Buyers (finally) have more bargaining power. For many, many months sellers had the distinct upper-hand and commanded above-list price offers. Bidding wars were the norm. Buyers had virtually no negotiating power.
From April 2020 to July 2022, the ratio was at or higher than 100%. The peak was in April 2022 at 104.3%. In the span of just a few months, sellers have gone from multiple, over-list price offers to expecting to come down from their list price.
Simple Garage Makeover Ideas
For some homeowners, the garage is the focal point of their home. For others, it is simply a storage space or a place to park their vehicle. Regardless of how you use your garage, these simple garage makeover ideas can help keep you organized, boost your curb appeal, and increase your home’s value.
Simple Garage Makeover Ideas
Garage Exterior
The garage door is a natural starting point for your garage makeover. A garage door replacement is a surefire way to increase the value of your home and is a common tactic for drumming up buyer interest when preparing to hit the market. But even if you don’t have the budget for a full-scale replacement, a DIY garage door makeover can still make a big difference.
Repaint Garage Exterior
Begin by prepping your garage door for a fresh coat of paint. Clean and scrub the surface with warm soapy water. Scrape off any loose paint with a putty knife or wire brush. If scraping manually is too taxing for you, use a wire wheel brush tool. Rinse and clean the door, letting it dry completely before you begin painting.
Once you’ve covered your driveway with a tarp or plastic sheeting to protect it from paint spills, you’re ready to begin painting. Choose a complimentary color for your trim to tie together your home’s exterior color scheme. Check out different styles of garage door hardware options that match the style of your home, choose your layout, and install the pieces.
Garage Interior
As you turn your attention to your garage’s interior, consider refinishing the floor first. By starting with the floor, you won’t have to continually shuffle your garage items around as you continue your makeover. If you’re considering converting your garage into a home gym, factor that in as you work on the flooring.
Start by fixing any cracks or holes with a basic patch kit. Once the surface is flat, sweep and mop from end to end. If you are removing a previous layer of paint, use a buffer to jar the old paint loose before repainting. Finishing your garage floor off with epoxy will help protect it from stains and damage. Apply two coats of epoxy twenty-four hours apart, followed by a sealing topcoat.
Organize Your Garage
In just a few steps, you can turn your garage from a cluttered oversized closet into an organized storage space. Start by taking inventory of the items in your garage. Do you have lots of tools? Is the space filled with sports equipment? Grouping like items together will keep your storage orderly. Next, decide where you would like to store your items. Overhead storage racks, rollers, and ceiling storage can significantly cut down on clutter, but these storage options are best reserved for infrequently accessed or seasonal items like holiday decorations and camping gear.
Keep frequently used items within reach. Magnetic wall panels are a great resource for your everyday tools and gardening equipment. Install shelving and drawers near your workbench to keep smaller hand tools, screws, and nails tidy and organized and add labels so you can keep track of them. If space is limited, consider a wall-mounted foldable workbench.
Add Finishing Touches
Now it’s time to put the final touches on your garage makeover. Though installation may require the help of a professional, adding electrical outlets will pay dividends for the functionality of your garage. Installing bike hooks on the ceiling will help to save floor space and may provide just the clearance you need to park a vehicle inside. Lastly, consider upgrading your lighting. Newly installed lights will add value to your garage and make it safer.
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The Numbers Behind Renting
Peep these numbers behind renting. 👀 Clearly, the majority of renters in the U.S. are experiencing major price increases year-over-year. In fact, rent prices have reached a new high, with the median monthly rental cost climbing to a whopping $1,879 in the United States.
Moreover, over half of renters that remained in their current place over the past 1-2 years saw a median increase of $160, and those who moved within the past year saw nearly a $300 jump compared to their previous lease.
With rent prices soaring, it might be time to consider purchasing a home, as you can build equity over time AND lock in your monthly mortgage payment as a homeowner.
For more details on the rent increases throughout the U.S., click here 👉 https://bit.ly/3fQpi4x
Inflation and Housing
Last week’s Consumer Price Index report for October showed a lower-than-expected increase in inflation. Many believe, based on the numbers, that inflation rates may have peaked. Investors cheered and the stock market showed its biggest increase since bouncing back from the pandemic-caused bear market in 2020.
So, what does this news mean for housing in the short term?
- Higher real estate consumer confidence as fears of inflation will likely subside and people will feel wealthier as their investment accounts rebound
- Lower mortgage rates because they track the yield on the 10-year treasury which has fallen over 8% since Friday
This news certainly is a positive for Front Range real estate.
You’ve Made An Offer. What Happens Next?
So you’ve made an offer on the house of your dreams – now what? Well, there are 3 common outcomes in this scenario.
If the seller rejects your offer…
Your real estate agent might be able to help you better understand why the offer didn’t make the cut by relaying any relevant information from the listing agent. This can be a learning opportunity for the next time you’re ready to make an offer on a house.
