Deidre Pfeifer

Real Estate Agent, California

Selling Tips: Four Surefire Ways to Irritate Potential Buyers and How to Avoid These Costly Mistakes

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Selling Tips: Four Surefire Ways to Irritate Potential Buyers and How to Avoid These Costly MistakesIrritating any potential buyers is the last thing you want to do when selling a house because it is can be a challenging and sometimes lengthy process.

The buyer is going to have a wide array of options when deciding on a new home, so they have no problem going somewhere else if they see something they do not like.

While there are a plethora of ways for a seller to irritate a potential home buyer, these are the four most common – and most costly.

Pricing The House Too High

There is nothing worse you can do when trying to sell a home than pricing it too high. While you may think that it gives you room for the buyer to counter at a lower price, they are more likely to simply ignore your listing entirely even if the home is a good fit. The best way to keep this from happening is by pricing your home in the same price range as the rest of the neighborhood.

Not Making Home Repairs

Buyers are going to be immediately turned off if they walk into the home and see a state of disrepair. Not taking the time to make small visible fixes is going to make the buyer think that the house is going to have major issues. Taking the time to get the house in great shape before showing it at an open house will ensure the house sells faster.

Leaving Your Stuff Everywhere

Buyers want to feel like they could move into the house as soon as the purchase is finalized. They also want to envision themselves living in the home, and this is almost impossible if you have your personal items throughout the house. This is more difficult to pull off when selling a home you are currently living in, but it is best to stage the home with as few personal items as possible.

Getting Emotionally Invested

While you may have lived in your house for years, you have to drop any emotional attachment to the home the second it hits the market. You can’t take it personally if the buyer wants to make a major change to the house after the purchase. Their idea of a perfect home is not going to be the same as yours. The best way to make sure you do not insult the buyer when they bring up their vision of the home is by letting your agent handle home viewings. If you have become too attached to your home or are guilty of any of the other three things on this list, then you make sure they are corrected before your next open house.

What’s Ahead For Mortgage Rates This Week – Aug 18, 2014

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What's Ahead For Mortgage Rates This Week Aug 18 2014Last week’s economic news brought little housing-related content, but several economic reports in other sectors contributed to overall perceptions of the economy.

In a speech given in Sweden, Fed Vice President Stanley Fischer noted that the economy might be in a period of “secular stagnation.” This condition is expected to keep interest rates low for longer than expected.

A survey of small business owners showed that confidence increased by 0.70 in July. Job openings for June increased from 4.60 million to 4.70 million. Readings for several reports fell shy of expectations and new jobless claims were higher than expected.

Economic Readings Lower Than Expected, Weekly Jobless Claims Rise

Retail sales for July were flat and fell shy of June’s reading of 0.20 percent, which was also the expected reading for July. Retail sales except autos were also lower in July with a reading of 0.10 percent against the expected reading and June’s reading of 0.40 percent.

Weekly jobless claims were reported at 311,000 against expectations of 300,000 new claims and the prior week’s reading of 290,000 new jobless claims. According to the U.S. Department of Commerce, this was the highest reading since June.

New jobless claims were close to pre-recession levels which suggested a slower pace of layoffs. The four-week average of new jobless claims, which presents a less volatile reading than for weekly reports, rose by 2000 new jobless claims to a reading of 285,750.

Mortgage Rates Lower

Freddie Mac’s weekly survey reported lower mortgage rates last week. Average rates were as follows: 30-year fixed rate mortgages had a rate of 4.12 percent and were two basis points lower than the previous week.

Discount points averaged 0.60 percent against the prior week’s reading of 0.70 percent. The average rate for a 15-year fixed rate mortgage was 3.24 percent as compared to the prior week’s reading of 3.27 percent. Discount points were unchanged at 0.60 percent.

The average rate for a 5/1 adjustable rate mortgage dropped by one basis point to 2.97 percent with discount points unchanged at 0.50 percent.

A couple of good news bytes from last week included an increase in small business sentiment in July. The National Federation of Independent Business Index for July increased from June’s reading of 95.00 points to 95.70 points.

