Should I Remodel or Sell My Home As Is?

Homeowners who are preparing to sell are often faced with a dilemma about whether to remodel or sell their home in its current state. Each approach has its respective advantages and disadvantages. If you decide to remodel your home, it will likely sell for more; but the increased selling price will come at the cost of financing the remodeling projects. If you decide to sell without remodeling, you won’t spend as much money putting your home on the market, but the concern is whether you’re leaving money on the table.

Should I Remodel or Sell My Home As Is?

To answer this question, it’s important to understand the factors that could influence your decision and to work closely with your agent throughout the process.

Cost Analysis: Home Remodel vs. Selling Your Home As Is

Home Remodel

When you remodel your home before selling, you’re basically making a commitment to spend money to make money. So, it’s important to consider the kind of ROI you can expect from different remodeling projects and how much money you’re willing to spend. Start by discussing these questions with your agent. They can provide you with information on what kinds of remodels other sellers in your area are making and the returns they’re seeing as a result of those upgrades. This will help you determine the price of your home once your remodel is complete.

Then, there’s the question of whether you can complete you remodeling projects DIY or if you’ll need to hire a contractor. If hiring a contractor seems expensive, know that those costs come with the assurance that they will perform quality work and that they have the skill required to complete highly technical projects. 

According to the Remodeling 2021 Cost vs. Value Report (www.costvsvalue.com1), on average, homeowners paid roughly $24,000 for a midrange bathroom remodel and about $26,000 for a minor kitchen remodel nationwide, with a 60.1% and 72.2% ROI respectively. This data shows that, for these projects, you can recoup a chunk of your costs, but they may not be the most cost-effective for you. A more budget-friendly approach to upgrading these spaces may look like repainting your kitchen cabinets, swapping out your old kitchen backsplash for a new one, refinishing your bathroom tub, or installing a new showerhead. Other high-ROI remodeling projects may allow you to get more bang for your buck, such as a garage door replacement or installing stone veneer. To appeal to sustainable-minded buyers, consider these 5 Green Upgrades that Increase Your Home Value

 

Image Source: Getty Images – Image Source: stevecoleimages

 

Selling Your Home As Is

Deciding not to remodel your home will come with its own pros and cons. By selling as is, you may sell your home for less, but you also won’t incur the cost and headache of dealing with a remodel. And since you’ve decided to sell, you won’t be able to enjoy the fruits of the remodel, anyway. If you sell your home without remodeling, you may forego the ability to pay down the costs of buying a new home with the extra money you would have made from making those upgrades.

Market Conditions: Home Remodel vs. Selling Your Home As Is

Local market conditions may influence your decision of whether to remodel before selling your home. If you live in a seller’s market, there will be high competition amongst buyers due to a lack of inventory. You may want to capitalize on the status of the market by selling before investing time in a remodel since prices are being driven up, anyway. If you take this approach, you’ll want to strategize with your agent, since your home may lack certain features that buyers can find in comparable listings. In a seller’s market, it is still important to make necessary repairs and to stage your home.

In a buyer’s market, there are more homes on the market than active buyers. If you live in a buyer’s market, you may be more inclined to remodel your home before selling to help it stand out amongst the competition.

Timing: Home Remodel vs. Selling Your Home As Is

Don’t forget that there is a third option: to wait. For all the number crunching and market analysis, it simply may not be the right time to sell your home. Knowing that you’ll sell your home at some point in the future—but not right now—will allow you to plan your remodeling projects with more time on your hands which could make it more financially feasible to complete them.

For more information on how you can prepare to sell your home, connect with a local Windermere Real Estate agent below:

 

  1. “© 2021 Hanley Wood, Complete data from the Remodeling 2021 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.”

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You’ve Decided to Sell Your Home—Now What?

Deciding to sell your home is one of the biggest steps you can make in your journey as a homeowner. You’ve likely gone through every scenario in your head and are eager to make sure that the next step for yourself and your loved ones is the right one. The shift from homeowner to seller can feel like a roller coaster, but with the right preparation, it will go smoothly. Here are a few ways to make this transitional period a little easier.

Rely on Your Support System

It’s common to experience waves of emotion when selling your home. Leaning on your support system—your Windermere agent included—can provide some stability.

