6 Reasons Why Winter Is Actually the Most Chill Time to Buy a Home By Jamie Wiebe Dec 14 2018

While it’s true that things do slow down in the winter, that’s not necessarily a bad thing. Yes, it’s cold. Yes, fewer homes are for sale. Yes, moving in a snowstorm is a pain no one should experience. But there are quite a few darned smart reasons to buy a home in the winter.

1. There’s less competition

• Buying in the winter knocks out a large chunk of the buyer competition, allowing you to be a bit more selective with your home purchase.

2. Sellers are motivated—and willing to make a deal

• Many people place their homes on the market at this time of the year because they need to and will be more willing to work with you.

3. You can put the house through its paces

• In most climates, winter puts stress on the home. That gives you the perfect opportunity to evaluate the property under the worst conditions possible. A home that might seem perfect during the temperate spring could look wholly different in the winter.

4. Hiring movers is usually easier

• Movers aren’t booked solid like in the spring and summer months.  You might even be able to negotiate a lower price because of the chilled demand.

5. You can enjoy last-minute tax savings

• If you’re purchasing your first home, buying in the winter gives you a few extra months of potential tax deductions although you should consider talking to a professional before getting too excited.  

6. Homes close faster

• You will be able to close your loan much faster, as wait times are much shorter during the holiday season.

For more information about the benefits of buying a home in the winter go to bmre.us/tip20

5 Home Staging Ideas That Work Wonders During Winter By Jeanne Sager Nov 29 2018

Winter is the time of year when most home buyers, like bears, retreat to their own cozy homes and hibernate. So what if you have a house you must sell right now, winter be damned?  With fewer homes on the market, it’s easier to stand out!

Don’t skimp on curb appeal

Shoveling the driveway and paths to your home is a must. And you’ll want to clean out your gutters, so ice isn’t backing up and giving the impression that you have roofing issues.

Turn up the heat

When a buyer enters the house and wants to hurry up and get out of there because it is so chilly, it probably means they are going to have a bad memory associated with the home, no matter how great it is.

Fire up the fireplace

Hitting all of the buyer’s senses creates a memorable experience that will hopefully lead to them purchasing the home.

Add seasonal scents

Mulling seasonal spices such as oranges, cloves, and cinnamon on the stove, to go along with freshly baked holiday cookies cooling on a rack in the kitchen.

Pump up the holiday decor

The main reason is that buyers like to picture themselves in the home hosting holiday get-togethers, and it’s much easier to show them the potential of a house when it’s decorated for the winter months.  A big wreath with a bright red bow on the front door does the trick.

For more winter staging ideas go to bmre.us/hint20

8 Mistakes to Avoid When Buying and Selling at the Same Time By Jamie Wiebe Jan 24 2019

Plenty of people find themselves buying and selling a home simultaneously, but knowing that others have gone through the same stress does not make it one bit easier. After all, the stakes are so high: If your buyer backs out, you don’t have any cash to land your next home! Or if your own purchase falls through but your current home sells, you’re homeless!

Breathe in. Don’t panic.

It turns out that most buying-and-selling mistakes are easily avoidable—or at least predictable. Follow these eight tips to enter escrow with eyes wide open.

1. Waiting too long to prep your home for selling

• Every home needs a little work before selling. You might need to repaint some scratched walls, fix broken decking, or add grout in a rarely used bathroom. Don’t wait until the last minute to kick-start this process, otherwise you could wind up in a bind.

2. Skipping the backup plan

• Assume that you won’t be able to buy and sell at exactly the same time. Keep your emergency fund well-stocked. In a best-case scenario, you may simply need a hotel for a week.

3. Buying too big

• One of the biggest mistakes that we see that simultaneous buyers and sellers make is the same one that many first-time buyers make: They fail to get pre-approved on their new loan.

4. Working with too little cushion

• If you’re hoping to use the entire sale price as a down payment on another home, move forward with the assumption your home will sell for less than expected.

