An open house is an opportunity for sellers to showcase their property to a potentially large number of interested buyers, and a great way to generate buzz. While you want to be as open and honest about the property as possible, you also want to make a good impression – and that means there are some things that you don’t want to say during an open house. Here are five things that you should definitely keep to yourself during your next open house.

This Is Where The Dog Did His Business

There is a good chance that the new owner of a home is going to do something about stained carpet or hardwood. At best, the honesty is providing too much information to the buyer. At worst, the honesty could turn a potential buyer off.

The Candle Is Covering Up For Last Night’s Fish Dinner

A buyer wants to get a true feel for how he or she would enjoy living in the house. If a candle is covering up an unsavory scent, it could cause the buyer to ask what else a seller may be hiding.

The Neighbors Tend To Be Noisy

What one person may consider excessive noise may not bother another person. The last thing that a seller wants to do is create the impression that a home is not a peaceful place for the buyer to spend their evenings and weekends in. Let buyers judge for themselves how noisy your neighbors are.

The Schools Around Here Aren’t Very Good

Having good schools in the area is a feature that boosts property values for everyone in the neighborhood, and mentioning that the schools are poor or anything less than the best could turn buyers off. If the schools aren’t great or aren’t up to the seller’s standards, it is best to not mention them at all. Again, let your buyers decide whether or not they like the schools.

There Isn’t Much To Do Around Here

Although most buyers know what kinds of attractions are nearby, there is no reason to be negative about a house located in a more rural area. The concept of “boring” is subjective. If buyers are looking at your property, they have likely already researched the community – and they like it enough to come have a look at your house.

An open house is your opportunity to create a great impression. Don’t waste it by pointing out all of your home’s flaws. For more advice on how to sell your home, contact a local real estate professional today.

Filed under: Home Seller Tips by Julie Woodward
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Last week’s financial and economic reporting included readings on sales of new and previously-owned homes, along with weekly data on mortgage rates and jobless claims.

Single-Family Home Sales Rise in February

Year-over-year sales of previously owned homes rose 14.5 percent to a seasonally-adjusted pace of 4.58 million sales. Analysts expected 4.20 million sales of pre-owned homes as compared to January’s year-over-year reading of 4.0 million sales. February’s increased sales halted 12 months of falling sales of previously-owned homes. February’s reading marked the highest pace of sales since July 2020, when sales of pre-owned homes rose by 22.40 percent.

The National Association of Realtors® said that February’s reading represented the largest increase in existing home sales since the inception of reporting sales of previously-owned homes in 1999. The median sale price of existing homes was $363,000 in February. There was a 2.6-month supply of homes available in February.

February sales of new single-family homes rose to 640,000 sales from January’s reading of 633,000 sales. While analysts said that a brief lull in climbing mortgage rates contributed to increased home sales, new home sales remained 22.60 percent lower than in February 2021.

FOMC Statement: Fed Strives to Hold Inflation in Check, Mortgage Rates Fall

The Federal Reserve’s Federal Open Market Committee released the minutes of its March meeting; the Committee voted to raise its key interest rate range to 4.75 to 5.00 percent; the Committee reaffirmed its goal of returning inflationary growth to two percent. Fed Chair Jerome Powell said that the Fed was planning to continue rate hikes before the failure of Silicon Valley Bank. Chairman Powell said the bank’s failure forced Fed policymakers to consider a halt to interest rate hikes.

Freddie Mac reported lower average mortgage rates as the rate for 30-year fixed-rate mortgages fell by 18 basis points to 6.42 percent. The average rate for 15-year fixed-rate mortgages fell by 22 basis points to 5.68 percent. Initial jobless claims fell slightly to 191,000 claims as compared to the previous week’s reading of 192,000 first-time claims filed. Continuing jobless claims rose to 1.69 million claims filed from the prior week’s reading of 1.68 million ongoing claims filed.

What’s Ahead

This week’s scheduled economic reports include readings on home prices, inflation, and consumer sentiment. Weekly reports on mortgage rates and jobless claims will also be released.

Filed under: Financial Reports by Julie Woodward
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Last week’s economic reports included readings from S&P Case-Shiller Home Price Indices and data on pending home sales. Readings on job growth and und unemployment were also released along with weekly reports on mortgage rates and jobless claims.

S&P Case-Shiller: April Home Price Gains Reach Record Highs

Craig Lazzara, managing director and global head of investment strategy for S&P Dow Jones Indices, said that April’s year-over-year national home price growth rate of 14.60 percent was “ truly extraordinary.” All cities included in the 20-City Home Price Index posted higher home prices;  five cities including Charlotte, North Carolina, Cleveland, Ohio, and Dallas, Texas posted their highest home price gains ever along with Denver, Colorado, and Seattle, Washington.  

