last year with January activity for 2012. 

We have good economic news overall:

 

  • Listing inventory down 5.4%
  • Pending Sales up 10.6%
  • Residential sales up 14.9%
  • Home Inventory = 5.2 months

Not only are residential home sales up almost 15%, but the sales volume

is also up in almost every category. 

    Could the spring market be arriving early?

Spring Primrose

 

SEARCH GRAND RAPIDS HOMES

______________________________________________________________________________

The authors of the this blog write about Grand Rapids Real Estate,

the Greater Grand Rapids MI area, and what it is like to live in

West Michigan.  We believe: Grand Rapids is a Great Place to Live!

ar125812212017642 Kentwood Michigan Neighborhood Real Estate Report – Crystal Springs Jan–Dec 2011 ar125812218972939 Kentwood Michigan Neighborhood Real Estate Report – Crystal Springs Jan–Dec 2011 ar125812225271331 Kentwood Michigan Neighborhood Real Estate Report – Crystal Springs Jan–Dec 2011

Westbrook Realty Grand Rapids MI Real Estate

                          Contact Terry   616-292-7263

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Foreclosures Costly for Neighborhoods & Communities

Foreclosures Costly for Neighborhoods & Communities

You might think that a foreclosure or short sale of a home in your

neighborhood doesn’t affect you.  It is a shame for those people but what

does it have to do with you?  Plenty, it turns out, if you plan on moving

in the next few years.  According to the U.S. government’s website about

the National Mortgage Settlement with major banks, it can affect your

bottom line tremendously.

hud house notice

When a house is subject to foreclosure, it creates a ripple effect

that lowers the value of nearby single-family homes and other properties.

  In 2009 the Center for Responsible Lending projected that homeowners

living near foreclosed properties, on average, would lose $7,200 in property

value, and projected a four-year increase in losses to $20,300 per household.

 

No one who owns a home is safe from this reversal of real estate values.

We have seen this play out in wealthy suburbia and lower priced homes, where

it hits financially vulnerable households.  Homes that were selling for $100,000

a  few years ago are now priced at $80,000 – $60,000, or considerably less. 

We have heard that investors are being offered homes grouped in tens in some

areas, that  are  priced below $10,000 each.  The effect on neighborhoods is

sobering.  In fact, it traps homeowners in homes that they can’t sell.  Their only

options are short sales or foreclosure to get out from under their mortgage on

a home that isn’t worth what they are paying for it.

 

Because we have been watching this train wreck in our local neighborhoods

for awhile now, we are optimistically awaiting the outcome of the National Mortgage

Settlement. ( see link above)  This could bring financial relief to millions of homeowners

by lowering their monthly payments.  Many Michigan households that teeter on

the edge of a financial precipice are waiting for relief……….Will they get it?

________________________________________________________________________________

The authors of the this blog write about Grand Rapids Real Estate,

the Greater Grand Rapids MI area, and what it is like to live in

West Michigan.  We believe: Grand Rapids is a Great Place to Live!

ar125812212017642 Kentwood Michigan Neighborhood Real Estate Report – Crystal Springs Jan–Dec 2011 ar125812218972939 Kentwood Michigan Neighborhood Real Estate Report – Crystal Springs Jan–Dec 2011 ar125812225271331 Kentwood Michigan Neighborhood Real Estate Report – Crystal Springs Jan–Dec 2011

Westbrook Realty Grand Rapids MI Real Estate

                          Contact Terry   616-292-7263

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My 2012 Michigan Property Tax Guide

My 2012 Michigan Property Tax Guide

Every homeowner in Michigan will receive a new property tax assessment

notice in the mail for 2012 tax year.   The following video explains how to appeal your

home property taxes if you feel your assessment is not correct.

 

If you would like further information about your property tax evaluation,

this link has loads of info.

________________________________________________________________________________________________

 

The authors of the this blog write about Grand Rapids Real Estate,

the Greater Grand Rapids MI area, and what it is like to live in

West Michigan. We believe: Grand Rapids is a Great Place to Live!

 

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Westbrook Realty Grand Rapids MI Real Estate

 

Contact Terry               616-292-7263     

 

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Typical Closing Costs for Grand Rapids Buyers

Typical Closing Costs for Grand Rapids Buyers

If you are considering purchasing a home, you should know what

fees and expenses you will be responsible for.  These costs should be

disclosed in your good-faith estimate of all settlement costs.  These

expenses are typically due at the closing.  Your title company or other

entity conducting the real estate transaction’s escrow or closing will tell

you the required amounts for:

· Down payment

· Loan origination

· Points, or loan discount fees, which you pay to receive a lower interest rate

· Home inspection

· Appraisal

· Credit report

· Private mortgage insurance premium

· Insurance escrow for homeowner’s insurance, if being paid as part of the mortgage

· Property tax escrow, if being paid as part of the mortgage. Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you.

