Real Estate Today 7-16-17

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Sunday, July 16th
01:17:17

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

This it's real estate today. The number one real estate show on. On the radio. Welcome to real estate today. Backed by the professional experience of real tours from across America where your most trusted source on the radio for help today real estate information. Real estate today is the official radio program of the national association of real tour. And Israel were members in your neighborhood hi there I'm Stephen gas query and I am so glad you could join us today because we have a great show for. Ten ways to increase the value of your home. That's right today we'll look at steps you can take to help make your home worth more money. Tried and true tactics designed to ramp up your market value. If you're selling it could mean a bigger check at the closing table. If you're staying in your home and it could mean more equity either way it's our great goal ten ways to increase the value of your home. Is straight ahead but first let's go to the realistic today newsroom with Phil Thompson I don't I Stephen. A key congressional lawmakers has a house committee could take up housing finance reform after the August recess. The Missouri congressman Blaine glued to Meyer told a recent meeting of the financial services roundtable. But he doesn't expect any re election and housing reform until next year this is. They're very difficult issue it's sure controversial those a lot of different ideas out there to continue and our leadership meetings. There are all views all over the place how he'd get this done with the preferences are so. Careening to make sure we did everything. Embedded on this cause this is there him. That this is going to be downright. The senate banking committee may be slightly further along he says. There is no question an American needs more new home construction and the nation's housing secretary says the trump administration is working on getting more homes built. Ben Carson says the idea is to get government out of the way. You know American innovation is something that we should really celebrate. It's been stifled. A bit. Recently because of this the regulatory burned. If somebody thinks that oh you can't today you can't do that you can't have. What a bunch of garbage. And that's who we're really looking to get rid a lot of that lab rats that keeps you from doing things. Person appeared in recent hundred Q&A session streamed on FaceBook. Americans want a buy homes they really want to in its may housing demand index read in reports that demand has had an all time high. The index jumped eleven point 3% in May reaching the highest level of homebuyer demand since Redskins started trucking of four and a half years ago. Reds and determines the level of demand by tracking its customers' requests for home tour. And making written offers. Coming up on half an hour and unusual homes on the market in Vermont and you might need a passport. She even by a few thanks bill. Today's real estate market is having a big impact on the way Americans think about homeownership. A brand new report shows the vast majority of Americans 84%. Believe owning a home of your own is a good investment but there are concerns on the horizon as home affordability. Is becoming more challenging. Those findings are straight from NAR's 2017. National housing pulse survey. Which measures consumer attitudes and concerns about housing issues. Joining us now to talk about it is when depend manager of housing opportunity programs but the national association of real torch Wendy welcome to realistic today. 8 and I am proud to be here we're so glad your here. So windy first of all tell us about the pulse report what is it and why do you do. Speaking even get the help you pulse survey and a report that measures consumers' attitudes and opinions about. Housing issues and it for the twelfth time that any are had completed the survey. And we you could fit to figure out what exactly are consumers out there are thinking what are their concerns are they still interested in owning a home is that really still the American dream. And if so what can I open about it and that we use that information to help our members helped serve their customers just a little bit about X. That is excellent so Wendy. Let's start with the really big number 84%. Of Americans believe owning a home is a good investment can you tell us about that. Indeed and you're right that's the huge number and overwhelming. Percentage of Americans believe owning a home at the good financial decision. And we the F a couple key reason for that. Homeowners see it as a way to build equity and to prepare for retirement. And we know that for so many families spend at home if they're number one wealth creator and they use that equity to pay for college tuition to live out their dreams during retirement. And been able to own that home means that they are securing their future and status yet battening the pocket of a landlord that speak. And as we mentioned the report also found that affordability. Is a challenge. As home increased in value over time. That's true add the thirty dip. Fine but they're growing concern about affordability particularly in the more dense urban area like we expedient in the Bay Area in California. Where we see that as home prices increased. Some buyers are being pushed out of the market and a number of our respondents did indicate that there monthly mortgage payment or their rental fee each month. Is somewhat of a strain on their budget but that is a growing concern. You know part of that might be the myth of the big guy down payment you know it's a myth that just will not go away. And your survey back that up finding that 40%. Of the people you talked to your. Believe you have to have a down payment of at least 15%. To buy your house and we all know that's just not true. Absolutely even that is indeed a myth there are a number of people out there who really are holding on to that off idea. That you need a large down payment that the purchase a home. When in reality there are a number of mortgage product out there that require a down payment as well with somewhere between 36%. So what the survey showed that the there's an opportunity out there for a educate consumers. About what really goes into purchasing a home that there could be some people who are sitting on the fence because they think they just don't have the right amount of money to get into a month. Absolutely. Now you know I found this interesting as well. The survey also found distinct differences. Between how unmarried and non white Americans regard housing compared to married white Americans. Tell us about that windy. Even lobbied when we look at that the data those individuals who were unmarried. Are nonwhite at a bit more of a struggle in terms of their monthly rent payment or mortgage payment. And also they were given a choice alluding to an area. Where at that there might be greater job opportunities or better cool but the housing crisis that we're a little bit higher. They would choose not to strain their budget act commit to that area higher opportunity. And what that Elvis that those people who are maybe in a position to get those prime neighborhoods of the areas of opportunity. Including Mary tend to have higher income but again we're seeing them disparities in some bumps that with the the market are being held back or pushed out of somebody's homeownership opportunities. You know with all that going on it is somewhat encouraging however receive it over 50%. Of the respondents. Agreed to homeownership helps build safe and secure neighborhoods. And also provides a stable and safe environment. For children and family members that could be here. It'd be figured even in its true we we know that people don't get no owned a house that they go they go home to their home and home build communities and that's what our realtor to be helped build communities. And that stability and that peace of mind that compass homeownership. And a lot are persons mental and physical health as well. Is there anything in the report that really surprised you. An interesting question even though they've my Internet not that it was surprised that the shocking but it was just not at rock I'm glad to feed. That realtors ranked so high on the list among trusted resource at our home buying information. Friends and family in Frankfurt which which we sort of expected because when it comes to a big decision like that. Not likely you're gonna check but if they remember