Patrick Duffy's Real Estate Blog

What is home staging and how will it help you sell your home?  Staging homes for sale is, quite literally, setting the stage for buyers.  You want the home to look good, you want it to have the right atmosphere to attract buyers, and you want the first impression to blow them away.

Staging a home can mean sprucing up the paint job, eliminating clutter, moving furniture around – practically anything that makes your home look better to the buyer is staging.  Whether you decide to do it yourself or hire a home staging professional, it can, and will, help you sell your home.

Here are a few pointers on how to stage your home and how each suggestion can help sell your home faster or for more money:

1. Style – Although the decorating styles of homes for sale range widely, you want to make sure your home doesn’t have too much of a good thing.  Too much decorating style overwhelms the potential buyers’ senses and doesn’t allow them to imagine adding their own personality to the home.  Try to look at your home from a buyer’s point of view and design it to sell.

How it helps: Furnished homes with just a hint of style help buyers see possibilities they can bring to the home such as a different wall color, new curtains or hardwood floors versus carpeting.  The easier you make it for the buyers to see themselves living in the home, the better chance it has of selling.

2. Clutter – In real estate terms, “clutter” is any personal touch that makes it obviously yours.  Remember, you’re trying to sell your home, not show people what a great decorator you are.  Before you start with open houses, pack up all your personal pictures, knick-knacks and bric-a-brac.

How it helps:  Removing your personal clutter lets potential buyers see it as their own.  No matter how much you love the items, leaving personal touches is, invariably, a turnoff to the buyer.  It makes it darn near impossible to see the house as anything but yours.

3. Cook – Before an open house, start baking chocolate chip cookies or an apple pie – something that smells good to most people.

How it helps:  Homes for sale should feel, well, homey.  Anything they can see, smell, touch or feel should be set up for maximum selling affect.  Baking smells are an excellent touch.

Home staging will help get your home ready to sell, and set you well on your way.  If you need help staging and selling your home, I’d love to lend a hand.  Contact me today at patrick@usrlty.com or call me at 703-403-0536 for more information.

Links:

Home staging professionals:  If you are a home staging professional, link to the page on your website about your staging credentials or services.  Otherwise, link here http://www.iahsp.com/

Design to sell

http://www.globalspan.net/staging.htm

Get your home ready to sell

http://www.life123.com/career-money/real-estate/selling-home/get-your-home-ready-to-sell.shtml

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Real estate investments are still going strong and will probably continue to be a popular method of financial gain into the future. Real estate is solid. It is a tangible product that is attractive to both beginning investors and experienced pros. The most important part of getting started in real estate investing is knowing what you’re getting into and what to watch out for. Here are 4 top tips from real estate investment professionals:

Understand the Realities

Real estate investment, like any form of investment, is risky. Do not use money you cannot afford to lose. Careful study, understanding the market, and practice help alleviate a lot of the risks but things happen in the best of situations so don’t play with what you can’t afford to lose.

Research is a Constant

Research in real estate investment isn’t something you do once. Research is constant. It is a daily part of your efforts and should always be at the forefront of your mind. From changing banking methods to market changes, researching and learning must be ongoing to be a successful real estate investor.

Know the Property

Research isn’t limited to financing and the real estate market. You need to thoroughly investigate each property before you buy. Fill out an investment worksheet to see if all the costs associated with the purchase will allow a satisfying profit.

Learn About Personal Protection

Taking risks with the money you have set aside for investment is one thing.  Taking risks with your family’s savings, property, and other assets is another. Consider starting an LLC. You can choose from a single LLC to cover all of your real estate holdings, or having a separate LLC for each property purchased.

Learning the tricks of the top real estate investors allows you to profit from the experience of those who have gone before you.  If you would like more expert advice on real estate investments, give me a call today at 703-403-0536 or email me at patrick@usrlty.com.

LINKS:

real estate investment: http://reiclub.com/articles/makes-deals-happen

investment worksheet: http://visulate.com/cgi-bin/invest.cgi

starting an LLC: http://www.bankrate.com/brm/news/real-estate/20060128a1.asp

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As a real estate agent, I get to meet people from all ends of the spectrum: buyers, sellers, renters, etc.  I also come across other agents, and it constantly amazes me at the different outlooks surrounding the real estate profession.  Many buyers think sellers and real estate agents are out to stiff them.  On the opposite side, many sellers think buyers and agents are out to stiff them.  Unfortunately, even some agents think both are out to stiff them.

