6 Things You Should Never Say When You’re Selling Your Home

You know that expression about loose lips sinking ships? It holds true for selling your home as well. Sure, there are some things you have to disclose to buyers—such as if your home has lead paint or is located in a flood zone. But there’s plenty more you might volunteer when you would be truly better off keeping your mouth strategically shut.

We’ve already revealed the things buyers should never say to sellers. Now, let us share some things that sellers should never let slip to buyers, or the agents representing them.

To help hone your “less is more” attitude when it comes to talking with prospective buyers, here are a few doozies that agents recommend never, ever saying.

‘Our house is in perfect condition’

Your home is your castle, and in your eyes it may seem perfect—but don’t make claims that aren’t true, says Cara Ameer, a Realtor® with Coldwell Banker.

“The home inspection may reveal otherwise, and, as a seller, you don’t want to wind up putting your foot in your mouth,” she explains. Bottom line: “There simply is no such thing as ‘perfect condition.’ Every house, whether it is brand new or a resale, has something that needs to be fixed, adjusted, replaced, or improved upon.”

If you’re not sure what to disclose, talk to your agent about the history of the house. Together, you can figure out what is important for buyers to know. Don’t have an agent yet? Here’s how to find a real estate agent in your area.

‘It’s been on the market for X…’

Never, ever discuss how long the home has been on the market with prospective buyers, says Pam Santoro, a Realtor with Berkshire Hathaway HomeServices. This info is often listed and available on the home’s information sheet, but bringing it up—especially if the home has been available for eons—can send sellers the wrong message. No one wants to buy a white elephant—and, if they do, it’s probably because they think they’ll be getting it dirt-cheap.

‘We’ve never had a problem with…’

If you’re hoping to move quickly, you may be tempted to tell a few little white lies. So you never had a problem with weird neighbors, eh? Or flooded basements? Or vengeance-seeking poltergeists? Realtors agree that your mistruths—however insignificant they might seem—could come back to you with teeth.

“You’re setting yourself up for potential liability,” explains Ameer. “You may not even be aware of the problem at first, but it could  translate into an embarrassing moment upon inspection.” So come clean with what you know and admit what you don’t.

‘We always wanted to fix/renovate that, but…’

Tempted to mention, “We always thought about knocking this wall down and opening the space for more light?” How about “We planned on renovating this bathroom but ran out of cash”? Mum’s the word when it comes to fixes you intended to address. Nobody cares about good intentions.

“When sellers point out things they might change, this only alerts the buyer of more upcoming costs for them,” says Maryjo Shockley, a Realtor with Keller Williams. Who knows? Your buyers may not even want to knock down that wall or redo the bathroom. So why plant those ideas, along with those dollar signs?

‘We spent a ton of money on X, Y, and Z’

Just because you love the Brazilian koa wood flooring you installed throughout the first floor, that doesn’t mean prospective buyers will be willing to shell out for it.

“The buyer doesn’t care whether you spent $10,000 or $100,000 on your kitchen,” says Ameer. “They are only going to offer what they feel the home is worth in relation to area comparable sales.” So, save your breath, or else you’ll risk sounding like you’re trying too hard to justify your price. Desperation isn’t cool.

‘I’m not taking less than X amount for my home’

When it comes time to sell, it makes sense that you want top dollar. We get it! But at the same time, it’s important to be realistic and open to offers within a reasonable range.

“If you send a message that you are inflexible or not open to negotiating, it may not invite buyers to even try to work out acceptable price and terms as they will feel defeated from the start,” says Ameer. “Word may spread that you have this sentiment as a seller, and people may start to avoid the house.”

Source: realtor.com

What the Flip? Portland Home Gets a Major Face-Lift and Gains $600K in Value

Flipping a house is a lot of work that can yield a big profit. But not every project is guaranteed to be lucrative. So what’s the key to successfully making over a fixer-upper and selling it for a gain? Our series “What the Flip?” presents before and after photos to identify the smart construction and design decisions that ultimately helped make the house desirable to buyers.

Known for friendly faces, eclectic locals, and beautiful scenery, Portland, OR, has been seen as a desirable place to put down roots for a while now. It was even rated the ninth best U.S. city to live in by U.S. News & World Report. All of those benefits, plus historically low real estate inventory, mean housing prices in Portland are high. But for flippers who can nab a fixer-upper with good bones, there’s plenty of potential for profit—as this example shows.

The flippers who took on this five-bedroom, five-bathroom house made a smart move by pouncing on the well-worn property for $875,000 when it was listed in June 2019. After a full-on renovation, they put the home up for sale, and in December 2020 it was sold for $1,475,000.

So how did they raise the home’s value by $600,000 in just a year and a half—and during a pandemic, no less? The booming market wasn’t the only thing that made this home sale such a success. The fresh renovations also had something to do with making this a must-have property.

Taking into account the home’s now-stylish interior design, we asked our team of experts to look at before and after photos and weigh in on the changes that made the biggest difference in this home. Here’s what they had to say.

Living room

Talk about major changes! Once full of dark, drab wallpaper and a dated, textured ceiling, the living room now has a brighter, cleaner look.

“The application of white paint on everything really works well in this room,” says designer, real estate agent, and house-flipping investor Laura Schlicht. “Two of this house’s biggest assets have been artfully played up: the architectural moldings and the fantastic view.”

“It was a great move to get rid of the extra door on the side of the fireplace,” adds real estate investor and agent Molly Gallagher, of Falk Ruvin Gallagher. “There are plenty of other ways in and out of the room, and it allowed them to widen the hearth and keep the green-tiled theme going.”

Kitchen

The old kitchen was spacious, but that’s about all it had going for it. Once the flippers worked their magic, they had a kitchen that would impress any prospective buyer.

“Removing a section of the wall between the dining room and kitchen brings much more light into the kitchen, bouncing off the bright white cabinets, rather than keeping the view for the dining room itself,” says Kate Ziegler, real estate investor and real estate agent.

She adds that her top question from buyers touring homes is whether or not they can remove a wall.

“Having done this update for the buyers broadens the audience for this home, and boosts sale price as a result,” says Ziegler.