think different that they you know did he do that. And chances are good that they lay our friend is going to refer you to their realtor so that would that very night that being the theatre circuit. Wendy that is a fascinating look. And how consumers he realistic in the United States and wanna thank you for joining us on the show. And talking about NAR's 2017. National housing polls survey thank you. When did pan manager of housing opportunity programs. At the national association. Of real two hours. Coming up unrealistic to death. Should you invest in your house just before you Soledad. Maybe kitchen counter tops maybe some bathroom fixture changes. Redoing the floors possibly. Painting. May be replacing chapters of it that sort of thing is needed that's next on our special show. Ten ways to increase the value of your home. Real estate today. Connecting you with the real estate professionals. Every week. And we're back with our special show ten ways to increase the value of your home. And right now we're going to tackle one of the most challenging decisions to any homeowner can make. Try to improve your house in order to get the maximum profits in the minimum time when you sell. What's it take a big investment. And if you spend that money where you gated back its settlement. Let's talk about all of this with a pro. Joining us now is Donna Ebbers broker owner of Ebbers and company realistic in the metro DC area. Donna has four offices with more than 100. Agent. In Washington and Maryland. She's been helping buyers and sellers with the real estate need for more than thirty year. Dharma welcome to realistic today I'm delighted to be your student so here AM Donna I'm under the gun. I'm selling my house. I wanna do it quickly for the most money possible all right. What improvements. Should I do in the eleventh hour to make that happen. While most people are in fact working in the eleventh hour. And so your real estate agent is gonna come in and say here is what you need to do to get the hose ready for market and you may be a bit shocked. Because it may be a longer list than you expected or maybe you've had friends who recently sold and he printed scenic experience. But certainly they're gonna walk through the house with you with a little pad of paper and write down all the things that they think you should do. When this happened. What commonly. Ends up on that list well certainly painting and cleaning. And deep cluttering. Is certainly going to be on that list and sometimes people feel it would be even better for them to move out seriously. And sort of dual light renovation of the house which would include baby kitchen countertop. Maybe some bathroom fixture changes redoing the floors possibly. Painting. May be replacing shatters sits at this sort of thing is needed doing some landscaping. And then with the emptied out beautiful freshly painted house they can go in and put staging and which is another thing that has got to be very commonplace to east near rarity notes commonplace and you would recommend that looks like they recommend all of their instincts. If why. Do everything on you're list would I possibly make that back you'll make it back probably W money on that he really if you put 50000 and I'm sorry I'm picking up a lot a high number of thinking of of a host a large house with nineteen a lot of things get into it. You'll probably get a hundred we'll cover your costs on that and get that much more and you'll have. A fast easy sale with a buyer is not good in trouble you with a lot of issues on. And inspection list and things like this solutions what you want you unhappy Dyer who has not been have contingencies. And who's going to be able to go to settlement. And you just mentioned a fast serial as well and we should remind people that. If you're asking asks for your house. You don't sell it in the first month you have to pay another month of mortgage taxes utilities insurance. Every month you carried out house. Your profit goes down and. It goes down as we always like to say tie mistake your friend. When you're seller because it is time goes on the host becomes less valuable in the perception of the buyer so. You're working with a buyer a well qualified buyer who can really bite any house that. They pull up with view confront Oklahoma. And de love it why equities seen Donald. Well they didn't see great landscaping their into the house perfectly trained. Like somebody is going to a party is all dressed up the NATO properly and perfectly. You make a while it you know impression. But if not you make to the opposite impression. So when you say it should be ready for a party we drive up. And what everything's perfectly edged the lawn is great the bushes are trimmed. What. Flowers in the spring summer and fall you can have flowers and those are appealing to. And then it you know we've got to make sure that that trimming their shutters of their shutters are all the matching and it's there in current colored believe it or not. Colors and decor of course have dials to sweep clothing does and they come in and out. And so yeah I'm sure you pick popular colors for that are popular these days for trim and shutters and make sure as a brick look good as its brick of the word in everything expression beautiful. You know its interest in listening to you Donna because you're not saying. Put in a brand new Jack you're not seeing put in a brand new kitchen you're just saying make the house just perfect. The way and it's. Pretty much does Hillary gonna try and do because indications for example what does that. Common things it's gonna happen is possibly painting cabinets and other really really good cabinet three finishers who will make it look like new. I'm granite counter tops it sounds like it. May be prosaic and yes I guess what I see everywhere but remember we're trying to appeal to the medium. Or to you know a broad section of the population is what they're looking for. So looking at your bottom line. Can you really make more money at the closing table by doing things like painting. Yes we wouldn't ask her that if it weren't the case his ran it turns figure out things for people to do to keep them busy we know they're already pretty big. So we really want to help them this is our job is to maximize your situation. And people are sort of prize in a way because a lot of times people missed about this is. Well I wanna wait for the right buyer which of course is totally a myth. Because the right buyers already owes their when you preacher homes on the market. In the market we have been short changed the way we do the buyers already waiting in your house ways and make the grade for them or not. Interest and so Donna in our next hour I'd like to talk to you about if you're not selling right now. How to increase the value of your home over time would that be okay we will do that. Okay Donna we'll talk to you in just about an hour. Donna Ebbers broker owner of Ebbers and company real estate. In metropolitan Washington DC. Coming up unrealistic today. Increasing the value of your house with paint. You think colors that are in place and future role in brash is going to really make the house feel. For more updated its. That's coming up right here. On realistic today. But first it's time for ask the millennial. The millennia also the biggest demographic group in America and potentially. The biggest group of homeowners. Ever so let's talk realistic now with a genuine member of the millennial generation joining us is Jayne dollar injure hi Jane. Even so I have to be here we're glad you're here so Jane what do you have for us today. Well Stephen it's mid summer and a whole group of young Mullen deals just graduated from college. And according to for a 51% of them will end up moving for job. And they're like meat it will be a brand new city where they don't know anyone and they will have no money. And how do you need for their job opportunities are recent college grads. Pretty much universally expensive. And that means they're going to need a roommate and they're going to need help finding a roommate. And I want to talk about some of the ways that young people without connections confined roommates in new cities. And not worry about their safety or Hannity sounds good. So do you already have an apartment or house in mind but need someone to move in to help with the bills. Applications like pat map Burma might be your best that. He opposed the apartment on the online map and people looking to live in that neighborhood contact you about rooming together. This also works if you don't have a roommate Pritchard looking for a