Birmingham AL Real Estate BlogRecently posted or modified blog posts in the category - Selling Your Homehttps://www.megaagents.com/blog/Copyright MegaAgents.com2023-05-19T08:26:10-07:00tag:megaagents.com,2012-09-20:4904What Sellers Need To Know in Today’s Housing MarketWhat Sellers Need To Know in Today’s Housing Market
<img width="750" height="410" src="https://files.mykcm.com/2022/08/22152838/20220823-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="What Sellers Need To Know in Today’s Housing Market | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/08/22152838/20220823-KCM-Share.jpg 750w, https://files.mykcm.com/2022/08/22152838/20220823-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/08/22152838/20220823-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
If you’re thinking about <a href="https://www.simplifyingthemarket.com/2022/07/18/wondering-where-youll-move-if-you-sell-your-house-today/?a=542020-6155bb99ee27f58f16e05a2e93ce5898" title="selling your house" target="_blank" rel="noopener noreferrer">selling your house</a>, you may have heard about the housing market slowing down in recent months. While it’s still a sellers’ market, the peak frenzy the market saw over the past two years has cooled some. If you’re asking yourself if you’ve missed your chance to sell your house and make a move, the good news is you haven’t – motivated buyers are still out there. But you do need to price your house right for today’s market. Here’s why.
As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), <a href="https://www.nar.realtor/newsroom/existing-home-sales-slid-5-4-in-june" title="says" target="_blank" rel="noopener noreferrer">says</a>:
“Homes priced right are selling very quickly, but homes priced too high are deterring prospective buyers.”
It’s true buyer demand has slowed over the past few months as higher mortgage rates made it more expensive to buy a home. The result is fewer <a href="https://www.simplifyingthemarket.com/2022/08/10/is-the-shifting-market-a-challenge-or-an-opportunity-for-homebuyers/?a=542020-6155bb99ee27f58f16e05a2e93ce5898" title="bidding wars" target="_blank" rel="noopener noreferrer">bidding wars</a> and less competition among buyers (see visual below):
<a href="https://files.mykcm.com/2022/08/22152839/20220823-MEM-Eng-1.png" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-104252" src="https://files.mykcm.com/2022/08/22152839/20220823-MEM-Eng-1.png" alt="What Sellers Need To Know in Today’s Housing Market | MyKCM" width="600" height="450" /></a>
But don’t forget – that’s compared to the severely overheated market we saw over the past two years. According to the latest <a href="https://cdn.nar.realtor/sites/default/files/documents/2022-07-realtors-confidence-index-08-18-2022.pdf" title="Confidence Index" target="_blank" rel="noopener noreferrer">Confidence Index</a> from NAR:
“. . . 39% of homes sold above list price, down from 51% a month ago and 50% a year ago.”
While this is a slower pace than even one month ago, serious buyers are still actively in the market, and they’re buying homes that are priced right. In fact, the Confidence Index also notes the average home is selling in just 14 days.
If you’re aiming to sell your house, be sure you’re working with your agent to price it for today’s housing market. As buyer demand softens, it’s important to understand this isn’t the same market as last year. It’s not even the same market as just a few months ago. But it is still a <a href="https://www.simplifyingthemarket.com/2022/08/04/why-its-still-a-sellers-market/?a=542020-6155bb99ee27f58f16e05a2e93ce5898" title="sellers’ market" target="_blank" rel="noopener noreferrer">sellers’ market</a>.
If you’re ready to sell your house, seek the advice of a <a href="https://www.simplifyingthemarket.com/2022/07/28/a-real-estate-professional-helps-you-separate-fact-from-fiction/?a=542020-6155bb99ee27f58f16e05a2e93ce5898" title="real estate professional" target="_blank" rel="noopener noreferrer">real estate professional</a>. In some cases, you’ll need to adjust your expectations accordingly to meet the market where it is today. Selma Hepp, Interim Lead, Deputy Chief Economist at CoreLogic, <a href="https://www.corelogic.com/intelligence/u-s-home-price-insights-august-2022/" title="explains" target="_blank" rel="noopener noreferrer">explains</a> what’s happening and what it means when you sell:
“Signs of a broader slowdown in the housing market are evident, . . . This is in line with our previous expectations and given the notable cooling of buyer demand due to higher mortgage rates. . . . Nevertheless, buyers still remain interested, which is keeping the market competitive — particularly for attractive homes that are properly priced.”
Bottom Line
While the housing market has cooled from its overheated frenzy, it’s still a sellers’ market. Let’s connect so you understand what’s happening with buyer demand and home prices in our local area as you get ready to enter the market.