Real estate investor and agent Tracie Setliff, also with Falk Ruvin Gallagher, was impressed with the island addition.

“The island placement is perfect—it seems like it was always there and makes up for some of the storage lost by opening up the wall,” she adds.

“We love that they nod to the original lights and time period of the home with the updated light fixtures they chose,” adds Gallagher. “And they smartly chose to appeal to a wide buyer pool by not adding in some specific tile that will be dated in five years.”

Home office

Before 2020, a home office was just a bonus, but now it’s essential—whether it’s for work or school, or both. Even though this renovation was started before the coronavirus pandemic, the flippers chose to upgrade this home office in a major way, which really paid off by the time they listed the home.

“I love that they removed the old attached bookshelf,” says Setliff. “The room has an airier feel to it without the hulk of the built-in shelving. There are so many cute bookshelves that are much sleeker.”

Schlicht agreed, explaining that the built-in bookcase, while often a bonus, was actually the wrong size for the space and made the room feel crowded.

“Let’s take a moment to notice the windows,” says Ziegler. “New windows are a significant cost that most new buyers don’t want to take on in the near term—but the payback in efficiency can be remarkable. Replacing windows as part of a flip makes the whole space look more contemporary and polished, but also adds real value to the home that buyers can quantify.”

Dining room

At first glance, it may seem like the only real change in the dining room was a new coat of white paint, but Ziegler says that’s not the case. In fact, she was rather impressed with the flippers’ efforts in this room.

“The dining room demonstrates places where the investors behind this work took the time to restore and retain older details: keeping the built-in sideboard, and even the mirror detail below the smaller window shows a thoughtful approach and is indicative of more time-intensive work,” Ziegler says.

“Restoring details rather than replacing with cheaper, contemporary alternatives requires patience and care, and that attention to detail is something buyers notice even if they don’t have the vocabulary to describe it,” she adds. “The updated chandelier is trendy but also a nod to midcentury modern styling that is appropriate for a house of this age.”

Setliff is happy to see the “boring” light fixture go, in favor of the new “sophisticated, sculpturelike light.”

“Buyers do not want to have to change fixtures, as simple as it seems, and keeping it fun yet unfussy was the way to go,” she says. “It is interesting how you notice the views from the windows now that your eye isn’t drawn to the dark brown of the built-in cabinets and window trim.”

Den

This old den went from afterthought to amazing after this flip, and our experts are impressed with the results.

“Goodbye, ’60s; hello, now!” says Gallagher. “Knotty pine is best reserved for Wisconsin supper clubs these days, and today’s buyers are not interested in having a supper club theme for their den.”

“Removing drop ceilings and wood paneling is an easy, instant update, but the nicer detail here is the addition of recessed lighting,” says Ziegler. “Recessed lighting in a basement space creates the illusion of more headroom, making for a much more comfortable den. Updating the basement den adds valuable square footage that buyers might have otherwise written off as just basement space.”

And we can’t forget about the star of this room: the fireplace.

“Replacing the dated brick with a pop of green tile and the white surround and mantel transform this new den,” says Setliff.

Source: realtor.com

‘Million Dollar Beach House’ Reveals Why Hamptons Real Estate Isn’t as Easy To Sell as You Might Think

Want to bask in the last days of summer by touring beautiful beach houses worth millions of dollars? You can get your fill of sandy eye candy on a new Netflix reality show that just debuted, “Million Dollar Beach House.”

This new series follows real estate agents in some of the most affluent and glamorous beach towns around: an area known as the Hamptons, just a drive (or, for the truly rich, helicopter ride) from New York City. On the show, real estate agents at local brokerage Nest Seekers International spend their days primping posh properties with the hopes that some ultrawealthy buyer will bite.

Yet surprisingly, these multimillion-dollar mansions run up against many of the same problems getting sold as any regular-priced property. As proof, check out this recap of the show’s premiere episode, “Selling Season,” where you can also learn plenty of tips on how to fetch top dollar for your own house, whether it’s on the beach or any old block.

Clutter can obstruct a great view

Before: This beach house felt cluttered.
Before: This beach house felt cluttered.

Netflix

Michael Fulfree, an agent at Nest Seekers, has a shot at his first big sale: a $6 million listing with stunning beach views. But there’s just one problem: The homeowner, Patti, keeps the house so cluttered that he knows it’ll distract buyers from what’s outside those windows.

“As soon as people walk into that house, I want their eyes to go straight to the water and that’s all they see,” Fulfree says. “But Patti has Buddhas and tchotchkes everywhere. There’s too much going on in that property.”

After: With some small changes, this living room looks much cleaner.
After: With some small changes, this living room looks much cleaner.

Netflix

So he brings in two interior designers to declutter and transform the space. When the designers are done, the place looks much more streamlined—which makes it all the easier to admire the view.

You have to spend money to make money

Think of the home staging fee as an investment.
Think of the home staging fee as an investment.

Netflix

While home sellers often dream of the money they’ll make when they sell, they often lose sight of the money they should spend to get there.

“People don’t understand how much money gets put into actually selling the property,” Fulfree explains. “I’m willing to spend tens of thousands of dollars. It’s worth it.”

Whether a house needs staging, a new coat of paint, or a repair, Fulfree’s listing serves as a good reminder that sellers should get a listing looking its best before putting it on the market—even if that comes with a hefty price tag.

Sellers should never attend their own open house

Home sellers should never attend their own open house.
Home sellers should never attend their own open house.

Netflix

Fulfree puts in a lot of effort to make his listing’s open house a success: getting the house to look its best, inviting guests, and creating a fun atmosphere to show off the perks of beachside living.

However, when the homeowner walks in, Fulfree is concerned.

“You don’t want the seller there in the presence of buyers,” Fulfree explains. “It’s almost impossible to make deals.”

And to make things worse, Patti complains that she doesn’t like the staging. As Fulfree explains, “Her negativity could really affect potential buyers.”

Take-home lesson for sellers: It’s best to stay away from your house when potential buyers are touring, either individually or during an open house. Seeing the owner can make it hard for potential buyers to picture themselves living there.

