Showing posts with label Home Seller Tips. Show all posts

Wednesday, July 8, 2020

Home Staging on a Budget

1:06 PM Swee Ng

5 Tips for Home Staging on a Budget When Selling Your Home

Staging is a very important and cost effective of the home selling process these day. Staging your home to show off its qualities can only add to final selling price. When staging your home for sale, home seller want to take into consideration as you work your way through each room of your home. Here are 5 tips for home staging on a budget when selling your home in Arizona.

Tip 1: De-Personalize
Buyers need to picture themselves in the house – not you. That wedding photo may mean the world to you, but to the buyers it’s a distraction that prevents them from seeing a home for their family.

Clear closets of unnecessary clutter, and organize to maximize the amount of open storage space you are showing off to potential buyers. Use boxes stacked together to hold and hide the clutter. Using matching hangers for clothes - hangers are inexpensive, so splurging on higher quality hangers to replace free wire hangers from dry cleaner will modernize your closets with visual impact and a more luxurious feel.

Tip 2: Maximize
De-clutter and maximize the space in your home. Closets packed tight with all your clothes make a place look like it lacks closet space. Consider temporarily storing the overflow offsite.

A quick and inexpensive way to improve the appeal of your bedroom is to use gender neutral colors when touching up paint jobs and re-accessorizing in order to have the widest possible appeal. Color coordinate where possible, walls, bedspread, curtains should have a clear theme to their colors if possible. Adding a headboard to the bed provides a visual focal point and add sophistication, without necessarily break the bank. Adding a few decorative items creates focal points to the room, especially at eye level and on top of dressers.

Tip 3: Sanitize
This tip is the easiest and cheapest way to stage your home – just clean it. A sink full of dirty dishes is as unappealing to you as it would to a buyer. It is well worth the elbow grease in cleaning floors, walls, baseboards, ceiling fans and windows.

Clear countertops of everything but the essentials (soap dish, hand towel, etc) to make the space look more open and larger. Putting white bath and hand towels on display can give the bathroom an open, spa-like feel at very little cost.

Grimy shower doors? Scour them with a solution of one part muriatic acid (available at hardware stores) and 10 parts water to make them look like new and save some money.

Tip 4: Modernize
Unless your home has exceptional period built-ins, all home could benefit from some updating. If someone feels the home is dated, they will reflect that feeling in a lower offer. Consider simple changes like swapping out gold fixtures for nickel or chrome.

Modernize your dated cabinets, they can be touched up for less than $200 with a coat of new wood stain or even a good sanding and a coat of paint. Replacing brass or wooden cabinet hardware with brushed silver or stainless steel is an effective way of updating dated cabinets as well without breaking the bank.

Clean your refrigerator, sink, inside of your oven and de-clutter the kitchen cabinets and drawers, buyers are looking. Rugs, such as people put in front of the sink, tend to stop the eye and break up a space. When staging a kitchen, you will make the floor space appear larger by removing rugs.

Tip 5: Neutralize
Color can make or break a buyers interest in your home. You may love that shocking red wall, but all the potential buyer sees is a great deal of painting in their future because red clashes with their style. Painting is one of the most inexpensive ways to change a look of a home.

Set the table! This creates points of visual interest in a room that can easily be boring after usual depersonalizing and de-cluttering. Be careful of overstaging, you don’t need to set out every piece of china. Create a focal point by adding a vase with fresh flowers to the center to the table and remove any extra leaves from the table to maximize available space.

Window treatments can be used to make a room feel bigger. On low ceiling rooms, hang drapes all the way up to the ceiling on either side of a window frame which will make windows seem larger and visually make ceilings appear taller. Use neutral color curtains and thin rods to hold them.

Lightness is a major source of living room appeal for buyers. Make sure the shades are open before potential buyers come through and stage the room with light colored furniture enhances the effect and can make the space look larger. In especially larger or empty living rooms, a strategically placed plant can create a focal point that draws the eye.

Selling your home in Gilbert AZ
Contact Us or call Swee Ng at 480.721.6253 today to discuss your potential Gilbert House Value and our comprehensive marketing plan. We will prepare complimentary competitive market analysis (CMA) to find out what your home is worth at today's market.

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CLUE Report When Selling a Home in Gilbert AZ

10:21 AM Swee Ng

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CLUE Report When Selling a Home in Gilbert AZ

"CLUE" stands for Comprehensive Loss Underwriting Exchange, also known as a loss history report. You can find out if there have been any insurance losses at a house in the past 5-7 years inside CLUE report. Most home insurance companies contribute claims history information to CLUE database, which is maintained by research company LexisNexis. Your insurance company uses CLUE report to determine whether to approve an insurance policy and, if approved, how much to charge for premiums.