If the seller makes a counteroffer…
This indicates that your offer has piqued the seller’s interest. Sellers will typically ask for a higher price, an adjustment to your contingencies, or modified closing dates. It is up to you whether you would like to accept the counteroffer or come up with a counteroffer of your own. This process can go back and forth between the seller and buyer until the two parties reach an agreement.
If the seller accepts…
Congratulations! You’re now under contract! As long as all contingencies are met, you can proceed with the closing process.
7 Tips for Staging Your Home Yourself
Nowadays, home staging is an integral part of the home selling process. The impact of home staging is crystal clear, but how you go about it deserves some consideration. Many homeowners will hire a home staging professional, trusting their expertise to make their home as appealing as possible to buyers. However, if hiring a professional isn’t in your budget, taking a DIY approach to home staging can deliver its own benefits.
7 Tips for Staging Your Home Yourself
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Declutter
The first rule of home staging: make it tidy! A well-staged home should make potential buyers feel comfortable and at ease. To make that happen, it’s important that the spaces in your home are free of clutter. Consider investing in storage bins or a separate storage space temporarily to pare down the items in your home as much as possible.
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Deep Clean
To really make your home sparkle, it will need more than a cursory cleaning. On top of your usual cleaning routine, get those hard-to-reach and uncommon spots throughout your home that will make it feel spotless. Putting some elbow grease into your bathroom surfaces, underneath and behind furniture, baseboards, and all switches and handles will make a difference when guests enter your home.
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Fresh Paint
Not only does adding a coat of fresh paint do wonders for the look of your home, it’s a low-cost, high-ROI investment for a DIY project as important as home staging. Going for neutral colors will help to create balance in your interior while appealing to a wide spectrum of buyers’ tastes. It’s the splashes of color on top of a neutral foundation that will help guide visitors’ eyes from room to room.
Image Source: Getty Images – Image Credit: irina88w
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Curb Appeal
You only get once chance to make a first impression on potential buyers visiting your home and upping your curb appeal will give you the best chance of wowing them. Take a trip to your local hardware store and prepare to spend some time working in the front yard. Projects that improve the look and quality of your lawn, flower beds, walkways, outdoor lighting, windows, and trim will impress buyers and can increase the value of your home.
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De-Personalize
Once a buyer pulls up to your property, you want to give them every opportunity to imagine themselves in the home. That’s why it’s important to de-personalize your interior and let them fill it with their own imagination. Remove all family photos, notes, personal gifts, and the like from your home. Aim for a décor style that’s not too ornate and not too bland—think calm, simple, and clean.
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Focus on Accents
Once you’ve applied fresh paint, boosted your curb appeal, and de-personalized your home, you’re ready to add décor accents. Again, the most important thing is that buyers feel comfortable in your home, so your accents should reflect that notion. Add area rugs that are inviting but not too loud, keep freshly folded towels in the bathroom, and consider adding house plants throughout your spaces to make them feel natural.
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Design Hacks
A few key design hacks will help you round out your DIY home staging project. If you’re struggling with making the smaller spaces in your home feel comfortable, try adding a mirror. Mirrors help to reflect light and can help narrow or cramped spaces feel bigger. Arrange your living room furniture in a way that emphasizes the room’s dimensions. Since you’re designing your home with open houses in mind, the TV no longer needs to be the focal point of the living room.
For more information on preparing to sell your home, helpful tips, moving checklists, and more…..Let’s Connect.
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A Numbers Game
Here’s a fun fact. Generally speaking, a Seller should expect to have between 8 and 13 showings before receiving an offer.
The exact number of course depends on price point and location.
So, how quickly a property sells depends upon how quickly those showings are generated.
The old adage of ‘it’s just a numbers game’ is true.
A certain number of people need to look at a home before someone makes an offer.
If a home isn’t generating showings, it is usually because the property is priced too high, isn’t being marketed professionally, or both.
For a Seller to have a property sell along the Front Range, their simple mission can be to generate 8 to 13 showings.
Remodeling Projects to Avoid When Selling Your Home
It’s common for homeowners to feel compelled to remodel their homes before they sell. Renovating the spaces in your home can increase its value and help you compete with comparable listings in your area. However, some remodeling projects are more beneficial than others as you prepare to sell your home. Always talk to your agent to determine which projects are most appealing to buyers in your area.
Remodeling Projects to Avoid When Selling Your Home
When preparing to sell your home, you want to strike the right balance of upgrades. Making repairs and executing renovations will attract buyer interest, but you don’t want to dump so much cash into remodeling that you won’t be able to recoup those expenses when your home sells.
So, how do you know where to focus your efforts? Your agent is a vital resource in understanding your specific situation and will offer guidance on your remodeling efforts to sell your home for the best price. Here are a few projects sellers will want to keep off their to-do lists for the best return on investment.
