In Your Corner
MOVED IN AND CASH STRAPPED? 6 TIPS TO CUT EXPENSES
Community Property
LAKE COUNTY TRIVIA: A HISTORY TEST FOR NEWCOMERS AND NATIVES
Market Update
CURIOUS IF PRICES ARE UP? WHAT’S THE MARKET DOING? WE’VE GOT ANSWERS!
Feature Story
6 REASONS “FOR SALE BY OWNERS” (FSBOS) FAIL EVEN IN A HOT MARKET With so many red hot real estate markets across the country, DIY-minded sellers might get ahead of themselves and decide they can sell their own home. It might be tempting to stick a sign in the ground and see what happens. Not so fast.
Living Large
LET IT SHINE: CREATIVE INDOOR LIGHTING
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4 Ways to Adapt Your Kitchen to 2020’s ‘New Norm’
The following is a guest post by Sophie Armstrong, originally published on Blue Matter, Coldwell Banker’s blog.
Since lockdown, our kitchens have seen more use than ever, whether that’s more cooked meals to pass the time or doubling up as a home office. Even as restrictions continue to change amidst the current ‘new norm’, it’s expected that our attitude towards kitchen interior design will be forever changed with more emphasis on hygiene, flexibility and storage. Since lockdown, our kitchens have seen more use than ever, whether that’s more cooked meals to pass the time or doubling up as a home office. Even as restrictions continue to change amidst the current ‘new norm’, it’s expected that our attitude towards kitchen interior design will be forever changed with more emphasis on hygiene, flexibility and storage. With this in mind, today we’re going to be looking at how the impacts of COVID-19 are influencing kitchen design, as well as as how you can adapt your current design to accommodate changing needs during these unprecedented times. Design social spaces Even with some restrictions being lifted, the murmurings of a second wave of coronavirus this winter could result in more people choosing to socialize in their homes rather than heading out. This means the kitchen will become the epicenter of social gatherings, with more focus on openplan designs that allow a seamless interaction between cooking and living spaces. One concept that’s becoming a popular feature is the kitchen island. Ideal for compact modern homes, they offer a practical solution for additional storage and surface space, as well as a seated area for socializing.Whether it’s a coffee morning with friends, larger family get togethers or a socially distanced Zoom quiz, having an area in your kitchen that allows for everyone to socialize without impacting functionality is key to the future of kitchen design. Of course, if you don’t want a permanent island, opting for a mobile island or simply using your dining room table to offer that social space could be equally as effective. Invest in ultra-clean worktops Hygiene best practice has been a core part of the fight against the coronavirus and understandably it’s become a key focus within our kitchens, too. As a place where we prepare, cook and eat our food, people are now seeking out ultra-hygienic materials to bolster the cleanliness of their kitchens. As the workhorse of your home, paying special attention to your countertops and counter splashbacks will set the right foundations to a cleaner (and potentially greener) home all round. For splashbacks, the addition of smooth porcelain or glass tiles will not only propel water and other
splashes, but they can also be quickly cleaned to keep germs to a minimum. For countertops, opting for a natural granite kitchen worktop will not only deliver a timelessly stylish, durable and sustainable solution, but also a hard-wearing and easy-clean surface to match. With exceptional scratch, stain and water resistance, you can rest easy that your worktops remain pristine and bacteria free with a simple wipe down after each use. Add super-sized storage Storage is a common issue for many modern homes and during the initial lockdown period many people went into a grocery buying frenzy, stocking up on long-lasting foods. Thankfully this bulkbuying mania seems to have subsided, but it has left a lingering effect with people still buying more canned and frozen goods than before COVID-19. As a result, there seems to be a significant shift to bigger storage requirements in kitchens, with modern takes on the old fashioned larder. Of course, not everyone has the space for a dedicated food storage room, but tall, floor-to-ceiling pull out cupboards with integrated shelves and racks offer the ideal alternative. Optimizing previously unutilized space, these types of super-sized storage units are set to be a mainstay – providing savvy storage solutions even in compact kitchens. These concealed units aren’t just for dry foods either, they can also be the perfect way to achieve a clutter-free kitchen design that’s a breeze to wipe clean – helping to maintain your ultra-clean countertops. Create multi-functional zones The modern kitchen doesn’t just need to be for cooking and socializing. In the current climate, they’ll provide a hub for multiple activities – from working from home to relaxation. This means it’s essential that kitchens can be versatile and ready to adapt to different activities throughout the day. This is where features like the kitchen island offer numerous benefits that can quickly be transformed from a practical dining area into a streamlined at-home workspace. However, with the possibility of more people in the house at one time, the need to carve out a healthy work-life balance means your kitchen could also benefit from a dedicated relaxation zone. The key here is to make this area still feel like part of the kitchen, yet distinctly separate. This is where choosing the right furniture style, size and design is essential. From oversized armchairs for a cozy reading nook to comfy sofas all the family can lounge on, pick pieces that complement the overall aesthetic and color scheme to create a unified look, but play around with softer textures and layering to give this space a more homely, serene feel. When it comes to kitchen design amidst the current new norm, the key is to put emphasis on hygiene and functionality to ensure you have a clean and flexible space that works for you both now and in the future, whatever events unfold.