CLUE Report When Selling a Home in Arizona

CLUE Report When Selling a Home in Arizona

What is a CLUE report?
A CLUE report will contain any insurance claims made on a property over the past 5-7 years. The report includes the date and type of loss, how much was paid out by the insurance company or if the claim was denied and general information about your policy. When a homeowner files an insurance claim for incidents such as water damage or fire loss, most insurance company reports go onto the CLUE database.

What CLUE report is for?
Insurance company may request a CLUE report when you apply for coverage or request a quote. The company uses your claims history, or the history of claims at a specific property, to decide if it will offer you coverage and how much you will pay. Insurance company studies show a relationship between past claims and claims you report in the future.

How to get a CLUE report?
You can get a free CLUE report for your home once a year from LexisNexis. However, only the owner of a property can request the report. Homeowner can also get a copy from your homeowner insurance provider.

Why sellers should order a CLUE report before putting home on the market?
Adding a copy of a home’s CLUE report to other mandatory disclosure documents can provide an important selling point. As home seller, you want to demonstrate to potential buyers that your home has a “clean bill of health.” Additionally, it’s a good idea for sellers to request this report in advance, to make sure there are no errors and to have time to correct any erroneous information before the home is listed.

Bottom line
According to Arizona Residential Purchase Contract section 4b, seller shall provide Insurance Claim History to buyer within 5 days after contract acceptance. By getting copy of CLUE report sooner, you can make sure there is no error and have time to correct it, if there is any erroneous information.

Selling your home in Gilbert AZ
Contact Us or call Swee Ng at 480.721.6253 today to discuss your potential Gilbert House Value and our comprehensive marketing plan. We will prepare complimentary competitive market analysis (CMA) to find out what your home is worth at today¡¯s market.

What is My Gilbert Home is Worth Today?

5 Tips to fill SPDS When Selling Your Home in Gilbert AZ

11:23 AM Swee Ng

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5 Tips to fill Seller Property Disclosure Statement (SPDS) when selling your home in Chandler AZ

Arizona law requires home seller to disclose material (important) facts about the property when selling their home. Seller Property Disclosure Statement (SPDS) is designed to assist seller in making legally required disclosures and to avoid inadvertent non-disclosures of materials facts when selling their home. To satisfy seller's disclosure obligations and protect seller against alleged nondisclosure, seller should complete the SPDS by answering all questions as truthfully and as thoroughly as possible. Here are 5 tips to seller to complete SPDS when selling home in Gilbert AZ.

Tips to fill Seller Property Disclosure Statement (SPDS) when selling home in Gilbert AZ

Tips to fill Seller Property Disclosure Statement (SPDS) when selling home in Gilbert AZ

Tip #1: Take your time
As a Realtor, I highly advised my seller to complete the SPDS prior activating the listing on the market. The reason is we don't want our seller to rush to fill the SPDS. According on AAR (Arizona Association of Realtors) Purchase Contract, the seller is required to deliver the SPDS to the buyer within five days of contract acceptance. If complete this document is completed prior to listing your home, you can take your time and do it right and provide any supporting documents if necessary. We often encourage sellers to complete this while we are working on preparing the marketing materials for their home.

Tip #2: Do not be afraid
Don't be afraid to fill out the SPDS. It is a great document to protect seller and helps the transaction go smoother. Based on my experience, it is VERY uncommon for a buyer to cancel the contract based on the SPDS. If they are going to cancel based on something you disclosed, like a leak that was fixed or a termite that was treated, they were probably going to cancel over the inspection anyways.

Tip #3: Do not guess
If you don’t know the answer to one of the questions in the SPDS, research it. If you still can’t find the answer, leave it blank – DO NOT GUESS! This may apply to things done by a previous owner, like upgrades or repairs. Give as much information as you can and then move on. It is OK to leave it blank for the question you don't know.

Tip #4: Tell the truth
Do NOT lie on your Seller Property Disclosure Statement. This is important. Most common area where some sellers hesitate to tell the truth is the pest section. Scorpions and termites are a fact of life here in Arizona and they are NOT a deal breaker if they have been treated properly.

