Your Home, Your LIfe, May 2022

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2 | May 22, 2022 | Lewiston Tribune

YOU R HOM E , YOU R L IF E 2 02 2

WHAT IS ‘FSBO’?

WHAT ‘FOR SALE BY OWNER’ MEANS FOR HOME BUYERS

By Cathie Ericson Courtesy of Realtor.com

What is “FSBO”? In the world of real estate, it stands for “for sale by owner,” which means that the homeowners haven’t retained a real estate agent to help them sell their house.

FSBO (pronounced “fizbo”) homes aren’t sold in the same way as agent-sold houses—and the process will differ for home buyers, too. So if you find yourself interested in purchasing a FSBO home, here’s what you need to know.

WHY HOME SELLERS DECIDE TO TRY FSBO Typically home sellers decide to go it alone for one primary reason: They want to save money. Home sellers, after all, pay the full real estate agent commission.

Commissions vary considerably, but if, say, a commission totals 6% of the home’s sales price, that would amount to $30,000 on a $500,000 home. This fee doesn’t go entirely to the home seller’s listing agent, however; it is typically evenly split between the listing agent and the buyer’s agent (if a buyer has one).

Home sellers might also attempt FSBO because they’re in a hot market and think that the house will sell itself—although the process is rarely as simple as people think it will be (here are five reasons FSBO home sales fail).

WHERE DO YOU FIND FSBO HOUSES? Finding FSBO homes can be a little trickier than other houses, because these sellers can’t post their homes on the multiple listing service. Only licensed real estate agents can list homes on the MLS, which is a one-stop online shop of sorts for getting a house seen by thousands of agents and home buyers (who view a highly condensed and consumer-friendly

version of MLS data on sites that aggregate this information, like realtor.com®).

So, you’d have to look a little harder to find one of these homes, scouring the local newspaper or the real estate fliers that you’ll find around town, where the seller has paid to place an ad. There are also websites where sellers can pay to list their properties, but these sites don’t get as many eyeballs as the MLS. This is certainly one of many good reasons why the majority of home sellers decide to employ the services of a listing agent rather than going it alone.

CAN I USE A REAL ESTATE AGENT TO BUY A FSBO HOME? You can—and should. It’s always in your best interest to have your own real estate representation, someone who is “on your side” and guiding you through the home-buying process. An agent will confirm, for instance, whether a home’s price is reasonable, help you put together a convincing offer, and negotiate the inspection and other issues that might arise on the way to the closing table.

But, that’s where the money thing comes up: If you’re a buyer with your own real estate agent, he will still expect to be paid for his time and efforts on your behalf. However, since the home sellers are not using their own agent in order to save on that commission, who’s to say they’ll be willing to pay your own agent, either?

THERE ARE A COUPLE OF WAYS TO HANDLE THIS SITUATION: See if the home seller will cover the costs. Even if the home sellers have chosen to save money by not using an agent on their end, they likely realize that having a buyer’s agent comes with some perks in terms of a smooth transaction

and may still gladly cover the “buy” side of the commission (which is typically evenly split, so the sellers will still save half). “Many private sellers are willing to cooperate with buyers’ agents to ensure the buyers are properly qualified to make the purchase and that the paperwork is handled correctly,” notes Deb Dawkins, a Realtor® with Coldwell Banker in Annapolis, MD. Make the fee part of your offer. If the seller balks at paying the buyer’s agent’s commission, work with your agent to decide upon the fee and build that into the offer you make. Then, it will be paid from the proceeds at closing and not increase your costs, says Jim Lee, a Realtor with Re/ Max by the Bay in Portsmouth, NH.

their homes a little high for the market, because they aren’t as well-versed on local comps as a real estate agent would be. You’ll also want to make sure to have a very thorough home inspection since you don’t have an agent on your side looking for common red flags.

Finally, if neither side is using a real estate agent, it might be in your best interest to pay someone to help with the contract details. Look for a real estate attorney or a “transactional agent,” suggests Realtor Joanne Bernardini with BHHS Fox & Roach in Northfield, NJ. That’s a broker who acts as a neutral party to ensure the paperwork is legit.

Still, if you buy a FSBO home, you should be warned that there may be risks, and prepare to do a lot more legwork yourself.