Don’t overprice your property

This beach house is beautiful, but it's not worth $35 million.
This beach house is beautiful, but it’s not worth $35 million.

Netflix

Meanwhile, real estate agent Noel Roberts is hoping to land his biggest listing yet: a modern mansion he says could be worth $35 million.

However, fellow agent Peggy Zabakolas says this is a bad estimate.

“Part of your job as a real estate broker is to come up with a number that is realistic,” Zabakolas says.

She is right to be wary of overpricing a property. Overpricing could put the property at risk for sitting on the market for a long time with no buyers in sight.

Plus, a high price will give homeowners unrealistic expectations for the sale, and they’ll end up being disappointed when, eventually, the price has to be dropped.

It’s best to choose a fair price that will help the house sell quickly.

The faster you sell, the better

Michael Fulfree knows that a view like this should help a home sell quickly.
Michael Fulfree knows that a view like this should help a home sell quickly.

Netflix

When Fulfree is asked about his timeline for selling his beach house, he says he wants to get the sale done as quickly as possible.

“In real estate, there is no length of time that’s short enough,” he says.

Fulfree talking to buyers about his listing
Fulfree talking to buyers about his listing

Netflix

Generally, home sellers will want to find a buyer quickly, too. The longer a home sits on the market, the more the owner will be paying for a mortgage, taxes, HOA fees, and upkeep. The seller may have already moved out by the time a house is on the market, which could mean paying for two homes at once.

So, it’s in everyone’s best interest to sell quickly.

Source: realtor.com

What the Flip? This Refurbished Asheville, NC, Home Made a 6-Figure Profit

Flipping a house is a lot of work, and can yield a big profit. But not every project is guaranteed to be lucrative. So what’s the key to successfully making over a fixer-upper and selling it for a gain? Our new series, “What the Flip?” presents before and after photos to identify the smart construction and design decisions that ultimately helped to make a house desirable to buyers.

For years, the city of Asheville, NC, has been a popular place to live. It’s earned a reputation both as a cultural hub and as an outdoor lover’s dream, with easy access to Great Smoky Mountains National Park and the Appalachian Trail.

Those facts—coupled with the notion that the COVID-19 pandemic has prompted people to re-evaluate where they really want to live—made Asheville and the surrounding area especially hot in 2020.

“The market in Asheville has significantly increased over the last year. We are experiencing record demand from buyers who are coming from major metro areas,” says the real estate agent Mike Figura, broker and owner of Mosaic Community Lifestyle Realty in Asheville.

“At the same time, fewer people are listing their homes, causing low supply, tight inventory, rising prices, and frequent bidding wars.”

Any seasoned house flipper can see the opportunity in a city like Asheville, especially if it’s a seller’s market. That’s why we were excited to find this fixer-upper turned polished property in the heart of the West Asheville neighborhood.

The six-bedroom, four-bathroom home was purchased for $276,000 in January 2020. After a top-to-bottom renovation, it was listed just six months later for $500,000. It sold in a little less than a month, for $525,000.

Of course, it wasn’t just the hot market that brought such an amazing profit, although the flip was pretty impressive, so we’re guessing that did help a lot, too.

We went straight to our experts to find out which changes are likely to have lured in buyers, and to discover how you can make that happen with your home, too.

Front porch

The old front porch lacked curb appeal. All the windows and doors made it difficult to determine where you were supposed to enter the house. That’s not the kind of impression you want to make on potential buyers.

“By removing the existing doors and creating a new front door, the entry feels like it has a sense of arrival now,” explains Adrienne Valenza, an interior designer at Adrienne Valenza Design. “Replacing the windows with new, Craftsman-style windows also added to the charm.”

The dirty and dingy feel of the old porch was also a big negative. Thankfully, the flippers didn’t stop at changing out doors and windows; they also went to work with scrub brushes and buckets of paint.

“By cleaning up, and painting light, beachy colors on this porch renovation, it helps create a welcoming feeling, while adding tremendous curb appeal,” says Mike Syms, of Full Scale Renovations.

Living room

Talk about fresh and clean! This living room got a major glow-up, and our experts are feeling it.

“By removing the carpet and refinishing the wood floors, it gives the room much more of a sophisticated look, which is further echoed in the color palette,” says Valenza.

It also doesn’t hurt that the furniture, fixtures, and fireplace are no longer reminiscent of something you’d find at grandma’s house. Modern buyers want a modern home, and the outdated look of this living room gave buyers the impression that they were looking at a major project.

In the end, the most subtle new feature of this living room is the ceiling.

“The addition of the ceiling bulkheads on this living room remodel adds a lot of interest and provides a feeling reminiscent of a modern hotel,” says Syms. “This detail will make potential buyers remember this house as something unique and different from all the others on the market.”

Kitchen

The previous kitchen in this house was outdated, with a layout that just didn’t work. Its foldable table just screamed that the room didn’t have enough workable space. But the renovated kitchen is now a place for cooking, entertaining, and feeling at home.

“Changing the layout of this kitchen and opening it up to the living room was a fantastic use of the space. It’s so much more functional and open now,” says Valenza. “Continuing the color palette from the new living room was also a smart decision; it makes everything feel more spacious.”

And at a time when people are taking up home cooking instead of dining out, spacious kitchens are definitely a selling point.

“This kitchen remodel will add a ton of resale value to this home,” says Syms, “by getting rid of the textured ceiling and outdated yellow paint and adding the large island with quartz countertops. The new finishes provide a clean and contemporary look that homeowners love.”

Other touches to the kitchen, like the “dramatic, scalloped backsplash tile and the free-floating range hood,” add a touch of class, Syms says. All that goes a long way toward helping the home to stand out in the minds of potential buyers.

Bathroom

The bathroom in this home is small, which is a tough sell, now that buyers are looking for bathrooms that look more like spas.

While the flippers didn’t have the space to make the bathroom larger, they did know how to make the most of what they were working with.

“They did a great job with the new layout. It’s a functional bathroom that feels much larger than it did before,” says Valenza.