Phoenix, Arizona, San Diego, California, and Seattle, Washington continued to hold the top three positions for annual home price growth in the 20-City Home Price Index.

Realtors Report Increase in Pending Home Sales

Pending home sales rose by eight percent in May as compared to April. Analysts expected a one percent decrease in pending sales. Lawrence Yun, the chief economist at the National Association of Realtors®, said “May’s strong increase in transactions, as well as a sudden erosion in home affordability, was indeed a surprise. The housing market is attracting buyers b due to the decline in mortgage rates and an uptick in listings.”

Mortgage Rates, Jobless Claims Show Mixed Results

Freddie Mac reported lower average rates for fixed-rate mortgages. Rates for 30-year fixed-rate mortgages fell by four basis points to 2.98 percent; rates for 15-year fixed-rate mortgages fell by eight basis points to 2.26 percent. The average rate for 5/1 adjustable rate mortgages rose by one basis point to 2.54 percent. Discount points averaged 0.60 percent for 30-year fixed-rate mortgages and 0.70 percent for 15-yar fixed-rate mortgages. Discount points for 5/1 adjustable rate mortgages averaged0.30 percent.

First-time jobless claims fell to 364,000 initial claims filed from the prior week’s reading of 415,000 new claims filed. Continuing jobless claims increased with 3.47 million ongoing claims filed. ADP reported 692,000 private-sector jobs added in June; The federal Non-Farm payrolls report posted 850,000 public and private-sector jobs added as compared to 583,000 jobs added in May. The national unemployment rate ticked up to 5.90 percent in June from May’s reading of 5.80 percent unemployed.  

What’s Ahead

This week’s scheduled economic reports include the minutes from the most recent meeting of the Fed’s Federal Open Market Committee and the Labor Department’s report on job openings. Weekly readings on mortgage rates and jobless claims will also be released.

Filed under: Financial Reports by Julie Woodward
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Last week’s economic reports included readings on sales of new and previously-owned homes.  Weekly readings on mortgage rates and jobless claims were also released.

New Home Sales Fall in May

New home sales dropped to their lowest reading in a year in May with 769,000 new single-family homes sold on a  seasonally adjusted annual basis.  May’s reading was 5.90 percent lower than April’s reading of 817,000 sales but was 9.20 percent higher year-over-year.

May’s decline in new home sales was caused by a 14.50 percent decrease in sales in the South; Sales rose by 33 percent in the Northeast and 4.80 percent in the West. The sales pace for new homes in the Midwest was unchanged.

Multiple factors caused fewer new home sales during what is typically a busy home-buying season. Rising costs of lumber, along with high demand for homes and affordability challenges presented obstacles to first-time and moderate-income buyers in recent months, but lumber prices fell in May. High demand for homes created opportunities for cash buyers who sidestepped making purchase offers contingent on mortgage approvals.

Analysts said that falling lumber prices will eventually provide relief for homebuyers, but short inventories of available homes coupled with high home prices continued to sideline first-time and moderate-income buyers. The median price for new homes rose to $374,000 as compared to $369,000 in April. Real estate pros reported a 5.1 month supply of available homes in May, which was the highest reading in a year.

Existing Home Sales Lower in May as Market Slows

Sales of previously-owned homes also fell in May; this was likely due to low inventories of available homes and the covid induced home-buying frenzy easing. Would-be home buyers have also left the market due to affordability challenges.

Lawrence Yun, chief economist for the National Association of Realtors® said: “Home sales fell moderately in May and are now approaching pre-pandemic activity.” Mr. Yun identified low inventories of available homes and affordability as the main obstacles facing prospective home buyers.

Mortgage Rates Rise; Jobless Claims Fall

Freddie Mac reported higher mortgage rates last week; average mortgage rates surpassed three percent for the first time in 10 weeks. Rates for 30-year fixed-rate mortgages rose nine basis points to 3.02 percent; the average rate for 15-year fixed-rate mortgages rose 10 basis points to 2.34 percent. Rates for 5/1 adjustable rate mortgages averaged 2.53 percent and were one basis point higher. Discount points averaged 0.70 percent for fixed-rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages.

New jobless claims fell to 411,000 claims filed last week as compared to the prior week’s reading of 418,000 first-time claims filed. Continuing jobless claims also fell with 3.39 million ongoing claims filed as compared to the prior week’s reading of 3.53 million continuing claims filed. 

What’s Ahead

This week’s scheduled economic news includes readings from Case-Shiller Home Price Indices, and reports on pending home sales, construction spending, and consumer confidence. Weekly readings on mortgage rates and jobless claims will also be published.