Selling a home is an exciting endeavor to be shared with the people around you. Reach out to your friends and family to share the great news and start the conversation about how, where, and when they can help you. Whether it’s helping you pack, getting you out of the house during open houses, lending a hand on moving day, helping you get settled into your new home, or simply offering words of encouragement, involving your community will help make it all feel a little less overwhelming for both you and them. If you’re looking for a place to stay while you sell your home, someone in your network may have the perfect solution.

Ask Questions

There is no such thing as a stupid question, especially when selling your home. Whether you’ve sold your home before or this is your first time, each transaction in unique. Your Windermere Real Estate agent will be equipped to address your every question, so don’t be afraid to pause the conversation to ask a clarifying question if something doesn’t make sense.

For information on every aspect of what it takes to sell your home, visit the Selling page on the Windermere blog.

Create a Timeline of Selling Your Home

From prep work to closing, there are many steps to selling your home. It may be helpful to create a timeline or schedule of events, so you know both what you’ve accomplished and what’s coming next. Here’s an example of what it could look like:

  • Prepare to Sell

    • Move out & clean
    • Stage the home
    • Marketing Photos
    • List the house
    • Open House Weekend
  • Accepting the Offer

    • Review Offers
    • Accept an offer
    • Negotiate with buyer
    • Buyer’s Inspection
  • Moving

    • Pack up
    • Move
    • Update all addresses and bills

 

Expect the Unexpected When Selling Your Home

There’s a fair amount of unpredictability in a transaction as intricate as selling a home, so it’s best to be prepared. A pre-listing inspection will let you know of any major issues with your property that might impact the price of your home and the eventual negotiations your agent will pursue with the buyer’s agent. This lets you make necessary repairs before you go on market, providing you with one last chance to increase your return on investment.

Keep your home secure with a few precautions while you sell. While your house is on the market, you’ll have a lot of foot traffic during open houses and private tours. You can protect your home by adding cameras in and around your home, hiding valuables in a safe, and talking to your agent about taking the appropriate safety precautions.

For more on what you can expect when selling your home, read our blog post on the 10 Costs Associated with Selling Your Home.

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Make Your Move

Moving is stressful, whether it is across town or cross-country.  Once you have closed on your house, the reality of packing, moving, and setting up a new home can become overwhelming. While no list can make a move “stress-free,” planning ahead and staying organized can help make your move a little smoother. Here is our list of tips:

Getting Started

Once you know your prospective move date set up a quick timeline to make sure you can get all the important tasks done and ready in time for your move.

Consider how much stuff you have by doing a home inventory. This can help you decide whether you need to hire movers to help you or if you will be managing your move on your own. Many moving companies supply inventory lists to help you assess the size of truck you will need.  You can use your list as double duty for insurance purposes later.

As soon as you decide how you will be moving, make your reservations. In general, moving companies and truck rental services are over-booked at the beginning and very end of the month.  If you are planning on hiring a moving company, contact a few in your area for a price quote. To find companies ask your real estate agent, family, or friends, and consult online reviews.  It is also a good idea to request a quote and compare companies.

Preparing for Your Move

  • Moving is a great opportunity to get rid of clutter, junk, or outdated items. Set aside some time to sort through your closets, storage spaces, files, drawers, and more.  Go through cluttered areas and organize items by “keepers”, “give-aways” and “garbage”. You will have less to pack and an opportunity to update after you move. Contact a local nonprofit organization for your donations; some will arrange to pick up larger donations like furniture. If you have items of value, eBay or craigslist are good options.
  • Changing your address is one of the more tedious tasks in the moving process. You will need to change your address with the United States Post Office. You can find the online form here: Movers Guide.

You will also need to change your address with each account you have. Here is a list to get your started:

  • Employers
  • Bank(s)
  • Utilities (Electric, Water/Sewage, Oil/Gas)
  • Cable/ Telephone
  • Cell phone service
  • Credit Cards
  • Magazine subscriptions
  • Insurance companies (auto, home/renters, health, dental, vision, etc.)
  • Pharmacy
  • Other personal services

Let the Packing Begin

Before you start packing, it may help to visualize where everything you have will go. Perhaps furniture will fit better in a different room? Consider the floor plan of your new home and figure out what will go where. This will aid in packing and labeling as you box everything up.

Use a tool like floorplanner.com to plan where furniture and items will go.

When it comes to packing you have some options. You can work with a service that provides reusable boxes for moving or you can reuse or purchase cardboard boxes.  Make sure you have enough boxes, packing tape, dark markers, and packing paper.

