home seller Archives - Page 18 of 31 - Real Estate News and Commentary

March 4, 2016November 23, 2021

Decluttering for a home sale and mental health

Spring is around the corner, and for many it is the time to get a home ready for sale. Decluttering is a key component of preparing a home sale; while it is the core of “spring cleaning” for the rest of us.

Besides being the beginning of the path to selling your home, researcher and writer Deane Alban stated that decluttering is also the “gateway to taking better care of other aspects of life.” She asserted that the human brain is “wired to respond positively to order;” and there are health benefits to clutter-free spaces; which promotes feeling “calm and energized” (Declutter Your Life for Less Stress, Better Mental Health; bebrainfit.com).

When it comes to clutter, we are not the same. There are degrees to the amount and types of clutter we collect. And for many, getting motivated to declutter is a challenge; severe clutter collections could be considered hoarding by some. Dr. Robert London, a psychiatrist specializing in behavior modification, wrote about his professional contemplation of the relationship between clutter, hoarding and obsessive compulsive personality disorder. After consulting with a Professional Organizer, he concluded that many can benefit from their much needed service of guidance in “letting go” and getting organized (Decluttering — Is it Therapy?; Organization professionals perform a valuable and, yes, therapeutic service; psychologytoday.com; November 5, 2010.).

Besides the psychological aspects that make us hold-on to “stuff,” one roadblock to decluttering is a common misconception that the goal is to have an immaculate home; which can make some feel anxious and/or overwhelmed (especially if the home sale is due to a negative life event). Instead, an underlying principle to decluttering is about creating an organized and spacious feel to a room. Another misconception is that you throw out everything you don’t need or want in your home; however, you have control over what items get thrown out, recycled, donated, or kept in storage.

One strategy to encourage your decluttering efforts is to plan. Rather than trying to complete the job in one weekend, try decluttering one room (or even one part of a room) per day; and for some, it may be as little as removing one or two items per day.

When going through each room, decide which items are necessities and which items need to go. You will undoubtedly come across many items that you decide are not necessary to keep out for everyone to see, yet they are personal or sentimental – these items can be stored. The items you decide that you no longer need or want can be donated, disposed of, or you might even decide to have a yard sale!

Of course, we are all busy; and finding time to declutter can be another obstacle to overcome. To help relieve the pressure, consider delegating responsibilities to family members. Consulting with professionals to guide your planning could save time as well. Some professionals even recommend a “decluttering party” as a way to ease the time crunch while making it fun.

Decluttering a home may feel as if it an exhausting task, but it doesn’t have to be; especially if you have a realistic plan. If you need help with your decluttering, you can check with your Realtor® (if you are planning a home sale) and/or you can consult with a Professional Organizer. The National Association of Professional Organizers (napo.net) maintains a national directory of Professional Organizers.

By Dan Krell
Copyright © 2016

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Disclaimer. This article is not intended to provide nor should it be relied upon for legal and financial advice. Readers should not rely solely on the information contained herein, as it does not purport to be comprehensive or render specific advice. Readers should consult with an attorney regarding local real estate laws and customs as they vary by state and jurisdiction. Using this article without permission is a violation of copyright laws.

February 25, 2016November 23, 2021

What’s the controversy with laminate flooring?

Since my last installment of How your Home is Making You Sick, the Centers for Disease Control and Prevention (CDC) has released and revised their analysis of certain types of Chinese laminate flooring. The initial release was found to have used an incorrect value for ceiling height, which calculated airborne concentration estimates about “3 times lower than they should have been.”

The increased interest in health concerns over certain types of Chinese laminate flooring was due in part to an exposé by CBS’ 60 Minutes (which aired March 1^st, 2015) that investigated California home owners’ claims that certain types of laminate flooring sold by Lumber Liquidators was making them sick. The investigation alleged that the Chinese laminate flooring sold by Lumber Liquidators did not meet California Air Resources Board standards for formaldehyde emissions in wood flooring. Lumber Liquidators questioned the testing methodology and results (Lumber Liquidators; cbcnews.com; August 16^th, 2015).

In a May 2015 press release, Lumber Liquidators stated that “Initial results of the indoor air quality testing program for certain laminate flooring customers – conducted by independent, accredited laboratories – indicate that over 97% of customers’ homes were within the protective guidelines established by the World Health Organization for formaldehyde levels in indoor air.” However, sales of the products in question were discontinued; and company has offered air quality test kits for those who have purchased laminate flooring from the company.

reduceformaldehyde — from “Laminate Flooring Test Results – Health Issues and Solutions” (cdc.gov)

Since the 60 Minutes exposé, the US Consumer Product Safety Commission (CSPC) tested samples of Chinese laminate flooring and along with the CDC issued “Laminate Flooring Test Results – Health Issues and Solutions”. The consumer handout states that formaldehyde is found in many home products; and levels typically decrease after 2 years of installation. Recommendations in reducing health risks are also listed (cdc.gov/nceh/laminateflooring/docs/nceh-atsdr_laminate-flooring.pdf).

