Home Buyer's Guide
SUFFOLK NEWS-HERALD
HOME BUYER'S GUIDE
WEDNESDAY, AUGUST 14, 2019 | 1
Wednesday, August 14, 2019
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HOME BUYER'S GUIDE
When is the best time to sell a house?
BY RACHEL WARTIAN INTERN
Selling a house can be a time-consuming process. Numerous steps must occur before the house even goes on the market. Finding the best time can help make the process as smooth and successful as possible. According to Saunders Real Estate Professionals, finding the best time can depend on changes in the market. Even though some seasons can give better opportunities, if the market changes, then it may no longer be the ideal time to sell. Assuming the market
remains consistent, the best time to sell a house is during the spring or summer seasons. “This is the time that people are getting done with school, and their availability opens,” said Chelsea Nelson, the office manager. The school year can be a busier time, as different activities are going on. During the year, there are sports, plays and other school events. Having a student involved in school can make it difficult to worry about selling a house. Ideally, it would be best for the children to finish out the year before having to change schools.
Moving can cause stress on the student as well and can make it harder for them to focus at school. Summer and spring are also when people’s availability frees up to allow the time-consuming process of selling a home. The warmer weather allows people the ability to go and do more activities of their choosing. This can free up time for buyers to look at houses. With moving being a long process, it is best to think about how far out before the move to start selling. Ideally, the selling process would See TIME, 7
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All other things being equal, spring and summer are typically the most popular times to buy or sell a house.
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Last-minute repairs to sell your house BY RACHEL WARTIAN INTERN
Putting a house on the market can be daunting. It is best to know that everything is in the best working order to have the smoothest sale. When preparing a house to sell, it is easy to overlook certain things that have become less than adequate. Living with some issues can make the current resident forget that it is an actual problem and not just a small inconvenience. Buyers want to find a house where everything is working as it should. Making fixes last-minute can slow down the selling process, which could cause issues if one of the parties has a strict timeline. According to Cross Realty, a property inspection takes places after the buyer and seller have agreed to the purchase offer. The inspector looks over the house from the shingles on the roof to the beams in the crawl space. “The repairs are negotiable as the buyer and seller usually agree how the repairs are to be fixed,” said Margaret Richardson,
‘Not all sellers have the capability to climb on their roof or crawl under their house to inspect for themselves.’ an associate broker and real estate agent at Cross Realty. Even though the buyer will inspect the house, many repairs could affect the timeline of the sale. There are numerous things to make sure are in proper condition before selling a house. With the weather in the Hampton Roads area, shingles can take quite a beating and may have damage that needs attention. Experiencing both extremes of weather makes it important to make sure the heating and air conditioning are in proper order as well. Some outlets may not work or be wired properly, and the crawlspace should be in good condition as well. Something that has heavy wear on the house could easily be overlooked. The owner may be used to seeing the deterio-
ration, and not think much of it. However, something like that could turn away a potential buyer. It is beneficial to try to look at the house with fresh eyes to see what might be missed. The property inspector will submit a Property Inspection Contingency Removal Addendum that will detail the repairs needed. It is not until the buyer and the seller agree to the repairs that the process continues. Having some of the repairs already done will help lessen the list to negotiate. This report will show things that the seller may not have known were issues. Not all sellers have the capability to climb on their roof or crawl under their house to inspect for themselves. Even though repairs may be inevitable, it is best to limit them. Doing this can save time in the long run.
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Home inspectors will look at all aspects of a house before a sale, but fixing things you know need to be fixed before even putting the house up for sale could save time.