specific. Neighborhood to live in right exactly. Or do you have absolutely no idea where your going to live in her hair fight about moving in with someone who you archer your compatible west. Check out roomy match her roommate dot com. Where you went other people looking for roommates create a profile. And you find someone in your area that seems like a good fit. Could mean in this day in age you need a roommate with compatible Netflix here at a and of course there is the original Craig's list. Now cry US is a bit of a free for all when it comes to housing so important to be careful when using it. The rule of thumb is that if something seems too good to be true it probably scare. So you'll want to make sure to meet with any potential roommates in person first and if you have someone to come with you'd just in case things go sideways. All the better and really just Q common sense and you'll be fine. And Jane of course a part of that is never give anyone your financial information over the Internet. Absolutely that is a really good way to get your identity stolen and not a great way to find a roommate very true Jane thanks for such great advice. Jane don't injure a genuine member of the millennial generation thanks for being with us on realistic to death. They use Stevens and if any of you ask their questions that only millennial can answer. Please send me an email at. Ask the millennium at the radio jock realtor and and if possible options on the air. This is really easy today. All real estate all the time. And we are back with our very special show. Ten ways to increase the value of your home. All about the many ways you can make your home worth more money in today's market. We're looking at strategies tactics and techniques. Designed to help you ramp up the market value of the place you call home. It could help you build equity you're staying in place or could help you get a better profit if you're selling. Ten ways to increase the value of your home is straight ahead. Right after we check in with Bill Thompson and a realistic today newsroom I don't. I Stephen there's an unusual homes for sale in Vermont. Well actually it's unusual because it's in Vermont. And that in Canada. Brian bemoan owns it now he showed it to CBS news. Loses a stairway. That leads to the Canadian apartment she okay and a premier US. Realtor Rosemary Alain what three Macs all season realty in Newport Vermont has the listing agent. My ideal buyer is someone with dual citizenship. It makes it more difficult because I have to make sure they have the right customs papers to own the property. The historic homes built in the early eighteen hundreds it's listed for sale right out 109000. Dollars. First time homebuyers are having an impact on the purchase mortgage market according to analysis by inside mortgage trends. Through the first five months of this year Fannie Mae and Freddie Mac and Ginnie Mae had collectively securitized 268. Billion dollars of single family purchase mortgages. That's up ten point 5% from the same period in 2016. Inside mortgage finance reports that purchase mortgage volume has been building steadily since it bottomed out in February. The biggest increase has been in the conventional mortgage sector. Coming up and half an hour millions of credit scores Vermont to get better George. Stephen backing. Thanks bill. As we continue now with ten ways to increase the value of your home. We're going to look at one of the best ways to ramp up value. And I'm talking about painting your house. I'm not getting there go ahead and do an Internet search on ways to improve the value of your home. Virtually every single list do you find it. We'll have painting. Either at the top or close to it. It's easy to do it's not very expensive but it has an enormous impact on the value of your home. So let's talk about painting now with a pro joining us is Andrea magna color and design expert with Benjamin more. Andrea is a design professional who's involved in developing the same color palettes that might end up in your house. And Benjamin Moore of course is among the biggest paint companies in the world and its products have been making homes beautiful for 135. Years. Andrea welcome to realistic today. It. We're glad you're here are so angry don't worry is painting. On the top of just about every home improvement list. I tour. The value of your home and when you're really shelling your call an eight year in the real estate market. You think collars that RYE. And mutual inched rash is going to really make how to deal. More needed it in young Newark and usually home where they have these. Color plate got stoning to gray air curb your pewter they show better just because. It's a really. Well routine color on the wall and it can act as a backdrop and help people to envision the speech in their own way. Excellent well Andrea let's talk about the exterior of the house for a minute. From talking TUR knew a lot of people are focusing. On the front war. Now that's something that super popular. We're seeing a lot of people are eating their front door and a great weekend project where painting an entire code that. They need be something that you want to. At call on a professional do that. That's a really good point painting your front door being a great weekend project that. Excellent. Yeah I know we are eating so much injured and that particularly because we have our or a great adventure and product. That is did not. But typically the war front door and it it comes in really great finishes like eighty hi blocked and that and and you can really make. A nice show what your personality. With the front door color eat at everything out on the exterior. Is relatively controller. You can bring in that actual color her. Some fun you know it's good to I had and it is just. That goes along way. I like. You're Anders you know I've been talking about pay for a long time back here we are in the summer of 2007. Team. So what are the hottest exterior colors in America right now. Seeing some that the cooler colors are quite popular. On some of the the tailored gray blue shirt Berry crab bland even raised. On and that of course you're gonna have your warmer colors like I'm pretty traditional. And hands and aids sort of color. But as net bringing and whether it's the shocker color or the door are gonna help to kind of modernize that a little bit and you know give it a little bit more updated locker. Now Andrea let's open up that newly painted front door and head inside. What colors are really happening in the summer of 2017. For interior paints. Well we have meaning that neutral at big huge over the past couple of years you know I mean I can't tell you how many people are looking for a great great need at their home or they're out pale gray blue so don't colors had become real meat all I have to. To say. But I think because we've been seeing so much of it neutral palette which are more a little bit star for color. And so what they're starting to look at them darker colors are some wind took brighter colors to bring into their house now becoming a little bit Rayburn would collar. And being more willing to use some of the darker color buried some more mid home. Older color that are going to help him up with the state. Great advice to Andrea are you sure do appreciate you being on the show today and talking about increasing the value of your home using paint. Thank you. You're very welcome Andrea mag no color and design expert with Benjamin mall. Coming up unrealistic today making your home more valuable. With duct tape. Can benefit from some favourite wait. Just you know put some duct tape I I think you're good to go back to the couch. That's next on our special shows. Ten ways to increase the value of your home. This is real estate today. 