Real Estate Weekly: September 16, 2022

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Real Estate Stat -1%

In July 2022, pending home sales fell slightly by -1% compared to June 2022.

Source: National Association of Realtors

Creating a Home's First Impression

Curb appeal is a home’s first impressio n, and the first chance to impress potential buyers. Whether buyers are amazed by a beautiful and immaculate yard or turned off by dirty exterior walls and an overgrown lawn can meaningfully affect the speed and price at which a home sells. Improv ing a home’s curb appeal can be as simple as repainting a front door and getting rid of weeds in the front yard, or as involved as creating an outdoor lighting design and replacing all of a home’s windows.

Before placing a home on the market, it is important to make sure that the home is prepared - inside and out - so it sells quickly and for top dollar.

Source: https://www.nar realtor

Record-low interest rates is renewing interest in the housing market for many people.

“When sellers are interviewing real estate agents to market their homes, their primary focus is usually on the advertising that the agent will offer them,” says Jessica Goodbody of Weichert Realtors.

Let us help you meet your marketing goals by advertising your listings in Real Estate Weekly.

In print and online goskagit.com ads@skagitads.com

Rental-friendly upgrades single-family home landlords should consider

By Erik J. Martin CTW Features

If you own a single-family home you are seeking to rent out, you can likely count on charging a premium price for the added space, privacy, and amenities found in a detached residence. But that doesn’t mean that your leasable abode isn’t overdue for some improvements. According to the experts, even quickfix cosmetic upgrades can make a big difference to prospective renters and enable you to justify a higher rental fee than comparable properties.

“Single-family homes are premium rental properties. People are

paying extra to live in a house they have all to themselves with a yard around it. Still, they will pay even more if that home comes with newly installed amenities,” says Leonard Ang, CEO of iPropertyManagement.

Benjamin Fix, CEO/ co-founder of New York City-based Sproos!, a home improvement brand for renters, subscribes to that theory.

“A well-maintained property is a profitable property. Regular improvements and updates to appliances and fixtures will help landlords attract high-quality renters while also optimizing the lifecycles of the property by

anticipating repairs well in advance before they become costly,” he says.

“By making an effort to anticipate the various upgrades your property requires, you can increase the value of your home and maintain steady returns on your investment for years to come.”

The trick, of course, is knowing which improvements will yield the highest return on investment.

“There is always the risk of overspending on updates that won’t pay off in the long run,” cautions Boyd Rudy, associate broker for Dwellings Michigan. “To avoid this, landlords should carefully consider which updates

will add the most value. For example, cosmetic updates like painting a new flooring can be relatively inexpensive and greatly impact the overall appearance of a rental home. Alternatively, more expensive updates like new appliances or bathroom renovation may not be as noticeable but could entice highpaying tenants.”

Ultimately, landlords must strike a balance between making necessary modernizations and keeping costs under control, Rudy adds. Ask Christiana Crin, director of designs and founder of Perpetuum Designs in Chicago, and

she’ll tell you that the best upgrade bang for your buck is to swap out the light fixtures and cabinet knobs.

“Improving accent walls with paneling is another good option. Adding board and batten, shiplap, plank wall, beadboard, flat wall, or raised panels and painting them a slightly different color than the rest of the walls in your space can create an amazing accent that will attract attention,” she recommends. While you’re at it, consider painting walls throughout your home in a neutral color, such as white or gray, and replacing any older worn

carpeting with new, stylish flooring, per Rudy. “Other rental-friendly enhancements to consider include new window treatments to help control light levels and privacy, adding extra storage in the form of shelving, storage bins or cabinets, adding fresh landscaping to the property, and creating an outdoor living space,” Rudy continues. Ang is also a fan of investing in outdoor amenities.

“Consider adding features popular to renters, like a patio, gazebo, or even a swing set,” Ang recommends.

Fix, on the other hand, would focus first on bathroom updates.

“Handles, faucets, and showerheads can be quickly and easily upgraded with durable and stylish solutions that require little drilling or damage but can provide an instant feeling of quality. With a 20% investment, you can achieve an average 80% return here,” explains Fix. “Also, upgrade your plumbing fixtures to address any leaks, cracks, or rust. Showers, baths, and toilets account for most of the home’s water consumption, and making durable changes in the bathroom can instantly address this.”

Don’t forget to add or replace safety features as needed, too, such as smoke detectors, carbon monoxide detectors, and a security system, “all of which can help landlords provide a safe environment for tenants, which they will appreciate,” adds Rudy.

Providing your social security to lenders

Question:

A lender has said we can get a prequalification letter for a mortgage without providing our Social Security number. Don’t lenders need such information before they can approve a loan?

Answer:

A prequalification or preapproval letter can show a seller that you have the financial strength to make a meaningful bid on the property, one that will easily go through the lending process.

Lenders, in turn, want to check your credentials before starting the application process. This gives them an opportunity to identify the right mortgage program for your situation and perhaps to clean-up problems before you formally apply for financing. For instance, there may be a credit report error that needs to be fixed, something that can push down your credit score. It’s much better to fix the error before applying for a loan.

Lenders can “prequalify” or “preapprove” borrowers before starting a mortgage application. The two terms sound alike, are often used interchangeably, but – in

reality – the meanings are somewhat vague.

“There’s not a lot of difference between a prequalification letter and a preapproval letter,” according to the Consumer Financial Protection Bureau (CFPB). “While there are some legal distinctions, in practice both terms refer to a letter from a lender that says the lender is generally willing to lend to you, up to a certain amount and based on certain assumptions. This letter helps you to make an offer on a home, because it gives the seller confidence that you will be able to get financing to buy the home. It is not a guaranteed loan offer.”

