Seller Information

Are Your Neighbors Paying Their Condo Dues?

June 11, 2014 by admin

Wallingford PA Real Estate - wallingford PA - Plymouth Colony Condominiums

Plymouth Colony Condominiums In Wallingford

Do you know if you live in a condo community and your neighbors are delinquent with their association dues it could hinder your ability to sell you home?

If more than 15% of homeowner’s are 30 days past due on their homeowners association (HOA) dues the community is rendered ineligible for most types of financing. Delinquent HOA dues are the number one reason condo financing is declined in process during mortgage.

This unwanted news does not need to be a surprise midway through your transaction. As a homeowner you can get the delinquency informtion by making one phone call to the HOA prior to listing your home. You can find out if the past due number is 2% or 50%.

It is also a good idea to find out if there are any pending lawsuits against the HOA. Lawsuits against the HOA and/or builder involving the structural integrity of the properties automatically make the house ineligible for most types of financing.

Wallingford PA Real Estate – Wallingford, PA 19086

It Is All About The Price!

February 25, 2014 by admin

The often heard saying of location, location, location, should really be altered to price, condition, and location with price being by far the most crucial factor.

Location and condition are definitely important factors when selling a home, but it is the price that sells a home. A home in a good location will sell at a fair price, and a home in a bad location will ultimately sell at a fair price, it just will not be as high as it would be for a great location. A home in the most desirable location in the world will not sell at the wrong price. The same can be said for the influence of a home’s condition.

But neither location or condition will sell a house. Only one thing does that – price.

Maybe you did not listen when your were told that you were pricing your home above the market, or perhaps you got upset at the potential buyers who commented that your home was over priced and did not make an offer

When the showings stopped completely, you might have accused your agent of not doing a good enough job.

Many sellers only need to look in the mirror to find the party at fault.

It is all about the price – the overriding reason why a home does not sell. Whatever the reason is that a home is not selling it can ultimately be rectified by adjusting the price.

Consider The Comps

“Comps” are comparable homes in your neighborhood that have recently sold – within the past 6 months – or are currently for sale and under contract. Comps are the most important factor in pricing your home. Comparable homes ned to be viewed in conjunction with local market conditions, including the supply of for-sale homes relative to buyer demand and factors such as the absorption rate that measures the rate of inventory turnover.

Adhering to the basic laws of economics, when inventory levels are low the price envelope can be pushed but not to a point where it defies market data.

Price To Appraise

Sold comps carry extra weight, because your sales price will be subject to an appraisal, unless your buyer agrees to pay cash or waives any appraisal contingency. The appraisal of your home will be based on sale prices of sold comps. If the appraisal doesn’t support your contract sale price your deal could be in jeopardy.

Just remember the listing price of a home can not be justified by the following:

– Price you paid for your house
– The amount you want to net from the transaction
– The price that homes in your neighborhood sold for in years past
– The amount you have spent on repairs, maintenance and improvements

Wallingford PA Real Estate – Wallingford, PA 19086

A Finished Basement Adds Value

September 10, 2013 by admin

A finished basement is a desirable feature for homebuyers, and can add to the value of a home. In addition, it expands the livable space of a home by adding room for children to play, an extra bedroom and/or a recreation area for all ages. While finishing your basement sounds like a great idea, not all basements lend themselves to a remodel.

The first things to consider are the requirements laid out by the International Residential Code (IRC). Specifically, a basement living space must have a clear, floor-to-ceiling height of at least 7 feet (6 feet for bathrooms). There is also a requirement that the staircase leading from the home’s main level to the basement include a handrail and stairs with proper width, tread and riser dimensions. Lastly, there must be at least two means of egress from the basement via doors or windows for exits in an emergency.

If your home does not meet these requirements, it may still be possible to finish the basement; however, it will involve added expenses. For example, if the ceiling is not high enough, it is possible to raise your house and build up the foundation around it, or lower the floor, to gain the ceiling height you need. If the stairway isn’t wide enough or the steps aren’t to code, the staircase may need to be rebuilt.

Other considerations to make a basement a usable living space include heating and cooling, as well as controlling moisture. A contractor can tap into the existing HVAC system and then add vents or upgrade the system as necessary to comply with building codes. Any moisture problems can be solved by waterproofing walls and floors, grading the yard so water falls away from the foundation and/or installing a sump pump or drains around the foundation.

Wallingford PA Real Estate – Wallingford, PA 19086

Smoking Negatively Affects Home Values

August 27, 2013 by admin

Wallingford PA Real Estate - Wallingford, PA - Smoling Odros Can Decrease A Home's Value

Smoking Odors Can Turn Off Buyers Big Time

As if the negative health effects and cost of cigarette smoking are not enough to get you to stop, a recent article in the Chicago Tribune cites a survey of 400 Canadian real estate agents and brokers, sponsored by Pfizer Canada, found that smoking in the home could lower the value of your property by up to 29 per cent.