100%. Real estate 100% of the time. And we're back where their special showed ten ways to increase the value of your home. Knowing that many people who want to ramp up their home's value will call an approach. You might have a new kitchen put it our new bathrooms maybe even a new deck. But there are less expensive options out there which could help you save not only money. But could help give you the satisfaction of knowing you did it yourself. With one tool. And only one. Duct tape. But could you really do that let's find out from a pro joining us now is Tim Nyberg one of the nation's celebrated. Duct tape guy. Tim has made a career figuring out how to repair things how to improve things and how to build things using only duct tape. And he's been a duct tape evangelist since 1993. Tim welcome to real estate today they'd say it could be back in awhile we are so glad you were here search element. Ed you're house. Have you improved it a role using. Duct tape. It's a quick pick the universal panacea to do it yourself or honor roll through it like if that's really the only tool you need in your tool that followed it 11 mark and it WD-40 two. Good business to rules are fifth it would not stock gonna spoke to beat. Deducted that but it it's stuck and not boast BWB fortieth. And I got to the yin and Yang a virtual box that lights it detonate I'm glad you mention adding value here all and end that adding. You know home necessarily monetary value. Couldn't you know people get value from a lot of different states and just you are sheer joy you have. Of living. You know on getting back to the coach quicker back you're can't appear in your remote control. There's a lot of value in that so instead of fixing something there right away just you know foot conducted by I think you're good to go back to the couch. Edit word you know peep yet a hole in your screen not we're gonna sell your house and you got a hole in your screens it's you're gonna get a bunch of bugs and there. Not an add value to those screens like plug those holes. And keeping the ball about your Alice saw anybody who's gonna by Alison gonna recognize. It is such as got to be virtually by increased energy there's had a lot of value right there. Because your talking about putting duct tape over those holes yeah I'd duct tape on both sides. He put it on one side to put on the other city can actually make the old little bit bigger so there is marked at Eden area for the duct tape to stick to itself. Now that's really wanna get serious get a blowtorch out you can add to heed to it and that just pretty much well that they are right under the screen. So now let's talk about different parts of the housed him. If I wanted to improve my house let's take a little walk through the house and see what duct tape could do. To make that happen sorry gamer room which starred in the kitchen. Kitchen. It Carter taps often fallen apart feel laminated stuff you know. They edgy all thought she walked by nature re prepared back about it and that killed off the good side cap. Molding on the laminated. Card top just. Duct tape entirely or you can get that would bring back faith to be so beautiful looking and oh would be butcher block Connor tarps. The tape over the whole thing that's amazing OK now let's go under the bathroom what would you do there I do it well first of all I dedicate the toilet seat up. My wife keeps telling me put it down 200 huge your bathroom the former lead might see darker so. I'd duct taped it up. Arsenic came in the next stage here are affected down and plays slow no you know now how about the garage what can duct tape you. There according to hold garage floor or third. It is pretty stylish too. You know it's good that oil stands up the the Florida you can do to pattern duct tape and a camouflage duct tape that you don't want to see it this it's so. Our spirit you know are hunters something and you know use that does. Wallpaper border in your garage and not talk all kinds of tasteful uses productive. Well Tim I sure do appreciate you being on the show today and giving us your advice. On how to increase the value of your home using. Duct tape. Thanks them. They got a new it'd AP rich you know rocket I. Tim Nyberg one of the nation's celebrated. Duct tape guys. Coming up unrealistic today how much is your house work. It's a difficult questions we'll explain why it's next on our special show ten ways to increase the value of your home. If you love listening to us talk about real estate doing the comma ancient. I'm really see today radio on FaceBook we can't wait to hear from you. That's real estate today radio. On FaceBook. This is a real estate today. Location. Location. And information. And we're back with our special showed ten ways to increase the value of your home. All about making your house as valuable as possible in today's real estate market. So here's a question right now. What's your house worth. Any idea. William might not now but then again you might because recently you may have received an appraisal. Or comparative market analysis. Or maybe you so are your property tax bill. But maybe you've seen all of those in you still don't know what it's worth because all those numbers were so different. You know it's not unusual because a home's value is calculated different ways for different reasons. Are going to wrap up both powers of today's show by looking at what those numbers really mean to you. Let's start with a CMA. You might have had one of those done our comparative market analysis. Real towards use this approach to come up we've been extremely. Accurate estimate. Of what your home might sell for in today's market. It's accurate because it's driven by hard data. Realtors searched the MLS in your area looking for comparable homes. Holmes a lot like yours same general size same age condition. Neighborhood. All the they'll look for what sold and for how much. They'll also look at what didn't sell now that's important. Because if you've had ten sales of homes priced at 500000 dollars in a neighborhood. And one priced 550000. That did not sell. Rodrigo the likely reason is they asked too much. So based on all that data don't come up with either a specific number were price range for your home. Make sure you talk on this over with your real tort because if you agree that number will become the list price when your home hits the market. OK now let's move onto another number the price of the offer. Sure you might be asking a half million for your house but the actual offer. Might be higher or lower. So is that what your house is worth. Well now it's just an offer. And it reflects what the buyer thinks your house is worth. You and your real tort can negotiate that with the buyer's side and hopefully you'll come up with a number everybody's happy when it. Know at this point the offer becomes the contract. And sort follows that the offer price becomes the contract price okay. To a few in the Barger agree in writing to sell the place forsake. 505000. Dollars. That becomes the contract price on the property. Now will that eventually become the sales price. Well if it's an all cash deal with no appraisal contingency. Yes. But if there's a mortgage involved. And if the all cash deal does have an appraisal contingency. Then there's another step the appraisal. Just like your real tour the appraiser will also look at recent sales in your neighborhood in also. Factors that could ramp up or ramp down the value of your home. For instance if the whole street is made up of three bedroom two bath homes. And you have three bedrooms one bath you may come in at a lower appraised value. Or if your house has a beautiful deck in a brand new kitchen but the other homes don't your house could appraise it higher. Make sense okay now. If the transaction moves forward in house appraisers and you sell it on settlement today. That price becomes the sales price and that is the gold standard. Because out of all the ways people compute the value of your house. That's the only one that's not an estimate. Not even a really accurate estimate instead that is the price a buyer paid for the property. And that makes it the gold standard it accurately set the value of the home and also serves another purpose too. Because that price will become a comparable property for every other home in the area that's for sale. So there you have it from the CMA to the list price offer price to the contract price appraised value to the sales approached. No wonder there's so many numbers floating around but I've got to tell you that not all there are more. More ways your home's value is calculated. And will look at pros in just about an hour right here on realistic today. Our special show ten ways to increase the value of your home. If you'd like to hear more realistic today's special show the ten ways to increase the value of your home. Either stay tuned for join us online radio dark real truth and from all of us here at realistic today. Thank you for us. If you're realtor you can have been tie your real estate today's show on your website. The bats real estate still on the Radio One 100%. Free to any armed members just go to our new web address. Radio dot realtor and click. How real. This it's real estate today. The number one real estate show on the radio. Welcome back to real estate today. Back for the professional experience of real tours from across America we are your most trusted source on the radio for help today real estate