2022-08-24T09:30:00-07:002022-08-24T10:20:09-07:00Carin Charlestag:megaagents.com,2012-09-20:3820Surprising Shift Favors Homeowners: Buyers Now Prefer Existing Homes<article id="post-98895" class="post-98895 post type-post status-publish format-standard has-post-thumbnail hentry category-buying-myths category-buyers category-sellers category-housing-market-updates category-move-up-buyers-buyers category-new-construction">
<img src="https://files.mykcm.com/2021/08/02135720/20210805-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="Surprising Shift Favors Homeowners: Buyers Now Prefer Existing Homes | MyKCM" width="750" height="410" />
In April, the National Association of Home Builders (NAHB) posted an article, <a href="https://eyeonhousing.org/2021/04/home-buyers-preferences-shift-towards-new-construction/" title="Home Buyers’ Preferences Shift Towards New Construction" target="_blank" rel="noopener noreferrer">Home Buyers’ Preferences Shift Towards New Construction</a>, which reported:
“60% of people who were looking to buy a home in 2020 said they’d prefer new construction to an existing home.”
However, it seems buyers are now shifting their preferences back to existing homes.
The latest <a href="https://www.conference-board.org/data/consumerconfidence.cfm" title="Consumer Confidence Survey" target="_blank" rel="noopener noreferrer">Consumer Confidence Survey</a> reveals the percentage of Americans planning to buy a home in the next six months is virtually the same as it was back in March. However, the percentage that plan to buy a newly constructed home is lower for that same period.
NAHB confirms this sentiment in their latest <a href="https://eyeonhousing.org/wp-content/uploads/2021/07/HOUSING-TRENDS-REPORT-Q221.pdf?_ga=2.121964555.1460318833.1627861533-1134178126.1605647352" title="Housing Trends Report" target="_blank" rel="noopener noreferrer">Housing Trends Report</a>. The organization explains that existing homes are now the top preference among today’s buyers. Here’s a breakdown of those findings:<a href="https://files.mykcm.com/2021/08/02135722/20210805-MEM-Eng-1.png" target="_blank" rel="" class="use_kcm_lightbox"><img class="aligncenter wp-image-98897" src="https://files.mykcm.com/2021/08/02135722/20210805-MEM-Eng-1.png" alt="Surprising Shift Favors Homeowners: Buyers Now Prefer Existing Homes | MyKCM" width="600" height="450" /></a>
Why the shift?
There are several reasons why buyer preference is shifting. Here are two that impact purchasers looking to move in now:
The process may move faster. Builders may not be able to guarantee when the house will be complete and ready for move-in due to supply chain challenges with materials like lumber and appliances. If you buy an existing home, not only is it ready, it also likely has a refrigerator, range, and other necessary home appliances already.
There are no unexpected costs during the buying process. With the price of land, labor, and lumber being so volatile, many builders are including an escalation clause in the price negotiation to cover rising expenses. With an existing home, the final price you will pay is negotiated upfront.
Bottom Line
If you’re a homeowner looking to sell, your house is more attractive to a greater number of buyers as compared to earlier in the year. This might be the time for us to connect to discuss the possibility.
</article>
2021-08-05T07:28:00-07:002021-08-05T08:33:17-07:00Hallie Underwoodtag:megaagents.com,2012-09-20:37484 Major Incentives to Sell This Summer
<img src="https://assets.site-static.com/userfiles/903/image/20210712-KCM-Share.jpg" width="750" height="410" />
While the housing market forecast for the <a href="https://www.mykcm.com/2021/06/30/what-do-experts-see-on-the-horizon-for-the-second-half-of-the-year/" title="second half">second half</a> of the year remains positive, there may not be a better time to sell than right now. Here are four things to consider if you’re trying to decide if now’s the right time to make a move.
1. Your House Will Likely Sell Quickly
According to the most recent <a href="https://www.nar.realtor/research-and-statistics/research-reports/realtors-confidence-index" title="Realtors Confidence Index" target="_blank" rel="noopener noreferrer">Realtors Confidence Index</a> released by the National Association of Realtors (NAR), homes continue to sell quickly. The report notes homes are selling in an average of just 17 days.
Average days on market is a strong indicator of buyer competition, and homes selling quickly is a great sign for sellers. It’s one of several factors that indicate buyers are motivated to do what it takes to purchase the home of their dreams.
2. Buyers Are Willing To Compete for Your House
In addition to selling fast, homes are receiving multiple offers. NAR <a href="https://www.nar.realtor/research-and-statistics/research-reports/realtors-confidence-index" title="reports" target="_blank" rel="noopener noreferrer">reports</a> sellers are seeing an average of 5 offers, and these offers are competitive ones. Shawn Telford, Chief Appraiser at CoreLogic, <a href="https://www.seattletimes.com/business/homebuyers-increasingly-willing-to-pay-above-asking-price/" title="said" target="_blank" rel="noopener noreferrer">said</a> in a recent interview:
“The frequency of buyers being willing to pay more than the market data supports is increasing.”