The February 10^th CDC press release initial reported analysis conducted by the Agency for Toxic Substances and Disease Registry (ATSDR) and the Centers for Disease Control and Prevention’s (CDC) National Center for Environmental Health (NCEH) of the CSPC data “…found that formaldehyde levels observed in select laminate wood flooring products could cause short-term irritation for people in general and in some cases exacerbate asthma. The risk of cancer associated with long-term exposure to the observed formaldehyde levels is considered extremely small…” (ATSDR and CDC Analysis Finds Possible Health Effects Associated with Formaldehyde in Select Laminate Flooring; cdc.gov).

However, a correction to the analysis was made several days later indicated that that although “the final results are not yet available,” the estimated conclusions are to be close to these: Exposure to the range of modeled levels of formaldehyde in indoor air could cause increased symptoms and other respiratory issues for people with asthma and COPD; Exposure to the lowest modeled levels of formaldehyde could result in eye, nose, and throat irritation for anyone; and The estimated risk of cancer is 6-30 cases per 100,000 people (increased from the initial “Low risk of cancer” 2-9 cases per 100,000 people). The CDC cautions that these revised results are “very conservative” and “the calculated risk is likely lower than our modeled estimate.”

Even though the results are revised, the CDC states that their recommendations will likely remain the same – “we strongly stress taking steps to reduce exposures, which should alleviate respiratory and eye, nose and throat irritation.”

By Dan Krell
Copyright © 2016

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January 22, 2016December 13, 2022

Selling your home is always about the price

Pricing a home for a sale is not always easy. There is an abundance of empirical research that has confirmed the many variables that affect sales price. Some influences are manageable and some are not. The top factors to consider when pricing your home to sell include location, condition, features, and timing.

Your home’s physical location is one of the top factors that will affect its sale price. Although home prices vary from neighborhood to neighborhood, your home’s location within the neighborhood could also impact the sale price. Homes located on commuter routes typically sell for less because of the traffic and noise. Even homes located just off of the thoroughfare can be impacted by the perception of traffic and noise; the sale price could be lower than a similar home situated further away from the main road.

A home can sell for more when located close to neighborhood amenities; however, the price could drop if perceived too close. Neil Metz’s research (Effect of Distance to Schooling on Home Prices. The Review of Regional Studies 45.2 (2015):151-171.) indicated that homes located close to schools tend to sell for more. However, the opposite was found with homes within 1,000 feet from schools; the home sale price decreased as the distance from the school closed in from 1,000 feet (probably due to congestion and noise). This effect is typically true for other neighborhood amenities such as shopping areas.

Repairing and upgrading your home prior to listing can increase the sale price. In contrast, deferred maintenance can not only deter home buyers – it could attract low offers; especially if the home has been on the market for a lengthy period. Many home buyers are looking for a “turn-key” home, where they don’t have to be concerned about immediate maintenance; while some are willing to put in the time and effort to personalize a home. If you’re making updates to your home, consider that the quality and installation of upgrades can impacts price as well; cheap fixtures and sloppy workmanship can have a similar affect as deferred maintenance.

Your home’s amenities can also impact the sale price. For example, features such as a finished basement or deck can be appealing and add value. Even green amenities can impact sales price. Research conducted by Cadena and Thomson (An Empirical Assessment of the Value of Green in Residential Real Estate. The Appraisal Journal 83.1 (Winter 2015): 32-40.) concluded that homes that were designated “green” increased sale price by 1%, while certified green homes increased sale price about 2%; however, energy efficient features increased sales price by about 6%!

Finally, your sales price can be affected by the timing of the sale. Miller, Sah, Sklarz, and Pampulov (Is there seasonality in home prices-evidence from CBSAs. Journal of Housing Research, 22(1) (2013), 1-15) conducted a comprehensive study of home sales that occurred in 138 Core Based Statistical Areas (CBSAs are geographic population centers set by the Office of Management and Budget for use by Federal agencies in collecting, and publishing statistics) from February 2000 to April 2011. They concluded that monthly price changes can vary through the year; and homes that sell during summer months (April through September) typically sell for more than homes that sell during the winter (October through March). However, they point out that the seasonality effect could be due to weather; there is less price variance in areas with less temperature variation.

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Copyright © Dan Krell

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December 16, 2015November 23, 2021

Selling a home with when you have pets

How to sell a home fast — From FLRealtorMagazine

According to the American Veterinary Medical Association (avma.org), 36.5% of households own a dog and 30.4% of households own a cat, and many households have other types of pets. Of course having a dog or cat can fill many needs, such as companionship, security, socializing, and even fitness. However, selling a home where a pet lives can be tricky.