· Deed recording

· Title insurance policy premiums

· Land survey

· Notary fees

· Proration for your share of costs, such as property taxes or utility bills

 

More information for West Michigan Buyers

___________________________________________________________________________________________________

The authors of the this blog write about Grand Rapids Real Estate,

the Greater Grand Rapids MI area, and what it is like to live in

West Michigan. We believe: Grand Rapids is a Great Place to Live!

ar125812212017642 Forest Hills Michigan Neighborhood Real Estate Market Report Ada Moorings Oct 2011 ar125812218972939 Forest Hills Michigan Neighborhood Real Estate Market Report Ada Moorings Oct 2011 ar125812225271331 Forest Hills Michigan Neighborhood Real Estate Market Report Ada Moorings Oct 2011

Westbrook Realty Grand Rapids MI Real Estate

Contact Terry   616-292-7263

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Picky Buyers Stall Home Sales –– Or Is It Pricing?

Picky Buyers Stall Home Sales — Or Is It Pricing?

Recent Survey Results:

87% of buyers by survey want a “no fixes” home

67% of buyers think homes are overpriced

77% of sellers have their home overpriced

 

No one thinks our Grand Rapids housing market is as normal

as it used to be.  But many disagree on why.  Most Sellers think

their home is worth more than it really is.  And most Buyers

think the home of their dreams will be available at fire sale prices. 

How do the two sides ever come together to engage in a home sale?

 

front door of a home

 

Each of these positions has a grain of truth.  The seller’s home

may well have been worth 25-40% more just a few short years

ago.  In fact, if they bought at the height of the market, they

will most likely not be able to sell their home for what they paid.

This can be painful and lots of potential sellers are stalled from

selling because they cannot make up the difference between

their mortgage and the home’s probable selling price.

 

Today’s Buyers are savvy and know what homes are going for

 in the neighborhoods they want to live in.  Most buyers do research

for 4-12 months before purchasing.  But they shouldn’t take an overall

estimate of home sales, like Zillow’s Zestimate to really nail down the

purchase price of their dream home.  If there are any Short Sale or

Foreclosed Homes included in the mix, they will usually sell for much

less  than a traditional home in good condition, and for good reason. 

 

Not many neighborhoods today have homes that have not been

in either a short sale or a bank foreclosure.  Major repairs on these homes

are usually required and may need to be completed before occupancy.

Since most Buyers want a NO FIXES home, this means they will likely

have to pay the market price for the home of their dreams, and the

Seller will have to sell at market pricing.

 

This is where the art of negotiation by your realtor comes in. 

Negotiating a 10% difference in price can take some time for both parties

to come to an agreement.  Don’t be mistaken, expert negotiating skills

are paramount to getting a home sale closed.

_____________________________________________________________________________________________________

The authors of the this blog write about Grand Rapids Real Estate,

the Greater Grand Rapids MI area, and what it is like to live in

West Michigan. We believe: Grand Rapids is a Great Place to Live!

ar125812212017642 Rockford Michigan Top Best Home Buys Oct 2011 ar125812218972939 Rockford Michigan Top Best Home Buys Oct 2011 ar125812225271331 Rockford Michigan Top Best Home Buys Oct 2011

Westbrook Realty Grand Rapids MI Real Estate

Contact Terry   616-292-7263

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Kentwood Michigan Real Estate Market Report Sept 2011

Kentwood Michigan Real Estate Market Report Sept 2011

Kentwood Michigan is a large suburb of Grand Rapids with a population

under 50,000. It has manufacturing, shopping centers, and lots and lots

of residential housing. Kentwood Public Schools are one of the largest

school systems in the area with over 9000 students and 16 buildings

within a 24.25 square mile area.

kentwoodlibrarybldg thumb Kentwood Michigan Real Estate Market Report Jan  June 2011

Kentwood home sales have recouped some of their value this year.

We are still seeing some home price reduction on homes in poor/dated

condition.  Good news for buyers, Kentwood has affordable housing at the

lowest interest rates in recent history.  The Absorption Rate is 4 months

which puts Kentwood in the high normal for the Grand Rapids area home sales.

 

July 1 to Sept 30, 2011 Kentwood STATS:

338 Active Listings for sale

72 Pending Home Sales

182 Sold Homes

$105,479 Average Sold Price

95.86% of List Price

Absorption Rate: 4 months

 

 

SEARCH for Kentwood Michigan Homes

SEARCH for Bank Owned – Short Sale Kentwood Homes

 

More Kentwood Michigan Articles:

Kentwood Michigan Real Estate Market Reports

Real Estate is always hyper-local. If you have questions about

a specific Kentwood home, please contact me.

