 A Comparative Market Analysis (CMA) is routinely done for sellers to determine a listing price for their home based on current market conditions. Knowing how a CMA is created will help you understand why it's so valuable in finding a home's market value.
Comparables (Comps) Are Selected The listing agent locates three or more recently sold homes comparable to the one ready to be listed. The best comps will: ✓ Be as near as possible to the home ready to be listed (same neighborhood, if possible). ✓ Have the same features or as near as possible (bedrooms, baths, garage, etc.). ✓ Sold as recently as possible, because the older the sale, the less reliable the CMA. Sold Prices Are Adjusted The sold price is adjusted to account for differences in features or characteristics. If the comp has one less bedroom, the value of a bedroom is appraised or estimated and added to the sold price. If the comp has one extra bedroom, the value would be deducted from the sold price. This brings the total sold price to an estimated amount based on if the comp had identical characteristics with the home in question. Average Sold Price per Square Foot Once the adjusted sold prices are calculated, they are averaged to find the average sold price per square foot. This number is multiplied by the square footage of the home ready to be listed to establish a tentative listing price. There are several variables that make this an exercise in estimation, not a nailed-down price. It is as accurate as possible based on the comps selected, but there is some flexibility in the final pricing. Want to know what your home is worth in the current market? Contact me today for a CMA.
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 Low interest rates make it tempting to refinance, but refinancing usually comes with some upfront, out-of-pocket costs. It’s not a race to simply have a rock-bottom rate, but sometimes it makes sense to refinance. Here are four reasons to take advantage of low rates: 1. Reduce your monthly payment. On a 30-year, fixed-rate mortgage, a 1% difference in interest rates works out to about a $60 monthly difference per $100,000 owed. Keep this in mind: if you have only 25 years left on your current loan, you’ll be extending the loan period by five years by refinancing for another 30 years, and will probably pay as much or more in total interest over the life of the loan. 2. Reduce your interest by paying off your home faster. If you currently have a 30-year mortgage, refinancing to a 15-year loan can mean paying less in total interest over the life of the loan. Even if you’ve paid the mortgage for five years, you’ll shave off 10 years by switching to a 15-year loan. These 15-year loans usually come with lower interest rates. The more the interest rate has dropped from when you first bought your home, the less your monthly payment will increase. 3. Switch from an adjustable rate to a fixed rate. Typically, an adjustable-rate mortgage has a lower initial rate than a fixed-rate loan, and after a period of time, the rate changes. When rates are low, and your adjustable-rate mortgage is about to shift to a higher rate, refinancing to a low fixed-rate mortgage can ensure that you’ll lock in an affordable rate for the life of the loan. 4. Cash in on equity to pay off higher-interest debt. If your home is worth $300,000, and you owe $200,000, you have $100,000 in equity. Cash-out refinancing lets you access some of that money to use for home improvements or to pay off higher-interest debt. Most lenders will refinance up to 80% of your home’s value for a cash-out refinance, which means you could get a new loan of $240,000. Using $200,000 to pay off your old loan, you’d have $40,000 remaining—minus any closing costs or loan fees. Here’s the bottom line. Low interest rates make it tempting to refinance, but refinancing isn’t free. To make it worth your while, assess your goals first and then do the math to see if a new mortgage fits those goals.  A comfortable and welcoming outdoor space is as good as an extra room in your home. But if it's time to go indoors once the sun sets, you'll probably not make the most of it outside of high summer.
