When you're preparing your house for sale, remember the importance of first impressions. The market isn't the only factor that influences whether you get your asking price. Appearance and overall condition play a major role. Here are some easy things you can do to make your home more appealing to buyers.
Outside
It is estimated that more than half of all houses are sold before the buyers even get out of their cars. So stand across the street from your house and review its curb appeal.
Sweep front walkway.
Remove newspapers, bikes, and toys.
Park extra cars away from the property.
Trim the shrubs.
Apply fresh, clean paint throughout.
Clean windows and window coverings throughout.
Keep plumbing and all appliances in working order.
Maintain all sealants and caulking (window, tub, shower, sink, etc.) in good condition.
Make sure roof and gutters are in good condition; no repairs needed.
Mow the lawn more frequently and plant flowers.
Keep pet areas clean.
Inside
Kitchen and bathroom should shine.
Quick once-over with the vacuum; carpets should be clean.
Place fresh flowers in the main rooms.
Put dishes away, unless setting a formal display for decoration.
Make beds and put all clothes away.
Open drapes and turn on lights for a brighter feel.
Straighten closets.
Put toys away.
Turn off television.
Play soft music on the radio/stereo.
Keep pets out of the way and pet areas clean and odor-free.
Secure jewelry, cash, prescription medication, and other valuables.
Enhance the spaciousness of each room. Pack away collectibles to allow buyers to envision their own furnishings in the home.
Important Reminders
Potential buyers usually feel more comfortable if the owners are not present.
If people unaccompanied by an agent request to see your property, please refer them to your Santa Fe Real Estate agent for an appointment.
Leave a number where you can be reached if you are leaving town, even for a weekend.
Of all the decisions you'll face when buying a home, there's none more important than the person you choose to represent you.
The job of your Sales Associate is to support you in finding the right home with the best possible terms, and to aid you through the entire process. Your Sales Associate will explain the process of buying a home, and familiarize you with the various activities, documents and procedures that you will experience throughout the transaction.
Tips For Selecting an Agent
Your Real Estate Professional should be:
Knowledgeable about the communities of interest to you.
Aware of the complicated local and state requirements affecting your transaction.
Effective in multi-party, face-to-face negotiations.
Highly-trained, with access to programs for continued learning and additional certifications.
Technology-focused.
Assisted by a fully-staffed marketing department.
Supported by professional legal counsel.
Financing
Most real estate professionals and mortgage lenders recommend pre-qualifying for a loan before selecting a home to purchase. This process will help you:
Determine the price range you can afford.
Understand the types of loans you qualify for.
Determine what your monthly payment will be.
Estimate the down payment and closing costs.
The Loan Process
Your Sales Associate will help you to select a mortgage lender. Once you have made your decision, these are the steps of the process:
Application - All pertinent documentation is obtained. Fees and down payments are discussed, and the borrower will receive a Good Faith Estimate (GFE) and a Truth-in-lending statement (TIL), itemizing the rates and associated costs for the loan.
Documentation - You will be asked to provide certain documents to your lender in order that your loan can be processed in a timely manner.
Loan Submission - Once all the necessary documentation is in, your completed file is submitted to a lender for approval.
Loan Approval (Underwriting) - Loan approval, or underwriting, generally takes 24 to 72 hours. All parties are notified of the approval and any loan conditions that must be received before the loan can close.
Closing - Once all parties have signed the loan documents, they are returned to the lender. If all the forms have been properly executed, the lender sends the loan funds by wire transfer. At this point, the borrower finishes the loan process and actually buys the house.
Finding and Choosing the Right Home
Based on criteria that you and your Sales Associate establish together, your Associate will help you find the perfect home. There are many factors to consider in selecting a property, including location, bedroom and bath count, schools and amenities.
Your Sales Associate will apply their extensive community knowledge and professional resources to research available properties, and show you the homes that best meet your needs. If you find a property that interests you through the Internet or your own research, let your Sales Associate know so that a showing can be arranged. As you view different properties, your criteria may change. Open and direct communication with your Sales Associate is a key element of a successful property search.
Making an Offer
Once you have found the home that you wish to purchase, your Sales Associate will apply their professional training and do all the necessary research to help you structure an effective offer.
This is where your Sales Associate's negotiation skills come into play. When an offer is made, the seller will have the option of accepting, rejecting or counter-offering.
Your Sales Associate will negotiate the best possible terms for you.
Your Sales Associate will draft the purchase agreement, advising you of protective contingencies, customary practices, and local regulations. Home warranty, title and escrow arrangements will be detailed in the offer. Although your Sales Associate will give you advice and information, it is your decision as to the exact price and terms that you wish to offer.
Managing the Escrow
When the purchase agreement is accepted and signed by all parties, your Sales Associate will open escrow for you and your earnest money will be deposited. The escrow is a neutral third party that will receive, hold, and distribute all funds associated with your transaction.
