Selling a home is an emotional experience with heavy financial repercussions attached. If you try and sell before you’re truly ready to move, you could find yourself in a stressful, costly situation which wastes a lot of time. Here’s how to ask yourself if you’re really ready to sell.
As a homeowner, you understand the importance of updating your property from time to time. Whether you plan on putting your house on the market or are ready to embark on a home improvement project, repainting your home both inside and out is a great way to personalize your living space while also adding value to your home. Read on to discover 5 unexpected benefits that accompany a fresh paint job!
The first benefit that comes along with a newly painted interior is a dramatically cleaner house. Over time, interior walls get scuffed, scraped and smudged and often times we don’t even notice. Highly trafficked walkways receive the majority of this damage, but doorways and walls near furniture often find themselves in danger as well. Recently painted walls also take some of the age out of the appearance of your home, and anyone who visits will take notice of how new your home feels.
When considering potential home improvement projects, there are few options that provide as much benefit as a new paint job in the same price range. Other common ventures such as remodeling a kitchen or bathroom can cost thousands of dollars between the work, materials, and appliances necessary to complete them. Renewing interior wall paint can be done by the homeowner with the only cost being painting materials, and hiring a local house painter would still be cheaper then other home renovation undertakings.
Thinking about the cleanliness of the air within your home should be a top priority, and recently painters have become more aware of the effect that their paint has on home environments. This had led to an increase of paints that contain little or no amounts of ‘Volatile Organic Compounds,’ which are carbon-based chemicals that can easily evaporate at room temperature. These compounds, known as VOC’s, are known by the Environmental Protection Agency (EPA) to cause eye, nose and throat irritation, frequent headaches, nausea, and can also damage the liver, kidney and central nervous system. If you live in an older home or you are not sure about the level of these compounds in your current paint, it is imperative that you repaint your interior for your own health.
Having a fresh coat of paint on the exterior of your abode is nearly as beneficial as updating the paint on your interior. The first and most obvious reason that exterior house painting is advantageous is the boost in curb appeal. Whether your house will be listed for sale or not, visitors and passerby will notice the improved aesthetic of your external walls. Beyond just impressing the people who see your home, refreshing the paint on the outside of your house will also protect your building materials. High-quality paint on the exterior of your home will decrease the risks imposed by inclement weather conditions. Repainting the exterior of your home will simultaneously improve the look of your house and save you money by preventing expensive repairs!
Increased Home Value
The final, and most obvious, improvement that comes from repainting your home is the bump that your property receives in value. I have already discussed the boost in curb appeal and that fresh paint makes a home feel newer, which are both reasons why your home’s worth will increase. Most realtors advise against starting large renovation projects prior to listing your house for sale out of fear that you will not see a return on your investment, but the low cost associated with a repainted home makes this a safe bet to provide tremendous return on investment.
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Bio: Matt Lawler is an Internet marketing specialist from Tempe, Arizona where he attended Arizona State University. Whenever he can step away from the computer, Matt enjoys playing sports, traveling and exploring the great outdoors. Follow him on Twitter.
Laura Key, REALTOR®
Cal BRE 01908085
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It may be two to three more years before prospective home buyers get a break from escalating property prices and tight supply, according to experts speaking at a National Association of Real Estate Editors conference Wednesday.
That is the time frame for institutional speculators, who currently are dominating the market, to pull out of their investments and still make a profit, explained Bill Rayburn of the mortgage technology firm FNC. The market also will need to see the return of individual home buyers in order to normalize, he said, which will be propelled by employment gains.
Source: "Better Times for Home-Buyers Will Take a Few Years, Experts Say," Los Angeles Times (June 5, 2013)
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Inventory levels in 2012 reached an 11-year low and fell yet again last month, further limiting the number of homes for sale nationwide. Inventories of for-sale homes were down by 16.5 percent in January year-over-year, and fell 5.6 percent from December, according to the latest data compiled from Realtor.com. Inventories typically fall in December and January in preparation of the spring buying season.
“But the shortage of homes for sale in a growing number of U.S. markets is maddening for would-be buyers who frequently complain that there aren’t enough good choices,” The Wall Street Journal reports. “Bidding wars are becoming more common.”
At a time when buyer demand is strong, inventories remain constrained as banks slow their pace of foreclosures and home owners delay selling until they regain more equity in their homes.
Metro areas posting some of the largest monthly declines in inventory levels are San Francisco (where inventory levels are down by 21 percent in January compared to December and down 47 percent year-over-year) as well as Seattle (where levels dropped 9 percent from December). The two have also seen some of the largest price increases in the nation. Median asking prices have risen by 16.4 percent and 23.7 percent in those places, respectively.
Source: “Housing Inventory, Already Low, Dropped Further in January,” The Wall Street Journal (Feb. 14, 2013)
If you are in the market for a new home, it would be wise to use an experienced Buyer's Agent to help guide you through the process. Contact Laura Key today for your free consultation on the up's and downs of being a buyer in this changing market! 310.866.8422 or visit www.KeyCaliforniaHomes.com
As the overall housing recovery gains steam, local market divergences are growing wider. That is because one overriding factor —faulty and fraudulent mortgage lending — brought the market down; it will take varied local and national market drivers — jobs, income growth, consumer confidence, increased lending — to bring it back.
And that is why certain markets remain buyers' markets and certain ones have fast become sellers' markets.
Online real estate marketplace Zillow, defines a sellers' market as not necessarily one where prices are rising, but one in which homes sell faster, price cuts occur less frequently and final sale prices are close to or greater than list price.
Zillow ranked the top 30 markets and found that the formerly hard hit markets in California, Arizona and Nevada now rank as the top sellers' markets, which may seem counterintuitive, until you consider who the buyers there are now.
"Much of that strength is driven by investor interest, as many distressed and non-distressed homes are purchased and transformed into rentals," says Stan Humphries, Zillow's chief economist, in the report. "This investor activity is contributing to very low inventory levels, which increases demand and helps drive up prices, particularly for less expensive homes in these markets."
The best buyers' markets are equally surprising, with Chicago, Cleveland and Philadelphia topping the list.
These markets are still plagued by distress, despite the fact that their foreclosure numbers were lower during the worst of the housing crash. Investors are a far smaller share of buyers, as these markets don't offer the sun and leisure opportunities that the sand states do. Home prices are still suffering in these markets under still-tough local employment conditions. All that makes them less desirable for buyers. Stricter mortgage lending standards are also likely playing an outsized role, since most buyers in these markets would be owner-occupants.
The housing crash was the first fully national housing downturn in U.S. history. Usually housing downturns are local, spurred by some local phenomenon. Now that the overall economy is on the upswing, housing return to its roots and rises and falls on local factors again.
Source: CNBC —By CNBC's Diana Olick
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