WHAT ARE THE RISKS OF This may explain why most home buyers BUYING A FSBO HOME? prefer to hire a real estate agent to help If you as the buyer are working with a them through this complicated process real estate agent, the risks are minimal. (here’s how you can find real estate agents But if you are not working with an agent in your area). yourself, beware. Often FSBO sellers price

YOU R HOM E , YOU R L I F E 2 02 2

Lewiston Tribune | May 22, 2022 | 3

COULD YOU HANDLE LIVING IN A TINY HOUSE TO SAVE MONEY? HERE’S HOW TO FIND OUT

By Audrey Brashich Courtesy of Realtor.com

With home prices high and downsizing on the upswing, a growing number of Americans are pondering what it might be like to live in a tiny house.

And when we say “tiny house,” we mean it! The typical U.S. home measures 2,600 square feet, but these mini abodes clock in at anywhere from 100 to 500 square feet.

While that might seemed cramped,

one recent survey found that 56% of Americans would consider living in a tiny home. So why would they do that?

For one, money plays a major role: The average cost of a tiny house runs about $23,000, while the median price for conventional homes is $375,000. As a result, 68% of tiny-house dwellers own their home outright, with no mortgage.

TINY continued on page 15

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4 | May 22, 2022 | Lewiston Tribune

PRICE LOW TO SELL HIGH: DOES THIS HOME-SELLING STRATEGY ACTUALLY WORK?

By Cathie Ericson Courtesy of Realtor.com

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If you’re a seller looking to put your home on the market soon, you and your bank account are in luck.

Though experts predict the current sizzling housing market might start to cool down a bit due to the highest mortgage rates since 2009, inventory remains wafer-thin for homebuyers.

It’s still a seller’s market out there, and you might be tempted to ask for the top end of what your home’s worth.

But pricing a home at its highest value doesn’t mean that magic number will show up in an offer.

Even though it seems counterintuitive, pricing your home slightly under market value can sometimes land you the highest sales price. Let’s take a look at the price-low, sell-high strategy to see if it’s right for you.

And by pricing your house slightly under market value, your property will appear on the top of homes for sale in the area within a buyer’s price range.

Since you’re underpricing, your house is also likely to be the best-looking house in the price category.

HOW DO YOU PRICE LOW TO SELL HIGH?

Home sellers must understand the real estate market value to execute the price-low, sell-high strategy successfully.

And the best method to find the right price for your home is to look at the data, says Marie Bromberg, a real estate salesperson with Compass in New York, NY. “I always give my seller a range of where the market is,” says Bromberg.

“I let them know that homes similar to theirs have moved at a particular price WHAT IS THE PRICE-LOW, range. So that is the range if we want to SELL-HIGH STRATEGY? sell ASAP. Lower on the range will sell So what’s the science behind pricing faster, and higher will sell slower.”

When homes are priced slightly below your home below market value? the market value, buyers tend to see the Remember Economics 101? It all comes back to supply and demand. If demand is high and supply is low, pricing your home on the lower end of market value could lead to a bidding war. continued on page 14

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Lewiston Tribune | May 22, 2022 | 5

WHAT HOT MARKET? THE SECRET SHAME OF OWNING A HOME THAT JUST WON’T SELL

By Janet Siroto Courtesy of Realtor.com

into a unique living space. It had even been featured in a magazine or two.

Yet despite its design pedigree, when she decided to list the home two years ago, the house sat for months, and her frustration grew.

“There were houses [selling] that were so ugly—on a tenth of our property at our price point,” she laments. “I hated when people asked, ‘So, did your house sell yet?’”

It’s a hot seller’s market, says, oh, just about everyone: Housing inventory is down, prices are up, and even modest abodes ignite bidding wars within days (or hours) of going up on listing sites.

But what if, amid this frenzy, you have a perfectly respectable house that just won’t sell?

It happens. Certain homes will almost seem cursed in that they sit and sit. And these real estate wallflowers can really mess with a home seller, both logistically (if they’re hoping to move soon) and emotionally.

After all, most people love their homes continued on page 12 and assume someone else will, too. So when no offers come a-calling, it can plunge sellers into a spiral of questions, from “What’s wrong with my house?” to “Will I ever get to leave?”

