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

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.

What Is a Comparative Market Analysis The CMA Explained By Audrey Ference Apr 11 2019

A home’s price is a moving target—based on where it is, when it’s listed for sale, whether it has that trendy open kitchen, all of it. So if you’re tasked with pricing your own home before putting it on the market, how do you figure out how much your place is worth?

A comparative market analysis estimates a home’s value based on the recent sales of similar real estate in the area.

Real estate agents create CMAs by looking at comparables, or comps—recently sold properties that are similar to your own home (or, if you’re a home buyer, the one you want to make an offer on). Similarity is key, since it gets you closest to an apples-to-apples comparison.

Comparable homes should be in the same or similar neighborhood, have similar square footage, number of bedrooms, bathrooms, features, and upgrades.  It’s also important to make sure your CMA analyzes recent sales. 

Another rookie mistake? Looking at listing prices on homes and assuming those are realistic comps. Those numbers may be inflated based on home sellers’ hopes of what they’ll get rather than reality.

While online home value calculators are a great starting point, they aren’t the end all, be all. Like any fully automated tool, they can’t take everything into consideration that a human could.  A good Realtor knows the neighborhoods and the comps to your home.

Some market knowledge is harder to DIY. Every area will have different things that are desirable, and upgrades and extras will be worth more in some areas than others.

For more information on the subject ofComparable Market Anaysis go to bmre.us/hint15

Multiple Offers on a House Insights for Buyers Facing a Bidding War By Julie Ryan Evans May 16 2019

For sellers, getting multiple offers on a house is a dream. But for buyers who have fallen in love with a particular property, hearing that their offer is one of many can be maddening. Having to compete with other buyers means your chances of getting the home will likely be harder.

So what happens when multiple offers come in—and, most importantly, what are the chances of your offer rising to the top?

The seller can accept an offer outright, counter all offers, or choose to counter some of the offers and not others.  The buyer’s terms and contingencies are also taken into account, as well as pre-approval letters, appraisal requirements, and the closing time the buyer is asking for.

Most sellers will ask the buyers who made original offers for their highest and best offer by a particular time or date. That gives you time to up your offer if you really want the property.

Don’t bank on being able to submit another offer, though. You may get only one shot to express your interest in a home, so if you truly love it, your first offer should be the highest and best offer.

If someone else is willing to pay more than you feel it’s worth, let it go and work on the next one.

If you do find yourself falling hard for a house, consider writing a personal offer letter directly to the sellers.  Sometimes owners accept less money because they loved the letter they received.

For more tips on how to work a multiple offer scenario go to bmre.us/tip14

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.

What Is a Short Sale The Benefits for Buyers and Sellers By Judy Dutton Jun 13 2019

What is a short sale? Let’s break it down. Say you’re selling your home; however, the offer you get is so low, it won’t cover the total amount you owe your lender on your mortgage balance. But you need to unload it, so you’ll take it. This is a short sale—simply put, you end up “short” on paying back your lender, and your lender agrees to accept less than what’s owed on the loan.

According to recent data from real estate information company RealtyTrac, about 5% of all single-family home and condo sales are short sales.

While selling a home as a short sale is hardly ideal, many experts argue it’s smarter than pursuing more drastic measures like foreclosure.

Foreclosure is when a homeowner falls so behind on the mortgage payments, the lender repossesses the house, often against the homeowner’s will, then tries to sell it. If the amount the mortgage company receives from the sale is less than the mortgage debt owed, depending on state laws, the homeowner may have a deficiency judgment. In other words, the now-former homeowner may still owe money on the home loan.

The process and consequences are very different. For one, the foreclosure process typically happens very quickly, since lenders are eager to recoup the costs incurred by the unpaid mortgage.

While foreclosures can also be bargains, buyers should know that they come with a lot more risk than a short sale. For one, keep in mind that a foreclosure home is sold at a courthouse, sight unseen. So, there’s no time for a buyer to inspect the house for structural problems; you also inherit all liens tied to a foreclosure. In this sense, a short sale might be a safer transaction.

For more information about the pros and cons of short sale vs foreclosure go to bmre.us/hint13.

How Much Does a Home Inspection Cost By Lisa Kaplan Gordon Jun 16 2019

According to the U.S. Department of Housing and Urban Development, a typical home inspection costs $300 to $500. In most cases, it’s well worth it for buyers to hire a home inspector.  The exact price will depend on the size of your home, where you live, and what you want inspected.

Home inspections are an important step in the home-buying process. As a buyer, your lender may not require you to get a third-party inspection in order to qualify for a loan. But most real estate agents recommend you get an inspection, for your own protection. You may be required to pay the home inspection fee at the time of service.

A professional home inspector, certified by the NAHI, is trained to use a home inspection checklist to look at over 1,600 features of your home that can fall into disrepair (who knew there were so many?).

A home inspector uses noninvasive methods to look primarily at the following:

• Grounds for possible water or septic problems
• Structure for foundation, window, or door problems
• Exterior for rot, decay, and excavation problems
• Roof for shingle, flashing, and fascia problems
• Interior for framing, insulation, HVAC, plumbing, and electrical issues
• Kitchen for electrical code compliance, operating cabinets, and plumbing problems

An inspection of a typical house takes two to three hours.  What should not make a price difference is the thoroughness of the home inspection, the final written inspection report, and the photos the home inspector delivers to the client. These should be standard features of any home inspection—not extras. You, the buyer, should not pay an extra fee for them.

Every potential homeowner should spring for a termite inspection (if it’s not included in the standard inspection).

As a potential buyer, a home inspection is your authoritative proof of property problems. Most home purchase agreements are contingent upon the results of a home inspection, including a pest inspection. Armed with knowledge from your home inspection report, you may be able to either insist that the seller fix or repair certain issues before closing, renegotiate the price to reflect future repairs, or walk away without losing your earnest money.

Be aware that not all items on an inspection report are mandatory fixes or should be a cause to walk away from a deal.  For more information about home inspections go to bmre.us/tip12.

Should You Sell Your Home or Rent It Out 4 Times to Hang On Tight By Jillian Pretzel Jul 1 2019

While many homeowners reach a point where they decide to sell their place, here’s an alternative to consider for your own home: rather than sell, you may rent it out instead!

You may have assumed you would just sell your current house, but it could be smarter to hang on to your property instead. Here are four times renting out your house might make more sense than selling it—take a look to figure out whether it might make sense for you, too.

1. You don’t need to sell your house to buy your next one

• If you don’t need to sell your house to get into your next one, you might consider renting it out for a while so you can enjoy some passive income—then sell later when the time feels right.

2. You’re able to qualify for a second mortgage

• Meet with a lender who then crunches the numbers on your finances to see how much you can afford to borrow.

3. It’s a bad time to sell your house in terms of the market

• The good thing about renting out your place is that, in some regard, you can time the market to see when the best time to sell would be.

4. Your house is in a good renter’s area, and renter-ready

• So much of real estate is about supply and demand, so if there’s a big market, your home could be a great cash cow for years to come.

The first thing you need to ask yourself is ‘Do I need to sell this house because I need the money for something else?’  For more information to consider go to bmre.us/hint12

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