This confirms buyers are ready and willing to enter <a href="https://www.mykcm.com/2021/06/21/5-things-homebuyers-need-to-know-when-making-an-offer/" title="bidding wars">bidding wars</a> for your home. Receiving several offers on your house means you can select the one that makes the most sense for your situation and financial well-being.
3. When Supply Is Low, Your House Is in the Spotlight
One of the most significant challenges for motivated buyers is the current inventory of homes for sale, which while improving, remains at near-record lows. As NAR <a href="https://www.globenewswire.com/news-release/2021/06/22/2251149/0/en/Existing-Home-Sales-Experience-Slight-Skid-of-0-9-in-May.html" title="details" target="_blank" rel="noopener noreferrer">details</a>:
“Total housing inventory at the end of May amounted to 1.23 million units, up 7.0% from April’s inventory and down 20.6% from one year ago (1.55 million). Unsold inventory sits at a 2.5-month supply at the present sales pace, marginally up from April’s 2.4-month supply but down from 4.6-months in May 2020.”
There are signs, however, that more homes are coming to market. Odeta Kushi, Deputy Chief Economist at First American, <a href="https://twitter.com/odetakushi/status/1407344750534041615" title="notes" target="_blank" rel="noopener noreferrer">notes</a>:
“It looks like existing inventory is starting to inch up, which is good news for a housing market parched for more supply.”
If you’re looking to take advantage of buyer demand and get the most <a href="https://www.mykcm.com/2021/05/13/your-house-could-be-the-oasis-in-an-inventory-desert/" title="attention">attention</a> for your house, selling now before more listings come to the market might be your best option.
4. If You’re Thinking of Moving Up, Now May Be the Time
Over the past 12 months, homeowners have gained a significant amount of wealth through growing equity. In that same period, homeowners have also spent a considerable amount of time in their homes, and many have decided their house doesn’t meet their needs.
If you’re not happy with your current home, you can leverage that equity to power your move now. Your equity, plus current low mortgage rates, can help you maximize your <a href="https://www.mykcm.com/2021/03/30/how-a-change-in-mortgage-rate-impacts-your-homebuying-budget/" title="purchasing power">purchasing power</a>.
But these near-historic low rates won’t last forever. Experts forecast interest rates will increase in the coming months. Nadia Evangelou, Senior Economist and Director of Forecasting at NAR, <a href="https://www.nar.realtor/blogs/economists-outlook/instant-reaction-mortgage-rates-june-17-2021" title="says" target="_blank" rel="noopener noreferrer">says</a>:
“Nevertheless, as the economic outlook for the United States looks brighter for the rest of the year, mortgage rates are expected to rise in the following months.”
As interest rates rise, even modestly, it could influence buyer demand and your purchasing power. If you’ve been waiting for the <a href="https://www.mykcm.com/2021/05/06/why-waiting-to-buy-a-home-could-cost-you-a-small-fortune/" title="best time to sell">best time to sell</a> to fuel your move up, you likely won’t find more favorable conditions than those we’re seeing today.
Bottom Line
With supply challenges, low mortgage rates, and extremely motivated buyers, sellers are well-positioned to take advantage of current market conditions right now. If you’re thinking about selling, let’s connect today to discuss why it makes sense to list your home sooner rather than later.
2021-07-14T06:53:00-07:002021-07-14T08:04:02-07:00Hallie Underwoodtag:megaagents.com,2012-09-20:35425 Reasons to Sell Your House This Spring5 Reasons to Sell Your House This Spring
<img width="750" height="410" src="https://files.mykcm.com/2021/03/05103636/20210308-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="5 Reasons to Sell Your House This Spring | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2021/03/05103636/20210308-KCM-Share.jpg 750w, https://files.mykcm.com/2021/03/05103636/20210308-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2021/03/05103636/20210308-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" /><br /><br />
When selling a house, most homeowners hope for a quick and profitable transaction that puts them in a position to make a great move. If you’re waiting for the best time to win as a seller, the market is calling your name this spring. Here are five reasons why this is the perfect time to sell your house if you’re ready.
1. There’s high demand from homebuyers.
Buyer demand is strong right now, and buyers are active in the market. ShowingTime, which tracks the average number of buyer showings on residential properties, recently announced that buyer showings are up 51.5% compared to this time last year. Daniil Cherkasskiy, Chief Analytics Officer at ShowingTime, <a href="https://www.showingtime.com/blog/january-2021-showing-index-results/" title="notes" target="_blank" rel="noopener noreferrer">notes</a>:
“As anticipated, demand for real estate remains elevated and continues to be affected by low levels of inventory…On average, each home is getting 50 percent or more requests this year compared to January of last year. As we head into the busy season, it’s likely we’ll push into even more extreme territory until the supply starts catching up with demand.”