Removing Contingencies
Prior to closing escrow, all of the contingencies of the Purchase Agreement must be met. Your Sales Associate will coordinate this process. Typical contingencies include:
Approval of the Seller's Property Disclosure Statement.
Approval of the preliminary title report.
Loan approval, including an appraisal of the property.
Physical inspections of the property.
Pest inspection and certification.
Acquisition of homeowner's insurance.
Closing Escrow and Moving In!
When all of the conditions of the purchase agreement have been met, you will sign your loan documents and closing papers. You will deposit the balance of your down payment and closing costs to escrow, and your lender will deposit the balance of the purchase price. The deed will then be recorded at the County Recorder's office and you will take ownership of your home.
Your Sales Associate is a valuable source of helpful tips for planning and coordinating your move.
Investing in Real Estate
Turn on any financial news program and at some point you'll hear the experts extolling the virtues of diversification. Real estate has long been considered a conservative, long-term strategy to growing wealth.
Learn all you can. Before committing your cash, you should have a fundamental understanding of real estate. For example, be aware that, in general, investment properties are not liquid investments. Barring exceptional circumstances, real estate does not sell at a moment's notice. It could take days or months to sell a property, depending on the strength of the market.
What are your financial goals? With each investment unit, you'll need to take into account cash flow, appreciation, equity, and depreciation. Talk with your accountant about tax liabilities and benefits.
Consider cash flow. You'll need to have enough capital on hand to cover any short-term losses due to vacancies between tenants, repairs, property management, taxes, mortgage, etc.
Start small. Look into buying a single family home or a duplex. Leave large apartment buildings and commercial properties to the pros.
Find a property that will be in demand when you are ready to resell. Look for a moderately priced home with three or four bedrooms, two bathrooms, and a garage.
Research the property. The most common way first-time investors lose is by failing to investigate a property thoroughly. Look beyond the front door. Investigate the reputation of the school district, the crime rate, and plans for expanding a nearby highway or developing vacant land.
Get an independent home inspection, roof inspection and termite inspection. Unexpected repair costs can eat away resale profit. Because even the best inspection can't always predict problems, try to set aside some of the rental income for unexpected repairs.
Spend time driving the streets of the community noting the condition of other properties. Are lawns maintained? Are roofs in good shape? Are homes kept up?
Be ready to make fixes quickly and respond to the renter's needs. If you're not prepared to be a hands-on landlord, consider hiring a property management firm.
Your Prudential Santa Fe Real Estate agent can help. He or she has experience in investment properties in your market. Your agent can pass on valuable information about rental prices in your market and the sale prices of other rental properties in the community.
Remember, investing in a property is much different than living in one, and while emotion and attachment can be prime motivators when it comes to homes, it is return on investment that counts when investing in real estate.
Owning a Second Home
Second home ownership is building momentum. Today, demographics and technology are converging to create what can be a historic opportunity for both buyers and sellers. And if you're considering Santa Fe as a second home location . . . it's no wonder. Where else can you ski in the morning and golf in the afternoon?
If you're like many of the baby boomers now entering their middle years, you may be thinking you'd like to have a getaway place not too far from home-a place to relax and recharge with your family and friends. You may want to use a second home as a place to work, as well as play. If it's something you've been considering, now is the time to get the information you need to make an informed decision.
How can I determine my return on investment?
No one can predict the future. But there are things you can consider to help ensure the property you choose is a good one for your lifestyle. For example, if you use it frequently, you'll enjoy it more-so be sure you can get to it quickly enough for spur of the moment getaways. Also, follow your bliss-ask yourself if it's a place you'll enjoy playing in today, as well as retiring in tomorrow. And finally, trust your knowledge about your local area-you're likely to make a better real estate investment when it's closer to home.
What's my next step?
According to the Wall Street Journal, "More than 200,000 people have moved into New Mexico since 1995-highly educated professionals, mostly from the Northeast, Texas, or California, who sampled a taste of New Mexico's lifestyle and felt compelled to stay." We can help you make the move that can turn the getaway spot of today into a second home for a lifetime.
Moving to a new community can be a great adventure, if you go with the right attitude and a sound strategy for settling-in. Incorporate these tips into an action plan, and you'll stay focused, organized and proactiveÅ\just what's needed to put roots down fast.
Before You Go
Complete a change of address form with the post office, which can be done online at the United States Postal Services website, usps.com. You'll also want to send your new address to any publications you subscribe to, as it can take up to eight weeks for the change to become effective.
Contact the Visitor's Bureau for materials about your new town, which should include a map. Identify important routes, such as those between your home and your office or your child's school.
Open a bank account and reserve a safety deposit box at your new location. You'll be able to cash checks much more easily when you move in, and you'll save the cost of wiring funds.
Make initial contact with childcare facilities. Depending on the area you move to, you may need to put your name on a waiting list.
If possible, enroll your children in school. Firm plans will reduce the stress.
Pack a box with essentials for your first few nights, such as prescription medicine, toiletries, a telephone, clothing, towels, toilet paper, and bed linen.
