Selling your home: A step-by-step approach

Whether you’re starting a family, moving for your job, getting ready to retire or embarking on a new chapter in your life, when your home no longer suits your current situation, it’s time to think about selling it. Although this can be a bit complicated, with the help of your agent, you can minimize the hassles, get the best possible price, and shorten the distance between “For Sale” and “Sold”.

Price it right

If you want to get the best possible price for your home and minimize the time it stays on market, you need to price it correctly from the beginning. Your agent can give you a clear picture of your particular market and can provide you with a comparative market analysis (CMA). A CMA contains detailed information on comparable homes in your area, including square footage, date built, number of bedrooms, lot size and more. It lists pending sales and houses sold in your area in the past six months, along with their actual sale prices.

By comparing your home to similar homes in your neighborhood and reviewing their list prices and actual selling prices, your agent can help you arrive at a fact-based assessment of your home’s market price.

Prepping your house for sale

You want to make a positive first impression when you list your home for sale. Here are some tips on how to enhance your home’s best features:

Work on your curb appeal

Some great things to improve your home’s curbe appeal are to get rid of moss on your roof, power wash your front walk, porch, deck and patio. Clean up the garden and mow the lawn, trim the hedges, weed the flowerbeds and add spots of color with container plants. Clean all the windows inside and out and repair them if they don’t open and close easily.

Refresh, repair and repaint

This goes for interiors and exteriors. If you see peeling paint, add a fresh coat. If it isn’t already, consider painting rooms a neutral shade of white or grey. It’s also a good idea to make necessary repairs as you don’t want to turn off a buyer with a dripping faucet, a broken doorbell, a clogged downspout or a cracked windowpane.

Deep-clean, from floor to ceiling

Clean rugs, drapes and blinds, and steam-clean carpeting. Get rid of any stains or odors. Make sure kitchen appliances, cupboards and counters are spotless and that bathrooms shine.

Declutter and depersonalize

Clean, light-filled, expansive rooms sell houses. So be sure to downsize clutter everywhere in your home, including cupboards, closets and counters. You might also consider storing some furniture or personal items to make rooms look more spacious. Take advantage of views and natural light by keeping drapes and blinds open.

Show your house

After you’ve taken care of all the repairs and cleaning tasks outlined above, your home is ready for its close-up: an open house. It’s actually best for you and your family to leave when potential buyers are present so they can ask your agent questions. But before you go, you might want to:

·         Take your pets with you

·         Open the shades and turn on the lights

·         Light a fire in the gas fireplace

·         Bake cookies or use candles and plug-in’s

·         Keep money, valuables and prescription drugs out of sight

Be flexible in negotiating

If you get offers below your asking price, there are a number of strategies you can try in your counteroffer. You could ask for full price and throw in major appliances that were not originally included in the asking price, offer to pay some of the buyer’s fees, or pay for the inspection. You could also counter with a lower price and not include the appliances. If you receive multiple offers, you can simply make a full-price counter.

Your agent can suggest other strategies as well and help you negotiate the final price.

If your house doesn’t sell or you’ve received only lowball offers, ask your agent to find out what these prospective buyers are saying about your house. It might reveal something you can consider changing to make your house more appealing in the future or switch up the marketing strategy a bit to better manage expectations.

Breeze through your inspection

When a buyer makes an offer on your home, it’s usually contingent on a professional inspection. A standard inspection includes heating and cooling, interior plumbing and electrical systems; the roof, attic and visible insulation; walls, ceilings, floors, windows and doors; and the foundation, basement and visible structure. The inspector will be looking for cracks in cement walls, water stains and wood rot.

You can always opt for having an inspection done prior to putting your house on the market, so you can address any potential problems in advance. Your agent can give you several recommendations for qualified inspectors in your area.

Close with confidence

Whether this is your first time or your tenth, your agent can help guide you though the complex process of selling a home. Moreover, he or she can answer any questions you may have about legal documents, settlement costs and the status of your sale.

Your agent’s expertise, resources and extensive network also work for you when you’re buying your next house. Even if you’re moving out of the area, your agent can refer you to a professional agent in your new community.


Posted on July 16, 2019 at 8:45 am
Fort Collins | Posted in For Sellers | Tagged , , , , , , , , ,

Gorgeous Home in Timnath Ranch!

This gorgeous home at 6580 Tombstone Ridge Road on a corner lot in Timnath boasts an open floor-plan! The main level features a gourmet kitchen with extra cabinetry and work station. The bright, sprawling great room features a high vaulted ceiling and fireplace adorned with a restored mantle moved from a historic Denver home built in 1906. Large loft, additional bedrooms and master suite on the upper level. Full unfinished basement. Great yard and deck for relaxing. Short distance to the pool and Bethke Elementary! Contact Jon Holsten at (970) 237-2752 for your private showing for more information or click the link below for more details.

http://windermerenoco.com/listing/97725134


Posted on July 15, 2019 at 11:50 am
Fort Collins | Posted in Timnath Real Estate, Virtual Tours | Tagged , , , , , , , , , , , , , , , , , ,

Fantastic Main Level Condo in Fort Collins!