Denial, anger, embarrassment—all these emotions and more fill a home seller’s long days as they wait for their real estate agent to text or call with good news. Curious to hear more about what it’s like to be stuck in selling limbo, we spoke to some home sellers who struggled to land a buyer. (Spoiler: All of their homes did sell eventually, although that doesn’t make their pain feel any less real.)

Let these stories serve as a hard lesson about the need to temper expectations in a hot market. And, in case you list your home with high hopes yet hear nothing but crickets, we also have some advice on how INTERIOR & EXTERIOR. to deal with it and what you can do to turn Call Now To Get On The Summer Schedule. this state of real estate paralysis around into something positive.

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WHAT IS REAL ESTATE DUE DILIGENCE? FIND OUT WHAT TO DO BEFORE BUYING A HOME

By Lisa Kaplan Gordon Courtesy of Realtor.com

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Once you make an offer on a home and it’s accepted, there’s a process lasting a few weeks before you close the transaction. During this window of time, buyers are often told to “do their due diligence” on the home they soon hope to own.

But just what is the definition of due diligence, anyway? In the world of investment transactions, due diligence is a legal term for “do your homework.”

Before buying a property, you should fully investigate it for potential problems that could cost major money to fix after you’ve moved in, and verify that you still want to buy the property.

“Due diligence in residential real estate means [making sure] you’re getting the asset you’re paying for,” says Larry Anweiler, an Arizona real estate broker who teaches real estate at Kaplan University. Think of this as your last opportunity to kick the tires, turn on and off all the lights, and generally

make sure you’re not getting a lemon.

WHAT IF I FIND PROBLEMS DURING THE DUE DILIGENCE PROCESS?

All real properties have flaws. Even (or sometimes especially) a brandnew house has things wrong with it, depending on how picky a person wants to be.

Home inspectors often make long lists of items they have found, for example, many of which are cosmetic, easily fixed, or simply a result of wear and tear on the property. The seller is not obligated to fix every item the buyer or an inspector finds.

If you discover during due diligence that the home has defects that should be fixed, you have time to negotiate with the seller, who may agree to fix the defects or lower the home price.

DILIGENCE continued on page 13

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Lewiston Tribune | May 22, 2022 | 7

IS YOUR NEW HOME IN A SAFE NEIGHBORHOOD? HERE’S HOW YOU CAN FIND OUT

By Lisa Kaplan Gordon Courtesy of Realtor.com

There’s a lot to think about when buying a house, especially if it’s in a neighborhood you don’t know well.

Even if the area looks nice, you never really know what happens after dark— or sometimes even in broad daylight.

That’s why it’s crucial to find out as much as you can about your potential new hood’s safety and crime rates: Is the neighborhood OK for kids, and can you park your car outside without risking a break-in?

Unfortunately it’s not as easy as

simply asking your real estate agent for the 411. In fact, your real estate agent can’t help you here. Because of the Fair Housing Act, agents legally can’t answer your questions about neighborhood safety—which means you’ll have to do the detective work yourself.

We spoke with several real estate agents to pin down exactly what you can do to determine the safety of your new neighborhood, even without their

SAFE continued on page 11

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8 | May 22, 2022 | Lewiston Tribune

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Lewiston Tribune | May 22, 2022 | 9

5 THINGS EVERY FIRST-TIME HOME BUYER NEEDS TO KNOW

By Lisa Kaplan Gordon Courtesy of Realtor.com

Here’s what every first-time home buyer needs to know to dive into house hunting with confidence—and with as few curveballs as possible. Whether it’s getting a mortgage, choosing a real estate agent, shopping for a home, or making a down payment, we lay out the mustknows of buying for the first time below.

1. HOW MUCH HOME YOU CAN AFFORD AS A FIRSTTIME HOME BUYER

com®’s home affordability calculator to get a ballpark figure of the type of loan you can manage.

In general, experts recommend that your house payment (which will include your mortgage, maintenance, taxes) should not exceed 28% of your gross monthly income. So, for example, if your monthly (before-tax) income is $6,000, multiply that by 0.28 and you’ll see that you shouldn’t pay more than $1,680 a month on your home mortgage.

But online mortgage calculators give just a ballpark figure. For a more accurate assessment, head to a lender for mortgage pre-approval. This means

Homes cost a bundle, so odds are you’ll need a home loan, aka mortgage, to foot the bill, along with a hefty down payment. Still, the question remains: What price home can you really afford?