Tip #5: Fill it out yourself
This one is SO important. Only home seller can complete the SPDS and seriously, you need to fill the SPDS out yourself. Your REALTOR® cannot fill this out for you. It is your legal obligation to fill this out to the best of your abilities and knowledge. It is your signature and your reputation on the line, so take it seriously.

Selling your home in Gilbert AZ
Contact Us or call Swee Ng at 480.721.6253 today to discuss your potential Gilbert House Value and our comprehensive marketing plan. We will prepare complimentary competitive market analysis (CMA) to find out what your home is worth at today¡¯s market.

What is My Gilbert Home is Worth Today?

Selling Home in Gilbert AZ 2020

2:49 PM Swee Ng

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What to expect if you are thinking of selling your Gilbert AZ home in 2020?

Whether you're looking to buy a home or sell a home in 2020, it helps to know what you're up against. Here are things to expect if you and your family are considering of selling house in Gilbert area 2020.

What to expect if you are thinking of selling your Gilbert AZ house in 2020?

What to expect if you are thinking of selling your Gilbert AZ house in 2020?

Majority of home buyers are millennials
Millennials will make up the largest buying class of homeowners. Millennials are finally reaching ages between 30-40, having families and needing more space. Millennials took the lead as the largest group (37%) of home buyers last year.

Interest rates are expected to stay low
Economists predicted that the 30-year fixed-rate mortgage will average between 3.60% and 3.85%. Low mortgage rates mean it’s a great time for anyone to buy: whether it’s for the first, second or fifth time. This is especially true for someone looking to upgrade their home and purchase one in a higher bracket.

Home price in Gilbert are raising
Based on 2019 Gilbert Arizona Housing Market Trends Report, home price for single family homes has increased about 7% from a year ago. A nice profit may be on the horizon!

Gilbert AZ Single Family Home Price 2000 – 2019

Inventory, inventory and inventory
Real estate sale is relying on supply and demand. As Phoenix and Maricopa County have ranked first in fastest-growing cities and counties (again). Lack of housing inventory, especially for entry-level homes, has been a thorn in buyers’ sides since 2018. The situation isn’t expected to get much better. Inventory had been decreasing from a year ago. In Phoenix, there were 20,177 new listings for single family homes for sale in 2019 compare to 21,282 in 2018, that’s about 5.2% decreased from a year ago.

Although we will see more in balance market in some areas, if the house is move in ready and is priced competitively, chances you will see a multiple offers situation bidding war going on too.

Conclusion
Entering into 2020, just like last year, the market continues to favor sellers with potential shift in to balance. Supply is still below normal compared to previous year. Gilbert is still in normal seller’s market, however it’s weaker out of the gate. This means there is still more demand than supply, but multiple offers will not be as common. there will be fewer sales overall and scenarios will vary widely depending on price range. Demand could change in either direction depending on interest rates, however for the time being buyers and sellers must play the hand they’ve been dealt. For those wondering if it’s still a good time to sell, the answer is “yes” for now.

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Selling your home in Gilbert AZ
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8 Secrets of Home Staging

1:56 PM Swee Ng

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8 Secrets of Home Staging that You Can DYI

Feature your home’s power, whitewash its flaws and appeal to the greatest possible pool of potential buyers with these amazing home-staging tips.

8 Secrets of Home Staging

Remove Clutter
Getting rid of clutter is the most important thing you can do to prepare your home for sale. Make a rule for the house that every new thing that comes in, an old thing has to be put out. Mostly the house looks cluttered because of the furniture, therefore, it is advisable to get rid of the furniture so that the house looks big enough when customers come to see it. Take a look at what you have and what you can live without.

Furniture Layout
There’s this belief that if all the furniture is pushed to the walls the room has a larger space, but that’s not the case so. Instead, place your furniture away from walls and position the sofas and chairs in a way so that conversations can be done in a better way. This way not only make the space more friendly, but it will make the room to look larger.

Transform your room
If you have a room that has all the junk, replace it with something that will add worth to your home. Just a simple addition of an armchair, a lamp and a table in a proper position will transform it into a comfortable reading spot. Drape fabric on the walls lay carpet on the floor and toss in a few cushy pillows.

Lighting your home
Staged homes look warm and welcoming when highlighted with great lighting. Most of our homes are not properly lighted which is why they do not turn out to be that beautiful in terms of lighting. To solve this problem increase in your fixtures and lamps.

Make It Bigger and Larger
To make a room look larger than it is paint it the same color as the adjacent room. If you have a dining room and a kitchen a smooth look will make both rooms look bigger. Another trick is if you want to make the illusion of a bigger space, paint the walls the same color as your drapery.