Pack rooms according to your floor plan. Label boxes with contents and room. This will make it easier to unpack your home, knowing where everything is going.

Real Simple magazine has some great tips on packing for your move.

If you have to disassemble any of your furniture, make sure you keep all the parts and directions together. Make sure you set aside your necessities for the day you move. Being tired and unable to take a shower or make your bed can be hard at the end of a long moving day. Here are some ideas of what you may like to pack in your “day-of-move” boxes:

  • Clean linens for the beds, pillows and blankets
  • Clean towels
  • Shower curtain, liner and hooks
  • Toiletries, hand soap, tooth brush, etc.
  • Disposable utensils, cups, napkins, etc
  • Rolls of toilet paper
  • Snacks and water
  • Change of clothes
  • Tools for reassembling furniture, installing hardware, and hanging photos

Making Your Move

  • Come up with a game plan with your family, so everyone has a role and a part to play
  • Once the house is empty, do a once over on your old place to make sure it is clean for the next owners/occupants. Here is a useful checklist for cleaning.

Warming Your New Home

Once you have settled into your new home, warm it up by inviting friends and family over to celebrate. Here is a great infographic about housewarming traditions and symbolism. Announce your move to far-away friends and family through moving announcements to make sure you stay on the holiday card mailing list.

To connect with an experienced Windermere Real Estate agent today, get started here:

 

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7 Mistakes to Avoid When Selling a Home

Mistakes in the selling process can throw your plans off course, causing costly delays. But by knowing what mistakes to avoid ahead of time, you can save yourself the headache and the expense. Steer clear of these common mistakes as you work alongside your agent towards a successful sale.

7 Mistakes to Avoid When Selling a Home

  1. Skipping Repairs:

    Neglecting to make repairs to your home before you sell not only makes it less appealing to buyers, but it can also open you up to additional costs that result from the buyer’s inspection. If you fail to disclose any repairs that need to be made, it could halt the closing process or cause the deal to fall through. Consider conducting a pre-listing inspection to make sure everything is out in the open before you sell.

  2. Not Working with an Agent:

    Listing agents help sellers accurately price their home, coordinate showings and open houses, and negotiate with buyers’ agents to get the best deal for their client. Choosing not to work with an agent can open you up to several risks. Selling a home is an intricate, complicated process that needs the guiding hand of a professional, so it’s no wonder that a vast majority of sellers choose to work with an agent.

  3. Incorrectly Pricing Your Home:

    The key to selling your home quickly is to find the right buyers. To find the right buyers, your home must be correctly priced. Agents use a Comparative Market Analysis (CMA)—a thorough, data-backed examination of your home and how it compares to other listings in your area—to accurately price your home. Without an agent’s CMA, it’s easy for your home to be listed at the wrong price, leading to the following consequences.

    • Overpricing Your Home: Overpricing your home will attract the wrong buyers because you will force your home into competition with other listings that are fundamentally superior or have more to offer. When comparing other homes to yours, buyers will focus on the discrepancies and the features your home lacks. Overpricing will often cause homes to sit on the market for extended periods of time and become less appealing to buyers.
    • Underpricing Your Home: Under competitive market conditions, intentionally underpricing a home is a common strategy to attract buyer attention with the goal of starting a bidding war to drive the price of the home up. However, several things must go correctly for this to happen. In all other cases, underpricing your home reflects a lack of knowledge about where its market value fits into the fabric of current local market conditions and can leave you, the seller, unsatisfied with the price your home ultimately fetches.
  1. Letting Your Emotions Take Over:

    Selling your home is an act of learning how to let it go. Once you know you’re ready to sell, you’ll need to be able to look at it with an objective eye. This will allow you to approach conversations with your agent from a neutral standpoint and work towards what is best for the sale of the home. If you’re too emotionally attached, you may find that you have trouble agreeing with your agent when it comes to negotiations. Overall, emotions can cloud your judgement and make the successful completion of the transaction more complex. If you’re struggling with tabling your emotions, talk to your agent for guidance.

  2. Not Prioritizing Photography:

    One of the hard truths for selling a home is that first impressions matter. The vast majority of buyers are searching online and taking virtual tours of homes they’re interested in. As such, it’s worth the time and money to hire a high-quality photographer. The right photography can make all the difference in the minds of buyers. An aesthetically pleasing home will attract more eyes, and any edge you can give your home over competing listings may be just the ticket to getting it sold.