information. Real estate today is the official radio program of the national association of real tools. And a realtor members in your neighborhood. Hi again I'm Stephen gas query and I'm delighted you're witnessed today for our very special show ten ways to increase the value of your home. Today we're pulling out all the stops to make sure your home maxis out its market value. And here's a hint it's easier and less expensive than you might think. Ten ways to increase the value of your home is coming right up. But first let's go to the realistic today newsroom with Bill Thompson cargo price even. Millions of Americans will have better credit scores soon. Thanks to a recent change by credit reporting agencies some twelve million people will have tax lien and civil judgment records removed from their credit reports. That will likely see an average twenty point bump in their escorts. Charlie Dawson is managing director of legislative policy group the National Association of Realtors. So much of these diesel means where inaccurate that is impacting people's credit scores. Now with those taken off they reduces the amount of those inaccuracies. And anybody that has gone and tried to correct and inaccurate credit report knows. There's a lot of correspondence lot of back and forth and it's. The very difficult to get those chain. The credit report changes take effect this month. Homebuilding activity fell in Maine as overall US construction spending remained flat compared to April in fact the Commerce Department reports. There was no increase in construction spending inmate. Private residential construction fell six tenths of 1% in May the first such decline in over a year and the largest in three years. Jennifer Lee an economist with BMO capital markets tells the Associated Press quote construction activity unfortunately continues to disappoint. And she warns that if Julius flat again that would mean a negative quarter for construction. More new figures on rising home prices core logic reports the prices climbed one point 2% from April to may six point 6% year over year. The latest core logic home price index also forecast that home prices will rise five point 3% by may of next year. And while core logic says the price gains are good for home equity they continue to be a headwind for renters and prospective buyers. The National Association of Realtors doesn't think it's a good idea for Fannie Mae and Freddie Mac to have no money put away in reserve. And they are some of formal request to the Federal Housing Finance Agency. Asking FHFA. To allow Fannie and Freddie to build up capital once again throughout mortgage market liquidity fund. Early next year the capital buffer for each company dropped zero. Right now we chose some 600 million dollars in capital reserves. The concern is if either Fannie or Freddie postal lost without reserves they would have to tap into a line of credit with the US treasury. And that could be very politically unpopular in Washington. If you're gay man in America you may not be getting the full story about available housing that's one finding of a new study by the urban institute. They say gay men not only are less likely to be told about all available housing but when they are told they may be quoted a higher price than straight men are. The urban institute study found no such difference in treatment between lesbian women and straight. Women. Coming up in half an hour wine more renters are becoming homeowners. Stephen thank you thanks bill. Continuing our our special show ten ways to increase the value of your home. All about the ways you can make your house worth more money in today's market. Will be talking both long term. As in the if you plan on staying in the house for years and also short term as then you're showing the place and let's start right there. Because one of the best ways to achieve the ultimate goal of maximum profit in the minimum time. It is by staging your home. Our brand new report backs up the fact that staging works. Even in a market like today it's where homes are selling like hot cakes. Let's talk about the national association of real tours 2017. Profile of home staging with Jessica. Managing director of survey research and communications. At the national association of real torched our Jessica how Mario. Great thanks for Roger here. So Jessica nearly two thirds of seller's agent said. Staging a home deep creases the amount of time the home spins on the market. Can you tell us about that. Politically though I think that's what everyone Cola's when they let their home. They want to be able to me at that rate neighborhood if they're still living at home. On the and it's not they don't wanna pay at second mortgage so the ideal is actually reduced the time that your home afflict about Arctic and the right neighborhood your kids get in Cuba closer neighborhood for you. To go to work and that's really what people are looking par. So how about price Jessica what are the agents say. About the effect that staging your home has on your bottom line at the closing table. About half a buyer's agent actually aimed at their eight increase that they are seeing that their buyers are willing to ops are. And for the alert I get taxed even higher than not 29%. Fit or don't want to I for an increase on the Eiffel. And 21%. Are saying expert and really did that very surprising it you can actually see that eat purse and her saying that it'll Levin purse an increase icky state Stockholm for sale. That's a lot of money Jessica. They really paid for itself and there are on the agent out there you are actually saying that they will Pete had a therapist or. You don't really have to worry about it their purse plane offered he has a home front and they have it good for them. And then they'll rent the day. And thumbprint firms actually it will do that and make sure that there agents are really showing about property sales. You know the dangers that we talked to base today that if a staged home is done properly. People look at the home. But if a room is empty they say the clients tend to look at its flaws. It's a aging can have a big impact on the impression MD favorable impression that a buyer has when they look at property. Back completely make fun and really look at the rim that are key to the top one at the living room followed batting cage and and a master at and these are really their rooms and on that hot the heart depleted that you want to let. And really bring in the he only when you walk and not armed Q and that living room and kitchen topped the list there. No we were talking about the money just a minute ago now tell me about how people pay for it when they pay forward and that sort of thing. So sometimes I you'll pay up front before actually lifting the home. And about a quarter it seller's agent they adopt typical. But sometimes they'll personally offer any at Walker's plan offered actually each home. And then sometimes you actually pay after the home at Ole I'm that it comes out of any kind equity that you burned your property become costs. That's interesting. And you know one of the big points that the survey brought out and something that you also mentioned a few minutes ago was that so much real Taurus. Will provide this service to their clients and it's 41 main reason which is the property so faster. When it's staged they just fly as soon as the staged whereas if it's empty with no furniture and that it could sit much longer. Absolutely you why your mom just ion don't really can't be cluttering your home out fully and be it people are going to name your each and it might encourage you to keep saying that that'll make your home health faster. Blake Keating to cluttering your home cleaning your home really making everything shine and make sure looked back. And how about the up personal touches in the pack and all that sort of thing. Should they stay or should they go according to your servant. We got Kelly want to remove your pat not only fair on pats need but also for our potential buyers can come and he may have allergies and it just not a good environment for them. But you definitely want to make sure that you keep personally at your comments while fixed those minor repairs if you know you have a leaky that noted that buyer to come that's dot com. To just pick it up those things to make sure that your home really just kind and people are focused on Boca at that spot this week in Philadelphia going on. I. You know Jessica in talking to you as often as we do I found that sometimes the very best answer possible. Comes from asking you what surprised you about the results