| Ohio Real Estate Blog |
Tuesday, 28 June 2011
If you plan to remodel or update before selling your home, you have to find the balance between what's appropriate and what qualifies as over-improvement. If you're in a mid-range neighborhood and install granite countertops, you're unlikely to recoup your costs. But if you're in a higher-end community, laminate may be too little, too late, resulting in a lower sales price.
So what will always work? Painting, inside and out, is one of the most affordable ways to increase your resale value. If you've got wood floors underneath carpeting, show them off. Old light fixtures in the kitchen, bath and hallways should be updated to popular styles with stainless steel or brushed nickel finishes. And be sure to make a good first impression outdoors with a maintained yard and perhaps a new mailbox, doorknobs and house numbers.
Before you plan your updates, visit some open houses or new home communities where you can see the latest styles, and update your home's features accordingly. Just remember to keep your improvements clean, neutral and timeless.
Try not to be the last one on your block to remodel or update, because buyers will pass your listing over for one up the road that's already been updated. Improve your chances for a quicker sale at a higher price by discussing with your agent which improvements provide the greatest return.
Tuesday, 21 June 2011
It's not just the economy - there are lots of reasons that people choose to downsize. It could be retirement, a recently emptied nest, or just plain "maintenance fatigue." Whatever the reason, plan your new lifestyle carefully.
When you search for a smaller home, don't forget that Location is still the key ingredient. Even if you don't have kids or they've flown the nest, a good school district and proximity to shopping and recreation are still the best bets for retaining value.
If this will be a retirement move, think about the future and seek out homes on one level, or at the very least, with the master bedroom with the master bath on the ground floor. For practicality's sake, at least one bathroom should be handicap-accessible or easily remodeled to become handicap-accessible if it's needed. Even if you don't think you'll need it later on, your visitors might appreciate the convenience.
If downsizing to you means less maintenance, you may be tempted by condominium living, but be aware of "hidden costs," like annual or monthly homeowner's association fees. Check recent association meeting reports to see if there is a building renovation planned, as you could be hit with an assessment fee in the future, too.
There are a lot of considerations in advance of your move, so ask your Realtor for more advice and then you will be able to enjoy your new lifestyle!
Monday, 13 June 2011
Buyer's market or seller's market - the simple fact is that your home is worth only what a buyer will pay for it. The simple law of supply and demand usually determines the final sales price. If there are fewer homes for sale in your area, then buyers must compete for those listings, making is a seller's market. Unfortunately for the local sellers, we have not seen a seller's market in our area for several years!
When there is a glut of homes for sale, buyers have more choice and more power in determining price and terms, creating a buyer's market. Many communities, like ours, are seeing large inventories of homes for sale, due to economic conditions and defaults on mortgages.
So, if your home is to get attention in these conditions, you've got to price aggressively against your competition. Do not overprice your home, because you may end up making even less money than if you had priced properly from the start. Why? Because sellers who overprice have to keep chasing the market down by reducing their price. Do you know how to stop a ball that is rolling down a hill? You have to get in front of it to catch it. It's the same in real estate. Price your home in front of the market and you'll "catch" a buyer.
While setting a price is ultimately your decision and your decision alone, do listen to your real estate professional's advice. You want to set a realistic figure for your home's value. If you choose not to conform with the current market value for your home, then you won't be a seller, you'll just be an owner with a For Sale sign in your yard.
Wednesday, 08 June 2011
New Listings of Homes For Sale in Piqua Area
Real Estate For Sale in Piqua Ohio
2721 Southside, Troy, 3 bed, 3.5 bath, $185,000
517 Gordon, Piqua, 2 bed, 1 bath, $52,000
For more information on these homes or any homes in Miami or Shelby counties, please contact Kathy Henne at 937-778-3961 or Kathy@KathyHenneTeam.com
Wednesday, 08 June 2011
Recent Piqua Area Real Estate Sales
The local Multiple Listing Service lists these Piqua homes as sold with real estate agents
505 Lambert, Piqua, 4 bed, 2 bath, original list price $176,900, list price at sale $159,900, sale price $157,500, 358 days on market
2901 Chinook, Piqua, 3 bed, 2 bath, original list price $112,000, list price at sale $89,900, sale price $67,200, 161 days on market
2108 Fawn, Piqua, 4 bed, 2 bath, original list price $197,900, list price at sale $164,000, sale price $160,000
1410 Washington Ave, Piqua, 3 bed, 2 bath, list price $84,500, sale price $84,500, 38 days on market
1859 Wilshire, Piqua, 3 bed, 2 bath, list price $94,900, sale price $91,900, 15 days on market
436 E Ash, Piqua, 3 bed, 2 bath, list price $79,000, sale price $71,000, 304 days on market
1706 Dubois, Piqua, 3 bed, 1.5 bath, original list price $97,000, list price at sale $93,000, sale price $88,500, 316 days on market
1713 New Haven, Piqua, 3 bed, 1.5 bath, list price $87,500, sale price $87,500, 3 days on market
Keep in mind that the seller may have paid for the buyer's closing costs which reflect in the sales price. For more information on these Piqua homes or any homes in Miami or Shelby counties, please contact Kathy Henne at 937-778-3961 or Kathy@KathyHenneTeam.com
Wednesday, 08 June 2011
These days, ordering an inspection when you have an accepted contract is not only recommended, it's critical. Otherwise, you're relying on the seller to provide you with a list of defects.
An inspection provides an objective report about the home's exterior, interior, and "internal organs" - the wiring, the plumbing, the heating and cooling system, etc. While your agent will supply a list of inspectors they've used with good results in the past, you are free to select any professional you wish.
It might be a good idea to request that the seller is present during the inspection so they can answer any questions that may arise during the inspection. The inspection of a 2,000 square foot home should take two to three hours to complete, and once the report has been delivered to you, you can discuss the findings with the inspector and with your Realtor.
Expect your home inspector to walk the roof and explore the attic and crawl space. Electrical panels and some of the outlets and switches will be tested. Drains, water pressure, toilets and pipes will all be checked in the plumbing system. Walls, ceilings and floors will be inspected and all the doors and windows will be checked for functionality.
All the items in the report will depend on the particular home's features but the findings give you an opportunity to assess the home's over all condition. Home inspections are always very educational for the buyers. You'd probably like to know where the main water shut off valve is BEFORE you're in an emergency situation where you HAVE to find out where it is while you're in a panic mode!