Color Experiment
Don’t ever be afraid to use dark paint in your bedroom or your dining room. A deep tone on the walls can make the room look cozier, dramatic and intimate. And it is not necessary that you have to paint it whole rather paint a wall to draw attention to a fireplace or a lovely set of windows.

Modify wall hangings
Most of our homes have the art hung in a high line encircling each room. Big mistake. Placing or positioning your pictures, paintings and prints in common places can render them almost invisible. Display your art creatively so that it stands out and shows off. So break up that line and modify your wall hangings.

Prim and Polished
Have your tiles professionally painted so that it looks brand new. Buyers will feel they are in a spa when they see it. It's a great way to create a polished look, and it doesn't either. So go on and give your bathroom the perfect look.

Selling your home in Gilbert AZ
Contact Us or call Swee Ng at 480.721.6253 today to discuss your potential Phoenix House Value and our comprehensive marketing plan. We will prepare complimentary competitive market analysis (CMA) to find out what your home is worth at today’s market.

What My Gilbert Home is Worth Today?

Swee Ng, Realtor and Phoenix East Valley resident specializing in win-win real estate transaction through great communication and fighting for his clients' best interest. After all, this is more than real estates, this is about your life and your dreams.

If you are looking to buy or sell your home in Phoenix AZ area, we hope you will consider us. Contact us today for complimentary consultation.

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8 Reasons a Home Do Not Sell

12:54 PM Swee Ng

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8 Reasons a Home Do Not Sell

If your home is on the market for a while and isn’t getting offers, something could be wrong. The good news? Knowing there’s a problem is the first step toward resolving it. There are many factors that influence whether a house sells or not. Here are just a few of the reasons why homes don’t sell:

8 Reasons a Home Do Not Sell

Phoenix AZ Housing Market Trends Report
View Phoenix AZ Housing Market Report. The data used this Phoenix AZ Market Report is consolidated from multiple sources and includes current listings, recent sales, and more. Whether you are a buyer or seller, the knowledge you gain will help put you in control of your real estate transactions.

Selling your home in Phoenix AZ
Contact Us or call Swee Ng at 480.721.6253 today to discuss your potential Phoenix House Value and our comprehensive marketing plan. We will prepare complimentary competitive market analysis (CMA) to find out what your home is worth at today’s market.

What My Phoenix Home is Worth Today?

New Listing in Last 24 hour Phoenix AZ

Swee Ng, Realtor and Phoenix East Valley resident specializing in win-win real estate transaction through great communication and fighting for his clients' best interest. After all, this is more than real estates, this is about your life and your dreams.

If you are looking to buy or sell your home in Phoenix AZ area, we hope you will consider us. Contact us today for complimentary consultation.

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What is Seller Closing Cost?

8:58 AM Swee Ng

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What's Seller Closing Cost when I sell my house in Gilbert AZ?

When you sell your home in Gilbert AZ, there are fee a associate with selling your home. One of the larger cost of selling home in Gilbert AZ is commission to be paid to Realtors that involved in the transaction. Typically 6% - 3% for Listing Agent - represent the seller and another 3% for Buyer Agent - represent the buyer. Keep in mind that the Realtor commission is negotiable.

What is Closing Cost?

Other than Realtors' commission there are other fees that seller need to pay, such as:

Payoff of all loans in Seller's name. This include all the remaining balance and prorated interest. If your loan has prepayment penalty for paying off your loan before end of the term, you need to pay the penalty. If you have home equity loan or line of credit, you also need to pay in full at settlement
Escrow fees. Fee associate for the transaction
Transfer tax or recording fees. These are tax and fees imposed by state and local government.
Title insurance. In Arizona, seller typically pay the owner's title insurance premium for buyer
Attorney fee. If the transaction involved attorney
Unpaid/Prorated property tax, homeowner association dues up the the settlement date.
Liens or judgement against the property, if any

In Arizona, if Seller is selling home to a VA Buyer, there will be additional fees involve. Seller has to pay VA Buyer's Termite Inspection, Document Preparation fee, HOA Transfer & Disclosure fee and others.

How much is the Seller Closing Cost?
For Home Seller, the Closing Cost typically range between 1 - 2% of the sale price and these Seller Closing Cost are paid at the settlement. Typically these won't be cash out of your pocket, rather it will be deducted from the profit on your home, unless you are selling with low or no equity. In this case, you will need to bring cash to the table.