When your house is positioned to get a ton of attention from competitive buyers, you’re in the best spot possible as the seller.
2. There aren’t enough houses for sale.
Purchaser demand is so high, the market is <a href="https://www.simplifyingthemarket.com/2021/02/22/where-have-all-the-houses-gone/?a=542020-6155bb99ee27f58f16e05a2e93ce5898" title="running out" target="_blank" rel="noopener noreferrer">running out</a> of available houses for sale. Recently, realtor.com <a href="https://www.realtor.com/research/february-2021-data/" title="reported" target="_blank" rel="noopener noreferrer">reported</a>:
“Nationally, the inventory of homes for sale in February decreased by 48.6% over the past year, a higher rate of decline compared to the 42.6% drop in January. This amounted to 496,000 fewer homes for sale compared to February of last year.”
The National Association of Realtors (NAR) also <a href="https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales" title="reveals" target="_blank" rel="noopener noreferrer">reveals</a> that, while home sales are skyrocketing, the inventory of existing homes for sale is continuing to drop dramatically. Houses are essentially selling as fast as they’re hitting the market – in fact, NAR <a href="https://www.nar.realtor/research-and-statistics/research-reports/realtors-confidence-index" title="reports" target="_blank" rel="noopener noreferrer">reports</a> that the average house is on the market for only 21 days.
It’s this imbalance between high buyer demand and a low supply of houses for sale that gives sellers such an advantage. A seller will always negotiate the best deal when demand is high and supply is low. That’s exactly what’s happening in the real estate market today.
3. You have a lot of leverage in today’s market.
Clearly, many more people are interested in buying than selling this spring, creating the ultimate <a href="https://www.simplifyingthemarket.com/2021/02/26/its-a-sellers-market-infographic/?a=542020-6155bb99ee27f58f16e05a2e93ce5898" title="sellers’ market" target="_blank" rel="noopener noreferrer">sellers’ market</a>. When this happens, homeowners in a position to sell have the upper hand in negotiations.
According to NAR, agents are <a href="https://cdn.nar.realtor/sites/default/files/documents/2021-01-realtors-confidence-index-02-19-2021.pdf" title="reporting" target="_blank" rel="noopener noreferrer">reporting</a> an average of 3.7 offers per house and an increase in bidding wars. As a seller, this means the ball is in your court – so much so that you can use your <a href="https://www.simplifyingthemarket.com/2021/02/24/how-much-leverage-do-todays-house-sellers-have/?a=542020-6155bb99ee27f58f16e05a2e93ce5898" title="leverage" target="_blank" rel="noopener noreferrer">leverage</a> to negotiate the best possible contract. Demand is there, and now is the perfect time to sell for the most favorable terms.
4. It’s a great way to use your home equity.
According to the latest <a href="https://www.corelogic.com/insights-download/homeowner-equity-report.aspx" title="data" target="_blank" rel="noopener noreferrer">data</a> from CoreLogic, as of the third quarter of 2020, the average homeowner gained $17,000 in equity over the past year, and that number continues to grow as <a href="https://www.simplifyingthemarket.com/2021/03/02/home-prices-what-happened-in-2020-what-will-happen-this-year/?a=542020-6155bb99ee27f58f16e05a2e93ce5898" title="home values" target="_blank" rel="noopener noreferrer">home values</a> appreciate. <a href="https://www.simplifyingthemarket.com/2021/02/17/3-ways-home-equity-can-have-a-major-impact-on-your-life/?a=542020-6155bb99ee27f58f16e05a2e93ce5898" title="Equity" target="_blank" rel="noopener noreferrer">Equity</a> is a type of forced savings that grows during your time as a homeowner and can be put toward bigger goals like buying your next dream home.
Mark Fleming, Chief Economist at First American, <a href="https://blog.firstam.com/economics/housing-market-potential-reaches-highest-level-since-2007" title="notes" target="_blank" rel="noopener noreferrer">notes</a>:
“As homeowners gain equity in their homes, they are more likely to consider using that equity to purchase a larger or more attractive home – the wealth effect of rising equity. In today’s housing market, fast rising demand against the limited supply of homes for sale has resulted in continued house price appreciation.”
5. It’s a chance to find a home that meets your needs.
So much has changed over the past year, including what many of us need in a home. Spending extra time where we currently live is enabling many of us to re-evaluate homeownership and what we find most important in a home.
Whether it’s a house that has the features suited to working remotely, space for virtual or hybrid schooling, a home gym or theater, or something else, selling this spring gives you a chance to make a move and <a href="https://www.simplifyingthemarket.com/2021/02/25/are-there-going-to-be-more-homes-to-buy-this-year/?a=542020-6155bb99ee27f58f16e05a2e93ce5898" title="find" target="_blank" rel="noopener noreferrer">find</a> the home of your dreams.