The federal government also reported that job openings increased from 4.60 million in May to 4.70 million in June.

What’s Ahead

Several housing-related reports are set for release this week. The National Association of Home Builders (NAHB) will release its Home Builder Index for August, which measures builder confidence in market conditions for newly built homes.

The Department of Commerce will release Housing Starts for July, and the National Association of REALTORS® will release its Existing Home Sales report for July. The Federal Open Market Committee (FOMC) of the Federal Reserve will release the minutes of its most recent meeting on Wednesday; this could provide details concerning the Fed’s recent monetary policy decisions, which include the wind-down of asset purchases under the current quantitative easing program.

Six Key Questions to Ask when Hiring a Real Estate Agent to Market and Sell Your Home

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Six Key Questions to Ask when Hiring a Real Estate Agent to Market and Sell Your HomeThe work of a real estate agent can make or break how a prospective buyer feels about the property. Now that it’s time to sell your home, you want to find the right agent to market it.

How do you find someone you can trust who will make you feel confident they can sell your home quickly for the best price possible? Here are the questions you should be asking.

Are They Licensed?

This one is the easy one. You should be working with a member of the National Association of Realtors®. It is also important that you check whether they have any complaints on record about their practices.

You can check with your state’s real estate department as well.

Are They Successful?

A successful real estate agent is more than the number of sales they have completed. You should also find out the average difference between listing and selling prices on their most recent sales.

If an agent is closing deals at far below the original asking price consistently, that might be a red flag.

How Busy Are They?

Make sure you ask in advance how often the agent will contact you and how they will keep you informed of potential buyers. If you’re going to be working with one of their associates at times, you should know.

How Familiar Are They With Your Neighborhood?

A real estate agent is not just marketing your home – they’re marketing your entire community. If they have closed nearby sales before, they are familiar with the selling points of the neighborhood as well as the right price range for properties similar to yours.

How Much Commission Do They Expect?

Normally you will pay the agent about 6 percent of the sale price. If you find one that offers their services for a low percentage, you should know why. Are they just trying to stay competitive? Or do they expect you to do a large share of the marketing yourself?

Do They Have A Plan?

The real estate agent should be able to tell you exactly which marketing techniques they would use for your home and how they plan to promote the listing. They should come to the table with ideas from the very beginning.

Now that you have a clearer idea of the basics, use the internet to find trusted real estate agents in your area. Then pick up the phone and begin your journey toward becoming a successful home seller today.

Considering a Major Home Addition? Why a Detached Garage Can Drastically Improve Your Resale Price

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Considering a Major Home Addition? Why a Detached Garage Can Drastically Improve Your Resale PriceBefore you make a major structural change to your property, it is important to consider how this will affect your resale value. While there are many steps that you can take to improve your property, the addition of a detached garage may be beneficial to you and may drastically improve your resale price when you are ready to sell.

You can contact a trusted real estate agent today to obtain customized information about how the addition of a detached garage may affect your property’s value.

Adding Square Footage to Your Home

As a property owner, you may be well aware that one of the most common ways the value of your property is determined is by the market rate for price per square foot of homes in the area.

While factors such as age of the property, condition of the property and amenities in the neighborhood may affect whether your property’s price per square foot is above or below market average, the kind of the improvements has a direct impact on property value.

While adding a detached garage adds overall square footage to the property, it generally won’t be considered at the same rate as finished square footage within the home.  However, outbuilding improvements do add value to your property and a real estate agent can help you to determine the true financial gain you may experience through this addition.

Increasing Appeal to Potential Buyers

Properties that are more appealing to potential buyers may sell for a higher price. When you add a detached garage to your property, you may be adding style and function to the property by adding a place to park vehicles and to store items like seasonal items and lawn equipment. You can also create a detached garage with a workshop or another functional area for added appeal.

Transforming Existing Space

Some home additions will add a detached garage to a property because a garage was never constructed on the property, but others will be added because the homeowner wants to transform the existing garage attached to the home into a more functional area. For example, a new home addition, may turn the existing garage into a living room, a bedroom or another functional area. With the addition of a detached garage, the property owner can retain the benefits of having a garage while also improving the functional use of the main area of the home.