Selling your home in Gilbert AZ
Contact Us or call Swee Ng at 480.721.6253 today to discuss your potential Gilbert AZ House Value and our comprehensive marketing plan. We will prepare complimentary competitive market analysis (CMA) to find out what your home is worth at today’s market.

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Gilbert AZ New Listing Homes for Sale

Swee Ng

Keller Williams Realty

sweeng@kw.com

15905 S 46th St #160

Phoenix , AZ , 85048

480-721-6253

If you are looking to buy or sell your home in Phoenix AZ area, we hope you will consider us. Contact us today for complimentary consultation.

How to attain higher appraisal when selling home?

12:14 PM Swee Ng

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How to attain higher appraisal when selling home in Gilbert AZ?

Posted on November 23, 2015

3 Tips to Attain a Higher Home Appraisal
Somewhere between when buyer applying for a home loan and the close of escrow comes a most crucial step: the home appraisal. Since the transaction that got you to this point is one in which a buyer and seller agreed on a price, an actual market dynamic, the appraisal is likely to match the purchase price.

In fluctuating markets however, especially those going up after being down for some time, low appraisals frequently occur. For instance, as the nation climbed out from under the explosion of distressed sales, it took some time for home appraisals to even out. The gap was understandable, given that appraisers were basing market values on many homes that had foreclosed or sold via short sale.

Although there is nothing a homeowner can do about nearby properties that affect the market value of all homes in the area, there are things home seller can do to help achieve a higher house value. Here are three ways to increase your home appraisal.

How to attain higher appraisal when selling home in Phoenix AZ?

1. Arm the Appraiser With Accurate Info
"The reality is that the appraiser is only there for 30 minutes at most," Brian Coester, chief executive of appraisal management company CoesterVMS, told Reuters. Thirty minutes to make a good first impression is a tall order.

Put together an information packet that the appraiser can take when she heads back to the office to crunch the numbers. Here are some items to include in the packet:

The facts – Make a list of facts about your home, including the street address, number of bedrooms and bathrooms, and the year it was built. Yes, the appraiser has access to these details, but verification from you can't hurt.
A list of recent sales – The appraiser has access to area home sale prices, but there is always the possibility of an error or two. Ask your real estate agent to print out a list of comparable homes in the area that have recently sold for prices that help justify your price.
Inside information – Include any information you may have that the appraiser can't possibly be aware of, such as the fact that your next-door neighbor sold his home at a drastically reduced price to be able to quickly relocate for a new job out of town.
Improvements – Let the appraiser know about any improvements you've made to the home, the date they were made and the contact information of the contractor who performed the work. Include info about new floors, windows, countertops or a new roof. If you finished the basement, list that. Any work on or replacement of major systems should go on the list, too.

2. Spiff Up Your Home
While you don't need to stage your home for the appraiser's visit, you do want to show that the house has been well maintained.

Things like overgrown landscaping, soiled carpeting, marks on walls — those do affect value and are part of the property's overall condition rating," Dean Zibas of Zibas Appraisal in San Clemente, Calif., told the Wall Street Journal.

Certified residential appraiser Ralph J. Vaccari of Marblehead, Mass., agrees. "It's important to realize that a dirty or unkempt home can increase its appearance of wear and tear beyond normal, and that condition can, in fact, affect value."

So get busy cleaning up the landscaping and sprucing up the interior of the home in advance of the appraisal appointment.

Selling your home in Gilbert AZ
Contact Us or call Swee Ng at 480.721.6253 today to discuss your potential Phoenix AZ House Value and our comprehensive marketing plan. We will prepare complimentary competitive market analysis (CMA) to find out what your home is worth at today’s market.

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3. Make Repairs
The appraiser will assign an "effective age" to the home, which is based on the condition of the home and any updates performed.

"Say you have a cracked window, thread-bare carpet, some tiles falling off the shower surround, vinyl torn in the laundry room, and the dog ate the corner of the fireplace hearth. These items could still add up to an overall average condition rating as the home is still habitable, however your effective age will be higher, resulting in comparables being utilized which will have the same effective age, and resulting in lower value," Doreen Zimmerman, an author and appraiser in Paradise, Calif., told the Journal.

Make any repairs that, if not made, would age the home in the eyes of the appraiser. Some of these may be as simple as replacing torn window screens, while others may be more substantial.

