For each seller client, I create a customized House Sale Preparation Checklist. While of course some of the items on the list may be universally helpful to sellers, I take into consideration that particular client's situation, their means and time available, and the most likely buyer of their house in making suggestions to them about getting the property into optimal showing condition.
Recently I worked with some seller clients whose house was already in terrific condition and who are quite handy and comfortable with home improvement projects. I started with an initial one page list with these categories:
* POD - rent one and start filling it with...
* Sorting/Clearing Out
* Projects [minor household repairs]
* Early Staging
Once they finished that list (in 5 days!!), I went back to their home with my notepad in hand and made a second, final list (typed and emailed by that evening). This one was more detailed and led up to the time when the professional photographer I had hired was scheduled to arrive. This "Stage 2" checklist included items such as:
* Add to the POD (and get the POD picked up)
* Sorting/Clearing Out [the finer points]
* Yard Word/Exterior
* Projects
* Final Staging
* Pre-Photo Little Things
For another seller client, I created a room-by-room list rather than by categories, because that was an easier way for her to work through her house preparation tasks.
My best practice for sellers is helping organize and plan with you to make your house shine for its potential buyers.
For first time homebuyers in Washington, DC, there are some great options you should investigate if you are considering a purchase.
First is the DC Tax Abatement program. This program has two components and is based on household income to qualify. Qualification guidelines are available elsewhere and each buyer should consult their licensed real estate agent and a settlement agent or attorney about their specific situation.
The first component of this program is the elimination of the DC Recordation Tax (for properties under $400,000 purchase price, this is 1.1% of the sales price for each side of the transaction) and a possible seller credit of the other 1.1% of the DC Transfer Tax.
The second portion is potentially more impactive. Starting in the first tax year following purchase, with the DC property tax cycle running October 1 to September 30, the buyer is exempt from DC property taxes for 5 years, assuming you live in the property as your primary residence for that full period.
In addition to these tax programs, there are currently a number of mortgage programs aimed at DC first time buyers, too. For example, the DC Open Doors program is one option available through specific mortgage lenders. There are low down payment requirements and potential down payment assistance (in some cases through a low or no-interest loan) for qualified buyers.
I have one buyer client now (and potentially a second client) working with a mortgage lender on a Community Reinvestment Act (CRA) loan for first time homebuyers. This has a low interest rate, low down payment requirements, and no private mortgage insurance.
A skilled and experienced Realtor can guide you to programs that could help make your dream of home ownership a reality, within your means, and with the right loan, and home, for you.
As I type, the view out my window is different from this picture. Now the autumn shades are decidedly rust, orange, brown. Two weeks ago, the golden yellow was radiant. This photo does not begin to capture the beauty outside my window on that day.
For some, living in the woods may bring daily reminders of the seasons, the natural world including the birds and chipmunks which live there too, and a sense of calm. That was me today, starting my early morning with gratitude for trees.
Others may crave wide open vistas and the sun shining through year round, not to mention a lack of branches to pick up after a storm and spare time in the fall while others are raking.
Everyone seeks a different combination of factors in a home, and the outside of a home is part of that equation. Gardening, a place for children and/or pets to play, outdoor dining, bird watching, and broader views may be important to home buyers. What is on your wish list as you look outside today?
I am currently reading an interesting, though a little depressing, book called "At Home: A Short History of Private Life" by Bill Bryson. I am certain I will be blogging about this book more in the future because it is filled with interesting information about the history of homes and rooms in homes more specifically.
Early in the book I read something that gave me a unique perspective on a topic many home buyers face today: debt-to-income ratios. Basically, through typical underwriting requirements for home mortgages, most lenders dictate a maximum total debt-to-income ratio of 38% for their average borrower, and that their housing debt be no more than between 28% and 33% of their monthly gross (pre-tax) income.
According to Bryson, in nineteenth century England, "Up to 80 percent of all household expenditure... was spent on food, and up to 80 percent of that went toward bread."
Think about that for a minute. Almost two-thirds of all money was spent on bread! Today, my understanding is that the average American household (appreciating that there are likely wide variations) spends about 25% on food. Housing is a high expense for many people, but I was stunned by this glimpse into history.
My Quote of the Day comes from my favorite fictional Realtor colleague, Phil Dunphy from Modern Family.
Today I get to talk about the love of my life, [dramatic pause to glance at his wife, Claire]... residential real estate.
I adore how enthusiastic Phil is about real estate and appreciate his sometimes loony ideas for promotions and sales.
Three beautiful words in the Language of Real Estate.
Cleared To Close
Mortgage lending is a complex process in today's market and for many good reasons. The underwriting guidelines are strict and buyers often have to produce multiple documents and some in the final few days prior to settlement.
So when my buyers' lender sent the email today saying Cleared To Close, I did a little happy dance. My buyers will be able to close on their future home on Friday morning! Congratulations to them.
Today I am starting a new series called "5 Things". I will feature five things that I love about some real estate topic, in this case my wonderful new listing in College Park, Maryland. These 5 attributes of this particular home illustrate how small touches in a home can add to its overall appeal and how sellers can help prospective buyers feel "at home" as they tour through a house, even during their first visit. Also, these details are difficult to cover in a one page property brochure or the 400 characters we are given in the listing remarks section of our multiple listing service, so I wanted to share even more about this house in other creative ways.
1. On the left, I call this the Perfect Pantry. By adding simple white contact paper as part of their house sale preparation checklist, this pantry shines as tidy, useful, pleasant and convenient storage in the kitchen. For homes of this size and price point, this pantry is a gem.
2. On the right, just off the kitchen along the stairs to the basement, is even more storage. I adore built-ins and so do today's buyers! The previous owners added shelves to the old back door when they built an addition, and this extends handy space, too. Bonus: no perilous reaching; there's a landing right in front of these shelves.
3. Staying in the kitchen for another favorite thing, this 5 burner, stainless steel, gas range is as gorgeous in person as it is in this picture. Although the LeCreuset French oven does not convey with the house, of course all the appliances do. Upgraded kitchen appliances make such a huge difference to buyers today (call it an HGTV influence) and this beauty is joined in the kitchen by a French door refrigerator, a stainless steel dishwasher and the over-the-stove built in microwave (peeking in at the very top of my photo).
4. The crown molding
and trimmed doorways in the dining room nicely frame the passages to
kitchen and living room. They also give a polished, upgraded, lovely feel to the home.
5. An enclosed porch
off the back of the house really does extend the living space since this
one has outdoor carpeting, three full walls of glass windows with
screens, lighting and a ceiling fan. This is a very pleasant spot to sit
and relax and even dine, as there is room for a cafe table and chairs.
To summarize the 5 Things I Love About My New Listing:
1. Pantry
2. Built In Shelves
3. 5 Burner Range
4. Crown Molding
5. Enclosed Porch
Although I have not posted in a while, I think about blog topics constantly and have quite a few stored for the near future. So stay tuned and be sure to follow or subscribe to my blog so you don't miss any useful and fun topics.