Lake County Trivia: A history test for newcomers and natives
The following is a reprinted article by Bill Bond, originally published in The Lake Sentinel on November 12, 1989.
Question: Where and when was the first shopping center built? Answer: Golden Triangle Shopping Center, Old U.S. Highway 441 and Rudors Road, the early 1960s. Q: Before it became part of Lake County in 1887, Leesburg was the county seat of what county? A: Sumter Q: The first radio station to operate in Lake County was? A: WLBE went on the air in 1947 Q: In what year was the First National Bank of Leesburg built? A: In 1917; the building now houses Jewelry Works, Inc. Q: What was the name of the bank in Leesburg that went belly up during the 1930s? A: Leesburg State Bank (formerly the Leesburg and County State Bank, founded in 1886). Q: Three mayors of Leesburg died in office. Who were they? A: G. Chetwynd Stapylton, 1902; W.A. McKenzie, 1929; A.B. Lee, 1935. Q: Who was the first woman appointed as a county judge and in what year? A: Henrietta Horner, 1960 Q: Alonzo Herndon was an ex-slave who turned a string of shoeshine stands, barbershops and an insurance company in to a fortune before he died in 1927. He had a spiffy winter home in what community? A: Lane Park Photo Source: Altoona, Florida Memories Facebook Group
Alonzo Herndon
Q: Earl Gooden was the first black police chief of what city? A: Mount Dora, 1982. Q: Lake County was established on May 27, 1887, from parts of which two counties? A: Sumter and Orange. Q: Brothers John and Charles Ringling of the circus fame had winter mansions in Sarasota. What was the name of their brother who lived in Eustis before he died in 1918? A: Henry Ringling. His one-fourth interest in the circus business was sold at a public auction in Tavares on May 20, 1919 for $66,000. Q: How many Confederate and Union veterans are buried in Lake County? A: 179 Rebs and 130 Blue Coats.
Q: Almarin Cooley Richards, a former chief of the Metropolitan Washington Police Department, played a major role in investigating the assassination of Abraham Lincoln. He moved near Eustis in 1893. When did he die? A: 1907. Q: The Poinciana Cemetery in Paisley is the burial place of what Walt Disney family member? A: Jessie Perkins, an aunt. Q: An unpaved roadway near the Green Swamp in south Lake County bears the same name as what Communist Party leader of the Vietnam War era? A: Ho Chi Minh Q: In what city was the Ocklawaha Hotel located, and when was it destroyed by fire? A: The Eustis hotel burned on Nov. 14, 1922. Q: In 1924, the state discontinued hangings as the principal form of capital punishment and began using the electric chair. When was the first and last legal hanging conducted in Lake County? A: The first hanging took place on April 4, 1913; the last on Nov. 23, 1923. Q: Until the 1940s, what religious group was prohibited by Leesburg city ordinance from building a church within the city limits? A: The Catholic Church.
Grand Army of the Republic Medal
Q: Some old veterans of the Union Army met in Clifford Hall in Eustis in 1884 and established what organization? A: The Grand Army of the Republic Post 5, what was disbanded in 1923.
MARKET UPDATE
OCTOBER 2020
6 Reasons FS BOs Fail Epically Even in a Hot Market Written by Cara Ameer, broker associate with Coldwell Banker Vanguard. Originally published in Inman News.