While the sale prices of comparable properties are relied upon heavily to ascertain the subject property's value, appraisers do not solely depend upon them. All pertinent data, including some intangible aspects, will help determine the closest estimate of the value of a property. And these are often the aspects of the appraisal process that you can have an influence on.

Gilbert AZ New Listing Homes for Sale

Swee Ng

Keller Williams Realty

sweeng@kw.com

15905 S 46th St #160

Phoenix AZ , 85048

480-721-6253

Swee Ng, Realtor and Gilbert AZ resident specializing in win-win real estate transaction through great communication and fighting for his clients' best interest. After all, this is more than real estates, this is about your life and your dreams.
If you are looking to buy or sell your home in Gilbert AZ, we hope you will consider us. Contact us today for complimentary consultation.

3 Things to Think About Before Going FSBO

11:49 AM Swee Ng

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3 Things to Think About Before Going FSBO

Posted on May 15, 2015

Quick: Off the top of your head, what can a real estate agent do to sell a house that you can't do?

"Frankly, I don't think a Realtor® does much that I can't do myself," a New Jersey homeowner told CBS News. After all, real estate agents just stick a sign in the yard, hold an open house or two, and fill out a couple of papers, right? Since you, too, can perform these duties, why not sell the house yourself and keep the commission money?

This is a fallacy many Americans operate under when judging the job of a real estate agent. Keep in mind that lots of jobs look easy when you aren't the one performing them.

Before you decide to plunge head-on into the world of the For-Sale-By-Owner, here are there key points you may want to consider.

1. Getting the Price Right
When the National Association of Realtors® surveyed FSBOs about what challenges they faced when attempting to sell their homes without the aid of a real estate professional, 13 percent said that setting the right price was a key challenge.

What is the "right" price? A home should be priced at or very near its market value. Therein lies the challenge – how does a layperson determine a home's current market value? The calculations require access to recent sales in the area, information about those homes, and information about the current real estate market in general.

Without access to the Multiple Listing Service (MLS), it is nearly impossible for anyone to gather info on all recent home sales in a given area. Although many websites claim to have this information, they are relying on public records, and most of the time they don't have all of the information required to pinpoint market value.

Would you sell a used car without consulting the Kelley Blue Book, or something similar, to ascertain its worth? Without knowing the true market value of your home, setting a price for it is akin to throwing a dart – where it lands may or may not be the bulls-eye.

2. Getting the Word Out
One of the most important jobs of a listing agent is marketing the property. Once upon a time, all it took was an ad in the Sunday classifieds. Today, however, it requires a lot more work, and multiple marketing platforms – especially for homes with problems.

Homebuyers begin their search online, and that's where real estate agents shine in their marketing efforts. They employ multiple strategies across multiple platforms – something a homeowner with no real estate or marketing experience may find challenging.

3. Getting a Handle on the Paperwork
Understanding and completing paperwork is the one task of selling a home that stymied the largest number of FSBOs in the NAR survey. From the purchase agreement to how to deal with changes to disclosure requirements, the typical home sale requires a stack of legal contracts that few outside of the industry know anything about.

You will need to familiarize yourself with all contracts, reading and understanding every single line. Otherwise, when a buyer submits an offer to purchase, you may end up sitting there with a glazed look on your face and no idea how to decipher the pages in front of you.

Get more Real Estates tips at SweeEastValleyHomes.com

Swee Ng, is a Gilbert resident specializing in win-win real estate transaction through great communication and fighting for his clients' best interest. After all, this is more than real estates, this is about your life and your dreams.

If you are looking to buy or sell your home in Gilbert AZ, we hope you will consider us.

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What is Comparative Market Analysis (CMA)?

10:45 AM Swee Ng

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What is Comparative Market Analysis (CMA)?

Posted on May 12, 2015

Selling a home is a bit more complicated than putting up a sign, setting a price and praying and hoping to get a buyer to show your home. Although it involves an element of suspense, and is not often a scientific certainty, it should not be a gamble either. There are proven ways to minimize the number of "Days on Market" (DOM) and maximize the selling price.

One of your best tools is a Comparative Market Analysis (CMA). When you first consider the possibility of selling your home, you will undoubtedly have some sense of its value, and at least a ballpark expectation of the price you can ask.

But a comprehensive examination of recent transactions, known as the CMA, will give you a graphic and honest appraisal of local conditions. Month-to-month comparison and previous year statistics for sales, price adjustments, pending sales and withdrawn listings provide insight into trends. Market conditions in Phoenix AZ vary from one month to the next and can change dramatically over the course of a year.