5. Failing to compromise

• One mistake is expecting so much from the people selling the home, but not being willing to give anything to the buyers of their own home.

6. Using two different real estate agents

• Having control and insight over both transactions allows a Realtor to make sure that we close both homes simultaneously

7. Closing on a Friday…

• Bank transfers can take a few days to go through. In order to ensure there’s money in your account when the time comes, buffer a few days to transfer funds.

8. …or late in the afternoon

• Banks usually stop wire transfers by 3 p.m. in the time zone where the property is located.

For more information on mistakes to avoid when buying and selling a home go to bmre.us/tip19

5 Ways You are Sabotaging the Sale of Your Home By Terri Williams Dec 27 2018

So you’ve finally decided to put your home on the market. You’ve planned your first open house, begun searching for new digs, and even made a mental packing list. Now all you have to do is sit back and wait for the offers to roll in, right?

Well, sellers, we don’t mean to freak you out, but we’ve got bad news: You just might be sabotaging your home sale. Obviously, that’s the last thing you’d want to do, but one wrong turn—or wrong decision—could hurt your chances of landing a buyer. And the most unsettling part? You probably have no idea you’re doing anything wrong.

1. Bad color schemes

• When a buyer comes into your home, you want them to imagine it as their future home. The more difficult it is, the less likely they are to buy.  The more muted the decorations and color schemes, the broader the reach and the better off you are.

2. Too much personal taste

• Odd decorations divert buyers’ attention away from the home itself.

3. Bad odors

• You might have become nose-blind to cigarette or pet odor, but savvy buyers will instantly pick up on funky smells—and that’s a sure way to drive them away.

4. Not being flexible for showings

• The real estate market moves quickly, so if you want to sell your home you need to cater to the potential buyers’ schedules.

5. Disguising problem areas

• In your quest to have a show-ready home, don’t cut corners. A fresh coat of paint might temporarily hide the appearance of mold, but it’ll likely crop up in the home inspection.

For more information on what not to do to sell your home go to bmre.us/hint19

The Home Appraisal Process and How It Can Impact Your Mortgage Payments By Jamie Wiebe

If you’ve applied for a mortgage, your home-to-be still has to undergo a comprehensive appraisal of its worth—and an unfavorable home appraisal can kill a real estate deal. Yikes! It can be a nerve-racking ordeal, but it’s actually good for you. 

Appraisals estimate a home’s value with fresh eyes!

• Just because you and the sellers have agreed on a price doesn’t mean it’s a done deal—your lender needs to be on board, too. After all, it’s the lender’s real estate investment as well. To get a mortgage, you’ll need a home appraisal because the home serves as collateral for your lender.

You’ll get a copy of the home appraisal, too.

• An appraiser doesn’t have the same job as a home inspector, who examines every little detail. While they’ll pay particular attention to problems with the foundation and roof, the home appraisal process includes noting the quality and condition of the appliances, plumbing, flooring, and electrical system. With data in hand, they make their final assessment and give their report to the lender. The mortgage company is then required by law to give a copy of the appraisal to you.

Appraisers work for your lender—not you.

• This ensures that appraisers remain ethical—in fact, it’s a crime to coerce or put any pressure on an appraiser to hit a certain value. Appraisers must remain independent.

They protect buyers from a bad deal.

• If the appraisal comes in higher than your asking price, it’s generally fine.
• Your lender won’t pony up more money than the appraised price. 

A curveball appraisal isn’t necessarily the end.

• If the appraisal process happens, your appraisal comes in low, and your contract with the seller was contingent on an appraisal, you could walk away and have your earnest money returned.
• Ask the seller to cover the difference.
• Challenge the appraisal, and pay for a second opinion.
• Once your appraisal is done, you’re still not ready to close without another step called a home inspection.

For more information about the Home Appraisal Process go to bmre.us/tip18a

These 5 Factors Are Influencing a Home’s Asking Price By Wendy Helfenbaum Mar 6 2019

Ever gotten excited about a house for sale, then looked at the price and thought, “Are they out of their minds?” Yeah, me too.