Adding lighting to your yard, patio, or garden is a great way to increase both atmosphere and practical illumination. Here are six ideas for doing it with the best effect: 1. String Lights Quick and easy to install, string lights bring an extra sense of magic and romance to a warm evening. Drape them around garden structures to soften their hard lines, or use them to enhance and highlight natural features. Try using a mixture of smaller lamps for decoration and larger ones for useful illumination. Also mix in a few twinkling lights for even more atmosphere. String lighting is also available as a solar-powered option, meaning it's easy to install without any electrical work required. 2. Landscape Lighting For larger areas, try using floodlights and lamps, which illuminate relatively brightly and widely. This is particularly effective if placed a little ways away from your main seating area, as it'll increase the overall brightness without spoiling the feeling of an evening outdoors. This kind of lighting also has security advantages, especially if you add motion sensors and timers to activate it when you're not around. However, be sure to use softer, warmer lighting rather than harsh industrial security lamps. 3. Hanging Lanterns Try hanging single lanterns from trees or walls for decoration and ambiance, or cluster a few together for brighter illumination of a particular spot. Lanterns and other hanging lights make a wonderful addition to a pergola or other covered space. 4. Fire Pits Illumination doesn't always need electricity. A fire pit provides warmth as well as an atmospheric, flickering brightness. Fire pits are perfect for autumn evenings when the weather is cooler but you're not quite ready to call the outdoor season over. 5. Centerpiece Chandeliers A chandelier isn't just for a ballroom or medieval hall. If you have a covered seating area, an impressive chandelier hanging above it provides both illumination and a talking point. 6. Wall-Mounted Lamps Also known as sconces, wall-mounted lamps are ideal for lighting doorways, pathways, and patios. A variety of designs is available, such as rustic and streamlined modern, and they're also versatile enough to form statement pieces or blend into the background. For a perfect sultry evening atmosphere, candle-effect sconces provide a flickering glow without the risks, mess, or hassle of the real thing. No matter which type of outdoor lighting you choose, always keep safety in mind. If in any doubt, hire a qualified electrician to handle the installation, and make sure they're experienced in outdoor work. The slight extra costs involved in hiring a professional will pay off with years of atmospheric and safe outdoor illumination throughout every season.  After making a winning home offer, most buyers will want a home inspection before closing the deal. A third party examining your home for potential problems can be nerve-wracking—especially since the sale of your home depends on the outcome. If you’re anxious about the home inspection process, here are some things to know:
It Helps to Understand the Process Home inspections can take up to three hours to complete. You have the ability to set up the appointment with the homebuyer and inspector at a time that fits your schedule. View the inspection as a presentation of your home. Take time to ensure your house is clean, decluttered, and well cared for. You don’t—and shouldn’t—need to be a part of the inspection process. Transparency Is Key It’s unlikely that a well-qualified inspector will miss something that’s not working or damaged. And if a seller is hiding one thing, there’s a risk that they are hiding more. The best approach is to be upfront about any concerns at the time of selling the home. Provide any insight or paperwork you have about the age of the major systems of the house (roof, HVAC, water heater, etc.). Everything Should Work, Even the Lightbulbs Home inspectors need to be able to tell the prospective buyer the home’s condition. If they can see that something is working properly, they don’t have to investigate it. In other words, make sure everything is in working condition. Change nonworking lightbulbs, and check that all electrical outlets are functional. Resolve Issues Before the Home Inspection Fixing problems will reduce the risk of a holdup with the contract and sale. If there is a missing handrail, replace it. Scrape off old, chipped paint and paint over it so there isn’t the need for a lead test. Fixing or replacing nonworking appliances helps avoid questions of why they aren’t working and whether there’s a larger underlying issue. Make Areas Accessible There shouldn’t be any area that’s inaccessible, such as a closet, attic door, or rooftop. You’ll also want to be sure they can access electrical panels both inside and outside the home. Make it as easy as possible for the inspector to determine the home’s condition. The goal of a home inspection is to give buyers peace of mind about their home purchase. Being prepared will help the process go smoothly. For more information about what to expect during a home inspection, please contact me.  We all make New Year’s resolutions, but most of us fail to stick to them. Our motivation and self-control is always much higher in the run-up to December 31 than it is two weeks into January. But to follow through with resolutions requires months or even years of willpower. Here are some strategies to help you stay committed:
Take Small Steps Your resolution might be something big, such as losing weight, learning a language, or getting a promotion at work. Don’t get disheartened if you haven’t achieved it in the first few weeks of the year; you’ve got to take it step by step. Be proud of yourself for a week of healthy eating, a few hours spent studying Spanish, or a completed deadline in the office. Let the World Know The best way to motivate yourself and stick to your resolutions is by telling people. They will hold you accountable to the goals you set and provide a support system. Tell your family, message your friends, or publish it on Facebook. By letting people know about your resolutions, you’re putting an extra incentive in place for yourself. Put It In Your Schedule Write down regular checkups in your planner to assess your progress. Set alerts on a digital calendar every week to remind yourself of your resolutions so that it is harder to pretend they don’t exist. For bigger resolutions, check in with yourself every three months to see how you’ve progressed. Join a Community Being surrounded by a community of like-minded people makes it easier to keep working on your resolutions, so look for relevant groups in your area or online. Join a book club if you want to read more, connect with a running group if you want to improve your fitness, or subscribe to a civic newsletter if you want to be more politically active. Remind Yourself Why Your reason for investing in your health or saving money is important, so remind yourself of this every time you feel like giving up. Make placeholder goals for larger resolutions and celebrate your progress when you reach them—this will also help keep you on track. If you want to run a 10K by the end of the year, set a goal to run 2K by the end of February, 5K by the end of June, and so on. Keep on top of your goals with these self-regulation tips for a happy and productive year ahead.  Whether you're purchasing your first home or your third, knowing that the house you live in belongs to you fills you with a sense of accomplishment. Along with this feeling of pride comes a large array of benefits. Here are five advantages of home ownership:
You Can Choose the Home That Fits Your Lifestyle Purchasing a home often provides the opportunity to select from a variety of different houses to find one that fits your lifestyle. For example, if you're looking for a nontraditional home, you can buy a condo, town house, or patio home, or if you don't want to take care of the lawn and landscaping, you can purchase a home that has a homeowners' association who can do it for you. Remodeling Is Your Choice Do you want to remodel your outdated bathroom or old-fashioned kitchen, or add an extra bedroom to your existing home? One advantage of homeownership is that you are free to design your home exactly as you like. Make sure to consult with your local government for necessary permits and other legalities. You Have the Liberty to Expand Your Outdoor Living Space Owning a home often includes the land on which it was built. As a homeowner, you are free to decide how you want to use your outdoor living space. For example, you might build an in-ground pool in your backyard, install a swing set for your kids, or construct a large deck for entertaining. You're Building Home Equity A house is typically one of your most valuable financial assets and only continues to build equity the longer you live in it. Your home's equity is the monetary difference between its fair market value and the outstanding debts you owe on it. Other factors, such as residing in a sought-after neighborhood with limited housing supply, can quickly boost your home's equity. The Monthly Payments Are Consistent A fixed-rate mortgage keeps your principal and interest payments constant for the life of the loan. Your real estate taxes and homeowner's insurance may fluctuate a bit, but typically you can depend on the same payment every month. Better yet, you have the opportunity to rid yourself of any principal and interest payment by paying off your mortgage in full. Mortgage rates are at historic lows. Now is a good time to buy or list your home. Contact me today!  The kitchen is a great place to spend time with family and friends, and the warmer and more inviting it is, the better. Here are some trendy ways to add natural appeal to your kitchen:
Feature Wood If your home already has wooden beams installed, then stripping these down and staining them adds instant character. But if you’re not so lucky, it’s easy to install decorative beams in any room. If done carefully, they’ll look natural and add character. Hardwood flooring in dark or light shades adds a sense of warmth, but if your kitchen is on the smaller side, opt for a lighter shade to keep it from feeling closed in. Stone Surfaces A stone floor is even more impressive than hardwood. Slate, granite, or other stone materials all make excellent, hard-wearing choices that are worth the cost of installation. Countertops made from granite or poured concrete are durable and also add a rustic, natural feel. Display Kitchen Accessories Beautiful wood cutting boards, serving bowls, and utensils set out in the open add charm to a kitchen, even if they are mostly used only for display purposes. Copper pots, pans, and utensils all look great hanging from an overhead or wall-mounted pot rack. Glass Storage Jars If you have the space for open shelving, storing dried goods such as beans, grains, and spices in glass jars looks authentically rustic and is also practical. Bring Nature Indoors Not all plants can handle the heat and humidity of a busy kitchen, but a few robust houseplants help to soften the lines of work surfaces and cabinets. Other natural decor ideas include hanging up decorative bunches of dried herbs and threaded spirals of garlic bulbs or chili peppers, or setting up a corner vase filled with attractive dried twigs and fall flowers. Atmospheric Lighting Diffused lighting from several smaller sources adds more atmosphere than a single bright light. And of course, you can use focused LED task lighting for work surfaces.  The holidays are going to look different this year. Instead of shopping in person, many people will switch to online purchasing. Black Friday frenzies may only exist on the internet, and many families who travel during the holidays will stay at home this year. In spite of all these changes, you can still make this year special and memorable for your family by creating some new traditions.