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How to downsize effectively
HOME BUYER'S GUIDE
BY RACHEL WARTIAN INTERN
Folks who are moving to a new house may intentionally choose a smaller space, either because their children have moved out of the house, for economic reasons or for some other consideration. But just because a new house is smaller, it does not mean it should feel that way. Small adjustments can make a big difference. There are certain aspects of homes that can make the place feel bigger or smaller than it is. When looking to buy a smaller space, look for one with higher ceilings. “Open floor plans coupled with high ceilings help give the feel of more space,” said Kristin Rountree, a real estate agent at Chorey & Associates Realty, Ltd. Even though high ceilings do not add to the square footage, the brain does not make that distinction. They make the room feel less enclosed. If there is furniture or other items that are making the move, it is best
‘Smaller spaces cause the owner to get more creative in how to store everything worth keeping.’ to measure to make sure they fit into the new space. Some furniture may have to be sold to make room for smaller items instead. Doing this will help achieve the open floor plan for a better feel. Decluttering is also beneficial. Living in a bigger space means that people tend to acquire more items to fill up that space. When a family is downsizing, items need to downsize as well. Making the house cluttered and full can cause the small house to feel even smaller than it is. Being organized is a key factor in downsizing. Even though decluttering is effective, everything cannot be thrown away or donated. Smaller spaces cause the owner to get more creative in how to store everything worth keeping.
“Invest in storage solutions in closets to get the most use from every inch of space,” said Rountree. Extra shelves, cubbies and containers can help keep items out of the way and organized. This is helpful for young children who have various toys with numerous parts to keep together. If there are fewer rooms, this does not mean certain aspects of the previous home must go. Multi-functional spaces can make the space more efficient. An extra bedroom can easily double as an at-home office. With limited space, it is best to make the most out of as much of the space as possible. An extra room can hold numerous possibilities. With the right adjustments, the small house can be a perfect size.
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Did you know?
Real estate attorneys
A real estate attorney is an important professional to have in one’s corner when buying or selling a home. Buying and selling a home can be one of the most significant purchases made in a person’s life. Real estate law can be complicated, and all parties involved need to ensure they are protected as they complete transactions and negotiations. That is why it is essential to have a real estate attorney in one’s corner. A lawyer trained in real estate law will review contracts and other documents like title transfers and deeds. The attorney also handles the closing. Throughout the process, attorneys will provide legal guidance and explain terminology related to the transaction. In case of a dispute, the attorney will also provide legal representation in the courtroom, if needed, or negotiate a resolution on a client’s behalf. Even though a real estate attorney is another expense in the process of purchasing real estate, it is a worthwhile investment for the protection and peace of mind attorneys provide.
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Stay put or move on?
Many home improvement television series showcase people deciding whether to improve upon their current homes to make them into the houses of their dreams or to put “for sale” signs in their lawns and move on to something new. The question of whether to move or stay put depends on various factors. Such factors may include emotional attachment to a home, the current economic climate and the cost of real estate. Current data points to a greater propensity for people to invest and improve upon their current properties rather than trading up for something new. The percentage of homeowners moving up to their next home is reportedly the lowest in 25 years. Many are opting to make starter homes permanent by expanding them and repairing homes for the long haul. The National Association of Realtors said that, between 1987 and 2008, home buyers stayed in their homes an average of six years before
selling. Since 2010, however, NAR says the average expected length of time people will stay in their homes before selling is now 15 years. Part of what’s fueling this permanency is that
many home buyers were able to acquire rockbottom mortgage interest rates shortly after the 2008 recession. As a result, they’re not inclined to walk away from those rates, even if doing so
means getting more house. Also, a low inventory of available houses has stymied repeat buying for many people. Those factors and others have led many homeowners to invest in renovations instead. The experts
at Bankrate say realistic budgeting and comparing renovation project costs against mortgages and interests rates can further help individuals decide whether to remain in their current homes or move out. Very often a smart-
er layout and more efficient floor plan can make meaningful differences in spaces. Renovations and redesigns can make sense and often are less expensive and disruptive than moving. —Metro Creative
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Things to consider when choosing Did you know? a mortgage lender Short sale versus foreclosure
A home is the most significant purchase many people will ever make. Perhaps because of that, many buyers, particularly those purchasing a home for the first time, are understandably nervous about the home-buying process. The decision regarding which home to buy warrants ample consideration, but so, too, does the buyers’ choice of lender. Mortgage lenders can be found all over the internet, and the sheer volume of lender options can make it hard for home buyers to find the right fit for them. Couple that with lendingrelated terminology that many first-time buyers may be unfamiliar with, and it’s easy to see why prospective homeowners can feel overwhelmed about the process of borrowing money to buy their homes. When looking for a mortgage lender, prospective homeowners should never forget that the choice of lender is, in most cases, entirely theirs to make. When making that decision, a host of variables should be considered. The following are three such
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Buyers should consider reputation, fees and personal interaction when choosing a mortgage lender.