That depends on your income and other variables, so punch your info into realtor. continued on page 10

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10 | May 22, 2022 | Lewiston Tribune 2. PICK THE RIGHT REAL ESTATE AGENT

FIRST-TIME continued from page 9 the bank will assess your credit history, credit score, and other factors, then tell you whether you qualify for a loan, and how much you qualify for. Mortgage pre-approval also puts home sellers at ease, since they know you have the cash for a loan to back up your offer.

You can also decide if you’re going to apply for a loan through the Federal Housing Administration (FHA).

“An FHA loan is a great option for a lot of home buyers, particularly if they’re buying their first home,” says Todd Sheinin, mortgage lender and chief operating officer at New America Financial in Gaithersburg, MD. An FHA loan will have looser qualification requirements than a traditional mortgage, but there are still certain prerequisites borrowers must meet like getting private mortgage insurance and having a minimum credit score of 500.

You buy most things yourself—at most, sifting through a few online reviews before hitting the Buy button and making a payment. But a home? It’s not quite so easy. Buying a home requires transfer of a deed, title search, and plenty of other paperwork. Plus there’s the home itself—it may look great to you, but what if there’s a termite problem inside those walls or a nuclear waste plant being built down the block?

There’s also a whole lot of money involved. (You know, a down payment, loan, etc.)

All of which is to say, before you make a massive payment, you will want to have a trusted real estate agent by your side to explain the ins and outs of the process.

Make sure to find an agent familiar with the area where you’re planning on purchasing; to her credit, the agent will have a better idea of proper expectations and realistic prices, says Mark Moffatt, an agent with McEnearney Associates in McLean, VA. “Finding a Realtor is not hard, but finding one that is best suited for you and

Appointments Available:

YOU R HOM E , YOU R L IF E 2 02 2 your purchase is a challenge,” he adds.

You can search on realtor.com/ realestateagents to find agents in your area as well as information such as the number of homes sold, client reviews, and more. Make sure to interview at least a couple of agents, because once you commit, you will sign a contract barring you from working with other buyer’s agents—this ensures the agent’s hard work for you pays off.

3. KNOW THERE IS NO SUCH THING AS A PERFECT HOME It’s your first home—we understand if you’ve dreamed about the ideal house and don’t want to settle for anything less. We’ve been there! But understand that real estate is about compromise. As a general rule, most buyers prioritize three main things: price, size, and location. But realistically, you can expect to achieve only two of those three things. So you may get a great deal on a huge house, but it might not be in the best neighborhood. Or you may find a nice-size house in a great neighborhood, but your down payment is a bit higher than you were hoping for.

Or else you may find a home in the right neighborhood at the right price, but it’s a tiny bit, um, cozy.

Such trade-offs are par for the course.

Finding a home is a lot like dating: “Perfect” can be the enemy of “good,” or even “great.” So find something you can live with, grow into, and renovate to your taste.

4. DO YOUR HOMEWORK Once you find a home you love and make an offer that’s accepted, you may be eager to move in. But don’t be hasty. Don’t purchase a home or make any payments without doing your due diligence, and add some contingencies to your contract—

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which basically means you have the right to back out of the deal if something goes horribly wrong.

The most common contract contingency is the home inspection, which allows you to request a resolution for issues (e.g., a weak foundation or leaky roof) found by a professional.

Another important first-time home buyer addition: a financing contingency, which gives you the right to back out if the bank doesn’t approve your loan. If they believe you’ll have trouble making a payment, a mortgage lender will not approve your loan.

A pre-approval makes the possibility of having your loan application rejected much less likely, but a pre-approval is also not a guarantee that it’ll go through.

You also might want to consider an appraisal contingency, which lets you bail if the entity who is giving you a loan values the home at less than what you offered.

This will mean you will have to come up with money from your own pocket to make up the difference—a tough gamble if cash is already tight.

5. KNOW YOUR TAX CREDIT OPTIONS The first-time home buyer tax credit may be no more, but there are a number of tax breaks new homeowners may not be aware of. The biggie: Mortgage interest deduction is a boon for brand-new mortgages, which are typically interestheavy. If you purchased discount points for your mortgage, essentially pre-paying your interest, these are also deductible.