I know they say “it’s a dog eat dog world”, but if everybody was truly out to stiff everybody else (rather than just get a fair deal), nothing would ever get done.  There’s a big difference between a good agent and a crummy agent.  So, maybe we all need to be reminded of what a good real estate agent really is:

Your agent is your business associate. They are in the business of finding what you need, whether it’s a house to buy or a buyer for your house.  As a business associate, they look for the best deal for you, because the best deal for you is the best for them.

Your agent is your negotiator. This goes along with the first, but is more in depth.  For instance, if you’re looking at new construction and the builder has a “buyer’s agent”, do you really think that agent is there to help you get the best deal?  No, they’re there to help the builder get the best deal.  That’s why you have your own agent there – you know they’re on your side.

Your agent is your friend. Especially when you’re having problems selling your house, you’ll have a lot of worries.  A good real estate agent will be there to listen to them and either a) relieve your worries or b) be understanding of them.

As real estate agents, we understand that selling a house isn’t easy.  We understand that buying a house can be stressful.  We even understand that you may be stuck in a situation you’d rather not be in, such as during a foreclosure.  Good agents aren’t just agents; we’re good friends.

If you need to sell your home or are looking to buy one, I’d love to help you.  Call me today at 703-403-0536 or email me at patrick@usrlty.com.

Links:

A crummy agent

http://www.usnews.com/articles/business/real-estate/2008/07/14/6-signs-of-a-crummy-real-estate-agent.html

New construction

http://homebuying.about.com/od/buyingahome/qt/BuyNewHome.htm

Selling a house

http://www.ehow.com/how_111063_sell-house.html

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As of today, first time homebuyers have 101 days to take advantage of the $8000 tax credit.  Sounds like a lot of time, but there are a few factors that can make that time fly by and will leave a lot of dissapointed buyers who were unable to cash in.  Keep in mind, we’re talking about 101 days until you close, not 101 days until you have a ratified contract.

1. Short Sales
Buyers – PLEASE exercise caution here.  Short sales make up a sizable chunk of the inventory available today.  If you are considering buying a short sale, remember that you could be twiddling your thumbs for two months or more before the bank even approves the short sale.  From that point, you will likely have at least another 30 days until closing.  And considering the fact that by some estimates, only 20% of short sales actually make it to closing, this is a very risky route to take.

2.  Inventory is Down
Banks are holding on to many of their properties, leaving very little to choose from out there.  This means you will often be competing with 10, 20, even 30 other offers.  The result is, many buyers are often spending well over two months looking at houses before getting a ratified contract.  Do yourself a favor and be realistic about the homes you make offers on and make the offer competitive.

3. Lender Turn Times Are Slow
Recent implementations of new lending guidelines/procedures are contributing to turnaround times of up to 60 days.   So, just when you finally have a contract on a home and think you’re home free, you may still be two months away from closing.

Consider this – if you got a ratified contract on a home today – on the optimistic side, you will be closing at the end of September.  If your lender takes 60 days, you will be closing at the end of October.  Now, what if it takes you another month to get a contract?  UH OH, you could be cutting it very close to the November 30 deadline.

Best of luck to all in your home search!  If you or someone you know would like to buy a home in Northern Virginia, I would love to interview for the job of being your REALTOR.  Call/email me anytime at 703-403-0536 / patrick@usrlty.com.

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There’s a lot of competition in the current market for homes for sale.  If you’re thinking about adding your home to the list, this checklist is for you.

#1.  Set your goals. What do you expect from your sale?  Do you just want to get rid of the home, or do you want the highest price possible?  Will you be ready if a buyer wants to close quickly?  The answers to these questions factor into how much time it takes for a house to come off the market.

#2.  Decide whether to use an agent or not. Although many homes for sale go faster and at better prices with a real estate agent, it’s still possible to get a decent price doing it yourself.  If you decide to use an agent, interview them and talk to their past clients to make sure you feel confident in their services.

#3.  Set your home price. This is tricky, because if you don’t set the right price, your house can sit on the market for a long time and sell for much less than it’s worth.  If you hire an agent, they’ll analyze comparable homes and find a good price.  If you don’t hire an agent, make sure you look at recent sales on comparable homes, as well as neighborhood demographics to find the right price.