It can be a disheartening moment when you’re house hunting. And that jaw-dropping asking price might simply seem like an arbitrary, money-grabbing number that’s keeping you from your dream home. But before you dismiss a house for being too expensive, you should know that there are a variety of reasons a property is priced the way it is.

1. What’s happening in your local housing market at any particular moment

• Low inventory creates a seller’s market with aggressive listing prices. A surplus of homes for sale results in overall lower asking prices.

2. The (extremely specific) location of the house

• Similar or even identical houses just streets apart from each other can have wildly different price tags based on things like traffic noise and access to quality schools, shops, and restaurants.

3. The comps

• Historical data plays a huge role in setting a listing price; it’s not a number just pulled out of the air. So find an agent who can interpret that data.

4. The amenities (and overall appeal) of the home

• Clients prefer new construction, brand-name appliances, and large bedrooms—[preferably] at least three on one floor if they have kids—plus a den or office.  Additional features such as parking, central air conditioning, outdoor space, and floor plan also affect the sticker price.

5. Age and condition of the home

• If you want a newer, turnkey home, expect to pay more for that.

For more information on what goes into pricing a home go to bmre.us/tip17.

5 Unwritten Home Selling Etiquette Rules That Can Make or Break Your Sale By Kayleigh Roberts Apr 4 2019

Selling a house takes, well, salesmanship. In other words, you have to prep your house so it looks its best. You have to open your door to strangers who’ll traipse through your home, open closets, and ask all kinds of questions. And, you have to do all of this without getting annoyed or overly emotional!

1. Don’t take offense when your listing agent says your house ‘needs work’.

• Don’t be offended by this advice—your agent isn’t trying to criticize you as a homeowner or a human being; she’s just trying to help you achieve your shared goal of selling the house quickly and for as much profit as possible.

2. Don’t view low-ball offers as insults.

• Someone who makes a low-ball offer might be testing the waters or trying to establish room to negotiate. Or it could be a novice at home buying who doesn’t realize the offer is insulting. At least keep the door open to further negotiations.  Always counter to make sure that you can still engage buyers who are getting bad advice.

3. Do respond quickly to offers.

• It’s frustrating, from a buyer’s perspective, to have to wait on a response, so be courteous and answer as quickly as you’re able to.

4. Don’t tag along during the home inspection.

• Following along on the inspection is a bad idea for several reasons.

5. Do agree to reasonable requests for repairs.

• The buyer has a right to request repairs, or a deduction from the selling price. While you don’t want to get nickel-and-dimed with requests for every little thing, it’s also not in your best interest to reply with a flat no to reasonable requests that are turned up by the inspection, unless you listed the home “as is” or already priced it under market value to reflect significant repairs you anticipated it needing.
• You’ll now be required to disclose that issue to future potential buyers
• Don’t let a few repairs keep you from the closing table, because going back and relisting your house won’t be any better the second time around.

For more information on keeping your cool during the sales process go to bmre.us/hint17

6 Habits All Successful Home Buyers Have in Common By Margaret Heidenry Jan 3 2019

Here’s a breakdown of home-buying habits to adopt now.  These behaviors are things you can do daily, weekly, monthly, or even just yearly. Taken together, they set you well on the path to homeownership with a minimum of pain and suffering.

1. Daily: Ditch an indulgence or two

• Daily habits you may want to adopt now include eating out less often, cutting the cable bill, canceling (or downgrading) the gym membership, forgoing expensive coffee, and making your own lunch every day

2. Weekly: Make deposits into a ‘home savings’ account

• Get into the habit of depositing a set weekly amount.

3. Weekly: Start attending open houses

• Getting into the habit of attending open houses will not only give you a feel for what homes are available, but seeing homes that could be yours will also help motivate you to save.