The new vanity gives the bathroom “much-needed additional storage space,” Syms points out. No one wants a bathroom that can’t hold their essentials.

“The details are simple without being boring,” says Valenza. “Using the monochromatic patterned floor tile as a border in the shower is a great way to add visual interest without overwhelming the space.”

“It adds a high-end custom look that potential buyers would love,” says Syms of the patterned tile in the shower. And that’s the goal when flipping a house, right?

Source: realtor.com

6 Coronavirus-Friendly Home Upgrades That Cost Less Than $10K—and Will Bring In Offers

Getting a home improvement project to pay off is notoriously tricky. There’s no guarantee you’ll recoup the money you pour into a bathroom remodel or an outdoor kitchen. Plus, the COVID-19 pandemic has made completing even minor projects more difficult, as many nonessential construction projects have been halted.

And while it might seem crazy to take on a big-ticket project in a time of economic uncertainty, many home buyers are still looking for turnkey properties with attractive amenities. So if you’re a seller with a house in need of a little TLC, you should focus on relatively low-budget upgrades that will seriously juice your home’s value.

Below, our experts spill on the improvements under $10,000 that buyers are perennially interested in, plus the trending ones whose popularity is likely to last.

Deep cleaning: $500 or less

Scuffs on doors, counters, cabinets, and walls; a ring of scum around a drain; cobwebs in basement corners; toys or tools peppering lawns and patios—these all look bad in the eyes of potential buyers. Luckily, eradicating these blemishes doesn’t take much.

“Deep cleaning is one of the most important things you can do for a little money that dramatically increases your value in the market,” says Heather Wendlandt, a real estate agent with the San Diego-based Team Kolker. “The Magic Eraser and elbow grease can go a long way.”

She says deep cleaning, plus basic paint touch-ups, can increase home values by thousands.

Front-door upgrade: $2,000 or less

Thee front door is the first part of a home that a potential buyer will interact with, so it’s worth lavishing attention on every detail. A fresh coat of paint, new hardware, or updated accessories like house numbers, door knockers, and attractive lighting are all easy and relatively inexpensive to obtain.

Wilmington, NC–based real estate agent-turned-blogger Rebecca Fernandez says that when she was given a listing that sat on the market without activity for months, a front-door upgrade helped make a difference.

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Watch: 5 Smart Upgrades To Help Coronavirus-Proof Your Home

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“I convinced the homeowners to provide me with a budget of $500,” Fernandez says. “It was a very small Cape Cod home, painted dark beige, with an unflattering wood front door. To add contrast, I purchased black vinyl shutters and painted the door a dark red. Next, we cleaned up the front lawn and purchased a door mat, flowerpots, and mums, since it was autumn, and we wanted it to have a fresh, seasonal look. After those minor tweaks, with new pictures online and the added curb appeal, we drew multiple buyers and sold the property quickly.”

Touchless fixtures and fresh-air systems: $200 to $5,000

During the pandemic, certain fixtures have become more relevant—and coveted—than ever.

What buyers want right now are touchless fixtures like sinks and toilets that eliminate your need to come into contact with a germ-filled surface, says Scott Campbell, team leader at Cedarburg, WI’s Re/Max. Both of these upgrades cost a few hundred dollars to install around the house.

Another pandemic must-have is excellent airflow.

“Updating mechanical systems and adding a RenewAire system that pulls fresh air into the home every few hours is a huge plus for buyers,” Campbell says. “Ultraviolet air exchanges that help kill viruses are also smart investments and very practical for home showings during the pandemic.”

Better kitchens and bathrooms: $9,000 or less

Kitchens and bathrooms that look outdated or cheap can sink the value of an entire home.

Tracy Jones, an associate with Re/Max Platinum Realty, witnessed firsthand how a kitchen face-lift boosted her home’s value.

“During the years we’ve done some hefty renos, but resurfacing our kitchen cabinets cost less than $4,000. We replaced the cheap-looking plywood cabinets with white doors and custom-built drawer fronts with soft-pull hardware,” she says. “We also upgraded the 1990s Formica countertops with granite for $4,000, creating a modern look.”

Jones believes these upgrades helped them bring in a profit. They bought the home for $189,000 in 2006 and sold it for $425,000 in 2020.

Bathrooms can also make or break a deal.

Erik Wright, owner of New Horizon Home Buyers in Chattanooga, TN, says he helped renovate and flip a home that cost him $80,000 and was sold for $140,000. Of the $15,000 he invested in home improvement, Wright put $9,000 toward upgrades on the kitchen and bathroom, including light fixtures, new cabinets and counters, fresh towels, and new vanities and faucets. All told, he cleared $45,000, primarily through minor tweaks.

Backyard upgrades: $500 to $10,000

Backyards are now thought of as an extension of the home.

“For those in the suburbs, pools, koi ponds, and fountains are newfound hot-selling items,” says Neal Clayton, licensed partner at Engel & Völkers in Nashville, TN. A small water feature that makes a soothing impression can be purchased and installed for as little as $500.

“Fire pits and outdoor kitchens with basic cabinetry are also frequently requested as people find creative ways to expand their living spaces,” Clayton says.

Home office: $10,000 or less

Home offices were on their way out before the pandemic, but they are all the rage now. Converting a room and buying all of the furniture, accoutrements, and shelving cost well under $10,000, experts say.

If you’re on the fence about carving out a home office space, consider this: Many buyers won’t consider a home these days if it doesn’t have a place where working or schooling from home is feasible.

Source: realtor.com

Want an RV as a Vacation Home? The Benefits and Costs of Recreational Vehicles, Revealed

If you dream of hitting the open road with a house on wheels, you may be thinking about buying an RV, or recreational vehicle. It’s an especially alluring idea these days.

According to the RV Industry Association, between 9 million and 10 million people in the United States own RVs—1 million live in them full time. And the demand for RVs has substantially increased in the wake of the coronavirus pandemic.

“Not only are we hearing from RV dealers across the country that their sales are up compared to last spring, but new research shows that 1 in 4 Americans intends to take some kind of RV-related action in the next 12 months—such as taking an RV trip, buying or renting an RV, even visiting an RV dealership,” says Craig Kirby, president of RVIA.

