It's Almost Here! The 2017 Fall Festival Rundown

It's the most wonderful time of the year (other than the holidays)! We all love the fall season in the Tri-State for many reasons. As agents, we get to be out showing houses and hosting open houses on gorgeous days (let's hope the recent heat wave is done for good!) and we also get to show off our towns' local autumnal highlights such as pumpkin patches, apple orchards and burgoo from many local churches/civic groups.

No matter where you are in the Tri-State, each town showcases a wonderful display of changing leaves and harvested fields, and an array of corn mazes and types of homemade cider. Does it get any better?

Actually, yes!! We live in a region known for various festivals and celebrations, but the biggest and most well-known is, of course, the West Side Nut Club Fall Festival. The 96th annual Fall Festival will be held October 2-7 this year, turning Evansville's beloved Franklin Street into a huge carnival showcasing rides, games, entertainment and perhaps our favorite, all kinds of incredible food.

This tremendous street festival is free to attend, but we promise you will find your wallet a bit emptier upon leaving because you will want to try a delicacy from nearly all of the 136 food booths stretching from Wasbash to St. Joe -- be sure to take your 2017 Munchie Map so you can find all your favorites!

While the Fall Festival is known for its fun and food, it's equally known for its charitable efforts and positive impact on the community. Because of this phenomenal event organized by the West Side Nut Club, non-profits, school clubs, and churches that volunteer in all those food booths can use this event to fund their charitable projects and mission. As a community, we are helping them do what they need to do to improve our community. It's really a win-win for all of us -- especially when we get to enjoy the amazing treats they sell year after year.

Let's all hope for great weather and huge crowds again this year! We look forward to seeing all of you out on Franklin Street October 2-7! We might all find an excuse to work out of our West Side office for a few days to be near the fun!

Share with us, which delicacies are you most anxious to sample this year? We've heard there are a ton of new additions to the list this year!

Pros and Cons of a Pre-Listing Home Appraisal

We recently posted an article outlining the benefits of a pre-listing home inspection. Many agents firmly believe that the investment for an inspection is a solid decision, and writing that piece got us thinking about how we would advise clients regarding a pre-listing home appraisal. Typically, a home appraisal is conducted by the buyer’s lender during escrow to make sure the home is really “worth” what the buyers are paying for it – most often with borrowed money in the form of their mortgage.

The appraisal is the lender’s safety net to catch over-inflated market values and also a way to recoup their losses as much as possible if the homeowners ever go into foreclosure. Some must admit that enthusiasm for the pre-listing appraisal is much less than the pre-listing inspection. There is very clear evidence in terms of the benefits of the inspection prior to listing, but the appraisal is a bit trickier. It is completely worthwhile in some cases, while in others it is, quite frankly, a hassle and waste of money.

We think the simplest and most organized way to sort through this topic by weighing the pros and cons of the pre-listing appraisal. This information is very similar to the way we present the idea to clients. We try to remain objective because the decision is always left to the homeowners.

Pre-Listing Appraisal Pros

• ·         The professional appraiser’s opinion is credible as long as any relationship between the appraiser/agent/homeowner is disclosed if necessary. This point is included because there are quite a few realtors who are licensed appraisers, and no one wants to get the feeling a colleague is trying to skew data for a friend.
• ·         The appraisal “backs up” the list price of the home, especially is extensive remodeling has been done (i.e. a flip house) or the home has valuable, unique features that comparable homes lack.
• ·         This step is beneficial for sellers if the neighborhood has seen a recent substantial rise in property values.
• ·         The appraisal provides data to back up the real estate agent’s recommended price according to a comparative market analysis. This might help prevent a deal-breaking low appraisal from the buyer’s lender while the home is under contract.
• ·         The appraisal will accurately calculate the home’s square footage, which is very helpful for buyers in space planning and considering price per square foot.
• ·         Sellers can include appraisal packets for interested buyers with the home’s data sheets during open houses and showings. This qualified data can increase buyer confidence in the home tremendously.
• ·         If you are an investor or homeowner selling for sale by owner, the appraisal will give you access to the information typically used by a realtor to conduct a comparative market analysis. In this situation, an appraisal would add a level of professionalism and transparency that buyers need when considering a FSBO.
• ·         The appraisal can provide some effective home improvement ideas to boost value if you’re not in a rush to sell. Make some recommended improvements, allow the home to appreciate for another year, and then sell for a higher price.