Copyright 2011 All rights reserved

Photo of Kentwood Public Library by Bonnie Westbrook

____________________________________________________________________________

The authors of the this blog write about Grand Rapids Real Estate,

the Greater Grand Rapids MI area, and what it is like to live in West

Michigan. We believe: Grand Rapids is a Great Place to Live!

ar125812212017642 Kentwood Michigan Real Estate Market Report Jan  June 2011 ar125812218972939 Kentwood Michigan Real Estate Market Report Jan  June 2011 ar125812225271331 Kentwood Michigan Real Estate Market Report Jan  June 2011

Westbrook Realty Grand Rapids MI Real Estate

Contact Terry   616-292-7263

OUR FLICKR PHOTOSTREAM

Caledonia Michigan Real Estate Market Report Sept 2011

Caledonia Michigan Real Estate Market Report  Sept 2011

The third quarter of  2011 has been a good real estate market

in Caledonia Michigan.  Absorption rate for Caledonia MI Market is

currently 4 months,which means if no other homes come on the

market, it will take 4 months for the current inventory to sell

at the current sales rate.  This stat has lowered over the summer,

showing the uptake in home sales in Caledonia, Michigan.

Autumn Display

July 1 to Sept 30, 2011 Caledonia Michigan Real Estate

Active Listings – 99

Sold Homes = 52

Pending Sales = 21

Average Sold Price = $156,882

Sale Price to List Price = 94.74%

The Caledonia Market has seen good activity for the third

quarter of 2011, though average sold price is down and inventory

is slightly down.  Percent of sale price to list price has remained

steady here in Caledonia.  Now is a great time to buy, if you have

been considering moving to Caledonia.

 

 

SEARCH CALEDONIA MI HOMES

SEARCH BANK OWNED SHORT SALE CALEDONIA HOMES

More Caledonia Michigan Articles:

Caledonia Michigan Real Estate

Caledonia Michigan Video Tour

If you have any questions about Caledonia or Grand Rapids MI

homes, please contact me directly through my web site.

Copyright  2011 All rights Reserved

_____________________________________________________________________________

The authors of the this blog write about Grand Rapids Real Estate,

the Greater Grand Rapids MI area, and what it is like to live in West

Michigan. We believe: Grand Rapids is a Great Place to Live!

ar125812212017642 Caledonia Michigan Real Estate Market Report Jan – June 2011 ar125812218972939 Caledonia Michigan Real Estate Market Report Jan – June 2011 ar125812225271331 Caledonia Michigan Real Estate Market Report Jan – June 2011

Westbrook Realty Grand Rapids MI Real Estate

Contact Terry   616-292-7263

OUR FLICKR PHOTOSTREAM

Rockford Michigan Real Estate Market Report Sept 2011

Rockford Michigan Real Estate Market Report Sept 2011

Rockford is a northern suburban community near Grand Rapids,

about 15-20 minutes by freeway from the center of the city.  It is a

small town on the Rogue River with: an excellent public school system,

diverse businesses, and resources.   It is a popular and populous Grand

Rapids suburban area that many like to call home.

Lake Bella Vista Sunset

July 1 to Sept 30, 2011 Rockford Michigan RE Stats

308 Active Rockford MI Listings

Pending Home Sales: 56

Sold Rockford Homes: 144

Average sold price  $ 188,930

Sale Price to List Price – 96.%

Absorption Rate : 4.6 months

Housing sales in Courtland Township, Algoma Township and City

of Rockford are included in this report. Rockford’s housing market

ranges $60,000 at the low end to over a $1 million at the high end.

The average sold home price has held steady this year and the

Absorption Rate is down to 4.6 months, all good news for the

Rockford real estate market. 

 

If you have any questions about  Rockford or Grand Rapids

MI homes, please contact me directly: 1-616-292-7263  or

email: terry@terrywestbrook.com

 

 

SEARCH FOR ROCKFORD MICHIGAN HOMES

SEARCH for Rockford MI Bank Owned –Short Sale Homes

More Rockford Articles:

Rockford Michigan Real Estate Market Reports

Rockford Michigan Video Tour

Copyright 2011  All rights reserved

Photo of Lake Bella Vista sunset by Bonnie Westbrook


____________________________________________________________________________

The authors of the this blog write about Grand Rapids Real Estate,

the Greater Grand Rapids MI area, and what it is like to live in West

Michigan. We believe Grand Rapids is a Great Place to Live!

ar125812212017642 Rockford Michigan Real Estate Market Report Jan – June 2011 ar125812218972939 Rockford Michigan Real Estate Market Report Jan – June 2011 ar125812225271331 Rockford Michigan Real Estate Market Report Jan – June 2011

Westbrook Realty Grand Rapids MI Real Estate

Contact Terry   616-292-7263

OUR FLICKR PHOTOSTREAM