Plus, he says, 20% of respondents are more interested in RVs as a recreational travel option in the aftermath of COVID-19.

Part of the draw of RVs is that they allow people to vacation with their families without risking exposure to COVID-19 by boarding a plane or entering a hotel.

“We are also hearing that people [now] are more likely to stay close to home on vacations and take road trips,” Kirby says. “An RV trip is the logical extension of that trend. Still able to stay close to home and drive, but also able to bring your bed and food along with you.”

And the good news is that even in light of recent demand, there is plenty of inventory at RV dealerships to meet interest, according to Kirby.

But is RV life as dreamy as it sounds? Well, here are the factors to consider.

How much money can RV living save on vacations?

If wanderlust is fueling your decision, an RV can help cut costs associated with traditional travel. With an RV, you don’t need hotels or plane tickets, and the ability to cook your meals means you’re not bound to expensive restaurant fare.

In fact, studies show that a family of four (two adults and two children) saves between 21% and 64% by vacationing in an RV rather than booking plane tickets and hotels.

And if you want to live in an RV full time, you’ll enjoy additional savings—like an absence of property taxes, lawn care costs, and other homeowner headaches. In addition, the ability to just move on if you don’t like the weather, your neighbors, or the scenery is priceless.

How much does an RV cost?

Like houses, RVs come in a wide range of prices depending on their size and features. According to RVIA, the cost of an RV can range from $6,000 on the low end for folding camping trailers and truck campers to between $60,000 and $500,000 for motor homes. You can also buy previously owned models at a significant savings.

GoRVing.com has a tool that lets you explore various types of RVs and their costs so you can see what you can get for your money.

While it may be tempting to buy the biggest RV you can afford, consider how much space you really need.

“Many newbies buy too much RV in size, drive-ability, park-ability, tow-ability, and maintain-ability,” says Janet Groene, author of the blog SoloWomanRV and book “Living Aboard your RV.” “Remember that you are now maintaining your own plumbing, water and sewer supply, gas supply for your stove and furnace, your own electrical systems, and all the expenses that go with vehicle maintenance.”

Another ongoing cost of full-time RV life? Fuel. RVs typically get between 10 to 20 miles per gallon of gas. How far you’re driving, how big your RV is, and the price of gas are all factors that will affect the amount you spend on gas.

RV insurance and maintenance costs

As with any vehicle, you’ll need insurance on your RV. The average annual cost for full-time RV insurance is $1,500, but that can vary substantially depending on the type and size of your RV. Note, however, that most policies won’t cover the belongings inside your RV, so you may need to take out a separate policy for them.

In general, RV repairs are more expensive than automobile repairs. How much you will spend on repairs depends again on factors such as the age and type of your RV as well as how many miles you put on it.

But even a new RV isn’t immune to problems.

“Just because it’s new doesn’t mean your RV won’t need repairs,” warns Becca Borawski Jenkins, a full-time RVer since spring 2017. “After three years on the road, I haven’t met a single RVer who bought a brand-new RV who didn’t have some sort of mechanical or structural issues arise in those first few months.”

Instead of taking off for lands far away right away, she suggests starting out by taking short trips before you jump into full-time life on the road. That way as issues arise, you can bring it back to the dealer, and many of the issues may be covered by the warranty.

“Buying your RV early and testing it close to home will ultimately save you time, money, and stress,” says Borawski Jenkins, an editor at FinanceBuzz.

How much are RV parking fees?

You can’t just park your RV at any old place, and most of the time you’ll want to find an RV park with amenities such as power and water. Prices can range from $35 to $100 a night. Even at the low end, those costs can add up. For example, $35 a night for 365 nights comes to $12,775 annually.

Groene says while it’s less expensive, and sometimes even free, to stay at government campgrounds (e.g., state and national parks and forests), they typically have fewer facilities, and there is usually a limit on how long you can stay.

She also notes that “boondocking,” a term referred to parking for free, is dangerous at best and increasingly illegal.

What are taxes on an RV?

Taxes are included in the rates you pay to stay at commercial campgrounds and RV resorts. You’re also responsible for paying state income tax and sales tax in states that charge them.

Note too that even if you live in an RV full time, you still must have a physical address, which determines the state where you pay income tax and insurance, vote, and exercise many other legal rights and obligations.

Does an RV appreciate over time?

While homes typically appreciate in value over the years, the opposite is often true with RVs. So you have to consider what it means to you to have what is likely your largest asset steadily depreciate over time.

“While a house and land generally continue to appreciate, RVs begin to lose value the moment it’s driven off the lot,” Groene says. “Many people spend far too much on an RV, often one that is far too big and complex for them to drive and maintain. But by the time RV owners are ready to hang up the keys, the nest egg that was their home on wheels is worth little or nothing.”

RV life is full of amazing opportunities and presents many perks financially and otherwise. It’s not, however, without speed bumps (both literal and figurative), and you should carefully consider and weigh your options before making this investment.

Source: realtor.com

What Is My Home Worth? The Number Every Homeowner and Seller Should Know

If you’re hoping to sell your home, knowing your property’s value is essential for pricing it right to make buyers bite. Or, maybe you don’t want to sell your home right now, but are just curious what your house is worth—and whether your real estate investment has risen in value (which would merit some much-deserved back-patting).

In either case, having an accurate grasp of your home’s estimated market value can come in handy. And there are a variety of ways to do that, many of which are free and easily within reach online. Here’s how to find that magic number, and why having an accurate estimate matters whether you want to sell your home or own it for the long haul.

How to find home value estimates online

One easy starting point with a home valuation is to enter your address into an online home value estimator, which will, within seconds, present you with a free estimate of what your home is worth, based on data such as its square footage and recent home sales in the area. For example, realtor.com’s home value estimator provides valuations from three different independent providers to ensure you have as much information as possible from a variety of sources.

While these free valuations will help you get a general idea, remember, they’re just ballpark figures. For a more accurate estimate, there’s no substitute for the expertise of a real estate agent, who has access to a vast database of information with recent sales to help you home in on that number. Here’s how to find a real estate agent in your area.