The addition of a detached garage can benefit you and your family in a number of ways, and it can also improve the resale value of your home. By speaking with a real estate agent, you can get a better idea about how this addition will affect your property.

Scam Alert! Three Mortgage Modification Scams to Watch out for (And How to Avoid Them)

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Scam Alert! Three Mortgage Modification Scams to Watch out for (And How to Avoid Them)As if homeowners who are facing foreclosure don’t have enough to worry about, a multitude of loan modification scam artists have invaded the internet, public files and even foreclosure notices in newspapers in hopes of targeting their next victim. By identifying the top three modification scams and learning how to avoid them, at-risk homeowners can protect themselves (and their homes).

Never Pay For Mortgage Modification Assistance

Many desperate homeowners fall victim to scam artists who offer to provide them with assistance in the loan modification process for an exorbitant fee. Many times the scam artist who promises to provide assistance will require that the homeowner pay the fee upfront, after which they will provide very little assistance or simply take the money and run. Consumers should be aware that assistance and counseling services are offered for free through a number of reputable HUD approved counseling agencies.

Avoid Transferring The Deed

One popular scam that at-risk homeowners often face is the property deed scam in which scam artists promise to purchase the home in question, agreeing to let the desperate homeowner rent it out. They suggest that turning over the deed to a borrower with a better credit rating will offer additional financing opportunities, thus preventing the loss of the home. The scammer often promises to sell the home back to the homeowner, but in reality has no intention of doing so.

Many times the scam artist will sell the home to another buyer. In some instances, the crook will collect any processing fees, take the title to the home and any equity, and then leave the home to default. It is a good idea for consumers who are approached with a property deed scam to report it to the FTC.

Ignore Unrealistic Promises

Mortgage modification scammers often make promises to do such things as negotiate a solution to the foreclosure more quickly, process mortgage payments for the consumer while the negotiation is being worked out, or even guarantee a loan modification. Since the actual lender is the only one who can agree to a loan modification, and this solution requires additional processing time, overnight fixes are almost always scams. Additionally, consumers should never make mortgage payments to anyone other than their lender.

Five Absolute Truths About the Home Buying Process That You Will Need to Come to Terms With

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Five Absolute Truths About the Home Buying Process That You Will Need to Come to Terms WithBuying a home is one of the most exciting times that an individual will undertake in life. However, a property purchase is not without its challenges, and these can cause frustration. In this article we’ll share five potential setbacks that home buyers will need to understand and come to terms with to make a successful purchase.

Homeowner’s Insurance is Necessary

Most lenders will require insurance before financing is approved. To fulfill these requirements, the policy should be for at least one year and proof that the policy has been paid for must be presented. Purchasing the policy is something that must be done before closing can take place, so if you’re sure that this is the home for you, don’t delay.

Some Sellers Are Firm, No Matter What

In an ideal situation, the buyer and the seller come to a mutual agreement very easily. However, in most cases negotiation of some type is likely to be a part of the process. As with most negotiations, to reach success both sides will need to compromise.

Probate Properties Have Special Terms

When the original homeowner has died, there are certain considerations to keep in mind that do not typically apply to other types of property. One is the fact that there is a special process that must be completed before the property can be sold, even though the heirs may advertise the property as being for sale ahead of time. Another factor to keep in mind is that a recently probated property may have been uninhabited for some time and will be sold ‘as is’.

Loan Offers May Not Be Set in Stone

A common pitfall for many buyers is the assumption that home financing will be approved without issue. Unexpected circumstances may arise that cause a mortgage loan to be denied, which can cause an unprepared buyer numerous issues. Many sellers, in anticipation of such problems, have a contingency requirement.

Expect Caution from Sellers

If a seller treats your offer with caution or trepidation, don’t take it personally. Many homeowners have been burned during previous sales, and you have no idea what the seller has been through with potential buyers this time around. If someone is exercising caution, there’s likely a good reason for it.

In closing, remember that the best way to purchase a home is through a real estate agent. When you’re ready to jump into the property market, contact a trusted local agent and they’ll be ready to assist.

