Author: Marlowe Clark

In the winter, there’s less real estate activity, but that also means that the most motivated buyers will have fewer options — which might just include your home. So, if you’re planning to sell in the winter, it’s important to not get lazy, even if demand is low. Good maintenance is important this time of year, whether you’re selling or not. This is especially true in areas that get snow. Drafts, fogged windows or heating that struggles to keep up can raise concerns quickly. Before listing, service your heating system, seal any gaps around doors and windows and address any lingering repairs.

Once you’re ready to list, make sure prospective buyers actually want to look at your home. Snow or no snow, first impressions matter. Keep walkways clear, salt any icy areas and trim dead branches or leftover fall debris. If you have outdoor lighting, use it to brighten the pathways and highlight your entryway, as shorter days mean buyers may be arriving after dark. Be sure to keep everything clean and clutter free. Winter boots and coats can multiply fast at this time of year, so create a neat entry space and hang any winter clothing out of the way. Fresh rugs, clean floors and organized storage areas will go a long way toward improving your home’s appearance.

Make the inside of your home comfortable as well. Warm temperatures, soft lighting, and subtle seasonal scents help buyers imagine themselves settling in. If you have a fireplace, showcase it. Consider layering throws, arranging comfortable seating and ensuring windows are spotless to maximize natural winter light.

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Open houses are a very useful tool for learning about a property. But it’s not just about walking in, taking a look around, and walking out. Full advantage of visiting an open house is achieved if you can time your visit when there are very few lookers roaming through the house. Too many visitors, and you won’t be able to take in details and may not have an opportunity to speak to the agent or homeowner. If you’re the only visitor, you might miss out on insights from others looking at the property from a different perspective.

You can also learn about more than just that one property. If you’re focused and paying attention, you can learn about an entire neighborhood just by visiting open houses. Observe your surroundings as you’re traveling and notice patterns in traffic and what the neighbors are doing. Once inside, use the information you learn not only to decide whether you want this home, but what some of your expectations can be for other homes in the area. This is particularly effective if you are visiting more than one open house in the same neighborhood. And this is just from the open houses — you can absolutely use this opportunity to directly speak to neighbors. Sometimes neighbors even visit open houses without any intent to buy.

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The appeal of a condo over a single family residence or an apartment unit is that is a mix of independence and convenience. This isn’t the right choice for everyone, but even if it is, that doesn’t mean everything is necessarily perfect. There are plenty of hidden pitfalls to consider, some of which apply to any purchase, but some of which won’t necessarily apply to other types of homes.

It’s not uncommon for condos to have deferred maintenance, particularly since the HOA often needs to agree to it. A fancy entrance lobby can hide deeper problems. Take a good look at hallways, stairwells and elevators. Peeling paint or broken lights often signal bigger maintenance issues. Sometimes the issue isn’t deferred maintenance, but foundational problems. Walk the grounds and check for cracks, uneven floors or other signs of sloppy workmanship.

Check the finances. If monthly condo fees seem high compared to nearby buildings, find out why. Ask to see the condo association’s financial statements. Ensure that there’s a healthy reserve fund to deal with unexpected problems. Check to see if the owners are up to date on their payments, as well. If lots of owners are behind on payments, that’s a warning sign. It could mean the community’s financial stability is at risk and that repairs might get delayed.

Spend some time visiting, including at different times of the day. This will help you get a feel for the actual day to day living. You might not notice thin walls until you can hear your prospective neighbors at night, and you want to be prepared for what rush hour traffic is like in the area. Talk to current residents, as well. No one will know better than those who live there what living there is like. They may also be more willing to discuss complaints they have about management with a potential neighbor than they would be sending in a complaint to management.

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Deciding to sell your home can seem very daunting. After all, the decision of which home to buy is very important — and typically, when you’re selling your home, you’re also buying a home at around the same time. Coordinating all that is difficult. While this is all true, knowing when to sell is actually a lot simpler than knowing what to buy.