#4.  Find the problems and get serious issues fixed. Although you aren’t obligated to hire a home inspector, a professional home inspection can help head off serious issues that can delay the sale.  If you can fix the serious issues, do so.  If you can’t, you can still sell the house “as is,” as a fixer-upper.  Keep records of everything you do fix.

#5.  Consider staging your home. From curb appeal to inside style, home stagers can help your house look its best.  Studies show that, in general, staged homes sell faster and for better prices than those that haven’t been staged.

Adding your house to the list of homes for sale will be an exercise in patience, but following this checklist can help make the exercise a much shorter one.

If you’re thinking of selling your home, please allow me to interview for the job.  Call me today at 703-403-0536 or email me at patrick@usrlty.com for more information or to schedule an interview.

Links:

1.  Real estate agent
http://homebuying.about.com/od/realestateagents/tp/findagent.htm

2.  Find the right price http://realestate.msn.com/article.aspx?cp-documentid=13108482

3.  Home stagers – if you offer home staging services, or recommend a home stager, link to your page about that service.  Otherwise, link to this: http://www.iahsp.com/

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Foreclosures are a sad fact of life.  The truth of the matter is that, for many, even loan modification isn’t an option.  When faced with foreclosure or short sale, how do you decide which is best?  While short sales have been pushed by many as a viable option, it’s hard to know what’s best for you.  Here are some facts about the consequences of both:

Your Credit

While both foreclosures and short sales will affect your credit score, the differences are wide.  A foreclosure can affect your score for as long as three years or more, and lower it as much as 300 points.  The foreclosure can remain on your public history for over ten years.

However, only late payments show on your credit with a short sale.  Your score can drop as little as 50 points and be affected for as short as one year.  In addition, it isn’t reported on your history; it will show that the mortgage was settled and paid in full.

Your Job

On its own, a short sale generally doesn’t affect your employment.  However, a foreclosure is a different story.  Some employers regularly check their employees’ credit records.  As well, many require credit checks for new hires.  A foreclosure on your record can jeopardize your current position or future opportunities, as well as cause the revocation of a security clearance.

Judgments

In the event of a foreclosure, many banks have the right to try and get a deficiency judgment, stating that you have failed to pay the entire amount of the mortgage.  With short sales, however, lenders will normally agree to give up the right to that judgment and put it in writing.

Lastly, keep in mind that foreclosures generally close below the price they would get from a short sale, so the remaining balance might be significantly higher with a foreclosure.

If you want to stay out of foreclosure through short sales, I can help.  Call me at 703-403-0536 or email me at patrick@usrlty.com for more information.

Links:

1.  Loan modification http://www.hud.gov/offices/hsg/sfh/nsc/faqlm.cfm

2.  Credit checks for new hires http://www.privacyrights.org/fs/fs16-bck.htm

3.  Deficiency judgment http://www.foreclosurefish.com/blog/index.php?id=412

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Cash in your pocket and equity in your home?  If you’ve been thinking about making changes to your house but thought you couldn’t afford a remodel, it’s time to rethink the possibilities.  The payback on renovations in cost versus higher home value, should you decide to sell your house later, can be better than you thought.

Reason #1: Lower bids from the contractors.  The home renovation business is falling with the current housing market, leading to lower bids for the homeowner’s remodeling project.  In addition, most contractors are willing to negotiate with you for a better price, leaving you with a beautiful remodel for an excellent price.

Reason #2: Higher number of contractors to choose from.  Although homeowners are still making repairs and working on their houses, the number of bigger additions and fancy remodels is going down.  More contractors are competing against each other for your project.

Reason #3: Lower financing costs.  If you have good credit and a steady economic foundation, you can get lower financing costs.  This, in turn, makes the project that much more affordable.

Reason #4: Lower cost of materials.  Because the number of major remodels is dropping, the demand for materials (and thus the cost) is also dropping.

Reason #5: Less waiting time for a top-rated remodeling contractor.  With a lower number of people wanting to remodel their home, even top-rated professionals have a shorter waiting list.

Reason #6: Better service.  With more competition, contractors are definitely giving “service with a smile.”  Calls are being returned faster; jobs are starting on time (or before!).

