2/22/2016

Real Estate Mistakes Part 2

Real estate mistakes are common and avoidable for the most part. We all have made them at one point or another but the key is to recognize when we have. I’ve found a great article online here which outlines some of the biggest mistakes Buyers tend to make when looking at real estate. I’d like to share with you a few more that stood out for me.

Not Researching the Neighborhood

You’ve found your dream home, its floor plan is perfect, the style is excellent, and is priced well below what you’d expect a home like that to sell for. The old adage “if it’s too good to be true” rings especially true in real estate. Often there are some fabulous homes on the market that seem like a no brainer, but the catch lies with the neighborhood they reside in. From loud and messy neighbors to schools that don’t perform, neighborhoods are very important to the home buying process. I would recommend that you do a quick drive around the home you are looking at, see if there is anything that stands out as wrong or off. See if there are any community meetings happening that you may be able to attend, and look up the local schools and school district to see how they perform on a national level.  Also, knock on doors and meet your potential neighbors, they may have different perspectives on the area you wouldn’t necessarily think of.

Trying to Make the Hard Sell

When you have an open house on your home you are trying to sell, it is tempting to talk up everything that makes the home special to you, don’t. The reasons you love your home may not be what a potential buyer is looking for in a home. If you are selling your home, you may consider not being around at the open house. Being absent at the open house, whether physically or verbally, allows a buyer to give unbiased objective feedback to the agent, which is only going to help you in the end.

Failing to Market Your Home in Different Ways

If you are thinking about putting your home up for sale, don’t just stick a “for sale” sign in your yard and hope for the best. There are a plethora of marketing tools available and it’s in your best interest to get your home as much exposure as possible.  Talk to your real estate agent about the marketing they plan to do for your home. It’s something that should be set up form the initial signing of a contract with your agent. Some homes have virtual tours and photographs online, should you choose this route, don’t forget to include floor plans. The more information you can put out there about your home the better, buyers love information about homes. (The Gallant Network does full 3d scans of homes that combine a virtual tour, photography and floor plans, check it out!)

Real estate mistakes can cost you big time in a truly short time. Having an experienced real estate agent at your side who can guide you through the home buying process is indispensable. I’m always happy to help with any questions you may have in real estate, my phone # is (970) 335-8225 or you can email me at Sam@thegallantnetwork.com

You can browse homes for sale in the Durango area here, and you can see what your home is valued at here.

Posted 2/12/2016:

Real Estate Mistakes

Real estate mistakes are common and avoidable for the most part. We all have made them at one point or another but the key is to recognize when we have. I’ve found a great article online here which outlines some of the biggest mistakes Buyers tend to make when looking at real estate. I’d like to share with you a few that stood out for me.

Buying a Home for Its Decor

Image courtesy of Elle Decor

You’ve walked into a fantastic looking home, the drapes match the walls perfectly and the furniture goes together really well! Just a slight problem, the home doesn’t come with the furnishings. It’s easy to get caught up in how well the owners have set up their home, but it is important that you look past this. How is the floor plan laid out? Is there enough storage for you and your property? How are the views? Is the home in good condition or are there repairs needed? (light fixtures working, trim in good shape).

Treating Real Estate Like the Stock Market

We’ve all heard the news about home values on the rise, and real estate is a great investment for your future. But real estate is very much different from the stock market. It is a long term investment, 3+ years at a minimum to break even in most cases. While home “flipping” (buying a run down home and fixing it up) is an exception, it requires a concerted effort on the buyer’s part and isn’t without it’s own risks as well. Don’t make the all too common real estate mistake of treating your property like stock.

Not Thinking About Resale

This real estate mistake is along the same vein as treating real estate like stock, if you are looking for homes to increase your wealth you’re going to want to be able to resell your home should the need arise. An incredibly unique home that you just fall in love with may be perfect for you, but does the layout and design work for the majority of sellers? Homes that sell well and steadily  increase in value have simple floor plans and broad appeal. Buying homes in the real estate market is a bit like chess, you’ll want to be looking two or three steps ahead in the game.