Bottom Line
Today’s housing market belongs to the sellers. If you’ve considered making a move but have been waiting for the right market conditions, your wait may be over. Let’s connect so you’ll be positioned to win when you sell your house this spring.
2021-03-18T09:54:00-07:002021-03-18T10:57:10-07:00Hallie Underwoodtag:megaagents.com,2012-09-20:3149Why Selling this Fall May Be Your Best Move
<img src="https://files.mykcm.com/2020/09/29081226/20200930-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="Why Selling this Fall May Be Your Best Move | MyKCM" width="750" height="410" />
If you’re thinking about moving, selling your house this fall might be the way to go. Here are four highlights in the housing market that may make your decision to sell this fall an easy one.
1. Buyers Are Actively in the Market
ShowingTime, a leading real estate showing software and market stat service provider, just <a href="https://www.mykcm.com/2020/09/10/homebuyer-traffic-is-on-the-rise/" title="reported">reported</a> that buyer traffic jumped 60.7% compared to this time last year. That’s a huge increase.
It’s clear that buyers are ready, willing, and able to purchase – and they’re in the market right now. In many regions of the country, multiple buyers are entering bidding wars to compete for the home they want. Take advantage of the buyer activity currently in the market so you can sell your house in the most favorable terms.
2. There Are Not Enough Homes for Sale
In the latest <a href="https://www.nar.realtor/newsroom/existing-home-sales-hit-highest-level-since-december-2006" title="Existing Home Sales Report" target="_blank" rel="noopener noreferrer">Existing Home Sales Report</a>, the National Association of Realtors (NAR) announced that there were only 1.49 million units available for sale. That number was down 18.6% from one year ago. This means in the majority of the country, there aren’t enough homes for sale to satisfy the number of buyers.
Due to the health crisis, many homeowners were reluctant to list their homes earlier this year. That will change as the economy continues to recover. The choices buyers have will increase going into the new year. Don’t wait until additional sellers come to market before you decide to make a move.
3. The Process Is Going Quickly
Today’s ultra-competitive environment has forced buyers to do all they can to stand out from the crowd, including getting <a href="https://www.mykcm.com/2020/08/31/three-ways-to-win-in-a-bidding-war/" title="pre-approved">pre-approved</a> for their mortgage financing. This makes the entire selling process much faster and simpler, as buyers know exactly what they can afford before shopping for a home. According to the latest <a href="https://www.elliemae.com/about/news-reports/press-releases/august-ellie-mae-origination-insight-report-data-finds-interest-rates-fall-to-record-lows-refinances-rebound-slightly" title="Origination Insights Report" target="_blank" rel="noopener noreferrer">Origination Insights Report</a> from Ellie Mae, the time needed to close a loan is just 49 days.
4. There May Never Be a More Important Time to Move
You’ve likely spent much of the last six months in your current home. Perhaps you now realize how small it is, and you need more space. If you’re working from home, your children are doing virtual school, or you just need more space, your current floor plan may not work for your family’s changing needs.
Homebuilders are beginning to build houses again, so you can choose the exact floor plan to match what your family needs, and you can make sure the outdoor space is what you want too.
Bottom Line
The housing market is prime for sellers right now, so let’s connect to get the process started this fall. If the timing is right for you and your family, the market is calling your name.
2020-10-07T11:05:00-07:002020-10-07T12:12:37-07:00Hallie Underwoodtag:megaagents.com,2012-09-20:1971How FHA Loans Affect Home Sellers<img src="https://assets.site-static.com/userfiles/903/image/FHALoans_Graphic_web.jpg" width="750" height="417" alt="How FHA Loans Affect Sellers" title="How FHA Loans Affect Sellers" style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" />
What does an FHA appraiser look for?
FHA is primarily concerned that everything in the house functions properly and that there are no health and safety issues. The basic concept of meeting FHA minimum requirements is that everything must work as it was designed to work. For example, a window that is supposed to open must open, and a built-in appliance should do what that appliance is supposed to do. If you have a sliding glass door with a lock on the handle, the lock should work.
Here is a general list of what an FHA appraiser looks for during an inspection:
Utilities should be turned on so the appraiser can test systems and appliances.
Appliances must function properly.
There should be proper drainage around the perimeter of the house.
The air conditioning must be in working order.
Water pressure must be adequate for the house. Appraisers flush toilets, turn on all faucets and ensure that both hot and cold water are working.
The water heater must be in working order and strapped according to local code.