  3. Selling Before You’re Ready:

    It may be tempting to want to get your house on the market quickly to take advantage of local market conditions, but if the time isn’t right for you, rushing into the market could cause more trouble than it’s worth. Knowing when to sell your home is a mixture of being financially prepared, finding the right agent, and understanding how your home fits into the current local market landscape.

  4. Refusing to Negotiate:

    Approaching buyers’ offers with a cold shoulder can lead to missed opportunities. Before the offers start to come in, it’s important to work closely with your agent to understand your expectations and which terms and contingencies you’re willing to negotiate. That way, you can quickly identify the right offer when it comes along. If you’re unwilling to negotiate, it can drive buyers away and leave potential deals on the table.

 

Before you sell, get to know what costs you can expect to encounter during the process: 10 Costs Associated with Selling Your Home

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Deciding to Sell Your Home

Deciding when to sell your home can depend on a variety of factors. Perhaps your local market conditions are favorable to sellers, or you’ve recently changed jobs, or your family is growing and you need to upsize. Whatever the case may be, making the decision to sell your home is the first step in your selling journey

Deciding to Sell Your Home

Once you know it’s time to sell your home, it’s natural to feel a wave of emotions. A home is an integral part of a homeowner’s life. They provide countless memories and, for many homeowners, are their greatest investment. But once you’ve decided to sell, it’s important to look at your home with an objective eye to appeal to a wide variety of buyers.

Which repairs should I make before selling my home?

To get your house in top selling shape, identify its outstanding repairs. As you fill out your list, separate the projects into categories which are DIY-eligible, and which require a professional. This will help you to budget for your overall repair expenses and build a reasonable timeline. Some of the most important repairs to make before listing your home include fixing appliances, making sure your sinks and faucets work properly, repairing any cracks or holes in the walls, fixing all leaks and water damage, and ensuring that all systems in the home are functioning properly. Making repairs before you list your home will bode well for home inspections, negotiations, and can even give your home an advantage over other listings. Your agent may suggest a pre-listing inspection to make your home more competitive in a seller’s market.

Which upgrades should I make before selling my home?

When you sell your home, you’re inevitably competing against other listings in your area. The aesthetics of a house play a significant role in its ability to catch buyer’s attention, which emphasizes the importance of improving your curb appeal as you prepare to hit the market. Landscaping projects, new exterior paint, and upgrading your front entry are just a few ways you can spruce up the outside of your home.

And what about the interior? Consider upgrading your appliances to energy-efficient models, which are known for their high ROI potential. This is a great time to repaint your home’s interior as well. Consider using a neutral color palette to make it as appealing as possible to a wide-array of buyers. It’s also a good idea to identify rooms in which the flooring should be replaced or repaired. If it makes most sense to completely re-do your home’s flooring, choose a material that is within budget and has good resale value.

Working with an agent

Listing agents are trained professionals who work with homeowners to sell their homes. Your listing agent will be there to answer any questions you may have throughout the selling process and will negotiate with buyers’ agents to get the best price for your home. But their value doesn’t stop there. A listing agent will list the home, coordinate showings and open houses, and market the home. When choosing an agent, find someone with whom you are compatible both emotionally and professionally, and who cares about the goals of you and your household.

What’s my home worth?

Homeowners can get a general idea of how much their home is worth by using online home value estimators, like Windermere’s free Home Worth Calculator. Though these tools can provide some context behind the value of your home, nothing compares to the in-depth analysis of an agent’s Comparative Market Analysis (CMA). Using a CMA, an agent can accurately price your home to get it sold quickly.

 

For more information on your local housing market and how to sell your home, connect with a Windermere agent today by clicking on the button below. 

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Working with a Listing Agent

What is a Listing Agent?

Generally, a real estate transaction involves a listing agent representing the seller and a buyer’s agent representing the buyer. Listing agents will conduct a Comparative Market Analysis (CMA)—which uses recent housing market data to compare the seller’s home to other listings in their area—to accurately price the property. The agent will list the home, coordinate showings and open houses, and negotiate with buyers’ agents to find the best offer for their client. Once the transaction is complete, the listing agent and buyer’s agent will split the commission of the sale.

Hiring a listing agent removes the risks of selling your own home by placing the selling process in the hands of an experienced licensed professional. Once you’ve found the right agent, you can begin working together to form your selling strategy.