Fantastic main-level condo at 4545 Wheaton Dr #B130 in south Fort Collins! This rare find in Rockbridge features an open floor-plan with a large updated kitchen and separate dining area. With new carpet throughout, this home includes a large master suite. Great room boasts a gas fireplace and opens to the covered and enclosed deck with storage closet. Quick access to the community clubhouse and pool, shopping and I-25. A great unit and excellent value! Contact Jon Holsten at (970) 237-2752 for your private showing for more information or click the link below for more details.

http://windermerenoco.com/listing/97737220


Posted on July 15, 2019 at 10:52 am
Fort Collins | Posted in Fort Collins Real Estate, Virtual Tours | Tagged , , , , , , , , , , , , , , , ,

Two Unit Duplex near Old Town in Fort Collins!

Over/under duplex at 1730 Whedbee Street in Fort Collins just minutes to Old Town, I-25, and Spring Creek Park! Off street parking, good sized backyard, and amazing location have kept this property rented for the owners. This property has a Certificate of Occupancy from the city as an approved duplex! Contact Paul Hunter at (970) 673-7285 for your private showing for more information or click the link below for more details.

http://windermerenoco.com/listing/97654164

 


Posted on July 15, 2019 at 10:06 am
Fort Collins | Posted in Fort Collins Real Estate, Virtual Tours | Tagged , , , , , , , , , ,

Sign Surprise

Given how active our market is today and has been over the last few years, many people assume that virtually every home with a “For Sale” sign in the front yard is already under contract.

 

They are surprised to learn that, in most cases, the “For Sale” sign does indeed represent a home that is actively for sale.

 

For example, today in Fort Collins there are 655 single-family homes on the market. 290 of these are under contract and will be closing soon. 365 of these are still active. So, 56% of the signs in Fort Collins are in front of homes that are still available.

 


Here are the specific numbers for each of our Northern Colorado markets:
• Fort Collins = 56%
• Loveland = 57%
• Windsor = 58%
• Greeley = 41%

 

 


Posted on July 12, 2019 at 1:35 pm
Fort Collins | Posted in Blog, Fun Facts | Tagged , , , , , , , , , , , , , , ,

What to Consider Before You Build

If you’re short on space but don’t want to move, a home addition is an attractive way to solve your woes and turn your current home into your dream home.

Whether you’re adding a whole new room or a more modest addition, it can turn into a major construction project; with architects and contractors to manage, construction workers traipsing through your home, hammers pounding, and sawdust everywhere. Although new additions can be a great investment, the cost per-square-foot is typically more than building a new home, and much more than buying a larger existing home.

Before you make the leap, consider the following:

 

Define your needs

To determine if an addition makes sense for your situation, start by defining exactly what it is you want and need. By focusing on core needs, you won’t get carried away with a wish list that can push the project out of reach financially.

If it’s a matter of needing more space, be specific. For example, instead of just jotting down “more kitchen space,” figure out just how much more space is going to make the difference, e.g., “150 square feet of floor space and six additional feet of counter space.”

If the addition will be for aging parents, consult with their doctors or an age-in-place expert to define exactly what they’ll require for living conditions, both now and over the next five to ten years.

 

Types of Additions

Bump-out Addition

“Bumping out” one or more walls to make a first-floor room slightly larger is something most homeowners think about at one time or another. However, when you consider the work required, and the limited amount of space created, it often ends up to be one of your more expensive approaches.

First Floor Addition

Adding a whole new room (or rooms) to the first floor of your home is one of the most common ways to add space to a home. You can easily create a new family room, apartment or sunroom. But this approach can also take away yard space.

Dormer Addition

For homes with steep rooflines, adding an upper floor dormer may be all that’s needed to transform an awkward space with limited headroom. The cost is affordable and, when done well, a dormer can also improve the curb-appeal of your house.

Second-Story Addition

For homes without an upper floor, adding a second story can double the size of the house without reducing surrounding yard space. But be cautious not to ruin the value of homes next to you when you do this, the second story might not be worth the drama on your block.

Garage Addition

Building above the garage is ideal for a space that requires more privacy, such as a rentable apartment, a teen’s bedroom, guest bedroom, guest quarters, or a family bonus room.