Real estate mistakes can cost you big time in a truly short time. Having an experienced real estate agent at your side who can guide you through the home buying process is indispensable. I’m always happy to help with any questions you may have in real estate, my phone # is (970) 335-8225 or you can email me at Sam@thegallantnetwork.com

You can browse homes for sale in the Durango area here, and you can see what your home is valued at here.

Durango Real Estate Tips for Beginners

Are you just getting started in the Durango real estate market, looking to put your home up for sale? The local real estate market can be a bit overwhelming with all sorts of advice thrown around about best practices for getting your home sold. I would like to share some quick and easy tips to maximize your home’s showing potential both online and off!

One of the absolutely first things a potential buyer looks at is cost, what is the home listed for? Now this may be a hard pill to swallow but when you are bringing your home to market the price you “want” or “need” often isn’t what the market will give you. Pricing your home right the first time is crucial to getting your home sold for the highest amount. Homes that are priced above market value stay on the market for much longer and seldom if ever sell for the original asking price. The longer a home is on the market the less interest it generates among buyers.

Once you have settled on your pricing, the second most important art of selling your home is the presentation of the home. Sounds like a no brainer, but the amount of times I have come across photos of homes online that are disastrous at best, is all too often. You will be presenting your home both in person and online, with a great presentation you’ll garner more interest and show that your home is worth what you are asking. Photos are key for your online presence, almost 90% of buyers use the internet to look for a home. The more photos the better, show a potential buyer what makes your home great!

First things first, you’ll want to deep clean your home. not just the normal clean but getting the walls and every nook and cranny scrubbed and wiped. Buyers that walk your property walk it with an incredibly discerning eye looking for any possible damage or defect that you may have gotten used to. When you have your home photographed you’ll want everything staged and ready, all your lights on, windows coverings open, and all lamps turned on. You want to present your home as a warm and inviting place, not a cozy cave. In bathrooms and kitchen, clear of much as you can off of the counters, a cluttered counter gives the impression that there isn’t enough room.   Also, you may love “Fido” with all your heart, but a prospective buyer may be scared away assuming there is damage in the home from your pet (stains, scratch marks, animal dander). For the outside, first impressions are key.  Clean up your yard, mow the grass, pick up toys and hoses, move your car(s) out of the driveway.  Remember, you are selling the home, not the ancillaries.  

These are just a few tips for anyone looking to bring their home to market. In the future I’ll be posting more tips and advice to home sellers and buyers. Are you looking to sell your home? Let’s have a chat even if right now isn’t the best time. I have decades of experience in the Durango real estate market and can help you with your plans.

Come and see what your home is worth instantly, zero hassle and free!

-Come and see homes for sale in your area here-

Give me a call at 970.335.8225 or send me an email at sam@thegallantnetwork.com

When Is the Best Time to Sell Your Durango Home?

When is the best time to sell your Durango home? Spring time through early fall tends to be Durango’s busiest real estate season, with the majority of homes being listed and sold and more sellers and buyers become interested in the prospect of moving into a new home. Statistics can be misleading, simply because it is more comfortable to buy during the spring and summer time doesn’t necessarily mean it is the best time to have a home for sale. While there are many different factors that come into play when determining the amount of sales during any particular season, Winter can be a great time to sell your Durango home since there is less active inventory. Buyers looking during the winter months are typically very serious about a purchase. On the other hand, buyers with children are more apt to purchase a home in the summer during the school break, while in a mountain town like Durango some buyers and sellers aren’t willing to move during the freezing months of winter.

The 4 seasons of real estate

With the current Durango in town market being a seller’s market, the influx of homes makes it harder for a home to stand out from one another. The average home in Durango stayed on the market for about 3 ½ months before it was sold. Listing in February and March puts your home inline to sell during the peak season where there are more buyers looking for their dream home.

Are you looking to sell your Durango home? Let’s have a chat even if right now isn’t the best time. I have decades of experience in the real estate market and can help you with your plans.

You can see what your Durango home is worth here!