of the survey. You know I think that this and it's pretty straightforward path one of the big but I think it's really interesting is that. When we look even that buyer's agent they say that eating at home when they see it and photos went buyers he would photos look agent it that it's easier to visualize the property at the future hall and up but they take way you want people to be able to other home track that they can get it in actor Kirk. A pretty pumped about it. But you want buyers to be able to visualize and self. That's so interesting so it's not only when they walk through the front door that the staging has an impact. It's also when they look at the photographs online. Bright and not been so important today online. All your perch to look toward your videos your photos. They have such a big impact in attracting people especially with tight inventory and make sure your time viewing home at weekend. It really well at. Well this is fascinating and Jessica I sure do appreciate you coming by the showed today. And talking about the 2017. Pro far out of home staging thank you think it trapping me. You're very welcome Jessica allowed managing director of survey research and communications. At the national association. Every tour. Coming up unrealistic today. Which home improvement projects will increase the value of your home and which ones. Want that's for you that's not going to be the next guy particularly in American kitchen and had a bit. But don't count and that's next on our special show ten ways to increase the value of pure. Real estate today. Connecting you with the real estate professionals. Every week. Back again would our special showed ten ways to increase the value of your home. They're sure we usually think about increasing the value our home when we sell. But what steps can we also take that will increase his value even if we have no intention of selling. For that let's continue our conversation with a pro. Joining us now is Donna Evers broker owner of Evers and company real estate in the metropolitan Washington DC area. Donna has four offices with more than 100 agents in Washington and Maryland. And she's been helping buyers and sellers. For more than thirty years Donna thanks for joining us again right here on realistic today. And I'm glad to be here again Donna in our last are we talked about selling your house. In how to get the most money at that point. Now let's talk about holding on to the house for the long run what improvements I can make that will stand the test of time. Can we talk about that. Absolutely and you know one of the things that people forget about is maintenance. In other words as you go on in your house. If something was down fifteen years ago probably need to be done again. Have to think about replacing HC AE's hot water heaters all of those things that need to be done as you go along. Plus today's savvy buyers would know that an oldies seek. Or old appliances aren't going to be as energy efficient as a new sure in everybody's gonna have inspections. Some of them have inspections before him so they can go in with a clean contract that they're gonna wanna take a look at that property it was interesting before we started recording said. What if you just staying in your house and you're not selling and you said to everybody settled at. They're later everybody else. So even if you're making the improvements to just make your life happier right now they'll still count down the road. Absolutely and when you put things in your property please think about the resale value of it and if you're gonna put a 6000 dollar Italian. Coffee machine that's built into the kitchen you may not get that back again at all in seven years does nobody's gonna want it. If you could just tell me where that house is that like to make an offer for nearly a dark you have to show. So let's ask about some common improvements people make Don and he whether or not. In the long run they really can't increase the value of mine home. Let's start inside. Custom kitchen. Kitchens are very important and most important how both in the house are the kitchen that number one. An after that the bathrooms and especially the master bedroom bathroom suite. This is these are hot both in the house and that's where people seem the most value or not. Okay how about. On the basement level. Having either a gym. For a big home theater. This is peripheral absolutely no there's some big subdivisions as you go out further in the father's suburbs ribbons houses came with these you know especially with the movie theater. But if you're in Washington or if you're in a close since city area you're really not concede very much of this journalist you hear that the list of independent popular. How about a full laundry room. On the sleeping level instead of the basement you know it's interesting that you to be very popular but ten years ago and it's really not that much anymore. People sometimes we'll have a secondary. Stacked washer dryer unit on the second floor and then nice you know built in closet. But mostly they seem to be back to one in the laundry to be down in the lower level that's interest. Backyard now. How about an outdoor kitchen. That's for you that's an equity for the next guy particularly in your neck in the future money out of that don't count on it. A swimming pool in your backyard that maybe that they may be some people love it. Some people will not even look at the house of it has. We'll do more it's more connected with luxury houses you're gonna expected the pool is so like you've never refrigerator you have a pool speaking of luxury houses. If I had the rule. A three car garage. That would be definitely a luxury item it's not in California. But it isn't a more like Washington. So that's my list now you tell me in on what could I put in my house that would have the power to last. Decades and increase its value. I think kitchen again we're back to the kitchen and put things in that are not too edgy for right now. But look like in the middle of what popularity is right now and it'll probably last interest I can't tell you about 25 years from now but I can tell you right now you know you've shifted to sell in seven or eight years you probably didn't really good shape. And I think what I'm learning from our talk is that if there's one word. That really sums up how to keep my house too valuable an increased its value over time. That word might be maintenance. Oh absolutely anything else about increasing the value of your home there haven't touched. To take care of fit and remember that you gonna when you choose instrument trenches and in the middle popularity in new will be safer. Don I sure do appreciate you joining us on the show today. And talking about increasing the value. Have your home thank you Donna Evers broker owner of Ebbers and company real estate in the metropolitan Washington DC area. Coming up for unrealistic today. It professional appraiser tells us what he would do to ramp up the value of his house. Viewership are. Door the regular maintenance. That's coming up on our special show. Ten ways to increase the value of your home. But first it's time for real knowledge. A special segment on realistic today in which we talk to an economist. A journalist and a real chore or an industry professional about an issue that matters to your realistic plan. And today big news about the closing table all across America. The Consumer Financial Protection Bureau has just clarified. A gray area in their new closing rules. That concerns your privacy when you Art Shell house up to now the CF PB rules were somewhat unclear. About whether a mortgage lender could share the closing documents with the real estate agents that represent you in the transaction. So at many closings that they agent was not able to cede those documents not able to check them for accuracy. And not able to fight errors if they existed. But last week that all changed because the CI ADB said. It is okay to share those documents with the real estate agents representing the buyers and sellers. Now what does this mean to you. Let's ask a pro joining us is Jill Schlesinger business analyst with CBS news. Joseph thanks for being with a today. Great to be Lydia so Jill what do you think the gray area about lenders sharing the closing documents with agents. Is not gray anymore. I always want people to have representation. And legal representation transitioning legal documents right so let's not be silly about this. Your realtor who's got great experience is valuable in the process as your employer and you know a lot of people who actually are buying houses