 

 

Permits required

You’ll need a building permit to construct an addition—which will require professional blueprints. Your local building department will not only want to make sure that the addition adheres to the latest building codes, but also ensure it isn’t too tall for the neighborhood or positioned too close to the property line. Some building departments will also want to ask your neighbors for their input before giving you the go-ahead.

 

Requirements for a legal apartment

While the idea of having a renter that provides an additional stream of revenue may be enticing, the realities of building and renting a legal add-on apartment can be sobering. Among the things you’ll need to consider:

  • Special permitting—Some communities don’t like the idea of “mother-in-law” units and therefore have regulations against it, or zone-approval requirements.
  • Separate utilities—In many cities, you can’t charge a tenant for heat, electricity, and water unless utilities are separated from the rest of the house (and separately controlled by the tenant).
  • ADU Requirements—When building an “accessory dwelling unit” (the formal name for a second dwelling located on a property where a primary residence already exists), building codes often contain special requirements regarding emergency exists, windows, ceiling height, off-street parking spaces, the location of main entrances, the number of bedrooms, and more.

In addition, renters have special rights while landlords have added responsibilities. You’ll need to learn those rights and responsibilities and be prepared to adhere to them. Be sure to talk to your Windermere Real Estate Agent or a local Property Manager about municipal, state, and federal laws.

 

Average costs

The cost to construct an addition depends on a wide variety of factors, such as the quality of materials used, the laborers doing the work, the type of addition and its size, the age of your house and its current condition. For ballpark purposes, however, you can figure on spending about $200 per square foot if your home is in a more expensive real estate area, or about $100 per food in a lower-priced market.

You might be wondering how much of that money might the project return if you were to sell the home a couple years later? The answer to that question depends on the above details; but the average “recoup” rate for a family-room addition is typically more than 80 percent.

 

The Bottom Line

While you should certainly research the existing-home marketplace before hiring an architect to map out the plans, building an addition onto your current home can be a great way to expand your living quarters, customize your home, and remain in the same neighborhood.


Posted on July 12, 2019 at 12:00 pm
Fort Collins | Posted in Colorado Housing, For Buyers, Home Builders | Tagged , , , , , , , ,

Great Cul-de-sac Income Property in Fort Collins!

Great for investor as it is leased through July of 2020! 1432 Edgewood Court is in proximity to campus and parks have kept this property rented consistently. Cul-de-sac location for less traffic. Close to bus lines, and easy access to the west side of Fort Collins and CSUContact Paul Hunter at (970) 673-7285 for your private showing for more information or click the link below for more details.

http://windermerenoco.com/listing/97654711


Posted on July 11, 2019 at 8:51 am
Fort Collins | Posted in Fort Collins Real Estate, Virtual Tours | Tagged , , , , , , ,

Completely Renovated Ranch Style Home in Fort Collins!

Don’t miss out on this opportunity to own a completely renovated 5 bed/3 bath home at 3024 Stanford Road in midtown Fort Collins. This home features an open concept kitchen with plenty of room for entertaining. The basement was professionally finished last year and has 2 large bedrooms and a wet bar. Don’t miss the secret storage room behind the bar. Plenty of room for your family, workout room, & home office. Backyard is perfect for those warm Colorado nights with loads of privacy. Contact Greg Rittner at (970) 682-3050 for your private showing for more information or click the link below for more details.

http://windermerenoco.com/listing/97434312


Posted on July 11, 2019 at 8:27 am
Fort Collins | Posted in Fort Collins Real Estate, Virtual Tours | Tagged , , , , , , , , , ,

The Risks and Rewards of Purchasing a Bank-Owned Home

 

The process of purchasing a home directly from a lender can be long and arduous, but could very well be worth it in the end. If you have your sights on a particular home or are looking to find a deal on your first, working directly with the lender may be your only option. Purchasing a bank-owned home is not for the faint of heart, here are some tips for negotiating the REO process:

 

1. Be prepared: The condition of bank-owned properties are often poor and hard to show. Past owners may have departed on bad terms, leaving the home in poor condition with foul smells, missing appliances, wires are taken from breakers, gas fireplaces gone, even bathrooms without toilets and sinks.

 

2. Understand the costs: Maintenance or repairs may be necessary since these homes have been vacant for an unknown period of time–sometimes months or years. Keep in mind, when they were occupied the owners could have been under financial hardship, preventing them from doing regular seasonal care or repairs when needed. Remember as well that the bank is trying to sell the house immediately, so you will receive a financial break in the price rather than a willingness to negotiate on the maintenance and repair issues.

 

3. Accept the unknown: In traditional real estate transactions, homeowners fill out Form 17 regarding important information about the history of the house. A bank-owned home is either exempt or marked with “I don’t know” throughout the document. Not having the accuracy of this 5-page disclosure form could leave you with a lot of unanswered questions on the history of the home.