Give me a call at 970.335.8225 or send me an email at sam@thegallantnetwork.com

Durango Real Estate Definitions: Covenants

Durango real estate has a multitude of definitions that you’ll want to know when you get into the real estate market. Today I would like to go over what a covenant is in regards to real estate.

Ever wonder what is stopping your neighbor from starting a junk yard in their front yard? While it is most likely due to common decency it’s guaranteed by covenants. Covenants in a general sense is a promise to engage or refrain from an action. So a covenant stating that lawns in a subdivision will not have grass exceeding 4” in height means all homeowners in that subdivision are obligated to have their lawns mowed to keep in compliance.

To quote Wikipedia:

“In property law, land-related covenants are called “real covenants” and are a major form of covenant, typically imposing restrictions on how the land may be used (negative covenants) or requiring a certain continuing action (affirmative covenant). These may also “run with the land” (called a covenant appurtenant), meaning that any future owners of the land must abide by the terms, or may apply to a particular person (called acovenant in gross).[5] … in the United States such covenants are examined more closely, but with exceptions affirmative covenants have been permitted to run with the land.[6]”

Covenants come in two flavors, affirmative and negative. An affirmative covenant is one where a property owner must actively perform an activity, like maintaining their lawn, keeping sidewalks cleared of snow, and paying homeowner association (HOA) dues. A negative covenant prevents a property owner from doing an activity, such as leaving a hoard of items on the lawn, blocking a neighbor’s view, and possibly construction of an exterior building.

You’ll find the vast majority of covenants are written into the deed of a property, and can be obtained from the HOA that the property belongs to or if a HOA is absent a local title company will be able to pull it so long as it is recorded. Some properties do not have covenants attached to them and can be a desirable choice for those who like to live without restrictions, while properties with covenants may attract those who like a sense of order and uniformity in a neighborhood. Both types of properties have their merits and detriments and it is up to the potential owner to decide which is best for them

Real estate mistakes can cost you big time in a truly short time. Having an experienced real estate agent at your side who can guide you through the real estate process is indispensable. I’m always happy to help with any questions you may have in real estate.

Give me a call (970) 335-8225 or you can email me at Sam@thegallantnetwork.com

You can browse homes for sale in the Durango area here, and you can see what your home is valued at here

If you are out and about looking at real estate, my real estate companion app can help!

Text “kwgallantrealestate” to 87778 or scan this QR code

PMI, what is it?

The real estate market in Durango is going strong and now is a great time to get involved! Real estate isn’t as simple as most people imagine though, with all types of confusing and bewildering terms and acronyms being thrown around. If you can take just a moment I would like to tell you about acronym- in particular, PMI.

Private Mortgage Insurance

PMI is one of many acronyms that you’ll hear thrown around in conversations involving real estate, but what exactly is it? PMI, or P.rivate M.ortgage I.nsurance (also known simply as mortgage insurance)  is a special type of insurance that is required on real estate loans if the down payment is less than 20% of the total loan amount.

While fees vary depending on the size of the loan and your credit score they typically range from 0.3% to 1.5% of the original loan amount per year. More often than not PMI premiums are tax deductible (depending on Congress’s mood that year). The good news is that you aren’t stuck with PMI for the entire duration of your home loan, only while the balance of your home loan is over 80% of the value of the home when purchased. Lenders are required to automatically terminate PMI once your outstanding loan balance drops to 78% of the home’s original value. Because of the 2% discrepancy between the eligible drop off amount and the automatic drop off date you can save some of your hard earned money by keeping track of your loan amount and sending in a request to have PMI removed from your loan once your loan balance is at 80% of the original home value.

It is important to note that mortgage insurance is different for FHA (F.ederal H.ousing A.dministration) loans as FHA loans require mortgage insurance for the life of the loan. FHA loans aren’t actually from the FHA but instead are insured by the FHA.

Are you looking to buy a home? Let’s have a chat even if right now isn’t the best time. I have decades of experience in the real estate market and can help you with your plans.

You can see what local homes sold for here!
Give me a call at 970.335.8225 or send me an email at sam@thegallantnetwork.com