Archive for November, 2011

“It’s not far, if you know the way.” Maybe it is an obvious statement but there are some definite steps that will improve your success in buying a home in today’s market.

1. Know your credit score – the best mortgage rates are available to borrowers with the highest scores. Unless you know what your credit score is at all three major bureaus, you don’t really know what rate you’ll have to pay.
2. Clean up your credit – it is estimated that about 90% of credit reports have errors. Some are not serious but others could affect a borrower from getting the best loan terms. It is your responsibility to know what is on your different reports and correct them if possible. You’re entitled to a free copy of your credit report each year from Experian, Trans Union and Equifax.
3. Get pre-approved – Taking the time to make a loan application with a qualified lender even before you start looking at homes will provide peace of mind, make sure that you are looking at the “right” homes and may help you negotiate the best price on the home you select.
4. Do your homework – when you find the home that meets your needs and desires, research the tax assessments, school ratings, crime activity, possible zoning changes and comparable sales in the area.

What do your neighbors, the Joneses, have?  Or the listing down the street?  The recent neighborhood comps?  If you don’t know, check with your Realtor.  Buyers will be looking at your house and at the other active listings, and will naturally compare them.  Appraisers will look at the recent market activity, the condition of the homes and the updates to the homes.

While you don’t want to overspend in your area, you do need to know what’s standard, so that you’ll know what buyers are comparing your home with, and ensure your home comes out on top.  Don’t be the last homeowner on the street to remodel; buyers will surely pass up your home for the one that has the remodeled kitchen and bathrooms, and then your house may languish on the market for months, and will then sell for less as time goes by.

Where will you get a good return on your money, and get your house sold?  Let’s get the powder room, kitchen and master bath updated.  Focus on keeping your updates neutral, clean, and classic.  Lighting fixtures, towel bars, and fresh towels can make a big difference.  For the kitchen, consider new cabinet doors and drawer fronts, cabinet hardware, stainless steel appliances, new countertops, new flooring if it’s worn, and a neutral wall color.  The kitchen remains one of the biggest selling points, and making it sparkle will bring the buyers in and keep their attention focused on your house.

Have specific questions about updating your home?  Give me a call.  I’d be happy to show you what your neighbors have been doing too!

Best regards, Gretchen

Did you miss the First Four Best Uses of Your Time and Dollars for Howard County Home Sellers?  #1 Decluttering | #2 Cleaning | #3 Curb Appeal | #4 Walls and Floors

Best regards, Gretchen

Did You Know?  A professional stager is an awesome investment at any point in this series.  Call me today at 443-676-1625 if you’d like to receive a free home staging consultation with a professional home stager. (Limited time offer.)