Filed under: Financial Reports by Julie Woodward
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When your home is on the market, lenders typically want to see a current appraisal—but for many homeowners, that’s a nail-biting, edge-of-your-seat experience.
While we all know our own homes, what will an appraiser see when he or she walks in? How will the appraiser judge its appearance, state of repair, and value?
The good news: if you’re prepared for the appraiser, you don’t need to lose any sleep.
But how do you ensure your home is ready for an appraisal?

How to Ensure Your Home is Ready for an Appraisal

Double-check all the maintenance around your home. Is there chipped paint? A stain on the carpet that you’ve covered with a rug? A loose tile in the bathroom?
The appraiser is going to look at how well your home is maintained, and everything that could use some work is going to chisel away at the value.
Other things to check:

• Make sure appliances are in good, working order
• Trim bushes and clean up flower beds
• Find and repair cracks in sidewalks and driveways
• Tidy up your yard
• Repair damaged or loose fence slats
• Check the roof for loose shingles
• Check your gutters for blockage, bowing or other damage

Does Cost = Value?

Cost doesn’t equal value.
What that means is that if you spent thousands of dollars on a master bath makeover, you may not recoup it all when you put your house on the market.
(It’s always a good idea to think about resale value when you’re making home improvements, and if you’re not sure—or if you’re thinking about making improvements just to sell—talk to your Realtor® to be certain you’re making the right choice.)

Are You Selling Your Home in Port Aransas or North Padre Island?

If you’re selling your home, we’d love to help you do so quickly and at the right price. We’ll be happy to give you a free comparative market analysis so you know exactly how much your home is worth. While you’re here, you can also download our free home-selling eBook and read our useful tips for selling your home faster.
When you’re ready, call us at 361-563-7788 or contact us online to find out how we can help you sell your home in Port Aransas or North Padre Island.
 
 

Filed under: Appraisal, Blog, How-To, Selling by Julie Woodward
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With telecommuting continuing to rise, and with more jobs requiring after-hours attention, showcasing your home’s “home office” can help it show better with a prospective home buyer. 

It’s wise to have your kitchen, bedrooms and bathrooms show well, but a great-looking home office can make a huge impact and help you sell your home more quickly.

Here are a few tips to helping your home office shine :

Designate The Right Space
Whether it’s a spare bedroom or a computer nook, specify a separate place at which business is done. Make sure the area has enough room to set up a desk, a chair, a computer and a printer without making it look messy or cramped. 

Clean The Area
A clean and orderly home office shows better than a messy one. To help your home office look its best to potential buyers, get rid of clutter and only retain the essentials. Use drawers and shelves effectively.

Don’t Waste Money
Don’t break the bank in furnishing your home office. Consider ready-to-assemble furniture as an inexpensive, good-looking option. Buy the necessities, then use leftover, budgeted funds for office supplies such as computer paper, pens, and a cork board, for example.

Add A Decorative Touch
Once your home office is properly outfitted, add some decorative style. Hang artwork. Add a few plants. But, remember to keep it simple and neutral so that potential buyers can easily imagine the space as their own home office.

Few people think of the importance of a home office when preparing their Corpus Christi home for sale. But, because so many people work from home these days, a dedicated home office space can be a great selling point.

Filed under: Around The Home by Julie Woodward
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Real estate agents in |**CITY**| will tell you that it can be harder to sell a home in the winter. The days are colder and shorter, leaving less time to show a home to potential buyers.

The good news, though, is that most buyers looking at houses in the winter aren’t just killing time. They’re serious enough about finding a new home to house hunt at a time when most people might rather stay inside.

There are a several steps you can take to make a good impression on home buyers this winter.

First, if there’s snow or ice on the ground, make sure walkways are safe. Spread out ice melt or sand to provide traction during snowy weather. Shovel the snow on the driveway and sidewalks to make your home more inviting. Be sure to place a mat on which for visitors to wipe their feet.

Second, warm up the house. Buyers will remember the house that was pleasantly warm on a frigid day. This also demonstrates to buyers that your furnace is in good working order.

Next, to make a “welcoming scent”, bake cookies the day of the showing. Some people are sensitive to the fragrances in air fresheners and perfumes, so skip spraying those when expecting someone to look at your house.

You can also serve snacks in the kitchen. Give the buyer a reason to linger in your home by leaving a light snack in the kitchen. If the weather is cold, consider providing chili or soup in a crock-pot to keep it warm with festive disposable bowls. Or, to keep it simple, you can provide coffee or hot chocolate and cookies.

Lastly, to make your house appear warm and inviting during cold winter months, turn all the lights in the house on; place warm-toned throws and decorator pillows around the living room. Play soothing classical or jazz music; keep the volume low enough that buyers can talk quietly to each other.