The CMA is used to help evaluate how your home will fare against the competition. It takes a look at both homes that are currently listed and those recently sold. The purpose is to find the highest price that will still make the home competitive on the open market.

Standard comparative market analysis reports contain the following data:

Active Listings Active listings are homes currently on the market for sale. These listings matter only to the extent that they are your competition for buyers. They are not indicative of market value because sellers can ask whatever they want for their home. It doesn't mean any of the prices are realistic. The offered sales prices do not reflect market value until they are sold, and in buyer's markets, for example, most sell for a lot less.
Pending Listings Pending sale homes are homes that are under contract. They have not yet closed, so they are not yet a comparable sale. Unless the listing agent is willing to share information about the pending sale -- and many are not -- you will not know the actual sold price until the transaction closes. However, pending sales do indicate the direction the market is moving. If your home is priced above the list price of these pending sales, you could face longer DOM (Days on Market).
Sold Listings Normally homes that have closed within the past six months are your comparable sales. These are the sales an appraiser will use when appraising your home for the buyer, along with the pending sales (which will likely have closed by the time your home is sold). Keep in mind that every market are different, in a fast changing market such as in Phoenix AZ, past 3 months sales can be used as comparable.
Off-Market / Withdrawn / Canceled / Expired Listings These are properties that were taken off the market for a variety of reasons. Usually the reason homes are removed from the market is because the prices were too high. The median prices of this group will almost always be higher than the median prices of comparable sales.

Analyze the CMA Facts
Comparable sales are those that most closely resemble your home. It is difficult to compare a tri-level home to a single-story home. Select the homes from this list that are mostly identical to your home in size, shape and condition, such as:

Similar square footage Appraisers compare homes based on square footage. Larger square-foot homes are worth less per square foot than smaller square-foot homes. The variance among a group of median-priced homes ideally should not exceed more than 200 to 400 square feet, plus or minus.
Similar age of construction Ideally, the age of the home -- the year it was built -- should be within a few years of other comparable sold homes.
Similar amenities, upgrades and condition Appraisers will deduct value from your home if other homes have upgrades and yours does not. A home with a swimming pool will have a different value than a home without a pool. A completely remodeled move-in ready home is worth more than a fixer. Homes with one bath are worth less than homes with two or more baths.
Location Everybody knows that real estate is valued on "location, location, location," but have you considered what that means? A home with a mountain view, for example, is worth more than a home facing a cement wall. Homes located on busy or main street are worth considerably less than homes on quiet streets. Compare your home to those in similar locations.

If you are looking to buy or sell your home in Gilbert AZ, we hope you will consider us.

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Should I Sell My House Before Buying New One?

9:19 AM Swee Ng

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Should I Sell My House Before Buying New One?

Posted on February 27, 2015

If you are a current homeowner that wants to purchase a new home, you're most likely asking yourself a question common to folks in your situation: Should I sell before I buy? The answer to that question depends on several factors.

Your Personality
Just the thought of having two mortgage payments—even for a short period of time—can cause massive anxiety for some people. Even if your lender has assured you of a simultaneous close on the two homes, uncertainty may linger.

Then, there is the pressure to accept an unattractive offer just to ensure that the home sells in time. If you wait to buy, you'll have the luxury of being able to negotiate offers as they come in.

If you crave certainty, you should probably wait until the current home sells to take on the purchase process. There are, however, those who deal with uncertainty better than others. If that describes you, then starting the purchase process before you sell your current home probably won't faze you.

Your Finances
Regardless of your personality, if you just don't have the money to support two mortgage payments at the same time, then you have no choice but to sell your home before you purchase another.

Further, if you need the proceeds from the sale of your current home to use to buy a new home, you'll need to wait until after you sell, or attempt a simultaneous close. (We explain that process below.)

The Market
A seller's market is the ideal situation when you're selling your current home, but it can be difficult if you hope to purchase at the same time. In a seller's market—where there are few homes available and lots of buyers competing for them—sellers are in the driver's seat. With multiple offers coming in, homeowners are not likely to accept an offer that is contingent upon another home selling.

On the flip side, in a hot seller's market, homes that are in good condition and are located in decent areas will sell quickly. If your house is among them, you take on little risk if you wish to purchase a new home before selling your current one.

Ascertain if the current market caters to sellers or buyers before making the decision of whether to buy before your house sells. Your real estate agent is your best source for this information.