Unfortunately, DIY sellers often have to go through these sometimes-painful motions to get a much-needed reality check. With so many red-hot real estate markets across the country, DIY-minded sellers might get ahead of themselves and decide they can sell their own home. With low inventory levels and sky-high prices, it might be tempting to stick a sign in the ground and see what they can get (without paying that pesky agent commission, of course). It’ll practically sell itself, right? Not so fast. When the buyers don’t come running after putting the house up for sale, for-sale-by-owners (FSBOs) are left scratching their heads, perplexed about what’s happening. After all, they don’t know what they don’t know. Here are six reasons that FSBOs typically find selling much harder than they imagined.
1.
Bad pricing
Overpricing is a common mistake FSBOs make. They price according to what they want to get out of the home, not in line with market values. FSBOs don’t have a good grasp of how their home compares to others for sale, under contract or recently sold. The features that FSBOs tend to place value on are not necessarily things that buyers are willing to pay for on an overpriced house. A FSBO tends to live in a vacuum when it comes to pricing. They aren’t as plugged into competing inventory as agents are, and they don’t understand why their home isn’t selling when others around them are.
2.
Lack of marketing
“The features that FS BOs tend to place value on are not necessarily things that buyers are willing to pay for on an overpriced house. A FS BO tends to live in a vacuum when it comes to pricing.”
A FSBO’s idea of marketing reach might only be Zillow and a sign in the yard. The way sellers present information, along with photos (or not), can significantly impact garnering interest and attention. These sellers don’t understand the importance of preparation for sale, including staging and editing each space that will be photographed. Amateur photos reflect a space that does not show well online. With 99.9 percent of buyers
scouring the internet for for-sale homes today, the first showing happens online, and the second might or might not be in person (as a result of COVID-19) today. A poorly positioned property that is not easy to find and not on the radar of thousands of agents and buyers risks getting overlooked. FSBOs don’t know the right keywords to use to attract the right buyer pool for the property. Additionally, there could be vital information that is overlooked or not communicated, causing buyers to swipe right onto the next listing.
3.
No access
It’s no surprise that most FSBOs sell on their schedule. Showings happen when convenient for them, which might mean they are not available to show the home when a buyer wants to see it. Delays in responding to calls and inquiries mean the buyer will simply move on to the homes they can see, and the sellers or agents (for listed properties) who are happy to make a showing happen in a time-sensitive manner. Furthermore, most FSBOs don’t have a showing system in place to allow and coordinate access. Trying to do this on their own usually means they don’t have a secure and trackable lockbox system on their front door. It’s dangerous to ignore these safety concerns when allowing unvetted strangers into one’s home. Furthermore, we know that having the sellers home during a showing can be a disaster, but what choice do FSBOs have? As they show their home, the chances of buyers envisioning themselves living there dwindle. FSBOs’ sense of urgency just isn’t at the same level as that of a potential buyer or buyer’s agent.
4.
Inability to talk money
Looky-loo, prospect, real buyer — FSBOs don’t know how to vet inquiries and tell one from another. They aren’t sure what questions to ask, resulting in showings to potential buyers who have no intention of buying or aren’t qualified to purchase it. It can be awkward to ask people you don’t know all sorts of questions to determine their seriousness, motivation and financial ability to move forward. A FSBO may lose prospects altogether due to not knowing when and how-to follow-up after an inquiry or showing, which might result in a lost sale. They don’t know how to respond to questions or objections that could end up clearing a hurdle or hesitation that a buyer could have about buying their home. Should a buyer want to move forward with an offer, FSBOs don’t know how to negotiate a successful outcome, and they likely lack the insight on how to craft a winning offer. They might be too focused on one thing to see the value in another, and they don’t know how to move through the critical points of a negotiation to create a successful outcome. A low offer doesn’t necessarily mean that sellers can’t get the right price. A DIY seller isn’t sure how to determine what might be crucial to a buyer because, let’s be honest, negotiating on your behalf over the sale of your own home can be challenging.
“ It can be awkward to ask people you don’t know all sorts of questions to determine their seriousness, motivation and financial ability to move forward.”