Many of the reasons to sell are primarily personal. Do you need to upsize because you have a kid coming soon? Are you ready to downsize because your kids have moved out? Did you switch jobs? It all pretty much boils down to: Does your current location no longer serve your changing needs? If that’s the case, it probably is a good time to sell, as long as the market isn’t tanked. Much of the time, even your finances are better served in a home that caters to your needs than a slightly less expensive home that simply doesn’t work for you.

Sometimes the reasons are purely practical. If maintenance starts piling up, keeping up with it can be both more expensive and more time consuming than switching to a lower maintenance property. This can be one that doesn’t require as many, or any, repairs, or just a property that is smaller or easier to maintain. It’s also possible in any given moment that the numbers just simply make sense. Maybe your home value has risen, and you know you can sell and purchase a property with a better fit at a similar or lower price. Recognizing this does require keeping a critical eye on the market, and acting on it requires adaptability and a willingness to let go of any sentimental feelings about your current property.

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Any time you’re looking to buy a home, you want to know exactly what it is you’re buying. That doesn’t only mean knowing information about the building itself, but also being familiar with the neighborhood. While it’s true that the seller will have to disclose major issues with the property, there could be problems that don’t need to be disclosed.

When someone is selling a home, there’s always a reason for that. The reason could be entirely innocuous — such as changing jobs or moving in with a new partner — but it could also be that the home has deferred maintenance or that the crime rate in the area is spiking. Ask about what repairs and renovations have been done and should be done. Ensure you know about all potential issues, not just the ones that legally must be disclosed. Consider the neighborhood, including crime rates, amenities, and schools, as well as future plans such as upcoming developments, zoning changes, and road work.

Even if there’s nothing wrong with the property or the area, there could be some unwanted surprises. It’s difficult to consider every possible factor in the cost of owning a home, but one that people often forget about is utility costs. These typically aren’t high, but you still need to budget for it. You also need to ask the seller what’s included in the sale. It’s not uncommon that things such as furniture and appliances aren’t included. Once you’ve decided to buy a home, there’s still more useful information. Learn about the state of the market — what prices are like, how competitive the market is right now, how long properties usually stay on the market before selling. Having this knowledge could give you an edge in negotiating.

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Proximity to one’s workplace is often near the top of the list of priorities for buyers. While living close to where you work can offer convenience and save time, there are both pros and cons. The correct choice for you is the one that best fits your lifestyle and long-term goals. Consider ranking your priorities to see how important a short commute is to your situation.

It goes without saying that one of the biggest advantages of buying near your workplace is the reduced commute time. Less time spent in traffic and more time for family, hobbies, or rest can improve your overall quality of life and reduce stress. Additionally, living nearby can make it easier to handle unexpected work demands or emergencies.

That’s not the only potential advantage, though. Many workplaces are in commercial districts, which would mean they are also close to amenities, shopping, restaurants, and entertainment. There is also a long-term advantage to living in commercial districts — consistent demand means home values won’t tank. If these other factors are important to you, it may be beneficial to live near your workplace, even if a short commute isn’t high on your list of priorities, perhaps because you work from home all or part of the time.

Living in a major commercial area has its downsides, too, though. They’re frequently dirtier and noisier than residential districts. In addition, the resistance to economic downturns means homes closer to major employment centers or urban areas often come with a higher price tag. This means your budget might be tighter or you may need to compromise on home size or features.

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Spring and summer are the most common times to buy or sell a home, but that doesn’t mean the autumn market is without its advantages. And the advantages aren’t exclusive to either buyers or sellers. Both parties can benefit, though the seller might need to put more thought into the right way to attract buyers.

There are a couple major perks for buyers. The first is reduced competition. Because there is less activity in the fall compared to spring or summer, there are fewer other buyers competing with you for the property you want. This means more room for negotiation on prices or repairs. The second is that autumn typically has quicker closing times, so you don’t need to wait as long before moving in. However, you should be careful not to neglect heating, window, and roof maintenance. Winter will be fast approaching, and you don’t want to rush these repairs, especially if your area gets snow.

