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Q: We are considering some remodeling before we put our house on the market. Is adding a sunroom a good investment?

Apr 26th, 2012
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Light, bright and more square footage are usually positive selling features, but as is the case with many remodeling projects, you will likely get only half your money back in terms of increased value. Bearing in mind that the average sunroom addition will cost around $75,000, it is not reasonable to expect that an added sunroom will raise the value of a $225,000 home all the way up to $300,000.

However, each situation is different. Replacing old windows and interior doors can be a great investment in one home and maybe not in another. Much depends on the predominant size, condition and features of the other homes in your neighborhood. 

Experienced Realtors (like us) may be some of your best allies in terms of helping analyze the cost vs benefit of a particular remodeling project. More tips are available at http://www.DestinFloridaRealEstate.com

 

A Divorce Decree Does Not Convey the House!

Oct 14th, 2011
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Even though a divorce decree may state that one spouse is required to relinquish their interest in favor of the other, a former spouse may still be required to sign when the property is resold.

 

In order to convey the property to a new owner, the title insurance underwriters will require more than just a copy of a divorce decree. The underwriters will require that the relinquishing spouse sign a quit-claim deed at closing, if they had not already done so. This is often overlooked in divorce situations and has been known to cause unnecessary delays when it comes time to resell.

 

We recently experienced a closing delay of more than one month because a former spouse claimed to be in China and could not get to the Embassy to have the deed witnessed and notarized. So far as we know, this person may have actually been in Omaha. The emails could have been coming from anywhere. Excuse after excuse and the clock kept ticking. We eventually got it closed judicially, but having to deal with a bitter former spouse on the day of closing is not an enviable position.

 

 

The moral to the story? Get the quit-claim deed signed simultaneously with all other divorce related documents!

 

For information on Destin Florida area short sales, bank foreclosures and general real estate topics, please visit www.FloridaBrokers.com or email us at smith@realtor.com

The Low-Ball Offer

Aug 1st, 2011
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What to do as a seller when you receive a low-ball offer? A timeless question. More often than not, the low-ball offer never even gets to first base.  Many sellers will tend to disregard the low offers and do not counter. Rather, they choose to outright reject.

 

In these cases, sellers are more rejecting the buyer as opposed to the offer. They are sending an emotion-motivated message to the buyer that says “You insulted me, I do not need your money”.  How many times have we seen such a rejected buyer go elsewhere and then pay even more? These are often opportunities lost.

 

Over the years, we have received many a low-ball offer. One thing that we have learned is that a buyer’s first offer is seldom his last. For that reason alone, sellers should almost ALWAYS be encouraged to counter. Keep the dialogue open. Successful real estate agents are the ones who have learned to build bridges, not walls. We have seen very hopeless looking initial offers that ultimately, successfully closed. You can make lemonade out of lemons if you can simply find a way to keep emotion out of the equation. In doing so, your odds for a successful conclusion have improved dramatically!

 

For more on general real estate topics, including short sales and REOs, visit Ed and Terri Smith at www.DestinFloridaRealEstate.com  

Property insurance companies seeking increases

Jun 13th, 2011
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More than a dozen insurance companies have asked Florida regulators to approve rate increases. Despite five years with no hurricanes, more requests are expected as insurers line up like cattle at the trough. Should rate increases be approved, it would affect inland markets like Tallahassee and Orland as well as the coastal communities like Destin and Rosemary Beach. Former health care CEO Governor Rick Scott is more sympathetic to the insurance industry than was his predecessor Charlie Crist.

For more information on real estate related issues, visit Ed and Terri Smith at http://www.DestinFloridaRealEstate.com

6 Reasons to Reduce Your Home Price

Apr 27th, 2011
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6 Reasons to Reduce Your Home Price
By: G. M. Filisko
 
While you’d like to get the best price for your home, consider our six reasons to reduce your home price.
 
These six signs may be telling you it’s time to lower your price:
 
1. You’re drawing few lookers
You get the most interest in your home right after you put it on the market because buyers want to catch a great new home before anybody else takes it. If your real estate agent reports there have been fewer buyers calling about and asking to tour your home than there have been for other homes in your area, that may be a sign buyers think it’s overpriced and are waiting for the price to fall before viewing it.
 
2. You’re drawing lots of lookers but have no offers
If you’ve had 30 sets of potential buyers come through your home and not a single one has made an offer, something is off. What are other agents telling your agent about your home? An overly high price may be discouraging buyers from making an offer.
 
3. Your home’s been on the market longer than similar homes
Ask your real estate agent about the average number of days it takes to sell a home in your market. If the answer is 30 and you’re pushing 45, your price may be affecting buyer interest. When a home sits on the market, buyers can begin to wonder if there’s something wrong with it, which can delay a sale even further. At least consider lowering your asking price.
 
4. You have a deadline
If you’ve got to sell soon because of a job transfer or you’ve already purchased another home, it may be necessary to generate buyer interest by dropping your price so your home is a little lower priced than comparable homes in your area. Remember: It’s not how much money you need that determines the sale price of your home, it’s how much money a buyer is willing to spend.
 
5. You can’t make upgrades
Maybe you’re plum out of cash and don’t have the funds to put fresh paint on the walls, clean the carpets, and add curb appeal. But the feedback your agent is reporting from buyers is that your home isn’t as well-appointed as similarly priced homes. When your home has been on the market longer than comparable homes in better condition, it’s time to accept that buyers expect to pay less for a home that doesn’t show as well as others.
 
6. The competition has changed
If weeks go by with no offers, continue to check out the competition. What have comparable homes sold for and what’s still on the market? What new listings have been added since you listed your home for sale? If comparable home sales or new listings show your price is too steep, consider a price reduction.
 
G.M. Filisko is an attorney and award-winning writer who made strategic price reductions that led to the sale of a Wisconsin property. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

Are the holidays a good time to list our house for sale?

Dec 12th, 2010
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Your personal need or motivation to sell should be the biggest determining factor as to timing. The Housing Affordability Index reached a new high this October at 184.2.  The index is based on several factors including average wages, real estate prices and interest rates. For comparison, an index of less than 100 means it is difficult to buy.
 
Simply put, homes are more affordable now than at any other time since the index was created. If you need to sell now, you need to list now.  You never know when that perfect buyer for your home may come knocking!