Wednesday, July 10, 2013

This Month in Real Estate: July 2013

In the video below produced by KWRI, you'll get the latest real estate news, mortage rate news, and some tidbits on being prepared for home repairs when buying or selling.

While the repairs mentioned seem obvious, it is easy to overlook these items, especially as a buyer.  When you enter a home and fall in love with certain aspects, one of the last things most people are looking at are the mechanicals and/or roof... expensive repairs!

There are two solutions to this... First, it is important that your Realtor be aware of these detail items so that you can concentrate on the things in the home that matter most to you.  Second, always know that a home inspection is forthcoming, and a good home inspector could point out items that need repaired or will need repair in the future.

Once you have a home inspection there is a period of time in which the buyer and seller use to come to an agreement about which items in the home should be repaired by the seller before closing, and which are appropriate to budgeted for by the buyer.  The general rule here is that anything that represents a danger to the buyer's health and/ or safety ought to be repaired.

I always advise my buyers to "view the home like an investor."  What that means is that investors often look for value.  They look past small repairs or poor decoration to see the true value of a home and/or value they can add.  I like buyers to go in with the mindset of seeing past little things like decorations, paint colors, or carpet, because these are things that can be easily cared for and should not steer you away from a home.  Investors also see things like major repair items such as a roof or mechanicals.  Not having brand new items does not turn an investor away, it just creates a way in which an investor can negotiate down the list price to offer more value to the buyer!

If you are thinking of moving soon and would like me to visit your home to advise you on various items in that may be in need of a repair, please use the contact information below to set up an appointment.

Take care,
Scott Morrison
Text:  614-383-8502

Curious about the value of your home?  Find out here

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