Sell Your Home By Making These Minor Improvements

Appraisal Institute says Lower Your Expectations

I am sharing this article sent to me from "Real Estate Economy Watch".  Please read if you are getting ready to sell your home.

The Appraisal Institute is advising homeowners to choose upgrades instead of major remodeling projects for the greatest potential return on investment.

“In general, simpler, less expensive projects have the best cost-to-value ratio,” said Appraisal Institute President M. Lance Coyle, MAI, SRA. “With the spring home buying season around the corner, homeowners should invest in projects that are most likely to preserve the value of their homes.”

According to Remodeling magazine’s most recent Cost vs. Value report, only five projects saw their cost-to-value ratios rise in 2014: roofing replacement, garage door replacement, 20-gauge steel entry door replacement, vinyl siding replacement and fiberglass entry door replacement. Among projects with the biggest declines were two-story additions, composite deck additions, master suite and kitchen remodels.

Other minor projects with potential major payoffs, said the Cost vs. Value report, are mid-range and upscale garage door replacements, manufactured stone veneer, mid-range window replacements and minor kitchen remodels.

Before calling a contractor or heading for the home improvement store, however, Coyle advised keeping the improvement is in keeping within community norms.  “It’s possible that consumers won’t be able to recoup the cost of the upgrade when the home is sold, so it’s important to meet, not exceed, what’s standard for the neighborhood, and to also consider expected length of time in the property,” Coyle said.

He also said that making routine home repairs is essential to maintaining a home’s value. A house that has been well maintained likely will have a higher value than a similar house that is in disrepair, Coyle said. For example, replacing worn out trim boards may in certain situations not add any additional value to the home, other than to preserve the value that would be likely as evidenced by sales of similar homes in the area that do not have worn-out trim boards.

When you're ready to sell your home, call JUDY at (314) 348-4033.  Visit website at:

Buy-Sell-StCharles.com

Take Pictures of Your Home Even If You Are Not Currently Selling

Lesson learned for all home owners...make sure to take year-round pictures of your home, especially the exterior.  Even if you are not planning to sell your home, it is important to have pictures available of your home for your Realtor.




Sure, you may not be planning on selling your home soon; however, chances are that sometime in the future you will sell.  What if you find yourself having to sell due to relocation, financial constraints or other obstacles that suddenly happen to your lifestyle?  Let's say you have an inground pool, but you find you have to sell your home in November.  You've covered the pool...that does not make for a very enticing picture featuring that great outdoor space.  The same for beautiful landscaping with flowers in bloom or water features such as ponds, fountains, etc.




This year, make it a point to take some pictures of the exterior of your home throughout the seasons.  I'm sure your very proud of your home and having a picture file will be handy.




Pictures are extremely important when marketing a home for sale and when you have special exterior features your Realtor will want to highlight, be ready with your array of seasonal pictures.

2015 Market Predictions

What do I predict for 2015?  In this tumultuous world, each day brings surprises no one would expect.  However, I DO know this:


INTEREST RATES are historically low.  There has never been a weak real estate market in a low interest rates market.
INVENTORY in the St. Charles/St. Louis area is low.  Builders have acknowledged this as evidenced by all the new construction developments, as well as buyers snatching up residential lots.
The MIDDLE CLASS is feeling an uptick in their net worth as home pricing rebounds and equity markets soar.
ENERGY PRICES are the lowest they have been in years, providing the equivalent of a "national stimulus".
EMPLOYMENT strengthens, although a weak energy market could result in job losses.  Big cities (St. Louis) are the centers of job creation.
CONSUMER CONFIDENCE is the highest it has been since 2007.


So what does this mean for the local real estate market?


     -     The threat of rising interest rates will probably prompt buyers to make decisions.
     -     Rising rents make buying a viable alternative.
     -     High-end closings on homes from several months back will likely boost average   pricing upwards.
     -     Quality will be a powering force for everyone.
     -     The biggest question for the 2015 real estate market is:

                                  How deep is the Buyers' pool?

HOME BUYERS ADVICE - HIRE YOUR OWN PROFESSIONAL AGENT


Buyers who are represented by an ABR (Accredited Buyers Representative) are more likely to have a successful transaction.  Getting your home purchase closed is quite complex in today's market.  There are many more hurdles buyers face, such as stricter financing, foreclosures, short sales, and for-sale-by-owners.


Whether you are in an area with lots of homes for sale and falling prices (Buyer's Market) or where homes are selling quickly before you can even write up an offer (Seller's Market), you'll be much better off having your ABR navigate the market with you.


Your ABR undertands the current market.  She knows the neighborhoods and will help you obtain the right house at the best price and terms.


Although you can search for homes online, do you know about the homes that are coming on the market?  Your ABR has the means to communicate your needs to make sure she can provide you with details of upcoming homes for sale before they become active listings.  Many homes are bought and sold this way, without ever going active or having a sign in the yard.


4 Tips on How to Work With Your Own Agent

1)  Show commitment in order to get great service.  Get prequalified with a lender, so you and your ABR know exactly how much home you can afford.