Attics and crawlspaces are to be viewed at minimum from the shoulder up by the appraiser. When viewing the attic, appraisers make sure there are vents, no damage, no exposed or frayed wires, and that sunlight is not beaming through. When inspecting the crawl space, appraisers make sure there are no signs of standing water or any other foundation support issues. Excessive debris in the attic or crawl space should be removed.
Paint must not be chipping, peeling, or flaking on homes built before 1978 because of the danger of lead-based paint (lead was used in paint prior to 1978). However, there must be no defective paint or bare wood for properties built after 1978 because defective paint impacts the economic longevity of the property. Defective paint should be scraped and repainted (with no wood chips on the soil).
Electrical outlets must work (outlets should have a cover plate also).
Toilets must flush and be mounted.
Any active termite infestation needs to be cured.
Minor cosmetic issues such as stained carpet or a need for interior paint are okay. The house does not have to be perfect, but if there are issues that impact health and safety or the long-term economic viability of the property, then those issues must be cured.
Windows must open and close and they cannot be broken. Minor cracks can be okay so long as there is not an issue with safety, soundness and security.
No dangling wires from missing fixtures or anywhere else.
Smoke detectors & carbon monoxide detectors are required insofar as required by local code.
The firewall from the garage to the house should be intact. Missing sheetrock, a pet door installed in the door, a lack of self-closing hinges, or a hollow door could pose a safety issue.
A roof should not be leaking and needs to have at least two years of economic life left.
A house will be rejected if the site is subject to hazards, environmental contaminants, noxious odors, or excessive noises to the point of endangering the physical improvements or affecting the livability of the property (this isn’t an issue for the vast majority of properties).
A trip hazard is a subjective call to make by the appraiser and not necessarily an automatic repair, but if there is a legitimate safety issue it should be called out by the appraiser.
There are things any appraiser will call out in an FHA appraisal, but there are times when appraisers have to consider how the spirit of FHA might apply in a situation. FHA is black and white on many issues, but other times appraisers simply need to use good judgment.
10 Things You Might Not Know About FHA Appraisal Guidelines
Open up that Attic: If there is an attic, the appraiser is required to do a “head and shoulders” inspection of the attic, even if the attic access has been sealed off by the home owner. If the attic has been sealed, it will have to be opened up again for the appraiser to safely be able to inspect the attic.
Hoarder Inspection: If the appraiser cannot see the floor or walls due to debris, the owner will have to clean things up so the appraiser can do a proper visual inspection of the property.
Layers of Roofing: FHA will accept a maximum of 3 layers of existing roofing. If more than 2 layers exist and repair is necessary, then all old roofing must be removed as part of the re-roofing.
The Whole Enchilada: Every structure within the parcel lines has to meet FHA minimum property standards. This means if there is a barn with a defective paint surface, broken window or any other FHA issue, it’ll need to be ad-dressed. FHA standards don’t just apply to the main house.
Zero Value: There is no such thing in the FHA world for a certain feature or structure on a property to be given “zero value”. For example, despite a buyer, seller and agents agreeing that the rundown garage is not included in the sale, that’s not the way the appraiser will look at it. FHA would say the garage has to have a use of some sort.
Graffiti Removal: FHA states that any graffiti on the house must be removed because it is a safety issue.
Old Comps: Appraisers cannot use comparable sales (“comps”) older than 12 months prior to the date of value. So if you share "comps" with an appraiser, they should be recent sales.
Pool Issues: Each county or city has specific requirements for pool safety, so FHA will bow to local authority on their standards for pool safety. There is no one universal standard for all states, so it’s all about local standards. However, no matter what the pool should be filled so the appraiser can verify if the pool equipment is working or not. Likewise, if the water is green, it can be deemed a health and safety issue, but it’s also a sign that the equipment might not be working (remember, everything has to work).
Pet Door: If there is a pet door installed in the firewall door from the garage to the house, it is a breach of the firewall door. While it’s convenient for Fido, it’s also a safety issue.
Subjective Issues: There are certain things appraisers will call out in an FHA appraisal, but there is also subjectivity involved where appraisers are going to consider how the spirit of FHA might apply to a certain situation. After all, there are so many unique homes and interesting property characteristics out there. This means it’s not always possible to make one rule that will apply to every single property. Appraisers therefore have to ask questions like: Is it working like it is supposed to work? Is this a health or safety issue? Will this issue negatively impact the marketability of the property?
If you have questions about FHA, contact a local FHA appraiser or HUD consultant. You can also try call 1-800-CALL-FHA. (you may get a different answer depending on who you talk to though).2018-10-04T09:04:00-07:002018-10-04T09:47:02-07:00Collier Sweckertag:megaagents.com,2012-09-20:1959Home Staging & Professional PhotographyWe admit that the term "Professional Photography" can mean different things to different people. Our Mega Team views the term to mean a full time photographer whose only job is primarily shooting photos of real estate in the Great Birmingham area. Just because you pay someone to take photos of a home doesn't make them a "professional". The term "professional photographer" almost never applies to a photograph taken by a real estate agent who enjoys photography as a hobby and shoots their listings.