Some states and municipalities may offer mortgage credit certification, which allows first-time home buyers to claim a tax credit for some of the mortgage interest paid. Check with your Realtor and local government to see if this credit applies to you.

Lewiston Tribune | May 22, 2022 | 11

YOU R HOM E , YOU R L I F E 2 02 2

SAFE continued from page 7

help. Keep reading to find out.

DO ONLINE RESEARCH—BUT KNOW WHOM TO TRUST

This first one seems obvious, but we’ll say it anyway—you should start your research online. And while you can (and should) explore what pops up after typing “crime rates in [your new neighborhood]” in Google, there are some search results we’d be more inclined to trust than others.

“Some of the best online tools folks can use are AreaVibes or City Data to determine the safety of a neighborhood,” says Ryan Fitzgerald, a Realtor® in Charlotte, NC and owner of Uphomes.

Another recommendation comes from Jo Ann Bauer, a Realtor based in Scottsdale, AZ. “When home buyers ask me about neighborhood safety or crime, one of the online tools I recommend they explore is CommunityCrimeMap, which features crime mapping that includes information on times and locations,” she says.

Besides combing through these sites, you can also consult public records like police reports, which are often listed in local papers or online.

If you’re specifically concerned about who might be living in the neighborhood, especially as it relates to the safety of your children, you can always do a quick search on the National Sex Offender Public Website as well.

TALK TO THE LOCALS

With no shortage of online resources, it’s easy to forget about the power of local knowledge.

“One of the best ways to gauge a neighborhood’s safety is to speak with the neighbors themselves,” Fitzgerald says. “If you see folks outside, stop and ask them directly, ‘How’s the neighborhood?’”

You might even reach out to the neighborhood homeowners

association, or do some snooping in online forums like Nextdoor, Reddit, or even Quora. These sites can provide a glimpse of what the locals are talking about, and help you catch on to anything (good or bad) that’s happening in the neighborhood.

WALK THE NEIGHBORHOOD

Besides chatting up the neighbors, you should also plan on visiting your new neighborhood several times before deciding whether or not to live there.

“Whenever possible, I always suggest that my clients drive through a potential neighborhood at different times and days,” suggests real estate agent Vivian Cobb, of Vivian Cobb Realty. “Look at the cars the neighbors have, and how people are taking care of the houses. Neighborhoods with pride of ownership are usually a good bet.”

Walk several blocks and try to notice as much as you can on these trips. Do the houses have tall gates or security fences? Do the windows have bars? Is broken glass scattered on the pavement? It might mean car break-ins are frequent in the area. (Take it from someone who lived in San Francisco and had two car windows smashed in six months.)

TRUST YOUR INSTINCTS (SERIOUSLY)

We know—this seems incredibly obvious as well, but it has to be said.

Nothing (and we mean nothing) can replace a gut feeling. If you visit your new neighborhood and don’t feel safe enough to walk around alone, then all of the online crime maps in the world really don’t mean a thing.

Consider your lifestyle and how it fits into this new place: Will you feel safe on your morning run? Will you be comfortable letting your kids play outside, or parking your friend’s car on the street overnight?

“If you have any concerns about the neighborhood, don’t move there,” Fitzgerald says. “Trust your instincts.

The last thing you want to do is buy a house you may not feel comfortable living in, especially if your family might not be comfortable either.”

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MARKET

continued from page 5 Finally, after several months on the market and a price reduction, her house got an offer below list price— which she grudgingly accepted. And now that her home-selling saga is over, Stern has some perspective on how her expectations were off-base.

“My mistake was thinking people moving from the city would appreciate a home that was architecturally interesting,” she says. “But unless you have a Colonial or standard new construction, many prospective buyers can’t imagine living there.”

HOW A SLOW SALE CAN PUT YOUR WHOLE LIFE ON HOLD Jessica Clark, a gluten-free eating expert in Lincoln, NB, had a similar experience late in 2020, only it was intensified by the fact that she’d already made an offer on a new house. She needed to sell her old home to finance her purchase.

“We had a contingent acceptance on our dream home,” she says. Told they were in a seller’s market, she and he husband were optimistic about their prospects and had the home shown like crazy. But there were no offers.

It was a painful time, she says: “We felt defeated and so worried.”