2)  Work with only one agent.  It is customary to sign a Buyer's representation agreement.


3)  Stay in contact and be loyal.  If you vist open houses or new construction display homes, let the hosting salespeople you know that you are already represented.


4)  Along the home buying process, don't hide important information from your agent or she will be blindsided by key issues that could impact your closing negatively.


Once you and your ABR find your ideal home, the work really begins.  You're agent will navigate negotiations, loan approval, seller's disclosures, inspections, repairs, and so much more.

How Do Home Sellers Compete With New Construction?


New construction in St. Charles County is HOT right now.  Sellers are losing buyers to the "shiny, new product" on the market.  So, how do you compete?


First of all, you can compete with the price.  Typically, new construction is much higher in price per square foot.  You should price your home at fair market value....and don't think you need to allow negotiating room.  A home priced right in today's market should sell for about 98% of list price OR BETTER and should have an accepted offer within 60 days.


Second, make sure your light fixtures and bathroom fixtures are up-to-date.  Chrome faucets and brass light fixtures will stand out in photos and will make your home look as though it needs to be updated.


Third, either replace carpeting or have it cleaned.  New carpet, fresh paint, new window treatments and staging can make all the difference.  Buyers will more than likely find your home online, so the photos need to be professional and not taken with an iPhone.


Many buyers do not want to wait 6 months to get into their new construction home, so if your home is priced well, staged with some basic updates, clean, well-photographed and marketed by a good Realtor, you will have some success.


Make sure your Realtor takes the time, prior to putting your home on the market and having photographs taken, to make sure the property is looking top-notch and ready for the most discerning buyers.

What is My St. Charles Home Worth? Homes Sales in St. Charles 63301

October 2014 Update

 As we headed into the Holiday season, home sales in the St. Charles 63301 zip code dropped as far as the number of sales from September, but the average sales price increased...and that's good news!   

This report is for single family homes only and NOT condos.  I’m covering zip code 63301 only.  That means that any St. Charles homes in other zip codes are NOT covered in this report.  This report is informational and for the best advice for you as an area home buyer or seller, please contact me for a specific review of your needs.

All data is derived from the St. Louis MLS system.  If any St. Charles homes traded hands without a Realtor® involved, it won’t be reflected in this report.  All data is for the 63301 zip code only.   Percentages reflect increases or decreases from September 2014 statistics.

The 63301 zip code offers a diversity of living choices, with a focus on affordable housing.  Much of the zip code area is easily reached by I-70 and I-370.

St. Charles 63301 Single Family Home Category Data Summary:

 

Homes Sold:                       40  (2 Bank/Government foreclosures)                  DOWN:                 37.5%

Average Price:                   $177,391                                                                       UP:                         2.8%

Days on Market Avg.:       58                                                                                           NO CHANGE

Avg. Price per Sq. Ft.:       $107.66                                                                         UP:                         2.8%

Average Sales/List %:       95.63%                                                                          UP:                         1.5%

Most Expensive Home Sold:                                       $555,000

Least Expensive Home Sold:                                       $ 52,500

Number of Homes Currently For Sale:                      159

 

What can we determine from the latest statistics?

• While sales volume may have dropped from the previous month, it’s still a strong month.
• Days on Market is pretty solid, with homes selling in just under 2 months.
• Distressed properties (foreclosures) have minimal impact at this point.  Less impact there means better pricing for the rest of the market.
• Sales prices increased along with the average price per square foot.  The increase of the sales to list price is always good news.

What does this mean to you as a St. Charles single family home owner?

Home sales prices are rising and selling quickly.  It’s still critical to price right, prep your home, and hire a Realtor®.  Don’t forget, you also have new construction competition.

For an evaluation of your specific home’s marketability, please contact me at (314) 348-4033.

What does this mean to you as a potential St. Charles 63301 home buyer?

If you find a home that suits you, don’t delay acting or you may miss out on your opportunity.

St. Charles still continues to be a VERY affordable place to buy a home.  There is some new construction available, and PLEASE, have me help you for new construction.  The builder will NOT cut you a price break for showing up unrepresented, and using my services will NOT cost you a thing!

When you’re considering buying a St. Charles area home, please contact me at (314) 348-4033 with your needs and I’ll help you find your ideal home!

 

For your convenience,  CLICK HERE  to search for a home anywhere in the St. Charles and St. Louis area.

 

Will My Home Sell in the Winter?

I am often asked by potential St. Charles home sellers...."Should I list my home in the Winter?"


The answer is...if you have found another home you would like to purchase or need to sell...then YES!  Home buyers are searching and shopping for homes 365 days a year and if your home is not on the market, it certainly won't sell.


It's true, as a St. Charles and St. Louis Realtor, I normally see a slower pace in the real estate market during the late fall and the winter months, but sales certainly do not stop.


Many things drive buyers into looking for a home during Winter;  i.e., relocation, desire to obtain another dream home, new job, retirement, or life events, like a new baby.  In addition, many buyers want to take advantage of lower interest rates and not gamble that the rates will remain low come Spring.  Buyers become homeowners every day of the year (with exception, of course, for actual holidays when banks and title companies are closed).