factors that, upon ample consideration, may help buyers rest easy knowing they did their due diligence when looking for lenders. 4Reputation: Just like other businesses, lenders have reputations, and oftentimes those reputations can be determined via some simple online research. Peruse online reviews to determine what past buyers felt about a given lender. If possible,
ask friends, family or colleagues who they worked with to secure a mortgage. 4Fees: Fees vary from lender to lender. Fees should not be mistaken for interest rates, which change daily and are typically dictated by the financial industry and prospective buyers’ credit history and financial standing. When speaking with potential lenders, ask for a rundown of their fees,
and the services those fees include, and closing cost estimates in writing, then compare and contrast fees and costs of various lenders before making a final decision. Some lenders may charge considerably more in fees than others, so buyers should put in the effort necessary to comparison shop. 4Personal interaction:
Shopping for real estate may require prospective buyers to learn a whole new language. Among the more common terms that first-time buyers may not fully understand are “short sale” and “foreclosure.” Short sales and foreclosure auctions are situations that occur when homeowners fall behind on payments and can no longer afford to live in a home. A short sale happens when a homeowner owes more on the mortgage balance than the market value of the property when the owner needs to sell. A foreclosure is a legal process that occurs when a borrower cannot make mortgage loan payments for a significant period of time. If the debt is not recouped, lenders will take ownership of the property, putting it up for sale in a foreclosure auction. While these situations can be troublesome for the homeowner facing financial peril, distressed properties can be advantageous for buyers who oftentimes can buy homes at steep discounts. However, short sales and foreclosures are not without challenges. Bank lenders can be slow at giving approval for mortgages to purchase short sale properties or even agreeing on an amount for the sale. Foreclosures carry their own hurdles. Buyers may not get a chance to even see a foreclosure property, or be eligible to have it inspected, as foreclosed homes are typically sold “as-is” and at auction. Buying a foreclosure typically is faster than buying a short sale, and an investor can buy a foreclosed home for below market value. Short sales are often initiated by homeowners looking to avoid foreclosure. As a result, short sale properties may be in decent condition. This may not be the case with a foreclosure. Foreclosed homes may have been neglected by having utilities turned off and no maintenance done on the home. Other homes may have been purposefully vandalized by the former owner or by squatters.
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Time: Start at least two months out Continued from page 2
need to start two months out from the anticipated move. Depending on the buyer’s loan and credit, it may take a bit longer than usual for all of the needed paperwork to be completed. Other aspects may include any repairs that the house may need
or sprucing up the front lawn to add curb appeal. With so much going on, it is best to get an early start. The house can be on the market longer than expected and delay the process. The earlier the process starts, the more time there is to work with
in case something goes wrong. Each situation is different, and there is no exact formula to sell a house. But summer and spring are when more people are looking for a house and will increase the chances of a quick and easy sale.
Lender: Check reputation first Continued from page 6
Buyers, especially those who have never before purchased a home, will likely have lots of questions. This is where personal interaction with a prospective lender should be noted. Securing financ-
ing for a home purchase can sometimes seem like an impersonal process, but it doesn’t have to be, and many lenders are happy to answer buyers’ questions. Lenders who answer questions quickly and
clearly can make buyers more comfortable about the home buying process. Buyers may want to avoid lenders who seem evasive or unwilling to answer questions in writing. —Metro Creative
Did you know?
Home renovation projects
Investing in a home renovation project requires not only money but also time and patience. While contractors, architects and designers can estimate how long a project may take, it is impossible to anticipate all of the scenarios that can affect that estimated timeline. An average kitchen remodel involving installation of new countertops, cabinets, appliances and floors can take three to six months. But if ductwork, plumbing or wiring must be addressed, the job may take longer. A midline bathroom remodel may take two to three months. Adding a room to a house can take a month or two.
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