A buyer and FSBO might not be able to be as direct as they need to be with each other on all issues involved in the transaction. FSBOs could end up leaving valuable money on the table or not negotiating for terms they should have. They might not question specific requests the buyer wants or know how to move through those. If their property has particular challenges repair- or condition-wise, they typically lack the resources and know-how to push through those situations.
“Agents know that these kinds of sellers don’t have a good grasp of the process. They might be unrealistic and not comply with contractual requirements to ensure that everything gets done within the required timelines.”
6.
5.
Unrealistic expectations
Because FSBOs think they know it all and can do it all, they might have unrealistic and unachievable expectations about the process. They might think the market should command a higher price than it is willing to bear or that their home is better than its competition, yet they don’t truly understand what that competition is. They might not think they need to cooperate with agents who have a buyer and are willing to pay a selling commission because they will save a tremendous amount of money by doing so. When buyers aren’t beating down their door to see the home, they might be perplexed as to why.
Agent avoidance
Speaking of paying a commission, FSBOs willing to cooperate might think that’s all that’s needed to sell their home — let an agent bring the buyer and let him or her do all the work. When agents showing up at their door are only interested in listing their home, they might wonder where all the agents with buyers are. In reality, agents don’t want to do twice the work for half the paycheck on top of taking on the additional liability of stepping into an unrepresented seller’s situation. Agents know that these kinds of sellers don’t have a good grasp of the process. They might be unrealistic and not comply with contractual requirements to ensure that everything gets done within the required timelines. Also, FSBOs might not understand that an agent representing a buyer doesn’t represent them (despite any disclosures provided) and continually rely on the agent for direction and advice, which puts them in a precarious professional position. The sellers might downplay the condition of their home, deny they need to make certain repairs, or not handle those repairs as well as they would if a listing agent was managing the process. When it comes time for closing, FSBOs might not understand that they
have to be moved out entirely by the day of closing (unless otherwise negotiated) or that they have to leave the home spotless with no garbage left behind. The reasons FSBOs crash and burn are predictable and avoidable. Unfortunately, DIY sellers often have to go through the sometimes-painful motions described above to get a much-needed reality check. They’ll most likely realize that they need a skilled agent in their corner to get the highest sales price on their home.
Let It Shine
The following is a guest post by the Tracy Ellison, originally published on Blue Matter, Coldwell Banker’s blog. Here are a few ways to think creatively about indoor lighting to liven up your home during the long winter ahead. With shorter days and more hours of darkness in autumn and winter, turn to the power of indoor lighting as a solution – never underestimate its brilliance. Clever lighting can transform the look and feel of your home with the flip of a switch. While natural sunlight streaming inside is ideal, sometimes the clouds rain on our sunshine parade. When that happens, rely on a variety of lighting sources to brighten things up. You’ll notice, it’s not a one-bulb-fits-all sort of situation. General lighting is the workhorse of illumination. For the most part, it’s utilitarian in nature but an essential and practical starting point. It brings uniformity and functionality to a room. This is a direct form of light, typically found from a ceiling pendant or chandelier and increases in versatility with the addition of a dimmer control. Ambient lighting works alongside general lighting but is more indirect, more intriguing and fools the eye with magical illusion. It helps soften harsh shadows and brings major impact through
light sources such as wall sconces, voluminous upturned torchieres and hidden coffered ceiling lights. Mood lighting comes on soft, but its subtle effects make a bold statement. Never glaring or harsh, it brightens otherwise shadowy corners and makes unexpected appearances in ways like hanging, amber-lit Moravian stars. It lends high-style and a certain je ne sais quoi. For an exceptional interior ambience, you must include mood lighting, darling. Task lighting puts a lot of voltage into getting the job done and doesn’t need to look like its hard at work. Whether it’s a sleek chrome arm lamp over a desk, hidden under-counter kitchen lights or spot-on overhead pendants, task lights should always be offset by companion lighting to soften the contrast of their high-intensity brightness. Accent lighting is the drama queen of the bunch. It takes centerstage and spotlights key artwork or decorative elements and draws the eye in. It works harder to steal the show than mood lighting, so it requires brighter light at the point of interest. Treat lighting as an art element. Let it conjure atmosphere and breathe life into an otherwise uninspired room. Try uplighting and lowlighting, spotlighting and strategic lighting. Whichever way you turn up the wattage on the illuminating possibilities in your home, enjoy basking in the power of beautiful light.