for cash they sort of think like yeah. And don't need a lawyer a lawyer this huge transaction. Understood that I go doing it a lawyer to draft my will yes it's an important document so yes you do and you need a lawyer to represent you and you know what it's funny. I just talking to an editor about this we're chatting about this concept around. Catching errors and I said. The more eyes on a document when I was talking that was a column or an article the better and that's my feelings I mean I've been around realtors who are. Far more well versed and smarter about. Closings. And then some lawyers until the end homeowners got noticed. And so may in my mind the more the merrier lake let everybody look at the documents. And you should return documents I know you don't want to that you really should you really shouldn't stand tonight. We'll joke thank you so much for joining us today it's been great thanks for having me Jill Schlesinger. Business analyst with CBS news. On the news CF PB rule saying it's okay for mortgage lenders to share closing documents. With the real estate agents in that transaction. Real estate today because knowledge is power. That's again where there are special showed ten ways to increase the value of your home. An entire program dedicated to helping you. Growth equity securities and market value by making your place worth more than it is right now. Coming up in this half hour what would have professional appraiser due to their own home to make it hit the maximum possible values. That story straight ahead on ten ways to increase the value of your home. But first let's check in with Bill Thompson in a realistic today newsroom Carville. I even. There's a building boom in Phoenix. There are more homes under construction in the Phoenix area right now than at any time in the last ten years reports KP MX twelve news. And that sure looks good to June belt New York who own built your realistic consulting. Oh it's going really well we're seeing. Growth rapid growth as we have for the past couple of years demand is growing rapidly at this time we expect that to continue. That's putting a lot of pressure on construction trades. Bill your says sales of new homes increased 22%. From April tonight. The national housing market is finally returning to normal according to a new report from the joint center for housing studies at Harvard University. As the economy continues to improve the study says many were. The report also doesn't increase in the number of homeowners in 2016. Was the largest in 2006. And indications are the 2017 will also be a very strong year. Stephen thank you. Thanks bill. Continuing our our special show ten ways to increase the value of your home. All about you and your biggest investment. You don't today's hot market they're just aren't enough homes for all the buyers out there. And often those buyers and up competing for the few homes that are for sale. And if that bidding war goes way over list price it can be pretty risky. Because the property might not appraise. And if you're the seller that can create real problems. But are there ways you can Max out your homes appraisal. Let's ask a pro. Joining us now is my Brunson a certified general appraiser in Nevada and California. Mike is a partner at Brunson Jew LLC. Our residential and commercial valuation firm in Las Vegas. He's also a founding member and past president of the national association. Of appraisers. Mike welcome to realistic today. We're badger gear might give one of our listeners is going to be selling their home or refinancing their home. What can they do it themselves. To help ramp up their value to the maximum possible appraisal point. Our current beat you Koran. Influence condition that would be the tropical where you should not. Nor regular maintenance. In your home it is hearing. 81012. Years old. You really sure it. Start thinking about having to property painted on the exterior kitchen that same error each. Should really start looking at. I don't maintenance or replacement of a crazy or hurt you receive short lived items. You know home and that compete. Her condition her seeding system. A water heater after 810 years and need to be replaced or at least maintained. Have somebody look at it and make sure that it functional car. Excellent well Mike just a minute ago you mentioned paint can a fresh coat of paint on the exterior of the house and the interior to. Really make a difference in the number on that appraisal. Actually took credit and really does make a difference now will it result in a Leinart and adjustment on scorer article. Probably not what will be entered noted that the property is being properly maintain or paint or the person you're gonna see. Eat eat eat and I are freshly painted as opposed to having a puncher and it's kernels. Peeling paint with the Expos Guatemala overcome bring those cheeks innings playing Q and creditors overall. Ranking on condition on individual op. Also another thing that someone could change but it like your opinion Mike about whether it's an investment. Well made. Is. The household. Appliances. If say they're seven to ten years old. Will an appraiser. Looked more favorably on a property if their brand new. Again the general answers yes it goes to the condition ranking you do not seed line or just but you may seen adjustment in condition. And ample when I'm cruising home there it's. And plus years old it's one of the king Dunlap amber and walking to house. Although we Satan and don't. Owner it's a re trying were all asked the international eight property information sheet swarming to to settle its but I don't trying to determine. What has been done to the property. In the relationships or have a client has been her play that would include the water heater or the kitchen appliances it's true. You order to Errol Errol we know Erica and cruisers for immunity overall round in finally Mike Howell but notes. That first impression that curb appeal of the house when you drive up. And it's on the one hand the dollar. In on the other hand it's awful. How does that impact your decisions from there. Freezers point of view. We really trying to recognize that how are certainly different but we also recognized spirit current appeal it's one of those intangible. Issues. You're never gonna EE or adjustments curb appeal but you might notice some comments yet sinners or the subject knows we sure are well maintained land or something of that nature and don't comment and answered tunes and an appraiser just like any other persons is going to be impacted by first impressions. Will might great advice and I want to thank you for joining us on the show. And talking about how to maximize the appraisal on your home thank you. It's always a pleasure to you don't remember the supermarkets to shake it all reached a few bites from the reinsert which are working. Great advice might Brunson certified general appraiser in Nevada and California Parker Bronson Jew LLC. And founding member and past president. Of the national association. Of appraisers. Coming up unrealistic today. You only have one chance to make a first impression. Boy they haven't taken care of us very well that probably didn't think getting into that house leader we'll talk to curb appeal next right here. On realistic today. This is a real estate today. Because you're home might beat your biggest investment. And we're back now what our special show ten ways to increase the value of your home. And now one of the biggest factors in determining how much your home is worth. The landscape. Oh well maintained yard can really ramp up your. Home's value. And if you're selling that curb appeal is this essential to getting all the buyers excited about your place. So let's start curb appeal now within expert. Joining us is Ashton Ritchie with Scotts Miracle-Gro. The company that works to make the world more beautiful where this leading law in the garden and outdoor living products. Ash and welcome to realistic today. It's great to talk Noriega and David we're glad your back so Ashton. As we know the difference between a place that's poorly maintained outside. And well maintained. Could be tens if not hundreds of thousands of dollars so tell me. If you wanted to ramp up the curb appeal of the place where you live what would be your first step. We you know haven't. If someone to seize the front of days at the house and he's a lawn and landscape and if they make what they haven't taken care of this very well that probably didn't take getting into the house either and it may be appear in the market what fixer upper that would be OK but it you