Advantages of Working with a Listing Agent

Accurately Pricing Your Home

Your listing agent will begin the selling process by finding the value of your home. There are various factors that influence home prices, including seasonality, market conditions, home features, and more. Agents have exclusive access to the data behind these trends, allowing them to conduct a thorough CMA to accurately price your home. Of all the costly mistakes in the selling process, an inaccurately priced home is perhaps the most consequential. An overpriced home will attract the wrong buyers, increase your home’s days on market, and could lead to serious post-sale complications, that, in some cases, could jeopardize the sale. An underpriced home leaves money on the table. With a listing agent’s CMA, you can rest assured that the price of your home is backed by current market data, which will set you and your agent up for successful negotiations.

Marketing Your Home

Listing agents are experienced professionals who possess a wealth of knowledge on how to market your home. Your agent will list your property on the Multiple Listing Service (MLS), an online database to which they have exclusive access. Getting your home listed on the MLS will greatly increase its exposure to interested buyers. Your listing agent will coordinate showings and open houses, opening the door to conversations with buyers and their agents.

Your agent will also make recommendations and help coordinate all marketing efforts, like staging and photography. They’ll also be able to recommend what, if any, repairs need to be made before you go live. Their expertise will streamline the selling process, getting your house ready and on the market quickly.

Offers / Negotiations / Closing

The complexities of the critical stages in the selling process highlight the value of an agent’s expertise. A listing agent will work on your behalf to field and assess incoming offers, communicate with buyers and their agents during negotiations, and ultimately, see the deal through to closing.

Local market conditions can often dictate how your agent approaches offers and negotiations. In a seller’s market, there’s a good chance you will have multiple competing offers on the table, contingencies are often waived, and all-cash offers may arise. Trying to pin down the best offer in these competitive situations can be overwhelming, but listing agents specialize in understanding the terms of these kinds of offers to identify the one that best aligns with your goals. If you’re selling in a buyer’s market, the buyer will have the leverage. Your listing agent will work with the buyer’s agent to reach an agreement on the buyer’s contingencies and finalize the terms of purchase.

From list to closing, your listing agent is there to answer any questions you may have, allay your fears, and guide you toward a successful sale. When searching for an agent, keep in mind that their ability to connect with you on a human level is just as important as their professional qualities. Selling your home can be an emotional roller coaster, and you’ll want someone by your side who you can trust on the journey ahead. If you would like some help connecting with an agent, get started here:

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Buying and Selling a Home at the Same Time

Successfully selling a home and buying a home are significant accomplishments on their own, but when their timelines cross it can be difficult to manage both. If you’re thinking about doing both simultaneously, it’s equally important to understand the steps you can take to make the process go smoothly as it is to have a backup plan in case it doesn’t. Above all, the balancing act required to pull off both deals highlights the importance of working closely with a trusted and experienced real estate agent.

Do I buy or sell first?

One can imagine a perfect world in which the two transactions go through one right after the other. However, this is not usually the case. So, should you list your current home first or start by putting in offers on a new one? There are pros and cons to both.

Selling your current home first allows you to make offers on a new home with cash in your pocket, increases your buying power, and avoids having to juggle two mortgages simultaneously. On the other hand, it creates a gap of residence, often leaving homeowners wondering where they’ll stay until they move into their new home or whether they may need to rent before they can buy again. Sellers may also negotiate a rent-back agreement with the buyers, allowing them to rent the house from the new owners before they move in.

Buying before selling solves the need for any temporary housing and makes the overall moving process much easier. Having a residence established ahead of time means you’ll only have to move once, which can save you some serious stress during this time of transition. Oppositely, buying a new home before you sell your current one will put an added strain on your finances. Having two concurrent mortgages equates to taking on more debt, which could result in less-than-favorable loan terms for purchasing your new home. Without the lump sum generated by a home sale in your pocket, coming up with enough money for a down payment may be a challenge and obtaining private mortgage insurance (PMI) may be in the cards. Finally, buying before selling comes with an obvious assumption—that your current house will sell.

Ultimately, the order of operations depends on your situation. Perhaps you’re moving due to a change of employment, and you need to direct all your energy toward buying a new home by a certain date before you can even think about selling your current one. No matter which route you take, it’s important to communicate your timeline to your listing agent or your buyer’s agent so they can strategize accordingly.

Buying and Selling a Home at the Same Time 

Local Market Conditions

Buying and selling at the same time will come with a certain duality: at each step in the process, you’ll have to balance your responsibilities as both a buyer and a seller. For example, when assessing your local market conditions, you’ll be looking at not one, but two housing markets.