4. Monthly: Do a trial run at homeownership

• Owning a home is more than just coming up with a 20% down payment. You also have to be able to pay the mortgage and home maintenance costs.  For one month, set aside the anticipated amount of your monthly housing expenses and what you’d need for an emergency fund. (A good rule of thumb is to save 10% of your mortgage amount every month for maintenance fees. So if your payment is $1,200, sock away $120.) Then see if you can live within your new budget.

5. Monthly: Pay all bills on time

• To qualify for a mortgage at a reasonable interest rate, you’ll need a credit score that is in the 600s at the very least. The best way to keep your score high is to be in the habit of paying every single bill on time. 

6. Yearly: Check your credit report

• To get a free copy of your credit score, go to CreditKarma.com. For your full credit report, available for free once a year, go to AnnualCreditReport.com. Who knows, there may be things on that report you weren’t aware of that are hurting your score—the only way to know and nip these problems in the bud is to check.

To get out of your rental and into your own home check out these tips at bmre.us/tip15.

5 Factors to Consider for When Is the Best Time to Sell Your House By Daniel Bortz May 7 2019

When is the best time to sell your house? Timing can make a big difference in terms of selling your home quickly and for the most cash. But here’s the thing: The rules on pinpointing that best time might not be what you think.

1. Spring isn’t always the best season to sell your house

• Spring home-buying season generally means you’ll have more competition from other home sellers

2. Keep an eye on the local economy

• A home’s value generally increases 3% to 4% a year when the economy is strong, driven by inflation and natural population growth. 

3. Mortgage rates matter, too

• More people buy homes when mortgage rates drop, historic data shows.

4. Wait until your home’s in good shape

• Taking care of leaks, built-in appliances not functioning properly, insect infestations, plus any imminent safety or environmental hazards, is crucial before listing your home.

5. Your personal preparedness is a priority, too

• no amount of timing should eclipse what time is right for you personally, professionally, and otherwise.

For more tips on timing to sell your home go to bmre.us/hint14.

What Does Days on Market Mean and How Buyers Can Take Advantage By Margaret Heidenry Jun 11 2019

In the real estate game, many buyers understand that knowing a home’s days on market (DOM) is absolutely critical intel. Why? Because the number of days a home spends on the market directly affects the price of a home. Plus, this information can be used to the buyer’s benefit to negotiate a lower price. Here’s how!

Days on market’ is the number of days that a property has been listed on the local multiple listing services (MLS) until a seller has accepted an offer and signed a contract.  It can also be referred to as “time on market” or “market time.”

A house that has only been on the market a few days typically means that home could go at the asking price or higher, but a home that has been on the market for a longer period of time, say 187 days, is likely overpriced in most markets.

Buyers and their agents can use days on market as a search filter to identify homes that have been listed for a long time.  

While DOM can indicate sellers who are refusing to budge on their asking price, it can also identify sellers who haven’t received offers and who may be open to a dramatically lower offer. Because the last thing sellers want is for their house to get stale on the market.

To learn how to take advantage of the days on market strategy go to bmre.us/tip13.

5 Questions to Ask Before Selling Your Home and Why Missing Even One Can Cost You Dearly By Daniel Bortz Jul 10 2019

Selling your house is not as simple as just putting it on the market and waiting for offers from eager buyers to roll in. (Ah, if only…) If you have any hope that your sale will go smoothly, you’ll have to sit down, take a hard look at your house, and ask yourself a few questions.

1. Can I afford to sell my house?

• Professional photographs
• Landscaping
• Staging
• Closing costs

2. What do I need to disclose to home buyers?

• Be prepared to disclose some of your home’s flaws

3. Should I hire a home inspector?

• Pre-inspections give sellers the ability to fix problems ahead of time

4. Which areas of my home get the most attention?

• Living room
• Kitchen
• Master Bedroom

5. What do I have to leave behind when my house is sold?

• The law says that anything bolted to the wall or ceiling goes to the buyer unless specifically excluded in the contract.

A lot of thought must go into the decision to sell a home.

The answers to these questions and many more can be found by going to bmre.us/hint11