Despite hearing of homes selling within days, her house sat for well over a month—which felt like an eternity with their dream home hanging in the balance. Finally, one buyer lowballed them an offer. Having heard plenty of stories of homes selling for over asking

price, Clark admits that this felt like a blow to the ego.

“It wasn’t the best,” she admits. “But we felt forced to accept.”

‘I was close to giving up’ Buying and selling properties at the same time is just one of many predicaments that can ratchet up the pressure sellers feel to unload their home quickly. Matthew Hart, an automotive expert near New York City, was going through a divorce when he put his home on the market in 2019.

The hopes were high for a quick and profitable sale, given that the sunny, cute-as-a-button Colonial was in a desirable neighborhood. At first, all seemed well as a gaggle of buyers called to schedule a tour.

“We had over 40 people come to look at the house but had no luck,” Hart says.

The reason, he surmises, is that although the home was in good shape, his disclosures alerted buyers to an oil tank buried in the backyard. He and his wife had known it was there when they bought the place, but it had never caused any problems. They knew that was a negative, so they priced the home appropriately. But it made no difference.

No one put in bids.

Matt refers to it as one of the hardest moments he’s ever faced.

“Bills were piling up, and I was close to giving up and turning the house over to the bank,” he admits. “It felt as if I was stuck in another dimension, and things would never, ever get better.”

Finally, after six months, a couple made an offer, which Matt and his wife gratefully accepted, even though it was under the asking price.

Home won’t sell? What to do As helpless as home sellers might feel when their house sits without offers, there are things you can do. Ask your agent what time frame for a sale is realistic in your area and given your home’s condition. And if your home sale drags past that point, ask your agent what’s up. Is it priced too high? If you’ve had buyers take a tour, was there anything in particular that made them steer clear?

“The agent should get feedback from anyone viewing the property,” explains Tami Bonnell, co-chair of EXIT Realty

Corporate International.

And even if no buyers have toured the house yet, your agent can also consult other agents and colleagues.

With this intel, your agent can suggest ways to boost interest. Decluttering, rearranging furniture, staging, and even a bit of renovating can often nudge a home sale forward.

Yet if you’ve done all you can and are still playing this waiting game, you might need to pivot. Since you can’t change buyers’ minds, the better tactic at this point is to change your own. For starters, stop trying to keep up with the neighbors, even if they sold their home fast for top dollar.

“A hot market leads people to believe that, because the house down the street had a bidding war and fast sale, they will follow suit. When reality falls short, there’s disappointment,” says Laurie Leinwand, a licensed professional counselor, of Three Steps Forward.

“Your objective is to sell. Let go of time frame. It will happen when it’s supposed to. If it takes a little longer, that’s OK.” And if the thought “What if it never sells?” starts spiraling in your mind, know that you don’t need to buy into that worry and feed it.

“Shift from ‘what if ’ to ‘what is,’” Leinwand says.

“Trust the right person will come along. It’s similar to dating. You just need one right person,” she adds.

YOU R HOM E , YOU R L I F E 2 02 2

DILIGENCE continued from page 6

If the seller refuses, you have the legal right to walk away from the deal—and as long as you’ve placed some contingencies in your purchase agreement and you rescind your offer within the time periods specified in your contingency addendums, you won’t have to forfeit your financial deposit.

Your state may also have laws that give you time to back out of the deal during the process of due diligence, without losing your earnest money deposit. Be sure you understand the due diligence laws of your state before you start the process of buying a home.

Due diligence is definitely a process worth taking seriously when you buy such an important asset.

Here’s a checklist of what you’ll want to scrutinize before closing the deal.

Lewiston Tribune | May 22, 2022 | 13

to bottom as part of the due diligence process, looking for problems that could cost the buyer major money to fix. The inspector is looking for a crumbling foundation, faulty HVAC systems, termites, leaking roof, and other potential big-ticket problems.

You should also hire a separate professional to test for biotoxins, including mold, radon, and asbestos.

These hazards are typically not checked by a home inspector and are expensive to fix if you don’t take due care now.

owner’s long-lost brother shows up claiming he is a financial investor in the property and has a right to equity in it, or a creditor has placed a financial lien on the home due to an unpaid liability, or there are unresolved boundary disputes with a neighbor?