A heightened awareness by non-smokers of a home with smoking odors can make a smoker’s property difficult to sell. Smoke can permeate almost all surfaces and fabrics in a home and leaves odors and smells that are difficult to eliminate.

The impact of smoking in the home is not just cosmetic – it may significantly affect property values. Almost half, 44% of real estate agents and brokers surveyed said smoking in the home affects resale value. Of these, 32% said smoking in the home may lower the value by 10-19% and another 32% said it may lower the value by 20-29 per cent.

Over half of the survey respondents say buyers are less likely to buy a home where the owners have smoked, with 27% of that group unwilling even to consider a home in which the sellers smoke.

Wallingford PA Real Estate – Wallingford, PA 19086

Mistakes To Avoid When Selling Your Home

August 20, 2013 by admin

Get Prospective Buyers Through Your Door

There are a myriad of reasons why some homes linger on the market for an extended period. Time and time again sellers make the same mistakes when putting their home on the market, most of them easily avoidable. So if you are considering putting a For Sale sign in your front yard try to avoid some of the most common seller mistakes.

Pricing

Face the facts, home prices do not always go up, as the market can attest to in the past several years. Base your list price on solid comparable sales data with a mix of what the current competition is, to come up with a market based price. That is what the buyers and appraisers are going to do.

The only person whose opinion matters is the buyer who makes an offer. Pricing homes is part art and part science. It involves comparing similar properties, making adjustments for the differences among them, tracking market movements, and assessing the stock of present inventory, all in an attempt to come up with an educated opinion of value.

Many homeowners however choose to ignore these facts and attempt to list their home with an unrealistic price rather than a price that reflects current real estate market conditions. If a home is priced too high, it’s invariably going to sit until the seller is forced to make price cuts which can signal to buyers that there’s more room for negotiation.

In the past month, 23 percent of homes on Zillow have had their listing price reduced. Locally of the 91 listings currently on the market, 49 have had at least 1 price reduction, that amounts to 54% of the Wallingford homes listed.

Remember buyers are oblivious to:

– What you paid for your home

– What you need to make on the sale of your home

– What you want to make on the sale of your home

Whatever you do, be wary of the agent who suggests the highest listing price for you home. Unless the agent is willing to buy your home for an inflated price, the next thing you will see is a request to lower the price, but they got their foot in the door didn’t they?

Trying to Hide Problems

Any problem with the property will be uncovered during the buyer’s inspection, so there is no use trying to hide it. Either fix the problem ahead of time, or price the property below market value to account for the problem. Realize that if you do not fix the problem in advance, you may turn away a fair number of buyers who want a turnkey home. Having your home inspected before listing it is a good idea if you want to avoid costly surprises once the home is under contract.

Even minor issues like a broken doorknob raise questions to a potential buyer. They may wonder whether the house has larger, costlier issues that have not been addressed.

Not Preparing Your Home for Sale

Sellers who do not clean and stage their homes are leaving money on the table. You do not need to hire a professional, there are many things you can do on your own. Failing to do these things will not only reduce your sale price, but may also prevent you from getting a sale at all.

Pay attention to your agent’s comments and suggestions on preparing your home for sale. Have a friend over to get a unbiased opinion on areas of your home that need work – because of your familiarity with the home, you may have become immune to its trouble spots. Turn on the TV any night and you can see a number of programs that discuss what and what not to do with your home as you prepare for potential buyers. Decluttering, cleaning thoroughly, putting a fresh coat of paint on the walls will also help you make a good impression on buyers.

Last but not least – do not ignore pet and smoking odors in your home. I have been with buyers who have immediately walked out of a home due to odors.

Not Accommodating Potential Buyers

It is not convenient to sell your home. If someone wants to view your house, you need to accommodate this person, even if it is inconvenient for you. Forget about requiring 24 notice. Like it or not consumers are demanding and want things now, make them wait and they will move onto something else and not come back. And yes, you have to prepare the house before every single visit. A buyer will not know and will not care if your house was clean last week if it is not clean when he or she views it. It’s a lot of work, but stay focused on the ultimate goal.

Do not try to be too accommodating by being present for showings. One of the worst things a seller can do is to follow around a prospective buyer while they tour the home. You might view this as trying to be helpful, but believe me it only makes the buyer uncomfortable and less likely to take the time to thoroughly tour the home. Give them their time and space to tour and view the home on their own.

Ignoring Visual Appeal

With over 90% of buyers first seeing a home online, it is critical that the images of your home are of high quality. There are many times I see listings in the MLS with no pictures, or pictures so bad they defy description. Review with your agent the photos that will be displayed. I like to walk a buyer through the house beginning with several outside shots, then organize pictures as if they were walking though the home. Include shots of important spaces like the kitchen, living rooms, family room and bedrooms. Emphasize the visual qualities of your home that made it attractive to you. Remember you were a buyer once too. Make sure to declutter; a picture filled with your personal belongings will make it harder for a potential buyer to picture themselves as the next owners of your home.

Wallingford PA Real Estate – Wallingford, PA 19086

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S. Clark Kendus