Achieving the Simultaneous Close
Selling one home while purchasing another can be a bit of a balancing act. If you try to time the closings to occur during the same period, you run the risk of ending up with two house payments at once.

If you allow too much time between closings, on the other hand, you may find yourself renting a temporary home and, thus, moving twice. The ideal situation is to plan for a simultaneous closing, where both transactions occur on the same day. However, this process comes with risks, too. If anything should go wrong on the first transaction you could end up not being able to close on the second.

For the simultaneous closing process to go smoothly, it's important to choose the right buyers for your current home. How much do you know about their finances? How firm is their offer? What do you know about their motivation to purchase? How badly do they want the home?

Since the process is a bit like a string of dominoes, and the buyer of your home is the lead domino, it's crucial to choose a buyer you know will consummate the deal.

The key to success is hiring an experienced, professional real estate agent. Your agent can guide you through the process and steer the transaction to keep it on course.

View more Home Buyer tips at www.SweeEastValleyHomes.com

If you are looking to buy or sell your home in Gilbert AZ, we hope you will consider us.

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What Counts as a Comp for Your Home?

9:07 AM Swee Ng

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What Counts as a Comp for Your Home in Gilbert AZ?

Posted on February 20, 2015

From replacing a rusted out bathroom sink to laying laminate flooring, Americans are hooked on the DIY craze. Some things, however, are better left to professionals. Establishing your home's current market value before putting it on the selling block or pursuing a refinance is one of those things.

To determine its value, appraisers and real estate agents will compare your home (the "subject property") to those that have recently sold in the area (known as "comps"). They will adjust the comps' prices up or down, according to how similar each home is to yours.

Read on to learn how a home qualifies as a comp for yours.

Status
The market value of a home is, simply, what a knowledgeable and willing buyer will pay it. This figure is reflected in the sales price of recently sold homes.

Appraisers and real estate agents use the local Multiple Listing Service (MLS) database in their research, to look for homes that have sold within the past six months. Only real estate licensees that pay an MLS membership fee will have access to this database, so a DIY consumer will find it challenging to locate a full and accurate list of sold properties.

Location
Since location is one of the principal indicators of property value, appraisers and real estate agents seek sold homes that are in close proximity to the subject property. Some lenders give strict location requirements to appraisers, for example a comp in an urban or suburban area must be no more than one mile away, and rural comps no more than five miles away.

Real estate agents, on the other hand, have a little more leeway and will typically begin their research close to the subject property and then widen the area until they've found three comparable properties that have sold in the past six months.

Neighborhood characteristics that influence a home's value include:

Nearby parks
Proximity to shopping
Neighborhood condition
Traffic, airport or other noise
The quality of the school district
Number of distressed properties in the neighborhood
Declining values or oversupply of homes in the area

Price Per Square Foot
You may see sold homes or homes for sale that list the price per square foot in addition to the price of the home. This figure takes into account only the home's square footage and nothing else. Because it fails to account for the diverse aspects and special features of the house, it isn't an accurate reflection of value.

That said, with all other aspects being equal, a larger home will most likely sell for more than a smaller home.

Click here to View Your House Value Instantly

Condition
Deferred maintenance will drag down the value of a home. Deferred maintenance includes all of the items you have been meaning to fix, but never got around to. Examples include:

Leaky faucets
Cracked windows
Loose or missing hand rails
Structural damage
Overgrown landscaping
Dirty or damaged carpets or other flooring

The Process
Since it is unlikely that your agent or an appraiser will find a home that's identical to yours, he or she will need to make adjustments to the sold prices of the comps to account for the differences.

If the comparable home is inferior to the subject property, value is added to bring it up to par. Conversely, if the comparable is superior to the subject, value is removed.

Here's an example of how this works:

The subject property has three bedrooms, two bathrooms and a pool. The comparable property, located three blocks from the subject, sold three weeks ago for $387,500.
The comparable property has three bedrooms and two and a half bathrooms, but it doesn't have a pool.
The appraiser or agent will deduct value from the comparable for the lack of a pool and add value for the extra half bathroom. The amount to deduct or add depends on the value the local market places on items such as a pool or a half bathroom.
The adjusted price range of the comp will reflect the current market value of the subject property.

Determining a home's market value isn't rocket science, but it does require current, accurate information and some experience with the process. A professional real estate agent will not only determine the current market value, but will also give you tips on how to get top dollar for the home.

View more Home Buyer tips at www.SweeEastValleyHomes.com

If you are looking to buy or sell your home in Gilbert AZ, we hope you will consider us.

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