What’s Ahead For Mortgage Rates This Week – Aug 11, 2014

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Whats Ahead For Mortgage Rates This Week Aug 11 2014

Last week’s housing related news was minimal, but a Federal Reserve survey of senior loan officers revealed that although credit standards for commercial and industrial loans as well as credit cards are easing, current mortgage credit standards are more stringent than in 2005. This could be a contributing factor to slowing housing market gains while other sectors of the economy are recovering at a faster pace.

Qualified Mortgage Rules Impact Non-Conforming Mortgages

The Senior Loan Officers survey also noted that qualified mortgage rules have slowed approval of prime jumbo mortgages and non-traditional home loans. This suggests that applicants falling outside of stringent qualified mortgage rules can expect challenges when buying or refinancing their homes.

In other housing news, Freddie Mac’s Primary Mortgage Market Survey reported that last week’s mortgage rates were mixed. Mortgage rates for a 30-year fixed rate mortgage averaged 4.14 percent with discount points of 0.70 percent against last week’s reading of 4.12 percent with discount points of 0.60 percent. 15-year mortgage rates averaged 3.27 percent with discount points of 0.60 percent. This was an increase of four basis points, although discount points fell from 0.70 percent to 0.60 percent. The average rate for a 5/1 adjustable rate mortgage was 2.98 percent, a drop of two basis points, with discount points unchanged at 0.50 percent.

Fewer Jobless Claims, Service-Related Business Growth Exceeds Expectations 

The weekly Jobless Claims report brought a lower than expected reading of 289,000 new claims as compared to predictions of 305,000 new jobless claims. In other economic news, the Institute for Service Management (ISM) reported that its non-manufacturing index rose from June’s reading of 56.00 percent to 58.70 percent in July. Analysts had forecasted July’s reading at 56.50 percent. July’s reading represented the highest growth rate for service-related businesses since 2005.

According to the Department of Commerce, June factory orders rose by 1.10 percent over May’s reading of -0.60 percent against an expected reading of 0.60 percent. As business expands and factory orders increase, it’s likely that jobs and hiring will also grow. Steady employment is a compelling factor for most home buyers and positive reports in labor and industrial sectors could boost housing markets as more buyers increase demand for homes.

What’s Ahead

Next week’s economic reports include retail sales, retail sales excluding automotive, industrial production and the weekly reports on mortgage rates and new jobless claims. While there isn’t much housing news expected next week, readings in other economic sectors can suggest potential trends in housing markets

Lowballing 101: How to Avoid Insulting a Home Seller when Making a Low Offer for Their House or Condo

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Lowballing 101: How to Avoid Insulting a Home Seller when Making a Low Offer for Their House or CondoBuying a home is a huge step for people who are ready to make an investment in their future. Getting a great deal on a home is just as important and knowing how much to offer could be confusing. It is important to make sure the home seller is not insulted by the lowball offer and is ready to negotiate to make sure everyone wins.

Make a List of Necessary Improvements

One of the best ways to validate a lowball offer on a home is to list improvements that need to be made to the property. If the home needs a new roof or a new heating and air conditioning system, these are reasons to offer less than the asking price. Sometimes a home may also need new flooring, paint, or matching appliances which all cost money. The buyer can make a lowball offer stating additional expenses of making sure the home is move in ready.

Explain Any Issues with the Location

Another option when considering a lowball offer is to point out problems with the location. If the home is on a busy street or close to a manufacturing district, the buyer has legitimate concerns. In the offer, list the potential problems of living too close to fast food restaurants, train tracks, or airports. A less desirable location could equal a great buy on a new home.

Provide Pricing for Comparable Homes in the Area

A knowledgeable real estate agent can help compare homes that have sold in the area. When you are writing up a lowball offer, look at the lower priced homes that have sold in the same neighborhood. A seller will quickly realize that if he wants to sell the home, he will need to accept a reasonable offer or risk letting his house sit on the market for weeks or months.