know you wanna get top dollar you're actually unit and he hit they'd nail on the head of city just wanted to spend a few bucks maybe a few hundred bucks. You would get rid of the weeds and in the long make sure alarmist mode and -- a may be put some pressure mulch around your rush shrubs but also you know plant a few flowers. I didn't have to be neat thing over the top but just a few well placed. Color without flowers from annuals and perennials are maybe some not containers on the near the front door on the front steps would be a great way to guts. You know that's a great start Ashton but we all know that many of our listeners. Libor might be approaching a hundred degrees. Can they really put down. Weed killer and law and food and seed in temperatures like that. Yeah you you bring up a good point to cure are trying to do this state during the offseason like you're describing words on a degrees outside you definitely want it to be may be no higher than the eighty's and ninety's to put a weed control on your lawn and certainly follow the directions on any packaged that you picking out so adamant on you can moat. Keep the one mood and keep that trend to keep that edge and that will help to disguise the fact that maybe there's some weeds there but as we approach the cool weather that would be a better time to improve the lawn and you know there's so much information that you couldn't beat that you can dig up on the Internet about how to improve on how to feed it how to have a ticket that we took out two. Just make everything look at captured. Question if I want my lawn to look absolutely. Phenomenal. All summer long. Tell me about the mowing regiment what's your advice. Great question I candlelight to move a little bit on of one of the taller settings some may be used to set the the mortal a bit but a little bit higher heightened. So that it probably in that state to an ad pages or so after you've mode at keep cut. Course different parts of the country different kinds addresses some could be moved closer to the net but as a general rule if you mow it one of the taller settings then the lawn is not gonna suffer as much during the hot summer weather. Taller mowing height gives you the deeper root system and belongs going to be able to not tolerate Fabian a bit more extended period of time between Warren. Last question for Ashton here we are in our height of the summer. Can my lawn and garden still. Looked gorgeous. Look just as good as it looked in the springtime if I'm in a really hot part of the country or should I just admit the fact it's not gonna look. It just depends if you're in an area where maybe there's watering restrictions. And may be you know you trying to run minimized the water use that a lot of comes along won't go dormant during the summer and it's just not gonna look as good as it did maybe in the spring and fall but if you can keep it watered and keep it said that the launch can look great. Washington as we say good bye may be you could tell our listeners where they can learn more from Ashton Ritchie okay it's a mansion dot word press. Dot com excellent book Ashton thank you so much for joining us on the show today and I really enjoyed talking with you and I hope that. We talk again real soon always great chat which is David thank you Russian I appreciate that. Ashton Ritchie with Scotts Miracle-Gro. Coming up unrealistic today. The right ways and then not so bright went to price your house that's next on our special show. Ten ways to increase the value of your home. If you're hungry for real estate information follow real estate today on Twitter. Shares segments listened to them again and be the first to know what's on next weeks ago. Just search real estate today on Twitter. Real estate today. Because you love real estate. And we are back put our special showed ten ways to increase the value of your home. We're going to continue our look at the price of your home now. As we mentioned in our first hour he can be really difficult to answer the question. What's my house worth it especially when you're selling it because that whole process finds different numbers attached to your house at different times. Just to recap. There's the Siena the comparative market analysis. Which gives you are really accurate estimate about how much your house could sell for in today's market. That usually leads to the list price the one you hope someone will play. And next of course you get an offer and there's a price attached to back to that's what a buyer is willing to play. And then if buyer and seller have a meeting of the minds the price they agreed to becomes the contract priced. Next there's the appraised value what the appraiser will tell the bank the house is worth. And finally. There's the sales price the actual amount the house sold for. That's the gold standard the most accurate number out there in determining priced. Okay now. That's a lot but I have to tell you there are more prices also associated with your house some are legit and some aren't. Let's start with the ones that are in fact reject. The tax assessment is one. Many homeowners look at that figure when the tax bill arrives every year and think well. That's what my house is worth. Well that's fine but be assessed value of your home the number UC and your tax bill. Could be an entirely different number than their true market value of your house. You see be assessed value is what your local government uses to figure out how much property tax you okay. In most cases they don't base the amount of Turks should pay on the full market value of your home. Typically it's more like 70%. 80% 90% of its market value. So in most cases your home will be worth more possibly a lot more than the number you see on your tax bill. OK so let's look at some of the other ways people determine value ways that are not legit. Well and is something we've all done from time to time. And that is adding a pure purchase price plus the cost of the improvements you've made it. Many of us do exactly that we buy a home for 300000 dollars and then we put in 50000 fixing it up. So we figure the whole house to sell for 350000. Dollars. Well the math is good but the market may not agree. Because most home improvements return a percentage. Of their cost but rarely 100%. Of their cost. It's a common approach of determining value but it's not very accurate and here's another one basing your home's value on what you need to take away. We are due debt to saying I wanna clear enough money when we sell to put a 100000 dollars down on our next house. Again we all do to act but the market will determine which are profit will be not what you need on your next house. No there's one more approach their believe it or not happens all the time and that is what the neighbors assess seriously. If you are working on your yard and a neighbor comes by and says you know your house looks good. 500000. For that house. Well you'd be amazed how many homeowners latch onto that figure and never let it ago. So nothing against her neighbor but if you really wanna know the value of your home. You'll use hard market driven data what sold in what did not sell the data you're real tort can provide you because in today's market. Houses that are priced correctly tend to move fast. And houses that are priced incorrectly. Quite often. The for sale sign goes up and stays up for a long time longer than the other houses in the neighborhood. So don't beat out house don't be the one that just won't sell. Be the one that sells fast because don't forget. The longer it takes to sell your house the longer you'll have to keep paying the mortgage insurance. Taxes utilities. And on enough. So again if you really want to answer the question what's my house worth got the facts get a comparative market analysis from your real tore. Based on current market activity. After all your house is probably your biggest investment. Might as well know exactly how much or got. Coming up next week unrealistic today your mortgage. The rules have changed mortgages are more accessible to more people. We'll talk about all of that. Plus shopping around how to do it the right way your mortgages next week break here on realistic today. And remember you can always listen unlock your radio start real tour. And from all of us here at realistic to break thank you for us. If you're realtor you can subpoena tiger really see today's show on your website. And that's really deep chill on the Radio One 100%. Free to any our members just go to our new web address radio dot realtor and click. How realtors.
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