Become a Local Tourist Many people spend their holidays traveling, exploring a new destination, or visiting relatives. This holiday season—with pandemic-related travel restrictions in many areas around the world—travel plans are being canceled. If you're staying home for the holidays, why not live like a tourist for a few days? Book a stay at a hotel or B&B in a nearby town, visit a park you've never been to, book a reservation at that trendy restaurant everyone has been talking about, or scout the local shops for souvenirs. Your local tourism board should have plenty of sightseeing ideas. Best of all, you'll be supporting local businesses while spending quality time with your family. Organize a Gift Card Drawing Participating in a gift card drawing is easy, and family members from all over the country can take part in this activity without leaving their homes. First, decide on an amount of money to spend on the gift cards, for example, $25.00. Then, each person participating will purchase one gift card for that amount. The cards can be for restaurants, stores, music, and more. Just make sure to keep the card you purchase a secret! Assign each family member a number and instruct them to seal their purchased gift card in an envelope with their number written on the front. During a video get-together, each person draws a number, revealing the gift card and the gift giver's identification. Mail each gift card to the winning family member who drew the card's number. Start a Family Movie Night Tradition Normally, holiday activities with friends, family, school, or the office keep people busy. This holiday season, get-togethers will be restricted by social distancing rules, so it's the perfect time to start a new tradition: family movie nights! Dozens of seasonal movies are available on streaming services or from DVD rental outlets. Enjoy this special time together and create coziness with matching pajamas, snuggle blankets, seasonal mugs, cookies, hot chocolate, marshmallows, and popcorn. Create Some Holiday Cheer with a Cookie Bake Cooking has become very popular because people are not eating out as much as they once did, so planning a cookie bake day—or several—is the perfect fun project to bring holiday cheer. Select your recipes, purchase all the ingredients, and assemble the necessary kitchen tools. Bake an assortment of cookies, then package them in gift boxes for friends, family, and neighbors.  For the fourth month in a row, existing-home sales climbed across the country, according to the National Association of Realtors (NAR). Every region saw sales increase, both month over month and year over year. The Northeast experienced the greatest gains, with sales up 9.4% from August and an impressive 21% from September 2019. According to Lawrence Yun, chief economist for the NAR, September's sales gains go against the trend, as home sales typically start to decline toward the end of the year. "I would attribute this jump to record-low interest rates and an abundance of buyers in the marketplace," he says, "including buyers of vacation homes given the greater flexibility to work from home." Median Prices Are Up This increase in demand has driven up home prices. In September, the median existing-home price for all types of housing climbed 14.8% from a year ago, marking the 103rd straight month of year-over-year increases. Every sales region in the country reported price gains. More Inventory Needed to Meet Demand Buyer demand might be high, but housing inventory remains at historically low levels. At the end of September, the housing supply fell 1.3% from August and 19.2% from September 2019. At the current sales pace, the current level of inventory would supply the market for only 2.7 months. In comparison, there was a three-month supply of housing available in August and a four-month supply a year ago. New home construction could help to boost supply levels. According to Yun, "To their credit, we have seen some homebuilders move to ramp up supply, but a need for even more production still exists." Properties Selling in Record Time The lack of supply, combined with strong buyer demand, is leading to high turnover. The average property remained available for sale for just 21 days in September; this is an all-time low. A month ago, properties were on the market for 22 days, while a year ago they were on the market for 32 days. Of all the homes sold in September, 71% were available for less than a month. Regional Breakdown For the past four months, month-over-month sales have climbed in every region. What's more, year-over-year home prices have seen double-digit increases in all areas of the country. Northeast - Existing-home sales increased 16.2% from August 2020 and 22.9% from September 2019. The median sales price increased 17.8% from September 2019. Midwest - Existing-home sales increased 7.1% from August 2020 and 19.8% from September 2019. The median sales price increased 14.8% from September 2019. South - Existing-home sales increased 8.5% from August 2020 and 22.3% from September 2019. The median sales price increased 13% from September 2019. West - Existing-home sales increased 9.6% from August 2020 and 18.1% from September 2019. The median sales price increased 17.1% from September 2019.  The kitchen is a great place to spend time with family and friends, and the warmer and more inviting it is, the better. Here are some trendy ways to add natural appeal to your kitchen:
Feature Wood If your home already has wooden beams installed, then stripping these down and staining them adds instant character. But if you’re not so lucky, it’s easy to install decorative beams in any room. If done carefully, they’ll look natural and add character. Hardwood flooring in dark or light shades adds a sense of warmth, but if your kitchen is on the smaller side, opt for a lighter shade to keep it from feeling closed in. Stone Surfaces A stone floor is even more impressive than hardwood. Slate, granite, or other stone materials all make excellent, hard-wearing choices that are worth the cost of installation. Countertops made from granite or poured concrete are durable and also add a rustic, natural feel. Display Kitchen Accessories Beautiful wood cutting boards, serving bowls, and utensils set out in the open add charm to a kitchen, even if they are mostly used only for display purposes. Copper pots, pans, and utensils all look great hanging from an overhead or wall-mounted pot rack. Glass Storage Jars If you have the space for open shelving, storing dried goods such as beans, grains, and spices in glass jars looks authentically rustic and is also practical. Bring Nature Indoors Not all plants can handle the heat and humidity of a busy kitchen, but a few robust houseplants help to soften the lines of work surfaces and cabinets. Other natural decor ideas include hanging up decorative bunches of dried herbs and threaded spirals of garlic bulbs or chili peppers, or setting up a corner vase filled with attractive dried twigs and fall flowers. Atmospheric Lighting Diffused lighting from several smaller sources adds more atmosphere than a single bright light. And of course, you can use focused LED task lighting for work surfaces. |
AuthorsA variety of real estate related references and pertinent information by various contributors. Get the latest real estate news and helpful tips regularly. |