Pets often leave telltale signs they live in a home. Many people associate strong odors or dander on the floor with a home where a dog or cat lives. However, many pet owners keep clean homes; and odor or dander may not be the giveaway. Home buyers notice many things when wandering a home, and can associate water and food bowls, pet beds, cat litter boxes, and toys with pets. The psychological association could trigger an allergic reaction, even in the cleanest of homes.

Although an increasing number of households include dogs and cats, not all home buyers are keen on pets. And for some it’s a health matter, as many have sensitivities and allergies and such that they ask if a dog or cat lives in the home when scheduling a showing. And it’s not just allergies that can put off a home buyer: pets left inside the home (roaming or crated), pets left in the yard (free roaming or tied up), and pet odors are three of the top four home buyer turn offs, as ranked by Realtor®Mag’s Melissa Dittmann Tracey (Top 10 Worst Home-Showing Offenses; realtormag.realtor.org, October 2012).

Ask someone who is honest with you if your home has an odor; you may be surprised with the answer. It’s common to become used to odors in your home. Don’t make the common mistake of placing heavily scented air fresheners throughout the home, as it only adds another layer of odor; which, by the way, can also trigger a reaction in those with odor sensitivities. Instead, try to identify if the odor has a source and remove it if possible (it may not even be pet related). Consider using natural solutions such as baking soda to absorb light odors; however strong odors may require commercial cleaning.

And about those home buyers who visit your home…don’t assume they are pet friendly. Pet behavior can be misinterpreted. Even if you believe your pets are friendly and well behaved, buyers who are not familiar with dogs or cats can misperceive them as being aggressive and decide to leave. If the buyer does not know how to approach your pet, and they bring small children along, the dynamics can create an agitated pet.

Limit distractions and keep your pets and buyers at ease. Consider putting away your pet’s water bowl, toys, and other signs of your pet. If you have a cat, make sure the litter box is clean. Locking your pet in a room is not recommended by experts, as it can cause distractions and upset your pet. If you have a dog, take them for a walk while the buyer is visiting. At the very least, arrange for someone who is familiar with your pets to be home to manage them.

Selling a home where pets live can be challenging. Although you may think that the best scenario is to sell to another pet owner; nonetheless you should strategize with your agent about your home for sale and managing your pets during the listing.

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December 11, 2015August 17, 2019

Short sale marketing strategy

According to the Corelogic Insights blog, the volume of distressed home sales is declining. Consider that during the peak of distressed sales, which occurred in January 2009, the volume of distressed sales nationally comprised 32.4% of total home sales. Compare those figures to Corelogic’s December 2^nd report, which indicated that nationwide distressed sales volume accounted for about 10% of all home sales during September 2015. However, distressed sales volume varies from state to state; Maryland recorded the highest volume of distressed sales (20.7%) among all states during September.

Distressed home sales include bank owned properties (REO) and short sales. It’s important to note that prior to the housing bust in 2007, nationwide REO sales were below 6.2% of all sales. September nationwide REO’s accounted for 6.4% of all sales; while short sales accounted for 3.3% of all sales, and have maintained below the 4% level for over a year.

The plateau of short sales may be due the many home owners who remain underwater. In a June 11^th press release, Zillow announced that the slow pace of increasing home prices are leaving many home owners underwater. The nationwide rate of negative equity among mortgaged home owners was 15.4% during the first quarter of 2015 (which is down from 18.8% a year ago); the negative equity rate in the D.C. metro area was reported to be 17.2%. For about half of all underwater home owners, home prices would need to increase 20% or more for them to break even (zillow.com/research).

If you are underwater on your mortgage, check with your lender, they may have some options to help you. However, if you are planning a move, a short sale may also be an option. Simply put, a short sale is asking your lender to take a lower payoff and “forgive” the difference.

If you decide to go through the short sale process, you should know that your sale will be subject to your lender’s approval. The lender will decide if they will accept the buyer’s offer based on the home’s “fair market value.” Many lenders use broker price opinions to assist them in determining a sale price; however some lenders may use other avenues.

You should be aware of a recent trend used by some lenders, which is bypassing the short sale process and forcing home sellers to list short sales on auction websites – even if there is an existing contract of sale! The given rationale is that the internet auction process provides a fair market value for the short sale. However, this stance by some lenders may lead some home sellers to breach of contract. In a recent conversation with several local (Maryland) state regulators, the present consensus is that “…they are aware of the situation, but there is nothing they can do about it;” however, they welcome consumer complaints: MD Commissioner of Financial Regualtion and Consumer Financial Protection Bureau.

Even though the concept is straightforward and the government has provided lenders guidance on short sales, the process can still be lengthy and full of surprises. The process does not guarantee a sale, and the lender could still foreclose if you stopped paying the mortgage. Additionally, the short sale may negatively affect your credit; and there may be legal liabilities to consider. So, before you embark on a short sale, you should consult an attorney about all of your options (which may include and is not limited to a loan modification, deed-in-lieu, or bankruptcy).

By Dan Krell
Copyright © 2015

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