  • Seller’s Market: Selling in a seller’s market means that that you’ll need to be prepared to move once you list, since you could be looking at a short selling timeline. However, relying too heavily on the assumption that your house will sell quickly could make things dicey down the road. If you’re buying in a seller’s market, finding a new home may take longer than expected. You could potentially be waiting weeks or months for an offer to get accepted.
  • Buyer’s Market: Selling in a buyer’s market typically means that homes stay on the market longer. If you proceed with a new home purchase just after you’ve listed your current house, know that it may take a while to sell. If you’re buying in a buyer’s market you can afford to be picky, knowing that time is on your side. With fewer people buying homes, sellers will be more flexible, giving you leverage to negotiate your contingencies.

Having a Backup Plan

If only you could wave a magic wand and make both transactions go through as planned. That’s why it’s important to have a backup plan in place to right the ship should things go sideways at any point in the buying or selling process. Talk to your agent about which options may be right for you. Here are a few:

  • Sales Contingency: Buying your new home with a sales contingency allows you to opt out of the purchase contract if your home doesn’t sell by a specified date. Purchasing contingent on the sale is rare in highly competitive markets.
  • Bridge Loan: If your current home hasn’t sold yet and you’re not able to afford the down payment on a new home, a bridge loan may be a fitting solution. Bridge loans can be used to cover the down payment on a new house and are repaid once your existing home has sold.
  • Rent-Back Agreement: A rent-back agreement is a clause in the sales contract that allows the seller to rent their old home from the buyer for an agreed-upon period of time before the buyer moves in. This can be especially helpful in situations when the seller is having trouble finding a new home.

For more information on buying and selling a home at the same time, connect with an experienced Windermere Real Estate agent today by clicking on the button below.

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The Difference Between a Comparative Market Analysis and an Appraisal

It can be difficult for sellers to distinguish between two methods of finding the value of their home: a Comparative Market Analysis (CMA) and a home appraisal. Though they share many similarities, there are key differences in how the two approaches ultimately arrive at a listing price for your home.

The Difference Between a Comparative Market Analysis and an Appraisal

Comparative Market Analysis (CMA)

A CMA is conducted by an agent using their knowledge of the local market in conjunction with information available to them on the multiple listing service (MLS), which contains data on sold homes and market trends. A CMA helps to price the home more accurately, keeping the property competitive in the current market. For those who are thinking of selling their home For Sale By Owner (FSBO), it’s worth noting that you will not be able to conduct a CMA on your own, since, among other things, access to the MLS is exclusive to real estate agents.

Your agent’s analysis accounts for the various factors that influence home prices to arrive at an accurate estimate of your home’s value. A CMA compares your home to others in your area that have either recently sold, are currently on the market, or had previously listed but have since expired, typically using data from the past three-to-six months. Comparable homes, or “comps,” are homes whose characteristics are similar to your own, such as the housing type, condition, and the square footage and property size. A thorough CMA will provide information on what homes in your area are selling for, how long they were on the market, and the difference between their listing and sold price, and will list a low, median, and high selling price for your home.

Appraisal

The main difference between an appraisal and a CMA is the personnel involved. Whereas a CMA is conducted by a real estate agent, an appraisal is carried out by a licensed appraiser on behalf of the bank. Once a buyer applies for a loan to purchase your home, the bank will order an appraisal of the property. Though appraisers use methods of comparison similar to an agent’s CMA, unlike a real estate agent, bank appraisers have no vested interest in the sale of the home. The goal of an appraiser’s visit is to determine your home’s fair market value to ensure that the bank isn’t lending more money to the buyer than needed.

For more resources on the selling process and to use our free home value calculator, visit the selling page on our website here:

Windermere – Selling

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5 Green Upgrades that Increase Your Home Value

Selling a home begins with understanding how much it’s worth. After an initial assessment, you may want to make some updates to increase the value of your property. There are several ways to do that, including boosting your curb appeal or making renovations with significant ROI potential. As you research potential projects, keep in mind that making your home more sustainable can boost its value to potential buyers. Talk with your agent to identify which of these five upgrades makes sense for your home before it hits the market.