If you looked into remodeling your home more than a year ago, now is definitely the time to do something about it.  However, even in this sweet time for remodeling, be aware of shady companies and shoddy work.  Do your research before accepting any contractor.

Want more tips like this?  Stay tuned to my blog!

Links:

1.  Payback on renovations

http://cgi.money.cnn.com/tools/renovation/renovation.html

2.  home renovation

http://homerenovations.about.com/

3.  Top-rated remodeling contractor:  if you have a contractor to recommend link to that page on your site or to their website, otherwise, link to:

http://www.bestcontractors.com/

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If you’re looking at buying a condo, you need to be aware that there are condominium associations that oversee condo developments just like there are homeowner’s associations that oversee subdivisions.  However, they may not work the same and can vary widely from condo to condo.  Here are a few things you need to ask the association before signing that contract:

1.  What’s the ratio of owner-occupied to tenant-occupied units?  More owner-occupied units means better marketability if you want to resell.

2.  Do the assessments rise with inflation?  This doesn’t sound like a good thing, but matching assessments with the rate of inflation means the ability to build reserves for any future repairs.

3.  What does the assessment cover (trash collection, condo maintenance, etc.) in the condo?  Some association assessments may not cover recreational facilities, for instance, while other condos’ assessments may cover a broad range of areas.

4.  What is the turnover in the building?  If it’s high, that’s an indication of issues you may not be familiar with.

5.  How much of the assessments do they keep in reserve and for what?  How do they invest the money?  If you’re paying fees and assessments, you want to make sure they aren’t spent frivolously.

6.  Are they involved in a lawsuit?  If the condo is in litigation, those reserves can disappear quickly.

7.  How reputable is the builder?  If you can, visit other projects and ask the residents how they feel about their place.  Get an engineer’s report to find out if the building is in good shape.  Any problems that are there when you buy are yours once you sign the contract.

8.  What are the condominium’s bylaws, restrictions, covenants and grandfather clauses?  You want to make sure you can live with them.  In addition, you’ll want an attorney to look over the documents with you.

9.  Is more than one association involved?  The larger the development, the more likely that there are umbrella associations.  Several associations can mean several assessments.

A condo can be a dream come true if you choose well.  Make sure you do your homework!

If you’re looking for a condo that perfectly fits your lifestyle and needs, I can help.  Call me at 703-403-0536 or email me at patrick@usrlty.com for more information.

Links:

1.  Condominium associations

http://www.lendingtree.com/smartborrower/glossary/c/condominium-association/

2.  Maintenance

http://www.neighborhoodlink.com/article/Association/Condo_Maintenance_Coverage

3.  Condominium’s bylaws

http://www.condoassociation.com/blog/tabid/19257/bid/8763/Sample-ByLaws-for-a-Condo-Association-or-HOA.aspx

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These are just a few of the pictures I took of this just completed renovation in Woodbridge, VA.  This home starred in the video I posted yesterday.  How about that kitchen! (the blue on the refrigerator and range is a protective plastic)

For more information about this home or any other home in our Freedom Select Homes Inventory, please contact me at 703-403-0536 / patrick@usrlty.com.  Additional updates are available by following me at http://twitter.com/patduffyrealtor.

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[youtube=http://www.youtube.com/watch?v=kgAsqzZ5WJ8]

3BR/2.5BA Townhome

What a stunner!

We start with a wonderful front porch perfect for relaxing on with your friends and loved ones and then move inside to an eye-popping main level with shiny hardwoods and ceramic tile in the powder room and kitchen.  As you would come to expect with a home sold as part of our Freedom Select Homes Program, the kitchen really packs a punch with a beautiful stainless steel appliance package, new cabinets and countertops, and a ceramic tile backsplash!

The upstairs features new carpet and two full baths with new ceramic tile floors and matching tile to the ceiling in the showers.  The lower level features a HUGE rec room with new carpet.

Other features in this renovation are fresh paint, new fixtures and vanities in the bathrooms, and new windows.

The Freedom Select Homes Program (FSH) is offered exclusively by U.S. Realty Partners, Inc.  The goal of the FSH is to provide an affordable and safe atmosphere, coupled with a quality living environment. By turning once unoccuppied and often unfinancable homes into beatifully renovated homes, the program also seeks to strengthen the area’s housing market.

For more information this or any other homes currently in the FSH inventory, please contact me at 703-403-0536 / patrick@usrlty.com.

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