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Watch: The Secret Formula to Estimating Your Home’s Value

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How real estate experts determine their own home value estimates

Real estate agents specialize in answering the question “what is my home worth?” for their clients, which they do by running a comparative market analysis. This process involves finding similar properties (“comps”) that sold within the past 90 days.

The most accurate comp is a home that’s nearby, similar to yours in square footage, and has the same number of bedrooms and bathrooms. (Ideally, the lot size is also equivalent, but that’s more important in rural areas, where homes are set on multiple acres.) Once your agent finds a few comps, then she averages those figures to come up with a baseline of your own home value.

“You should always look at the sale prices of other listings in your community,” says Chris Dossman, a real estate agent with Century 21 Scheetz in Indianapolis.

For instance, “if your neighbor’s home is listed for $400,000 and you want to list yours at $500,000, you’d better be able to clearly explain the difference to prospective buyers.” Or else adjust your number accordingly.

What is my home value to a buyer?

Sellers need to consider how home buyers search for properties online. Let’s assume your home’s fair market value is $503,000. Yet Dossman points out that many people search for homes on the web using $20,000 or $25,000 increments. The upshot? Listing your home for $503,000 could prevent your listing from being seen by buyers who are searching for homes in the $475,000 to $500,000 bracket, so asking for $500,000 might generate more traffic—and maybe even a bidding war to push that final number well above your expectations.

Also, avoid listing your home at an odd dollar figure (e.g., $999,000 instead of $1 million). While retailers and as-seen-on-TV purveyors of the Miracle Mop effectively present product prices ending in $0.95 or $0.99, Dossman says the same approach doesn’t apply to real estate.

“It’s hard to justify awkward pricing,” Dossman adds. “It’s just confusing to buyers.”

Try to remain objective

“Sellers always think that their home is worth more than it is, because of their personal attachment,” says Dossman.

Indeed, it’s hard to boil down years or decades of memories in a home to a number. It’s also hard to accept that your home is worth less than what you paid for it, or that you can’t just tack on the full dollar amount of the renovations you’ve made. On average, renovations will reap you only a 64% return on investment, although that varies based on the type of upgrades you’ve made.

Why it’s important to know how much your house is worth

Estimate your home’s value as too high, and it could wind up sitting on the market. That’s a big problem, because a property that goes unsold for an extended period of time (e.g., more than 30 days) often becomes stigmatized.

“Buyers get suspicious when they see a house that’s been on the market for a while,” says Dossman. “They think that something is wrong with the home.”

If that’s the case, the seller may have to make a significant number reduction—sometimes dropping the number below market value—in order to nab a buyer.

Pricing your home below market value in an attempt to stir up interest and generate multiple bids can also backfire. Granted, that strategy could work in a hot seller’s market, but underpricing your home frequently leads buyers to assume that your home is worth only its list price, says Dossman.

Your best bet: Know what your home is worth, and list your home close to that figure—aka its market value. When in doubt, turn to your real estate agent to help you cut through the haze and help you pinpoint the right price.

Source: realtor.com

7 Mistakes That Could Keep You From Selling Your Home This Winter

Selling a house during winter comes with its own unique challenges. Snow, for one, can bury your home’s best features. Your normally lush landscaping may look drab and lifeless. And truth be told, all you want to do is cozy up at home rather than welcome buyers through your door.

Still, if you’re game to sell during winter, it’s essential that you put on your snow pants and put some effort into making your house shine. To help, here are some classic mistakes to avoid once the temperature drops, and why they can make such a difference. Just avoid making these all-too-common winter-selling fumbles in order to get top dollar.

Mistake No. 1: Setting down the shovel

You cleared off enough of the driveway for your car, but potential buyers won’t be entering through the garage like you do.

“Blazing a path through 3 feet of virgin snow makes a lousy first impression,” says John Engel, a Realtor® with Halstead Properties, in New Canaan, CT.

Don’t put away your snow shovel until you’ve cleared a path to your front door. Or save your poor back by hiring a snow removal company to keep your paths walkable.

“Not only does it make it more inviting for buyers, but it avoids potential safety and liability concerns,” says Massachusetts Realtor John Ternullo.

Mistake No. 2: Giving in to the winter blahs

Gray skies and barren trees make winter a particularly depressing time to sell. But you don’t have to let your home look as doleful as the weather.

“Pops of color by the entryway, like a seasonal wreath and topiaries, can add some interest to the front entrance as well as make it more inviting,” Ternullo says.

And don’t wait until buyers schedule showings to add some life: Colorful curb appeal transforms your listing photos from drab to dramatic.

Mistake No. 4: Not scrubbing your windows

Colder temps have robbed your trees of their leaves, leaving your home to look a bit sadder in winter’s wake. But that’s not the only problem. Those full trees previously shielded your home from direct sunlight. And now that it’s pouring in your windows, potential buyers will be able to see everything. 

Scuffs, fingerprints, and streaks are “never more apparent” than in the wintertime, Engel says, so you should make sure you’re vigilant about keeping windows clean. Alone, that grime might not be enough to turn off a potential buyer, but it might make them wonder what other details you’ve missed.

Mistake No. 5: Displaying outdated summer photos

Your Tudor looks particularly glorious in the summer, but if your only listing photos were taken in April, buyers will immediately suspect a problem.

“Nothing says ‘old, tired listing’ more than the photo you took nine months ago,” Engel says. Talk to your Realtor about taking new photos that make your home look festive and seasonal. Feel free to keep older photos in the listing—your buyers might want to know what the home looks like when the gardens are in full bloom—but updated photos will make your listing seem fresh.

Mistake No. 6: Turning down the heat

Don't give potential buyers a chilly reception.
Don’t give potential buyers a chilly reception.

Olivier Le Moal/iStock

“Frugality is great, but not when you’re trying to sell real estate for top dollar,” says Brian Davis, a real estate investor and co-founder of SparkRental.com.

Turn the heat up before you leave for showings, your utility bill be damned. Stick to 68 to 70 degrees Fahrenheit to keep everyone comfy.