If you’re a seller, you can probably expect more serious buyers in the fall. People don’t look for homes in the slower seasons without a reason for doing so. The good thing about this is that you likely aren’t wasting your time or money showing your property to them, as long as you’ve set the right price. The difficulty is that more serious buyers are looking for exactly the right property for them. That means the seller needs to put in more effort to make the home look presentable. Fortunately, merely getting ready for the holiday season tends to do just that. Whether you’re showing your home or not, you might have already planned to make your home more inviting for holiday guests.

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Investment property is typically thought of as something owned by people with significant amounts of wealth to throw around. While it’s true that investment by definition requires an upfront cost, it doesn’t necessarily have to be a big cost. Furthermore, it’s possible for your investment to be in a property you plan to live in as well, so you aren’t forced to buy multiple homes to invest.

Long-term investments, which rely on home values appreciating over time, don’t have to be costly at all, particularly if you plan to live there anyway. Foreclosures and auction sales are generally significantly lower price than the average home in any particular area. However, you should be careful about repair costs — homeowners whose homes are on foreclosure or auction typically couldn’t afford to keep their homes, which means they often also have deferred maintenance. You could also look in up-and-coming neighborhoods that aren’t pricey yet, but might be in the future.

Alternatively, there are strategies to reduce the upfront cost of purchasing a home. These include government programs to aid first time homebuyers, enlisting the help of other investors, or utilizing seller financing. Seller financing involves making monthly payments directly to the seller of a home instead of to a lender. Because it’s rarely advantageous for the seller and benefits greatly from knowledge of legal procedures, this is not a common financing method. But if the seller agrees to it, it can help to waive large down payment requirements, and possibly even grant a better interest rate. You might also choose not to purchase an entire home, but just part of one — a Real Estate Investment Trust (REIT) involves trading a percentage of a property on the stock exchange.

One of the most common strategies is actually quite simple. Just buy a home and rent out part of it, while living in it. This is called house hacking, and is usually done with multi-unit properties such as duplexes and triplexes. But if you can’t afford a multi-unit property, you can also buy a single-family residence and rent out specific rooms. This won’t generate as much income as renting out entire units, but frequently has a lower upfront cost.

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If you want to know if a particular neighborhood is right for you to move to, you first need to know what to look for. Start by making a list of priorities. If you have kids or are planning to soon, you may want to research the local school district. But if you don’t have kids, perhaps a short work commute is more important. Maybe you want to live in a place with a vibrant community or plenty of local shops and entertainment, or maybe you just want a quiet neighborhood where you can feel relaxed. Regardless of what you’re looking for, make sure to be thorough in your search. Visit several times, at different times of the day. A neighborhood may feel nice in the afternoon, but have grueling rush hour traffic in the morning or feel dark and dangerous at night.

Regardless of where you rank your personal priorities, pretty much everyone wants to live in a safe area. Researching crime rates can help determine the level of a neighborhood’s safety. You can find this information online using crime maps or community forums, and also from local police department reports. Also, keep in mind that no community is entirely free of crime, some types of crime may be more or less prevalent than others depending on the area, and crime rates can shift over time. In addition, you may not think schools are relevant to you if you don’t have kids, but good local schools will also mean higher property values and better educated neighbors.

You might take for granted that certain types of indispensable locations –such as grocery stores and hospitals — exist in an area, but even if they’re accessible, they may not be close by. For less mandatory amenities such as entertainment venues, parks, and even libraries, there may not be any at all. Some towns also don’t have easy access to freeways, which could considerably increase commute times even if the linear distance doesn’t seem that far. However, some of these may already be in the works — make sure to check local news and city planning websites. If everything else about the community seems great, you may just have to live without for a while until construction is complete.