Other than price, photography is the MOST important factor in selling your home! We have a professional photographer that will take photos of you home to highlight the features, show the floor plan and give prospective buyers an overview of the home without having to step foot inside. The photos provide a virtual open house, available 24/7 online without agents having to show your property at 3am.
See the two sets of pictures below and you can compare the work of a professional real estate photographer and those taken by a real estate agent, photos at the same house. While the agent's photos are decent, they do not have the "POP" nor the "composition" that the professionally shot photos do. See what you think!
Professional Photographer (Mega Agent Provides)
<a title="Professional Photographer" href="https://www.flickr.com/photos/megaagentteam/albums/72157666762843370" data-flickr-embed="true"><img src="https://farm2.staticflickr.com/1671/25906130624_279685c86c_z.jpg" alt="Professional Photographer" width="640" height="421" /></a>
Normal Real Estate Agent
<a title="Real Estate Agent Photos" href="https://www.flickr.com/photos/megaagentteam/albums/72157666763084580" data-flickr-embed="true"><img src="https://farm2.staticflickr.com/1631/26419098282_a78300fbb3_z.jpg" alt="Real Estate Agent Photos" width="640" height="480" /></a>
5 Reasons Professional Photography is SO Important!
1. Professional photographers know exactly how a photo should be composed. Much like one of the great "renaissance era" painters, a professional photographer that specializes in real estate, will define the subject of the photo and the important elements that are included and ensure the right architectural elements are included in the photograph.
2. A home that is properly staged and then professional photographed will emotionally connect a prospective home buyer to your home.
3. A Professional photographer makes absolutely sure that the lightning and proper angles are perfect so that the home looks as captivating as possible to prospective home buyers.
4. Over 88% of prospective home buyers surveyed by the National Association of Realtors said that they wanted to see accurate - professionally shot photos of homes and that the photos impacted the decisions on which homes to visit.
5. Professional - Full Time - Photographers can be quite expensive but we find that hiring a PRO is one of the most important aspects to get your home sold FAST and for the MOST money. Our Mega Team provides for and pays for the service of only Birmingham's best photographers that specialize in real estate photography and these expert real estate photographers utilize the latest cutting edge camera technology.
<a class="more popup" href="https://www.megaagents.com/contact/" title="Contact The Mega Agent Real Estate Team in Birmingham Alabama" target="_blank">Contact the Megas about selling your home!</a>2018-09-20T09:21:00-07:002018-09-20T10:13:46-07:00Collier Sweckertag:megaagents.com,2012-09-20:1950Top 10 Seller Mistakes For Birmingham Alabama Home Sellers<img src="https://assets.site-static.com/userfiles/903/image/bigstock-top-ten-red-word-with-target-a-42511267_900.jpg" alt="Top 10 Seller Mistakes For Birmingham AL Sellers" title="Top 10 Seller Mistakes For Birmingham AL Sellers" style="display: block; margin-left: auto; margin-right: auto;" width="303" height="300" />
Serious about selling your home? Before you sign anything, read about these common mistakes that home sellers make:
1. Pricing Too High: It's no secret, price is everything. Overpricing does more to discourage buyers than any other single factor. When you overprice, you put your home in competition with homes that may be newer, larger or have more amenities than yours. You help your competition sell their home. This leads to long days on the market, and costs you, the seller, money in the long run. Make sure you get your pricing advice from a professional agent who knows the market.
2. Poor Condition: A home that is in ill repair, or otherwise poor condition, does not excite buyers. A home like this is looked at by buyers as a work project and money pit. Having your home in good repair and great showing condition will significantly improve your chances for a sale at top dollar value. Having your home pre-inspected by a termite and dry rot inspector will also have a positive impact on buyers.
3. Poor Curb Appeal: Most buyers today want to drive by. If your home is an attractive drive-by, it will gain more attention and certainly more showings. Doing the little things to help your home's curb appeal will make a huge difference.
4. Dreary Dark Homes Don't Sell: Buyers like updated, light and bright homes. Dark carpets, paint, and curtains are often buyer turn-offs. Go through your home and remove clutter; touch up and update paint, counter tops, and carpets. Open your home up and make sure the sun shines in. Offensive odors from pets and smoking are also huge turn-offs to most buyers. Rid your home of offensive smells by burning scented candles and create a pleasant aroma. The most important rooms to concentrate on are the living room, family room, kitchen and master bedroom. Your entire home's atmosphere is set off by these rooms.