The CFPB adds that “some lenders may use the word ‘prequalification’ while other lenders may call the letter a ‘preapproval’. In reality, lenders’ processes vary widely, and the words they use don’t tell you much about a particular lender’s process. The important thing is that the letter you receive provides enough information for sellers in your area to take it seriously.”

Many lenders have a different view. Some see “prequalification” as a process where the borrower broadly and generally describes their financial

Q&A Q&A

ASK OUR BROKER

By Peter G. Miller

situation. Others see “preapproval” as a more-detailed process where borrower credentials – including tax returns and other records – are checked. As a borrower, you want the most authoritative letter for sellers, so more checking is better.

When a lender says you can get a “prequalification” letter without providing a Social Security number, that may get you a letter, but will it be enough to impress a seller? Remember that a lender letter is typically not an absolute commitment to provide a loan, it does not mean you can get financing without providing a Social Security number.

You want a lender letter showing what you can afford, but not more. If you need $400,000 in financing and get a lender letter saying you can afford a $500,000 mortgage, the seller may be a lot tougher to bargain with.

When looking for a home, speak with local real estate brokers and ask what type of lender paperwork is likely to carry the most weight with sellers.

Email your real estate questions to Mr. Miller at peter@ctwfeatures.com.

By Marilyn Kennedy Melia CTW Features

A fast, cash offer is a home seller’s dream.

In 2021, not only did many sellers enjoy quick cash bids, but often above their home’s list price. Sellers of certain homes can still secure a cash offer – in fact they can arrange it by contacting an “iBuyer.” But the offer will likely be below the price sellers could garner if they refurbished and marketed their home traditionally.

While the iBuy model has been around for a decade, 27 percent of 1,000 homeowners recently surveyed by Clever Real Estate couldn’t define the concept.

Basically, iBuy firms, like Opendoor, RedfinNow, Offerpad and Keller Offers, look to purchase homes that need a small amount of refurbishing.

Most homes purchased are mid-priced, and cities like Nashville, Atlanta, San Diego, Phoenix, and Washington DC see more iBuy purchases, says Rick Sharga, of ATTOM Data Solutions.

Last year, iBuy purchases reached a high, but still represent less than two percent of all home sales.

Sharga is surprised that many sellers would be interested in selling to an iBuyer, during the pronounced sellers’ market of 2022, when homes sold quickly and prices galloped ahead. However, he notes that some buyers think the convenience of iBuy is worth netting less. Moreover, how much less is an open question, adds Sharga.

In many markets, he says that real estate agents will present sellers the prices they could likely fetch with traditional marketing or with an iBuy firm.

With homes taking somewhat longer to sell, and prices flattening, more home sellers may be drawn to the iBuy model, Sharga believes. However, slowing price growth also makes it more problematic for iBuyers to quickly make repairs and re-sell at a profit.

Sellers interested in pursuing the iBuy alternative can ask local real estate agents if they know of any firms that might purchase their home, Sharga says.

Classic 1965, 4 bedroom/3.5 bath near Hillcrest Park hospital and medical facilities. The central ‘show room’ features a raised section for a dance band that may also enter tain guests in the outdoor patio next to the brick BBQ, as well as a covered patio in case of rain. This classic beauty has many favorite mid-centur y modern features; vaulted wood beamed ceilings, slate entr y, extensive built-ins, and a lovely stone fireplace in the daylight basement. The workshop in the far corner of the large backyard is wired for power tools.

MLS#1981154

Wolf (360) 708-8294

NOOkAchAMPs hILLs DRIVE LOT 133, MOUNT VERNON $230,000 Ready to Build with power, water, sewer and natural gas in the street. Build your dream home in Nookachamp Hills, a desirable community in the foothills near Big Lake Enjoy walking/biking the trails and swimming/ fishing in the community ’s small private lake/pond.

18849 c

deer; eagles; and more Cul de sac street MLS#1922531

Danya Wolf (360) 708-8294

Proper ty is beautifully unique and there is no close comparison. Spec tacular views from most ever y room in this excellent and unique Dan Estabrook built custom home: amazing attributes throughout including outstanding kitchen features Thermador Professional oven with ex tra burners and griddle; oak cabinetr y; generous size closets (signature Estabrook); rooms positioned for optimal views throughout the well designed home. Primar y bedroom offers walk in closet, en suite with double sinks, separate shower, and jetted tub. Second full bath also offers two sinks. Total of four bedrooms plus amazing, ex tremely spacious office nicely separate from the main par t of the home. Air conditioning. High speed internet. Built in Bose speakers and stereo. Large utility room has deep sink. 960 square foot garage could accommodate four vehicles

Beautifully remodeled 3424 square foot commercial office space just 7/10 mile from 1-5 with stupendous visibility. Large open reception area, 11 private offices, break room area with kitchenette, 4 bathrooms, upstairs conference room, upstairs storage, and 20+ parking spots Former CVAB; former RE/MAX building; former Depar tment of Licensing building (driver ’s licensing) prior to being C-21 real estate office. Front half and back half can be leased separately Front (southerly por tion) 1712 square feet offers frontage on East College Way and four offices plus a reception area, a common area; a lunch room plus three baths. Back por tion offers seven offices (three on the main level and four upstairs); a common area and one bath. A/C. Signage. MLS#1983118