“It will make the house feel homier and more welcoming,” Davis says. “It also gives the impression that the house is energy-efficient and well-insulated.”

Mistake No. 7: Denying access

It’s New Year’s Eve and a buyer wants to stop by. How dare they! Shouldn’t they assume you have a fabulous party to prepare for?

Maybe. But if you want to sell your home in the off-season, the buyer has to come first. You’ll need to work with your Realtor to devise a strategy for squeezing in showings, even in between all of winter’s holiday events and family gatherings.

“While it may be inconvenient, it’s crucial not to deny showings, as that could be a missed opportunity,” Ternullo says. “There may be less buyers compared to spring, but winter buyers tend to be serious.”

Mistake No. 8: Leaving out your draft stoppers

Your hand-knit draft stopper might look adorable snuggled against your door, but it “sends a clear message to buyers,” Davis says. “This house is drafty and loses heat easily.”

Not that you should lie. But every home has hidden problems, and it’s best to let the buyers make their own assessments and discoveries during the inspection period. Don’t leave out little things that could sway their decision.

Source: realtor.com

How This 1920s California Bohemian Sold Over Asking—and Helped Set a Record

It doesn’t matter how perfect your home is—if your listing photos don’t stand out, potential buyers won’t come by to take a look. In our series “Lessons From Listing Photos,” we dissect the smart updates sellers have made to their homes, and how their listing pictures highlight the home’s best assets.

In 2020, nothing is for certain—and in many places, that includes the real estate market. That’s not true for Berkeley, though. This Northern California city, located on the east side of the San Francisco Bay, is experiencing an upswing in an already booming real estate market. In fact, October 2020 racked up the most single-family home sales for the city in nearly two decades.

High demand is likely to have been part of the reason the former owners of this two-bedroom, one-bathroom bungalow in Berkeley were able to sell their home for $161,000 over the listing price of $1,189,000. They purchased their home in April 2014 for $1,020,000 and sold it in November, for $1.35 million. But, looking at the before and after photos, we also chalk this successful sale up to smart home staging.

If you’re getting ready to put your home on the market, there are plenty of lessons to learn from this particular sale. From clever design decisions to the little details that made all the difference, here are the moves that made this cozy home appealing to buyers.

Living room

This living room may feel completely different in the before and after photos, but if you look closely, you’ll notice there weren’t any major changes. Instead, the owners made a few smart cosmetic updates and did a great job of staging the room.

“The ‘before’ of this room felt small, dark, and choppy, due to the use of multiple paint colors breaking up the visual flow of the space,” explains designer Gabrielle Aker, of Aker Interiors. “The fresh coat of white paint instantly brightens the room.”

Danny Davis, owner and broker of San Diego Brokerage in Encinitas, CA, agrees that color was a key factor in the living room.

“In my decades of experience in real estate, no one has ever told me that they were looking for a dark and gloomy home. Everyone wants light and bright,” he says. “Incorporating stylish, minimalist furniture and light paint and stain colors often make a smaller space feel larger and more livable.”

Real estate agent Natasha Wood of Balaj Realty Group says making the floors more visible also made a big impact.

“Hardwood flooring can increase a home’s value by up to 5%, so showing that off is key,” she explains.

Kitchen

“Choosing the right professional photographer and staging company is very important when selling your home,” says Davis.

He explains that each listing must attract a buyer in the first few photos, or they’ll just keep scrolling. In the case of this kitchen, he says the listing photos showed exactly what buyers want to see.

“This kitchen, where families tend to spend most of their time, is so much more inviting in the ‘after’ photo,” he says.

“That warm wood island makes such a difference in this space,” adds Susan Covell Sands, owner of Susan Covell Designs. “The floor-to-ceiling white tile, new textured stone floor—all of it looks much cozier and workable than the ‘before’ photo, with its gray walls and old, orange-toned wood floors.

Nook

Before the overhaul, this nook just off of the kitchen was a strange bit of wasted space, a real shame in a small home.

“What a difference it makes to give a space a specific function,” says Covell Sands. “Showing the shelves with a laptop, lamp, and stool gives the potential buyer the understanding that this space could be more than just extra storage shelves.”

Davis explained that thanks to COVID-19, most of us are now doing many things at home that we used to do elsewhere, from working, to exercising, to school.

“It’s more important than ever to showcase an area where people can have a private space to work and take Zoom calls away from the rest of the family, pets, and mess that a home must accommodate in today’s lifestyle,” he says.

“Creating a useful space that has a dedicated function, especially in a small home, will invite buyers to imagine themselves in that space, instead of wondering what to do with it.”

Dining room

Even in the before image, this unique dining room was a showstopper, but after a few tweaks, it’s a home buyer’s heaven.

According to Davis, staging was a huge factor in this room.

“As for staging, it’s imperative that you stay away from bulky furniture in small areas and finish off a room with accents like window shades,” he explains, which is exactly what happened in this space.

Kendall Severson, co-owner of Interior Design Partnership, LLC, agreed.

“I love this transformation!” she says. “The ‘before’ picture makes the space feel heavy and small. They toned down the color and focused on white and natural elements. … They really hit the nail on the head when it came to scale and proportion in this space.”

Wood noticed that the stairs are also visible from this room.

“The updated stairway follows the natural movement throughout the home and creates a cohesive feel,” she says.

Bedroom

Having an extra bedroom that doubles as both a guest room and an office may sound like a great way to utilize a space, but our experts say that often sends buyers running.

“Defining a space with a specific purpose definitely helps a buyer envision themselves and their belongings in a home. That’s why staging is so valuable to home sellers,” says Davis.

He explains that the previous owners, once again, pulled off a major win in this room.

“Oftentimes, multipurpose rooms—such as a guest room/office—only point out to the buyer that the home doesn’t have room for both purposes, and that can have a negative effect on buyer perception,” he says.

Staging this room as a cozy bedroom makes the whole house feel more inviting and livable, he argues.