Such problems can be costly to address, and due diligence in getting a title search will bring them to light so you can broach these issues with the seller before you make an acquisition you regret.

A TITLE SEARCH

If you’re considering a potential investment in a condo or property within a homeowners association, you’ll want to make a thorough investigation of its declaration of covenants, conditions, and restrictions, or CC&Rs. Basically this is the list of rules and regulations, as well as fines for infractions.

Some can be quite strict, reserving veto power over the color you paint your home or the number or type of vehicles you can have in front of your house (RVs are sometimes banned). Given these are

Due diligence is more than an investigation of the house. Before you can “take title” to the asset—a fancy way of saying you establish legal ownership of the property that’s entered into public record—you’ll want to do a title search to make sure you can indeed do that, free and clear.

Mortgage lenders will require a title A HOME INSPECTION search as part of due diligence, because Most home buyers hire a home it protects them as well as you. inspector to scrutinize the house top For instance, what if the previous

CONDO OR HOA RULES

rules of conduct you’ll be living under for the foreseeable future, it’s wise to evaluate them as part of your due diligence and make sure you’re on board—and if not, you can back out with your deposit in hand.

If you are buying a condo, either as an investor or as a home buyer, your financial diligence should also include researching issues with the condo association.

The condo association should have healthy financial statements, including a balance sheet with a good reserve fund. If the condo association may be making special assessments soon, you’ll want to discover that during due diligence—not after you move in.

You should also check for larger neighborhood issues that could have an impact, like whether your home lies in a flood zone or near some environmental hazard. These can all be reasons to reopen negotiations with the seller and, if you’re not satisfied, prompt you to walk.

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14 | May 22, 2022 | Lewiston Tribune

PRICE continued from page 4 listing as a great value—especially in a low-inventory market.

And lower prices are likely to lead to a bidding war or the home selling over asking price, adds Bromberg.

DOES THE PRICE-LOW, SELLHIGH STRATEGY WORK? The short answer? You’re taking a gamble.

While the price-low strategy can push the selling price higher than the original property value, there are no guarantees.

As a result, some sellers might find they end up with offers below the ultimate price they wanted.

“There needs to be complete confidence in the market’s direction to nail this strategy,” says Ian Katz, a licensed associate real estate broker with New York’s Compass. “That means One major rule: Don’t set your home’s a true sense of the size and intensity of selling price lower than the lowest price local demand for the type of home in you’re willing to accept. question.”

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WHAT ARE THE PITFALLS OF THIS STRATEGY? The biggest pitfall to this strategy is that the current housing market is undergoing some shifts.

“With interest rates going up, inflation going up, and no more stimulus, this strategy of pricing a home slightly under market might not work the same,” warns Lichtenstein.

The other major red flag of this strategy is that buyers might see the lower price as an indication to lowball their offer on the home, says Rinal Patel, a licensed real estate agent and co-founder of We Buy Philly Home.

“A buyer may offer a very low price hoping that you will accept it out of desperation,” says Patel. “This can be frustrating and may cause you to miss out on other, better offers.”

HOW TO PRICE YOUR HOME TO SELL As Bromberg notes, the best way to determine your final selling price— whether it’s slightly under or above market value—is to start with the data.

Your real estate agent should provide you with a list of comparables that will help you review recent sales in the area.

611302E_22

This list will give you a home’s specs, the days it spent on the market, and the final selling price.

The data from these comps can help you learn from others’ mistakes. Pay close attention to homes that reduced prices or sold for under asking price.

“Pricing slightly under comps can help draw in potential buyers, says Sarah Bromley, a real estate agent with Re/Max West Realty.

“For example, if you’re selling a home worth $1,250,000, you could consider listing it at $1,199,000,” says Bromley.

“This helps your home appear in searches in which potential buyers have set an upper limit of $1,200,000. This can drive up competition.”

THE BOTTOM LINE The price-low, sell-high strategy works only if your house is one of the best houses on the market. If the home you’re selling needs tons of improvements, pricing it on the lower end of the market value might not result in the price you had in mind.

In the end, what price you land on will be determined by your home’s condition and location and existing market conditions.

YOU R HOM E , YOU R L I F E 2 02 2

TINY

continued from page 3 Plus, the College of Saint Benedict and Saint John’s University estimated that by downsizing the footprint of a house, overall living costs drop by 36%.