 

4. Know what is non-negotiable: The pricing on the house may not get much lower. Some of these properties can be “a dream come true” if you get them at an amazing price, or they could be your worst nightmare. Do your due diligence researching any property, and conduct all necessary inspections to safeguard yourself. Some major repairs may be negotiable, but will likely not reduce the home price.

 

5. Make a clean offer: The higher the price you can offer, the better. Include your earnest money, keep contingencies to a minimum, and suggest a reasonable closing date. The simpler your offer is, the higher chance you have of the bank accepting your offer or countering in a reasonable time period.

 

6. Be patient: Consult with a professional who handles bank owned home purchases to help you negotiate the pathway to homeownership. The process of purchasing a bank-owned, foreclosed or short-sale home is typically longer than a typical real estate sale.


Posted on July 9, 2019 at 10:48 am
Fort Collins | Posted in For Buyers, Mortgage | Tagged , , , , , , ,

Are You Better Off Paying Your Mortgage Earlier or Investing Your Money?

Photo Credit: Rawpixel via Unsplash

Few topics cause more division among economists than the age-old debate of whether you’re better off paying off your mortgage earlier, or investing that money instead. And there’s a good reason why that debate continues; both sides make compelling arguments.

For many people, their mortgage is the largest expense they will ever incur in their lives. So if given the chance, it only makes logical sense you would want to pay it off as quickly as possible. On the other hand, a mortgage is also the cheapest money you will ever borrow, and it’s generally considered good debt. Any extra money you obtain could be definitely be put to good use elsewhere.

The reality is, however, a little less cut and clear. For some homeowners, paying off their mortgage earlier is the right answer. While for others, it would be far more advantageous to invest their money.

 

Advantages of paying off your mortgage earlier

  • You’ll pay less interest: Each time you make a mortgage payment, a portion is dedicated towards interest, and another towards principal (we’ll ignore other costs for now). Interest is calculated monthly by taking your remaining balance, the length of your amortization period, and the interest rate agreed upon with your lending institution.

If you have a $300,000 mortgage, at a 4% fixed rate over 30 years, your monthly payment would be around $1,432.25. By the time you finish paying off your mortgage, you would have paid a total of $515,609, of which $215,609 were interest.

If you wanted to lower the total amount you pay on interest, you don’t need to make a large lump sum to make a difference. If you were to increase your monthly mortgage payment to $1,632.25 (a $200 a month increase), you would be saving $50,298 in interest, and you’ll pay off your mortgage 6 years and 3 months earlier.

Though this is an oversimplified example, it shows how even a small increase in monthly payments makes a big difference in the long run.

  • Every additional dollar towards your principal has a guaranteed return on investment: Every additional payment you make towards your mortgage has a direct effect in lowering the amount you pay in interest. In fact, each additional payment is, in fact, an investment. And unlike stocks, bonds, and other investment vehicles, you are guaranteed to have a return on your investment.
  • Enforced discipline: It takes real commitment to invest your money wisely each month instead of spending it elsewhere.

 

Your monthly mortgage payments are a form of enforced discipline since you know you can’t afford to miss them. It’s far easier to set a higher monthly payment towards your mortgage and stick to it than making regular investments on your own.

Besides, once your home is completely paid off, you can dedicate a larger portion of your income towards investments, your children or grandchildren’s education, or simply cut down on your working hours.

 

Advantages of investing your money

  • A greater return on your investment: The biggest reason why you should invest your money instead comes down to a simple, green truth: there’s more money to be made in investments.

Suppose that instead of dedicating an additional $200 towards your monthly mortgage payment, you decide to invest it in a conservative index fund which tracks S&P 500’s index. You start your investment today with $200 and add an additional $200 each month for the next 30 years. By the end of the term, if the index fund had a modest yield of 5% per year, you will have earned $91,739 in interest, and the total value of your investment would be $163,939.

If you think that 5% per year is a little too optimistic, all we have to do is see the S&P 500 performance between December 2002 and December 2012, which averaged an annual yield of 7.10%.

  • A greater level of diversification: Real estate has historically been one of the safest vehicles of investment available, but it’s still subject to market forces and changes in government policies. The forces that affect the stock and bonds markets are not always the same that affect real estate, because the former are subject to their issuer’s economic performance, while property values could change due to local events.

By putting your extra money towards investments, you are diversifying your investment portfolio and spreading out your risk. If you are relying exclusively on the value of your home, you are in essence putting all your eggs in one basket.

  • Greater liquidity: Homes are a great investment, but it takes time to sell a home even in the best of circumstances. So if you need emergency funds now, it’s a lot easier to sell stocks and bonds than a home.

Posted on July 3, 2019 at 4:02 pm
Fort Collins | Posted in Blog | Tagged , ,