5. Don't Over-improve: Get your home in good showing condition, but don't overdo it. Huge projects such as complete remodels of kitchens, adding decks, and expanding room sizes may not pay back your investment. Before you jump into a huge improvement project, get some good advice a good agent, like those found at The Mega Agent Real Estate Team of RE/MAX Advantage.
6. Be Financeable: Bad roofs, exterior paint, or structural problems may make your home un-financeable. The wider the scope of financing that your home can qualify for, the higher the overall market value. Remember -- government programs like VA and FHA will be the most picky!
7. Get Good Advice and Good Market Exposure: Hiring a professional agent will help you get your home priced right, and will also get you started with the best fix ups. A strong agent will get your home exposed to the largest number of potential buyers. Paying the agent fee is often the least expensive part of selling your home. Trying to sell your home yourself can be costly. Most 'for sale by owner' homes close for far less than comparable homes listed with an agent, and you have no representation.
8. Don't Be Present During Showings: When your home is being shown, go for a drive or a walk. Take yourself, your family, and pets and let the agent and their clients have the freedom they need. An agent can always do their best job of showing your home when you are not underfoot. Buyers are more at ease and much more likely to spend time looking at your home's features and benefits.
9. Let Your Agent Do the Negotiating: If there is ever a good reason to have a veteran agent working for you, it's during the negotiation of your home sale. A good negotiator can mean thousands of dollars to you, and will protect your interests. Don't let your emotions run wild during negotiations. Try to separate your emotions from your business side. Remain cool and calm during this time.
10. Act Fast with Offers: When you do get an offer on your home, act quickly and decisively. Letting offers sit around without acting can be a huge mistake. Things can change quickly in the mind of a prospective buyer. Acting quickly while the excitement and interest level are at a high point can be very important. Typically, a buyer's motivation level decreases with time. Buyers' remorse can even set in. Acting in a timely manner is essential.
<a class="more popup" href="https://www.megaagents.com/contact/" title="Contact The Mega Agent Real Estate Team in Birmingham Alabama" target="_blank">Contact the Megas about selling your home!</a>2018-09-06T09:32:00-07:002023-05-19T08:24:41-07:00Collier Sweckertag:megaagents.com,2012-09-20:1940137 Steps to Sell Your Home in Birmingham Alabama<img src="https://assets.site-static.com/userfiles/903/image/Mega_Agents_Seller_Steps.jpg" alt="Mega Agent Real Estate Team 137 Step Marketing System" title="Mega Agent Real Estate Team 137 Step Marketing System" style="display: block; margin-left: auto; margin-right: auto;" width="420" height="405" />
The Mega Agent Real Estate Team has a 137 Step System to Sell Your Home for the Most Money in the Quickest Time possible. When you see the detailed process that our team follows to sell every home we list, you will see why our team sells so many houses, so fast and for so much money!
<a href="https://assets.site-static.com/userfiles/903/file/sellers/Mega_Agents_Seller_Steps.pdf" title="Mega Agent Real Estate Team 137 Step Marketing System" target="_blank">Download PDF</a>
<a class="more popup" href="https://www.megaagents.com/contact/" title="Contact The Mega Agent Real Estate Team in Birmingham Alabama" target="_blank">Contact the Megas about selling your home!</a>2018-08-23T08:35:00-07:002023-05-19T08:26:10-07:00Collier Sweckertag:megaagents.com,2012-09-20:1756Why You Should Consider Selling in the Winter <img src="https://assets.site-static.com/userfiles/903/image/selling-in-the-winter-attracts-serious-buyers.jpg" alt="Selling In Winter Attracts Serious Buyers" title="Selling In Winter Attracts Serious Buyers" height="410" width="750" />
The season you sell your home can have an impact on how much you get for your home and how quickly it sells. The season that has the most success in selling homes is spring. This is a good time of year for families moving to new school districts and is also more convenient weather for moving. Because of this trend, most people will recommend waiting to list your home until after the winter is over. Avoiding the winter is a huge misconception in the housing industry and can cause homeowners to miss out on opportunities.
Selling in the winter can give you a few advantages. There will be fewer houses on the market since most people assume winter is a bad time to sell. This gives your home more attention. Potential buyers are always looking no matter the time of year. Keeping your house on the market in the winter might bring the right buyer to your door. Real estate agents also tend to be less busy during these months and commit more time to getting your home sold.
Studies have shown winter buyers are buying because they need to move right away either for a relocation or personal situation. They will want to close quickly and allow for a much smoother sale.
Bottom Line
If you need to sell your home right away, or have some time but want to see what is out there, consider listing in the winter. Most homeowners who are going to sell will list their home in the spring, making for a competitive market. The winter allows buyers who are in a hurry to move consider your home and sell for more money than you would have in the spring.2018-04-02T12:33:00-07:002018-08-06T11:27:28-07:00Collier Swecker