3 minute read By Jason Gelios - Realtor
Comparable properties, or more commonly known as comps, are properties that are within a certain area from your property. Comps are also properties similar to yours that can be used to evaluate a selling price for a home seller.
In this article, I share the top three things to know before viewing comps to evaluate where your house is in relation to the market.
Number one: Lot Size
Lot sizes can vary depending on where the homes are located and what the builder did when the land was developed. Be sure to make sure you know the dimensions or acreage of your lot so that you can research comps effectively.
Number Two: Renovations
Renovations can play a big part in evaluating comps. Is your house updated with all the furnishings while other homes in your area are not updated? If possible, know what comps have comparable renovations and/or updates that are similar to yours.
Number Three: New Construction
In some markets, the cost of land for a builder has been at a discount. This typically means that the cost of a newly built home gets closer to what a used home would sell for. This would certainly affect a sellers home value.
These three things are a good start for you to view comps and get a rough idea of what a sellers home could be offered at to the market. It is always a great idea to have a professional real estate agent provide a formal analysis of your home and comps to determine what the market might pay for the home.
4 min. read By Jason Gelios
There are many factors that can bring a home's value down. While some are really obvious, here are four that are not so obvious to spot.
1. Bad School
A neighborhood can really drag down a home's value. It is important to research the local school districts BEFORE making your next purchase.
2. Strip Club
While strip club's can appeal to certain crowds, it does not appeal to increasing a home's value. This is one of the worst types of features that can be near a home.
3. Power Plant
Not in the mood to crank up the juice? Living near a power plant can dramatically hurt the value in a home. It is nowhere near attractive to live by one. Not to mention the perceived health risks too.
4. Shooting Range
Think living near a gun range is safer? In terms of home values it isn't. A gun range brings the value down big time and gives the area an overall poor image.
While there are certainly features to look out for when shopping for a home, it is important to do the homework to determine the best home purchase for your needs.
41 Sec. Video By Jason Gelios REALTOR
4 min read. By Jason Gelios REALTOR
Have you ever driven by a house that was for sale and wonder HOW it is for sale? You know the house I am talking about. Yard is a mess. No maintenance has been done since it was built. You get the idea.
Don't be that home owner!
With some hepful tips to guide you through, you can boost your curb appeal and possibly add thousands of dollars to your asking price! Because at the end of the day when you are selling a house, you want top dollar.
Below are 4 popular ways to boost your curb appeal without spending a fortune. And by the way, these are some of the first things a potential buyer will see before they even enter the home.
1. Power Wash and clean the exterior.
Is your house exterior showing dirt stains and/or cob webs? Are there stains on the brick? Get them out of there by power washing your home from top to bottom. If the stains are not going away, ask a professional for their help. A dirty house exterior can often sway a buyer to feel less than thrilled to see the inside of your home.
2. Freshen The Paint Job.
Okay. We all know that paint can make a HUGE difference. Take a good look at your exterior paint or even siding. Is it lacking that freshly painted look? Is it screaming for some attention? Get on it and freshen the paint. A fresh outside feel will go a long way with potential buyers and could even add thousands of dollars to your asking price.
3. Raise The Roof.
So were not talking about the song here. Look at your roof. Is it double layered and at it's max? Considering the average roof costs over 10k to replace, this area of the house is often the most scrutinized. Update the roof or lose thousands on your sale. Just like the other major appliances in thehouse like furnace and AC, the last thing a buyer want's to have to do is replace a roof.
4. Clean The Yard.
This one is probably the most obvious. Yet so many houses I see that are listed for sale have unkept yards. Make sure that the basics are taken care of. Weeds coming up through the driveway. Landscaping with dead branches and/or weeds. Lawn that has not been edged. You get the point. Clean it up and rake in the extra curb appeal dollars!
While these 4 tips are not the only ways to add curb appeal, it is a start. When selling a house, it should look it's best to ensure you get top dollar. If you do not have curb appeal, you just may lose out to someone who does.
If you are working with a real estate agent, then you NEED TO KNOW what Agency is.
Whether you are currently working with a real estate agent or thinking of doing so, agency is very important for you to know. What is agency you ask? Agency is something that EVERY agent should be bringing up to you before you discuss anything confidential in a real estate transaction.
Let's first define what agency is by definition.
Agency is the term used in real estate to help determine what legal responsibilities your real estate professional owes to you and other parties in the transaction. I.e. The sellers agent or listing agent represents the seller.
How does agency protect you the buyer. Agency ensures that the real estate agent will work in your best interests. Agency also ensures that your information will remain confidential before, during and after the transaction.
Here are some common types of agency:
Buyers agency: Real estate profesionnal represents the buyer's best interests.
Sellers Agent or Listing Agent: Real estate professional represents the seller.
If you are looking for a home, an agent should have you sign an agency form which simply states that they made you aware of agency and your rights. It typically is not an agreement. Just an fyi. If you are selling a home, than your selling agent should have your best interests in mind. I.e. Showing you all offers that come in etc.
Please keep in mind that agency is important to you whether you are the buyer or seller or even both. Because you have to make sure your rights are upheld by the real estate professional.
8/8/16 3 min. read
Many lenders have tightened loan guidelines due to ever changing government requirements and restrictions on banks. Therefore, it is important to know what a home buyer needs to bring to a lender for a potential home loan preapproval.
Below we look at the top four items a home buyer needs to bring to the table to get pre-approved:
3. Solid Reserves/Savings
Most lenders will be looking at how much money you have in the form of savings accounts or other assets. This helps reduce the risk to the lender in writing you a preapproval. The lender will verify this by asking for bank statements with a bank employee stamping the document.
4. Solid credit score(s)
While there are some options for those with less than stellar credit scores, this is becoming far and few. Lenders are becoming more and more picky about a home buyer having at least average or higher credit scores. It is wise to have your credit report(s) pulled before you apply for a mortgage to give you an idea of how your credit history and score(s) are.
Whether you are looking to purchase a home now or in the near future, it pays to speak with a reputable mortgage professional to learn more about the other requirements necessary to get your next home the right way.
-Jason Gelios REALTOR
Jason Gelios is a Husband and Father. After that, a Top Producing REALTOR®, Author of the book Think like a REALTOR®, Creator of The AskJasonGelios Real Estate Show and an Expert Media contributor.