I find that during the winter months, when inventory is typically down, Sellers with a "quality" home (well-maintained, updated and nicely presented) can actually get a higher price due to the fact there are fewer competing homes for Buyers to choose from.


Come Spring, the real estate market will be flooded with homes being listed, making competition fierce.  Typically, an oversupply of homes will drive sales prices down.


So, should you list in Winter?  I say, YES, if you want/need to sell in Winter or early Spring.  A common saying in my business is:  "There's a home for every buyer and a buyer for every home" regardless of what day or time of year it is.

Varied Pockets of Upscale Homes in St. Charles County

Want in on a secret?  Upscale properties in St. Charles County can be smart buys.  The elite home market segment of St. Charles County is a best-kept secret because you're getting so much more house for your dollar here.


The pockets of upper-end properties are peppered throughout St. Charles, Weldon Spring, O'Fallon, and Defiance.  Homebuyers generally can purchase a custom-built upscale property for roughly 30 percent less than in West County and the central Highway 40 corridor.


The St. Charles "luxury" segment starts at $500,000; whereas the figure is $820,000 for  \St. Louis County.  This fact often comes as a pleasant surprise to homebuyers, who may suddenly realize a luxury home is within reach.


The upper-end market has experienced steady sales in the past few months.  One reason may be that jumbo-loan rates have come down enough to entice homebuyers.


Offering quality schools, shopping, and a 30-minute commute to Lambert International Airport, the area offers a more relaxed ambience as well as an abundance of green space and available acreage.

Home Price Increase Hysteria in St. Charles County - Will It Continue?

There have been a tremendous amount of home sales in the communities in St. Charles County since April 2013.  Just last month, home sales in July, were as follows:  O'Fallon with zip code of 63366 ... 90 homes sold; St. Peters ... 109 homes sold; O'Fallon with zip code of 63368 ... 75 homes sold; St. Charles with zip code of 63304 ... 76 properties sold.

Just in the past few days, I've noticed that the listing prices of homes in St. Charles County have gone back to being inflated for the properties just coming active on the market.  Yes, the fabulous amount of home sales has spurred home sellers to get on the market and become part of this current upswing in sales.  However, what they are failing to realize (and their Realtors should properly advise them), is that these properties that sold in the past few months were extremely realistically priced.  That's why they sold quickly and 90% of them sold within $10,000 of the list price.

Perhaps St. Charles County home sellers feel that the Buyers are getting desperate for homes to buy.  I do not feel we are in that stage of the current Sellers Market.  I do know their are still home buyers wanting to purchase and they have been looking, at least on-line, at homes for sale and have seen the ones that have sold ... and for what price.  They will now realize that the homes coming on the market are inflating their asking price.

It's been wonderful experiencing the sellers market in St. Charles County and this sales activity can continue through October if sellers remain realistic.  With overpricing their homes, they will become discouraged that the market may dim and it will take longer for their homes to sell.

My advice to home sellers ... study the recent sales ... and price your home accordingly.  You will sell your home quicker.

FREE search of St. Charles County homes

Buyers Beware .... Do Not Call Name on Sign

If you have begun looking for a home to buy, the best method is to have your own Real Estate Agent.  Perhaps you drive around and see a property you might be interested in; so you call the Agent whose name is on the sign.  Or, you're surfing the web (perhaps on Realtor.com) and find a property you want to see; so you call the Listing Agent.

STOP doing that!!  The Listing Agent works for the Seller.  He/she has signed a contract with the Seller to always put their best interest first.  Where does that leave you...the Buyer?

You need your own Agent whose duty will be to put YOUR best interest first.  What will it cost to have your own Agent?  NOTHING!!  That's right!  Compensation to your Agent is paid by the Seller.

Don't think you have to call the Agent listed on a For Sale sign.  When you have your own Agent, he/she will be able to show you any homes/properties for sale; even For Sale By Owner.

Do some research and find yourself a professional Agent who is accessible to your needs and willing to spend the time showing you homes.  Do beware, though; there are some Agents who do not want to spend time showing homes.  Find and talk with an Agent to get a feel as to their interest level in showing homes and their knowledge of the area you are looking in.  One of the best ways to do that is to visit Open Houses in the area and speak with the hosting Agents.

You need and deserve professional representation should you be ready to purchase a property.  Your Agent will work with you throughout the entire process; from finding and showing you homes - negotiating on your behalf should you submit an offer - assist you with inspections - handle all paperwork - get you to closing - and putting the keys of your new home in your hand.

Warning for Home Sellers

Selling your home?  Please do not let your real estate agent get over-eager and put your home on the local MLS system without having taken pictures.  This is an incredibly erroneous move on an agent's part and will cause you to lose hundreds of prospective buyers as they "pass over" your listing.

Home buyers want to see pictures!  Lots of pictures!!  If your agent makes your home go active in the MLS without pictures; your property will be passed over; not only by buyers, but also other agents actively looking for properties.

Please question your agent to make sure he/she will not put your home on the market without pictures.  This could potentially cost you a sale.