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Minor Cosmetic Upgrades
Whether you’ve made small cosmetic upgrades throughout your home typically isn’t a make-or-break proposition for most buyers. Let’s say you’re questioning whether to invest in a new toilet, vanity, and shower for your primary bathroom before selling. Unless these appliances are damaged and you can repair them without spending too much, it’s okay to sell as is.
Major Upgrades with Long Timelines
For any remodeling project, your agent’s analysis will help you determine its risk/reward potential. This dynamic is heightened with major remodeling projects and home upgrades, due to their higher costs. Four of the six lowest ROI remodeling projects found in the Remodeling 2022 Cost vs. Value Report (www.costvsvalue.com)1 are upscale or major upgrades, all with roughly a 50% return on investment.
These projects come with hefty price tags and longer timelines than minor repairs and upgrades, which can complicate factors as you prepare to sell, especially if you have a deadline to get into your new home. They have the potential to temporarily displace you from the property, meaning you and your household may have to find somewhere else to stay until the project is complete.
- The Bottom Line: To go through with a major home upgrade before you sell, its schedule must fit with your moving timeline. It should also align with buyer interest in your local market. If the project doesn’t meet these criteria, it should be avoided.
Building Code Violations
The rules dictating whether you can sell your home with building code violations vary region to region. It also depends on what the building code violation is and whether neglecting to update it is deemed a safety hazard. The buyer’s mortgage lender may also have stipulations saying that the loan may not be used to purchase a home with certain features that aren’t up to code, which could lead to them backing out of the deal.
If you’re selling an older home, you’re not obligated to update every feature that may be out of code to fit modern standards. These projects are often structural and require a significant investment. If the violation in question was built to code according to the regulations at the time, then a grandfather clause typically applies. However, you’ll need to disclose these features to the buyer.
Trendy Makeovers and Upgrades
Lastly, it’s best to avoid remodeling projects that target a specific trend in home design. Trends come and go. Timeless design is a hallmark of marketable homes because it appeals to the widest possible pool of buyers. Keep this in mind when staging your home as well. Creating an environment that’s universally appealing and depersonalized allows buyers to more easily imagine the home as their own.
Learn more about remodeling your home as you prepare to sell here:
Should I Remodel or Sell My Home As Is?
1: © 2022 Zonda Media, a Delaware Corporation. Complete data from the Remodeling 2022 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.
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How to Handle Asbestos in Your Home
Throughout the mid twentieth century, asbestos was commonly used throughout the homebuilding process. It was typically used as insulation, but would also pop up in vinyl flooring, cement siding, walls, pipes—you name it. After it was discovered that inhaling asbestos fibers has serious health effects, its domestic production slowed, and legislation was put forth to ban it altogether.
However, just like lead paint, homes that were built in the asbestos era still carry a dormant risk. If your home contains asbestos, you should be aware of its dangers, how to handle it, and how to go about removing it safely.
How to Handle Asbestos in Your Home
Having asbestos material in your home is not inherently hazardous if the material is left undisturbed. So, if your asbestos material is intact and in good condition, the best thing to do is to leave it be. However, the moment asbestos material becomes damaged—either from degrading over time or because of a sudden accident—it becomes dangerous. Once asbestos fibers are released, it can spell trouble for you and your household.
Testing for Asbestos
If you find damaged asbestos material, you should cordon off the area to the best of your ability to limit exposure. If restricting the area means you could disturb the asbestos, then it’s best to refrain from interacting with it and let a professional handle it.
DIY asbestos testing is possible, but it can be highly toxic if you don’t take the proper precautions. An asbestos inspector will conduct a thorough examination of your home to determine the extent of its presence and provide their recommended course of action. It is advised to test for asbestos before making an addition or a large-scale remodel to your home.
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Removing Asbestos
You can either repair existing asbestos exposure or have it removed. Repairs can be cheaper in the short term but may simply be prolonging the inevitable. Making repairs on your own is generally not recommended, since the slightest mishandling of the exposed asbestos can create a much bigger problem.
When it comes to removing asbestos, you’ll want to enlist the help of a professional. As with any contractor, ask for quotes and make comparisons before deciding who you’ll hire. Before the job is finalized, have your home tested to ensure that all asbestos has been safely removed from the premises.
For more tips on home safety, home maintenance, and avoiding dangers caused by the systems in your home, read our blog post on How to Prevent and Deal with Mold.
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Luxury is Stronger
The market above $1,000,000 is stronger than the market overall.
This is true in both Northern Colorado and Metro Denver.
The luxury market is not slowing to the same degree as the overall market.
In Northern Colorado:
- Closed transactions are down 41% in the overall market and 26% in the luxury market over $1,000,000
- Pending transactions are down 44% overall and only 13% in the luxury market
In Metro Denver:
- Closed transactions are down 40% overall and only 13% over $1,000,000
- Pending transactions are down 41% overall and only 17% in the luxury market
This is likely because higher-end buyers are not as sensitive to higher interest rates and there tend to be more cash transactions in the luxury market.