Consider the Seller’s Reasons for Selling

Finally, the seller’s situation can also be key in getting a good deal on a home. If the seller is desperate to sell because of a job relocation or if he has already bought a new home this can be the perfect reason to make a low offer and take the home off the seller’s hands. Without insulting the seller, the buyer can make an offer for less than the asking price and agree to a quick closing.

Buying a home can be stressful and getting a good deal on the property without insulting the seller can take some negotiating. Working with a knowledgeable real estate agent will make the experience more enjoyable. Call today to make your dreams come true.

3 Reasons Why Changing Your Kitchen And Dining Room Lighting Fixtures Can Increase Your Sale Price

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3 Reasons Why Changing Your Kitchen And Dining Room Lighting Fixtures Can Increase Your Sale PriceIf you are considering selling your home, you may be wondering if there are things that you can do to increase your sale price. The truth is, you could spend thousands of dollars updating your home, but most homeowners will not want to put in such a large investment without knowing how much it will add to the selling price. Fortunately, there are more affordable things that can be done.

One affordable change to your home that can increase your sale price is to change your kitchen and dining room lighting fixtures. There are a number of reasons why this can work. Here are three of them:

Buyers are Looking for Entertainment Areas in New Homes

One reason that changing your kitchen and dining room lighting fixtures can increase your sale price is because buyers are looking for areas where they can entertain. Most people who are looking for a new home will be thinking about the things they can do with the home, and one of these things is entertaining their friends and family.

Buyers are willing to pay more on homes that have these nicely decorated areas, so updating your kitchen and dining room lighting can help to bring in a bit more money.

The Kitchen and Dining Room are the Center of Family Life

Another reason that people will pay more on a home with new lighting fixtures is because the kitchen and dining room are seen as the center of family life. In this scenario, buyers know that they will be spending a lot of time in these rooms and thus, want to be sure that these areas are nicely decorated.

New Kitchen and Dining Room Light Fixtures Will Brighten Up the Home

Finally, you will want to update the lighting fixtures in your kitchen and dining room because new fixtures can brighten up your home. You might have heard real estate agents talk about how important it is to have bright lights and open window shades during open houses since it can make your home look better. New, brighter lights can also help your rooms look bigger. Sometimes it will all come down to an optical illusion.

For more information on adding new lighting fixtures to your kitchen and dining room in order to increase sales, contact a local real estate professional. They will be able to give you some tips on these rooms and offer information on how you can spruce up the rest of your home before putting it on the market.

DIY Home Improvement: How to Spice Up That Boring Basement by Adding a New Bar

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DIY Home Improvement: How to Spice Up That Boring Basement by Adding a New BarIf you live in a home with a basement, you may have already started finishing it, or you may have big plans to convert the space into something more usable and practical. When it comes to basement renovations, few projects add as much value and opportunity for entertainment as adding in a basement bar.

A bar is an easy home improvement project to complete, and you can use it for entertaining family and friends. Here’s a quick guide to installing a bar in your basement and turning that dank, dreary room into a great space for making new memories.

Preparing For The Bar Addition

First, you need to select the space that is best-suited for the bar. The ideal space will be an open area near the corner of the room or even near an entryway. The space should allow for seating for at least two or three bars stools, but you may desire a larger bar area.

Most bar areas will have water and electricity features, and it will be easier and less expensive if you choose an area of the room that has these services running through the walls. If water and electricity are easily accessible, you simply have to build a wall and add a counter top to the area. If you cannot complete this work on your own, you can hire a contractor for assistance.

Hiring Contractors For Special Tasks

A fully functional bar area may have overhead cabinetry for storage as well as a small sink to rinse out glasses and to wash hands. In addition, it may have electricity for lighting mounted under the cabinets or for display lights over the seating areas.

While some individuals may have the skills to complete this work on their own, you may consider outsourcing these special tasks to a contractor. This will ensure that the work is completed to code, and it also means the work might be completed sooner than if you tried to do it yourself.

Once you’ve built the bar and hooked up the water and electricity, you simply have to add a few bar stools, stock up on glasses and liquor, and start enjoying the space. A new bar addition will be a welcome feature in your home’s basement, and you can easily get started working on this project today. For more fun and trendy basement renovation ideas, contact a real estate professional in your community today.

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