Five Green Upgrades that Increase Your Home Value

1. Energy-Efficient Appliances

It’s no secret that appliances use a significant amount of energy, which means there is plenty of opportunity to cut back on their output. Installing energy-efficient appliances can do wonders for creating a more eco-friendly home, while appealing to buyers who value sustainability. When shopping around, look for appliances with high-efficiency or Energy Star certifications. They may cost more to purchase, but their ability to generate long-term savings is a concrete selling point. 

2. Tankless Water Heater

As the shift toward eco-friendly appliances has picked up steamed, so too has the preference for tankless water heaters. Whereas standard storage tank water heaters keep a reservoir of hot water at the ready, tankless water heaters heat your home’s water supply on-demand. It’s similar to a new car that shuts off its engine when sitting idle, as opposed to an older car whose engine is running all the time. Tankless water heaters don’t come without their share of costs. An upfront investment will be required for purchase and installation, but it will deliver immediate savings on energy bills.

3. Solar Panels

There are many benefits to going solar, but for sellers, the positive effect solar energy has on home values is chief among them. A solar-capable home is a surefire way to drum up buyer interest. By taking care of the upfront installation costs, you allow the buyer to focus on the benefits of solar energy, i.e. the long-term energy savings, the reduced utility bills, and the reduction in the property’s carbon footprint. Work closely with your real estate agent to understand how solar energy has affected home prices in your area to get an idea of the project’s ROI potential.

 

Image Source: Getty Images

 

4. Water Filtration

Installing a home water filtration system is one of the best ways to cut down on your home’s waste while increasing its value. These filtration systems appeal to buyers for a variety of reasons. Of course, there are an array of health benefits to having filtered water running through the entire house. Buyers can be assured that the water is safe to drink, they will be bathing and showering in clean water, and there is a reduced risk of plumbing issues due to contaminated water. Beyond the personal health benefits, it can also cut down on bottled water costs and the amount of landfill waste produced within the home.

5. Energy-Efficient Windows

Alternatives to traditional windows have become more popular in recent years. Energy-efficient windows are better insulated, which helps to regulate temperatures inside the home and protects against harmful ultraviolet rays. Their ability to help regulate your home’s heating and cooling leads to energy savings and reduced carbon emissions. Energy-saving windows can be highly valuable to potential buyers, especially if you live in a climate with extreme temperatures.

For more tips on the selling process, visit the selling section of our blog.

Blog – Selling

To connect with an experienced Windermere Real Estate agent today, click the button below.

The post 5 Green Upgrades that Increase Your Home Value appeared first on Windermere Real Estate.

Best Ways to Determine Home Value

Of all the questions that arise during the selling process, “What’s my home worth?” is the first for most sellers. By using home valuation tools and understanding local market conditions, sellers can educate themselves on how much their home could potentially fetch on the market, but that’s just the tip of the iceberg.

Best Ways to Determine Home Value

Windermere’s home value estimator is a great starting point for sellers. Free to use, it will provide you with an instant home value and an expected price range, a heat map of buyer interest near you, and recent home sales in your area. Click the link below to get started.

 

What Is My Home Worth?

 

Comparative Market Analysis (CMA)

Though tools like home value estimators provide some data on what sellers can expect when pricing their home, nothing compares to the expertise a professional real estate agent offers. Various factors influence home prices including seasonality, market conditions, and location, and agents have the means to account for these factors to accurately price your home  by conducting a Comparative Market Analysis (CMA).

A CMA compares your home to others in your area that have either recently sold, are currently on the market, or had previously listed but have since expired. Depending on the conditions of the market, an agent will gather data for the past three to six months. When conducting a CMA, they’ll take into account recent market trends, competing properties, your home’s amenities, and its overall marketability. The analysis also considers aspects of the home such as lot size, condition, age, square footage, bedrooms and bathrooms, and the terms of financing. A thorough CMA will provide information on what homes in your area are selling for, how long they were on the market, and the difference between their listed and sold price.

So why is a CMA important? A CMA helps price the home more accurately, keeping the property competitive in the current market. For example, in a seller’s market where demand is driving up home values, an agent will work with their seller to account for the elevated prices before listing their home. Doing so allows you to avoid overpricing which usually results in a longer sale period. CMAs can also help buyers negotiate their asking price by having a data-backed analysis of the home’s value based on current market trends.

 

The key to a successful sale begins with pricing your home correctly, and finding the right agent to conduct a Comparative Market Analysis is critical to this process. To connect with an experienced Windermere Real Estate agent today, click the button below.

 

The post Best Ways to Determine Home Value appeared first on Windermere Real Estate.