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Imagine you’ve been searching for a new property, and you happen across a low priced home that seems to fit all your criteria. Is the deal too good to be true? Well, maybe, maybe not. It’s possible that you’ve come across a hidden gem, but it’s also possible that you’re missing some key factors.

You may have just gotten lucky with your timing — in which case, congratulations. The market fluctuates all the time, and it could be that home prices in the area you’re looking at are currently at or near a trough. If you aren’t sure, an agent can help you figure out local market trends.

Speaking of the local market, you should also ask your agent about the surrounding community. Maybe it has a high crime rate, low rated schools, or a weak job market, in which case a higher priced home in a better area may be preferable. In addition, if the home is in a low priced neighborhood, it’s entirely possible that all the homes in the area are cheap, and this one isn’t an exception — it may even be priced too high.

But if you didn’t simply get lucky or end up in a low priced area, there may be something about the property that you’re not seeing. The home may look fine at a casual glance, but there could be hidden problems with the property’s condition. Sellers are supposed to disclose issues that they’re aware of, and they probably know something if they’re choosing to list low, but they may not know everything. An inspection can help you uncover these. It’s also possible the home price itself is reasonable, but you aren’t accounting for additional costs such as property taxes, insurance costs, or homeowners association fees.

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You may be inclined to think that if a property isn’t listed, it’s not for sale. Most of the time that’s true, but there are exceptions. Homes for sale that aren’t listed publicly may be called off-market properties, pocket listings, or quiet listings. There are multiple reasons for this, but regardless of the reason, finding these properties quickly can earn you an advantage when trying to buy.

The easiest way to find these properties is with someone else’s help — usually an agent, but investors and builders likely have connections as well. Someone with connections in the industry might know of an opportunity for you already without any searching. Even if they don’t, they can help you search. Agents can search for properties that are “coming soon” — ones that aren’t officially on the market yet, but will be once the listing is finalized. They can also help you find probate sales, pre-foreclosures, and inherited homes. Some agents even specialize in helping clients navigate the legal intricacies of these types of sales.

Sometimes you want to talk to the homeowner directly — though an agent can still help you with this. Agents with a client who is looking to buy will frequently send out letters to owners of properties that fit the buyer’s specifications. Homeowners might be considering selling but either haven’t decided yet or don’t want to list publicly. These letters help to find homeowners in this type of situation. You might also come across a home that is For Sale By Owner, commonly abbreviated FSBO. This means that the homeowner is planning to sell without the assistance of an agent, or sometimes is an agent themself. These properties probably won’t be listed on an agent’s listing service, but an agent can still help you with the transaction if you’re able to discover one.

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Selling your home as-is means listing it in its current condition without making repairs or upgrades. This approach isn’t for everyone, but it can save you time, reduce your up-front costs and speed up the selling process. That said, it’s important to know that you’ll likely need to accept a lower price and potentially a smaller pool of buyers. Here are a few ways to help make the process easier.

Before listing your home, make sure you and the prospective buyers know exactly the condition of your home and have a good idea of its value. For most sales, a home inspection only occurs after an offer is made. However, you should consider a pre-listing inspection. It gives potential buyers a clear understanding of the home’s condition, which builds trust and can lead to quicker offers. This also helps you to disclose any known issues up front to avoid legal issues later. Buyers will also appreciate the honesty, and serious ones are more likely to stick around.

You should also work with a good agent to determine a fair price based on market conditions and the home’s condition before listing the property. Listing a home at one price and significantly altering it later can look like either dishonest or shoddy work. You and your agent can also collaborate to highlight your home’s best attributes. Does your home have a fantastic location, rustic charm or positive quirks? Make sure those positives shine in your listing.

Another tip is that even if you don’t make full repairs, small improvements go a long way. Clean thoroughly, declutter, and consider a fresh coat of paint to help your home make the best impression. As-is means as it was when listed, not as it was when you decided you wanted to list. Don’t feel like you can’t improve anything in the meantime. Besides, new paint is a plus that can be added to your listing description.

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