These techniques each can help your home seem more inviting this winter.

Filed under: Around The Home by Julie Woodward
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If one of your New Year’s Resolutions is to sell your Corpus Christi home, there are a few simple steps you can take to help prepare it for showings.

With a prospective buyer in mind, take a tour of your home, making a list of the good, the bad, and the not-so-bad. You may spot areas in need of major renovation; and areas which could benefit from just a basic touch-up.

It’s these latter areas which will likely yield the biggest return on your investment so, in preparation for making your home “buyer ready”, consider these steps.

Landscaping
The first thing a buyer will notice is the outside of your home. Sometimes called “curb appeal”, first impressions are very important to the sale of your home. Therefore, be sure to trim bushes, rake leaves, and clean up the yard in order to make your house seem more inviting. Clear unnecessary clutter from the yard and walkway to your home.

Bedrooms
Paint the walls of the room a light, neutral color to “open up” the space. Replace old light fixtures with new modern ones; replace all old bulbs; and consider adding a ceiling fan to each bedroom. This can increase the room’s appeal. 

Bathrooms 
If your tub has seen better days, have it resurfaced. Remove mildew stains in, or around, baths and showers. Replace stained silicone seal and grout, where needed. Check all light fixtures for burned out bulbs. Add lighting, if necessary, to make the bathroom brighter.

Kitchen
Your kitchen might also benefit from sprucing up. Do not gut-renovate your kitchen. Rather, refinish or paint its cabinets. Install new, clean-looking handles. Add a new back splash, if you think it will help. 

You’ll spend a small sum to make these improvements but the rewards can be more home showings, which can lead to more home offers, which can help you get the price you want for your property.

Your home may also sell more quickly.

Filed under: Around The Home by Julie Woodward
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Full-scale bathroom remodeling can be expensive and, in today’s North Padre Island housing market, you won’t likely get all of the money back that you put into it at the time of sale.

Knowing that bathroom projects tend to have a low return on investment, therefore, here are a few inexpensive changes which you can make to spruce up bathrooms in a home for sale.

Fixtures
Most sellers will notice if the fixtures in a bathroom are old, and it can have a negative effect on their view of your home. Buy a new set of bathroom fixtures at a home improvement store. Most stores have matching towel racks and bathroom tissue holders, too. There is a wide selection of stainless steel, wood or ceramic fixtures available at most stores, too.

Paint
A fresh coat of paint is a simple way to improve the overall look of a bathroom. Choose paints with a light, neutral color to make the room seem more spacious.

Floors
If your bathroom floor has tiles, it’s a good idea to add fresh grout to brighten up the bathroom’s overall look, or, at least, to clean the grout so that it looks like new. Scratched linoleum should also be replaced. There is plenty of inexpensive flooring which is easy to install, in a variety of patterns and colors at your local hardware or flooring store.

De-Clutter
Prospective buyers should be able to imagine themselves living in your home. It’s easier for them to do that when your home is free of clutter. This is even true in the bathroom. Clear out your medicine cabinet. (Yes, many buyers will look in there.) Leave only the essentials such as toothpaste and hairbrushes.

Making a good impression on your prospective buyers can be easier when you’ve redone a bathroom.  It doesn’t require much money, and it may increase the final sale price of home.

Filed under: Around The Home by Julie Woodward
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When you preview homes as a home buyer, you can get a good feel for the home’s visible traits — its finishes, its room counts, and its landscaping, for example. What you can’t get a feel for, though, is the home’s “bones”.

It’s for this reason that real estate professionals recommend that you have a property formally inspected immediately after going into contract for it.

A home inspection is a thorough, top-to-bottom check-up of a property’s structure and systems. It is not the same as a home appraisal, which is a valuation of the property. By contrast, home inspections are an objective report on a home’s physical condition.

Home inspections are performed by home inspectors who will typically do the following :

• Check heating and cooling systems for leaks and efficiency
• Check electrical systems for safety and soundness of design
• Check plumbing systems for venting, distribution, and drainage

In addition, a home inspector will review a home’s roofing system; its doors, windows and garages; plus, any attic spaces and basements, where appropriate.

A home inspection may also uncover out-of-code electrical work that municipalities required to be fixed by law.

Meanwhile, it’s not just home buyers who can order inspections. Sellers can order them, too.

One recommended tactic is for a home seller to have the home inspected prior to listing for sale so that all required repairs can be made in advance of showing the home. This can speed up and simplify the sales process, and may help your home sell at a higher price. Buyers often prefer homes in “move-in” ready condition.

A thorough home inspection can take up to 6 hours to complete, depending on the size of the home.

Filed under: Real Estate Definitions by Julie Woodward
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