Pre-Listing Appraisal Cons

• ·         Buyers don’t often agree with appraised value. Remember, the current market dictates what a home’s price and value in terms of sales. That doesn’t always match up to the appraised value in a down market.
• ·         The appraisal will not necessarily pinpoint what your home will sell for. Some people keep that appraisal number in their minds and will not negotiate with offers. That is a mistake if you really need to sell the home.
• ·         An appraisal can be expensive, often in the $300-$500 range, but the price can spike to over $1,000 in some markets. While this is expensive, so is a price reduction for an over-inflated list price that costs both time and money.
• ·         Appraisers often value features in a home for lending purposes, so if the valuation number comes back low, you could have a difficult time listing and certainly selling the home at a higher price.
• ·         No valuation is totally objective. Appraisers admit that techniques can be used to back up opinions about a home with facts. What you might deem valuable as a homeowner, an appraiser might overlook or share a different opinion based on his or her knowledge and experience.
• ·         A real estate agent’s comparative market analysis is often just as (or more) accurate than an appraiser’s data in terms of pricing. Agents have access to the same information and could be privy to more current sales records, so consult with your agent before paying an appraiser.
• ·         The buyer’s lender will still require their own appraisal prior to closing. That step is non-negotiable and just part of every transaction. So, a seller’s pre-listing appraisal doesn’t save a step for anyone.

Clearly there are benefits and drawbacks to consider when deciding whether to invest in a pre-listing appraisal.  It’s a task that is best to consider on a case-by-case basis because it can affect the sale of the home in some situations. Additionally, since we’re discussing home appraisals, we want to share a brief article that many have found helpful in dealing with low appraisals.

A low appraisal can break a sale in a lot of transactions, but there are actions agents and homeowners can take to prevent and combat that setback. Take a look at this piece from Bankrate for more information. 

In the meantime, carefully consider your own pre-listing appraisal as you think about selling your home, and as always, email your ERA First Advantage agent anytime if you have questions or would like more details about anything we have discussed. 

It's What's Inside That Counts

Hello & welcome back! In last week's blog we discussed some curb appeal projects you can do outside your home this fall to improve curb appeal and make your house stand out among all the rest. While the exterior of your home is important to potential buyers, it's what is inside that will really determine whether they feel like this house could be their new home.

This week's post is all about working on the interior of your home so buyers will stop in their tracks and say "Wow!" when they walk in for their showing. We are so excited to share our tips for cleaning and preparing your home so it simply shines. You know how thoroughly you clean when company is coming over? Think of this process as that, multiplied by 100. It will involve some work, but it will be worth it!

Here are a few of our suggested "chores" for getting your house show-ready:

Clean, scrub, and polish appliances: Keep your stove, oven, refrigerator, microwave, and other appliances clean inside and out. We love this inclusive list that shared cleaning tips for all types of appliances. (Potential buyers will probably open them to check them out!)

Clean and spot-treat flooring: Clean all carpeting by vacuuming often, spot cleaning stains, or even have professionally steam-cleaned if needed . Polish wood floors and mop tile and vinyl flooring. Clean  walls, doors, and woodwork, including baseboards, cabinetry, fans, and windowsills. It's amazing how much fresher your home will appear after this task. One small investment we swear by is the Magic Eraser made by Mr. Clean. This little guy is amazing to take scuffs on your walls, base boards and doors. It also does a great job cleaning sinks and showers.

Eliminate odors: Buyers tend to notice strong smells as soon as they walk through the front door of a home. Many times, if they smell something unpleasant, the showing becomes a waste of time because they have discounted that particular house. Treat smoke, mildew, and pet odors before we are setting up showings for your house. If needed, have this taken care of by a professional. (Regularly “Febreezing” does great for everyday odors.)