You'll also want to make arrangements for to have utilities transferred to your name or turned on. In addition, you will want to set up appointments to have services such as telephone, cable and high-speed Internet connected.
After you move in
For safety and peace of mind, change the locks. You never know who has a copy of the house key.
Locate emergency services - police and fire stations and the closest hospital.
Hang drapes or curtains to give you some privacy.
Select one room, perhaps the family room, as a place of refuge. Make it a cozy space, free of unpacked boxes, empty cartons or anything else move-related.
Stock the fridge with prepared entrees and the makings for no-fuss meals.
Check with the post office to see if they are holding mail for you. Finish sending out change of address to credit card companies, clubs, associations, friends and family.
File away all documents related to the move. You'll need them for verification of moving expenses at tax time.
Call your waste removal company or department of sanitation for a trash collection schedule.
Obtain a local driver's license and transfer the vehicle registration.
Register to vote. Call the local Board of Elections for information.
Take a tour of your neighborhood to become familiar with your new surroundings. Learn the routes to work, school, grocers, etc.
Don't hesitate to contact your real estate professional for more ideas or information about your new community. By re-establishing daily patterns and developing ties soon after arrival, your new environment will begin to feel like home.
Helping Kids Adjust to a Move
New schools, new friends, a new neighborhood . . . moving is fun and exciting—but it can be stressful too. Here are some ideas to help your kids:
Maintain family routines. Kids will appreciate the continuity of family life.
Involve the kids. Allow them to select new furnishings or decorate their rooms.
Take kids to the local playground, pool, or community center. If you move during the summer, it's likely they'll make friends there, which should ease the transition to the new school.
Call the school where your children will be enrolled and make an appointment with the principal for you and your kids to visit. Plan your visit when school is in session so you can get a feel for the school's "personality." Is there artwork on the walls? Do teachers and students seem friendly and welcoming? What kinds of projects are students working on? Be sure to notice what other students are wearing. Your "new" kids will want to fit in with style of dress. Most importantly, be sure to talk to your kids during and after the tour. They will probably notice things you don't and it will help them adapt when they start classes.
Investigate what extracurricular programs are available. Girl/Boy scouts, sports, dance and music lessons . . . all are great ways for kids to pursue their special interests and to meet new friends too.
Encourage kids to keep in touch with family members and friends and to tell them about their new home. Older kids often enjoy a move-related project, like taking photos of the new home or creating a special "new address" mailing for family and friends.
Moving with Pets
As your moving plans get underway, don't forget to plan ahead for moving the family pet. Here, courtesy of the pet experts at Purina, are some preparations to make before traveling:
Carry health and rabies certificates with you. Airlines and health officials generally require health certificates for all animals transported by air. In most cases, health certificates must be issued by a licensed veterinarian within ten days of transport.
If you're traveling by air with your pet, try to avoid peak travel periods when delays and stopovers are longer. Plan a trip with as few stops and transfers as possible. Avoid traveling in extreme hot or cold weather to avoid dangerous loading and unloading periods for your pet.
Some airlines allow cats and small dogs to travel with their owner if the carrier fits under the passenger seat. When you make your reservation, be sure you tell the airline that you're traveling with your pet and find out the airlines' specific requirements. Reconfirm 24-48 hours before departure that you'll bring your pet.
Ask your veterinarian to provide any required vaccinations, prescriptions medications, or treatments before you travel.
Pack your pet's water and food bowls, grooming equipment, favorite toy(s), treats, and any medication they may require. Don't forget plastic bags for cleanup.
Will you be stopping along the way? Plan ahead by visiting www.petswelcome.com, where you can search for hotels, motels, and B&Bs, that are pet-friendly.
What about small animals and birds?
Birds and small pets, such as gerbils and hamsters, can generally travel in their cages. Birds are very susceptible to drafts and sudden changes in temperature. To keep your bird calm, its cage should be covered while on the road.
Unpacking Stategically
When you start wading through the sea of boxes, there should be a method to your madness. The following are a few simple ideas, courtesy of Ryder, to make the unpacking process easier.
Unpack one room at a time. The kitchen is a good place to start, so you can actually prepare meals instead of eating at the local fast food place. Line the cabinets and drawers because if you don't do it now, you'll never get around to it!
The bathroom should be next. Get your toiletries out and look for that box labeled "bathroom" to find towels, shower curtain, etc.
If the bedrooms aren't set up the first night, don't sweat it. Have a family campout instead! Be sure you've figured out where the major pieces of furniture go. You don't want to set up the entertainment center and then decide it really needs to be on the opposite wall.
Before you unpack all the garage boxes, take some time to plan and organize. Set up shelves, pegboard for tools, etc. That way, you'll have room for your stuff—and the car.
Be sure to inventory all boxes, furniture, etc., to make sure nothing got lost during the move. If you have any broken or damaged items, make sure to keep them as evidence. You must file all insurance claims within a certain number of days after the move, depending on your particular company's regulations.