But affordability isn’t the only factor.

Many aim to have a more sustainable lifestyle with a smaller carbon footprint, while others simply crave less upkeep around the house.

“Life is so much more peaceful in a tiny home,” says Macy Miller, who downsized from a 2,400-square-foot house to a 232-square-feet abode in Boise, ID, that she now shares with her partner, two young children, and a Great Dane. (Yes, you read that right.) “Instead of cleaning and caretaking, I have time to be present with my family.”

It might sound dreamy, but how can you gauge if seriously scaling back and squishing yourself into a tiny house is right for you? Luckily, it’s a leap of faith you can take in baby steps by trying out a few of these tactics below.

TALK TO A TINY-HOUSE CONSULTANT/COACH There are actually experts who can coach you through transitioning to tiny living.

For instance, Tiny House Teacher has a questionnaire to help you decide if tiny living is right for you, and charges $249 to develop a personalized action plan to make it happen. Tiny Life Consulting offers a wealth of resources on different types of tiny homes, the pros and cons of a tiny house versus an RV, and even how the reality of tiny living differs

from what you might see on TV. While hiring a consultant or coach might seem like overkill, it’s really not when you consider just how big a life change this would be.

“Downsizing requires thinking through your relationship with stuff, money, your community, and the environment,” counsels Vina Lustado, a tiny-house consultant and builder of tiny houses in Ojai, CA. A consultant will ask the many logistical questions you might not think to consider. Some examples: Do you need this to function as a full-time dwelling or a weekend escape? Will you be there just until your newborn reaches school age or until your baby graduates from high school? Will you need a Zoomready spot if your family members are working from home?

“Is your tiny house going to be your forever house? That’s something to consider,” says Lustado. “And it’s OK if it’s not.”

In fact, Brian Hawkins, founder and CEO of Tiny House Movement, says three years is about the average time spent in a tiny house. So don’t presume that once you go small, you can never go back.

TRY A TINY-HOUSE WORKSHOP Many people start exploring a tiny-house lifestyle in a mood-board, Pinterest kind of way. But tiny-house workshops can help you delve into the nitty-gritty.

Tiny Home Builders offers workshops, both virtual ($100) and in-person in various parts of the country ($400), that show you what it takes to build and then live in a tiny house.

Lewiston Tribune | May 22, 2022 | 15 Workshops can be illuminating since, with a tiny house, there’s so much you can’t take for granted. For instance, you can’t just plunk down a tiny house anywhere, so you’ll want to know what zoning laws you should consider, as well as your options for getting water and power.

“Thinking these things through will help you understand what you’re getting into, and what sort of tinyhouse dweller you’ll be,” explains Vera Struck, a tiny-house consultant and sustainability educator who offers workshops in Newbury, MA. BOOK A STAY AT A TINY-HOUSE HOTEL Of course, the best way to determine if you could handle small-space living is to try it out. Tour a tiny house—or better yet, book a stay in one. Tinyhouse short-term rentals are popping up everywhere, from the Caravan (which claims to be the world’s first tiny-house hotel with six units clustered around a leafy courtyard) in Portland, OR, to Boston’s Getaway. There’s also

increasing availability of tiny houses on Airbnb.

Whichever lodging you might opt for, you’ll see what it’s like to hang out in the evenings in a dollhouse-sized home. You’ll also be able to gauge how the “make coffee and shower” morning routine plays out.

“Some people come to us to unplug and have a true break from their routine, ” says Jon Staff, founder of Getaway. “But others come to us as part of their decision-making process.”

In fact, Staff says, among the couples who stay at his wee houses, he often sees one spouse trying to get the other to warm up to a deep downsizing.

“We estimate that 25% to 50% of our guests stay with us specifically to test out what it’s like to live in a tiny house,” adds Kol Peterson, co-founder of Caravan.

Ultimately, tiny-house living has less to do with the size of your house and more to do with seeking simplicity in life.

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Home financing that works for you There are many choices when buying a home, from the neighborhood to the number of bedrooms. You want a house that fits your needs, and home financing that does, too.

Wells Fargo can help with a wide variety of loans and mortgage programs for: • First-time homebuyers • Buyers who need a larger loan amount • Military members and veterans • Buyers of newly constructed homes • Buyers with other unique needs

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