Source: realtor.com

6 Reasons Why This Is Actually the Best Time in Years To Sell a House

Talk about a strange summer. Between the continued threat of the novel coronavirus, a wobbly economy, and layoffs happening left and right, it’s no surprise that many who may have hoped to sell their home this season are wondering whether to put those plans on hold—or they’ve already thrown in the towel.

Such hesitancy is understandable. Yet the irony is that, after closely examining the current housing market conditions, many real estate experts believe this summer could be one of the best times to sell a home in years.

“Given the pandemic and uncertainty it’s caused, the general sentiment [among some owners] is that now is not a good time to sell your home,” says Danielle Hale, chief economist at realtor.com®. “Yet so far, the data suggest the opposite—that buyers outnumber sellers in the housing market, which means it’s better to be a seller than a buyer.”

So if you’re a home seller who assumed they should write off this summer’s home-selling season as a lost cause, it’s time for a reality check! Here are a few reasons why the market could actually be moving strongly in your favor.

1. Home buyer demand is back with a vengeance

Granted, in the spring, when COVID-19 was spurring many states to enforce quarantine and ban open houses, home selling understandably went dormant for a while. But now that lockdown restrictions are loosening up in some states, home buyers are out with a vengeance—and many of them are eager to make up for lost time.

Indeed, the real estate market is already seeing strong signs of a rebound, according to the National Association of Realtors®’ Pending Home Sales Index (a forward-looking indicator of home sales based on contract signings). In May, after two months of decline, pending home sales shot up 44.3%—the highest month-over-month jump since 2001, when the index began.

“There’s very significant demand,” says Matthew Gardner, chief economist at Windermere Real Estate. He adds that demand is strongest right now in the suburbs and in smaller, cheaper cities—as buyers look to escape the biggest metros and more companies follow tech titans like Google, Amazon, and Microsoft in allowing employees to work remotely for the foreseeable future.

“If we continue to see an increase in working from home, people can move farther away, where they can get more bang for their buck,” Gardner says.

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Watch: 5 Things to Know About Selling a Home Amid the Pandemic

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2. Home inventory remains low

Yet amid this glut of home buyers, the number of homes for sale to actually meet this pent-up demand is at an all-time low.

“There was insufficient supply last year,” says Lawrence Yun, chief economist of the NAR. “This year during the pandemic, the shortage has intensified.”

According to realtor.com’s market outlook, housing inventory in June was 27% lower than a year earlier.

And some reasons for the shortage of available homes have little to do with the recent coronavirus crisis. The number of homes for sale is at a “generational low,” says Gardner, because people are living in their homes longer than they used to. In fact, NAR data shows that Americans are spending an average of 13 years in their homes before moving.

The lower inventory is also the result of fewer distressed properties on the market, “due to the massive government stimulus support, including mortgage forbearance and generous unemployment benefits,” Yun explains.

3. Home prices are up

With demand for homes up and inventory down, the conditions are perfect for home sellers to get high prices.

“Many sellers can get top dollar in the current market conditions,” says Yun.

According to NAR , single-family home prices increased in most markets during the first quarter of 2020, with the national median single-family home price increasing 7.7%, to $274,600.

This good news may come as a surprise to sellers, since it was expected that the housing market would take a hit and home prices would drop because of the pandemic. That’s quite the contrary.

“Home asking price growth is actually higher now than it was before the pandemic,” Hale explains.

4. Mortgage interest rates are low, too

Another factor pushing home buyers to shop are the historically low mortgage interest rates.

According to Freddie Mac’s July 2 report, average interest rates recently reached a new record low of 3.07% for a 30-year fixed-rate mortgage. Given this means homes could cost potentially tens of thousands less over the lifetime of the loan, it’s understandable that mortgage purchase applications have jumped since last year.

5. The economy is showing slow signs of recovery

While the pandemic led to record high unemployment rates in March, these levels have recently fallen slightly, which could be a good sign that people are still eager and able to buy a home.

Continuing spikes in COVID-19 infection rates may have a negative impact on employment numbers in some areas going forward, but for now the national trends are heading in the right direction.

“The pandemic sharply curtailed economic production and consumer spending in March, April, and part of May. As a result, joblessness soared,” Hale explains. “But data from May and June suggests that businesses are adding back jobs as consumers get back to spending, and some companies are now scrambling to keep up demand. Some speculated that we’d see a sharp bounce back in activity, and I think it’s fair to say that’s what we’re seeing so far.”

6. Home buyers’ needs have changed

Along with working remotely, people have been spending more time at home in general—and this, in turn, has sparked a fresh deluge of home buyers whose current homes no longer seem as comfortable or roomy as they were pre-COVID-19. That is, if your dining table now doubles as your “office,” you might be tempted to trade in your short commute for another room or two so all can work from home in peace.

“People are looking at their existing home and saying, ‘If I have to work from home, then maybe my house just doesn’t work,’” Gardner says.

“Spending three months locked up at home taught a lot of people that where they live is important,” agrees Jed Kliman, managing broker at Windermere Real Estate in Seattle. “Clients I’ve been working with recently are trading up because they’ve spent more time in their homes and realized it didn’t meet their needs.”

Home offices, more privacy, outdoor spaces, and just more room are becoming more important to homeowners. Kliman says playing up these features and amenities when you sell your home can attract buyers. Home staging and visually appealing listing photos, though always important, are especially crucial in today’s market.

“Staging, professional photos, even video and 3D virtual tours—those are all really important because people start their home search online, and they have to be moved and captivated to go see a house,” Kliman says.

In addition to understanding market conditions, home sellers will want to know that the process from offer to closing may work a little differently today.

For example, social distancing may mean home inspections and repairs take a little longer. Kliman says some of his sellers have been doing their own pre-inspections and making reports available to interested buyers to speed up the process.

The bottom line: “You want to make it as easy as possible for a buyer to make an offer,” he says.

Just be prepared for the unexpected, Hale says.

“The time it takes to sell a home does seem to be shrinking, as states lift restrictions on business and consumers feel more confident and comfortable,” she says. “But depending on how infection rates evolve, this could change. This doesn’t mean we’re out of the woods completely.”

Source: realtor.com