Fix drippy faucets and running toilets: If any of your sinks or bathtubs drain slowly, unclog them. If buyers hear a strange plumbing noise while they're touring the home, that will concern them and it could sway their decision. Many of these drips are simple fixes!

Remove clutter: Friends, this is crucial! Organize & declutter to help your home look larger and cleaner overall. Buyers want to see all that usable space. Clear off kitchen and bathroom counters, organize closets, straighten the pantry, clean out cabinets. Think light and airy—only the essentials.

Clean out all closets and cabinet drawers: This is part of the removal of clutter mentioned in our last point. It's so important that it deserves it's own attention. Potential buyers will definitely look in closets to check out storage options and nosy ones will even open drawers! Make sure all valuables, medicines, and private paperwork are removed from storage areas just in case. Better to be safe than sorry.

Test your doors: Make sure hinges and knobs are tightened and doors close properly. If doors squeak when you open/close them, put some WD-40 on the hinges.

Touch Up Paint: Once you've cleaned all surfaces around the house, you might notice some scuffs and nicks in the paint, especially white trim (thanks to puppy teeth or kiddo rough play). Grab some white paint (most contractors use a standard paint for trim so ask about it!) and touch up those spots. It will make such a tremendous difference in making your home feel new again.

Do a few of these chores or all of them for major impact before listing. If you're short on time, (busy job and equally busy family schedule?) it might be a good time to have your home professionally cleaned. Bonus if you can get them done before your listing appointment with your ERA First Advantage agent! Then you can simply focus on some nice fall staging and get your house on the market much quicker!

What else are you working on to prepare your home for a sale? And buyers, what do you want to see in a potential new home?

Curb Appeal Tips to Set Your Home Apart this Fall!

Welcome back! We you've had a great week. It's looking like a beautiful weekend ahead, so it might be the perfect time to get some projects or chores done around the house!

We, like many of you around the Tri-State truly love the fall season. Our weather finally cools a bit and we lost the humidity, and there are a ton of community events around the area (most notably the upcoming Westside Nut Club Fall Festival!!). In particular, as Realtors we enjoy it because it highlights the beauty of so many of our neighborhoods and homes. It really is so much fun to be out on a beautiful day, helping buyers find their new homes or working with sellers who are preparing their homes to sell.

Throughout our fall season, the local market is still strong, and there are a lot of people out and about looking at homes so they can be moved (hopefully!) by the holiday season. If you have been thinking about selling all summer, wondering if now is the right time, the answer is yes. This is the perfect time to showcase your home and allow buyers to see how warm and welcoming it is -- very important for cooler weather and shorter days ahead!

Even though there are buyers out there, selling is still competitive so we want your house to stand out, so this week we are going to share some things our agents recommend sellers do around the house to really make it "shine" compared to everything else on the market.

Today we are going to start with the exterior. We recommend doing the following cosmetic touch-ups to ramp up your home's curb appeal and hopefully lead to a quicker sale:

Painting: Touch up your house’s paint before you put it on the market. Neutral, light colors like
cream and gray are best. Paint and/or clean the front door. Add an inexpensive wreath for curb appeal.

Lawn: Keep your lawn freshly mowed and neatly trimmed. Clear debris from the lawn and the
border of your home.

Sidewalks/Porch: Sweep your sidewalks and porch daily -- you never know when you might have a showing!

Shrubbery: Remove or replace any dead or dying trees, hedges, or shrubs; prune anything that
looks overgrown.

Flowers: Filling flowerbeds with seasonal flowers is an inexpensive way to add color and charm
to your property. Mums are perfect for this time of year. Also, consider placing a couple flowerpots by your front door or arranged on your porch.

Repairs: Be sure that all gutters and downspouts are in place and clean. Replace missing roof
shingles and broken or cracked windows.

If you have recently sold your home or worked with your ERA First Advantage agent to get your home on the market, what else have you been been doing? We'd love to hear what has made a difference in presenting your home to buyers! Check back next week for some excellent advice on how to get your home ready for the fall market inside!