It’s a crazy market out there. Buyers are doing anything they can to secure a home, but inventory is low because potential sellers don’t want to be buyers in this market. And when a seller does list their home, their biggest fear is they won’t be able to find a new home in the time they must be out of their old one. A post-closing occupancy agreement might just work for your buyer who’s looking to make a stand-out offer, and your seller who’s worried about the timeline.
What is a post-closing occupancy agreement? A post-closing occupancy agreement is when a seller retains occupancy of the property for up to 60 days after closing occurs, the tactic isn’t often used, but in this market, brokers consider it an ace in the hole, if navigated correctly. Evaluate Not all buyers are good candidates for the post-closing occupancy agreement, and it’s important to understand the clients’ current living arrangements. If the buyers are living at an extended-stay hotel, Airbnb, month-to-month apartment, etc., and can lengthen their stay or find another budget-friendly, temporary living arrangement, the post-closing occupancy agreement could be something to consider. Similarly, there’s a note of caution on the seller’s side. Again, not all buyers can accommodate a post-closing occupancy agreement. If you list it as an upfront requirement, you run the risk of decreasing the number of offers you receive.
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As the weather starts to heat up each Spring, so too does the housing market. Spring is an optimal time to get your house ready to sell. The first thing that potential buyers will see of your home is the landscaping, so make a great first impression with beautiful outdoor spaces. An investment in landscaping can help sell your home faster and for more money. There are simple projects at every price point that can help you achieve great curb-appeal. Inexpensive $ 1. Keep the Lawn Well-Manicured The easiest and most obvious landscape project when hoping to sell your home is to get your lawn looking its best. Spring is a great season to try to sell because your lawn is helped by Mother Nature. Wet, mild Spring weather will help the lawn stay green with less effort. To show off that green lawn, make sure to mow and edge it often. 2. Keep Your Yard Weed Free It may not cost much, but it will require some time and effort to control the weeds around your property. Spray or pull weeds in flowerbeds, on property borders, and along the driveway. A weed-free yard will help potential buyers feel confident that the home is well cared for, which can create an overall positive impression of your home. 3. Add Flower Pots Near Your Front Door A splash of color in the yard is a great way to highlight your home. If you are looking to sell quickly, it might be too late to do major yard improvements since new flowers and plants will not have adequate time to grow and mature, but a few beautiful pots of flowers strategically placed near your front door can have a similar effect without requiring a lot of time and maintenance. Moderate $$ 4. Add Outdoor lighting Outdoor lighting has become a trendy feature that buyers have embraced. Lighting can add interest to your yard, highlight areas of beautiful landscaping, and make your home stand out at all times of the day. Solar lights are particularly easy to use because they will recharge during the day and automatically come on in the evening to illuminate your home. 5. Install Curbing/Edging If you have a little extra money to spend, consider adding curbing or edging around your yard. It helps the landscaping appear crisp and clean, and makes the lawn easier to mow and trim. Savvy buyers will appreciate the ease of maintenance and the defined spaces that curbing creates. 6. Hire a Lawn or Pest Control Company It is important when selling a home to make sure that their aren't any obvious problems. If your lawn is dead or patchy or you have pest problems like spiders, mice, etc, you will need to get those under control. Some of these projects are beyond the scope of what an individual without training can quickly achieve and should be left to professionals. Lawn care companies and exterminators can assess the issues you may have and recommend treatments. This may even be limited to a one time visit that can quickly improve the chances of selling your home. High-End $$$ 7. Create Outdoor Living Areas If you have money to invest in your home, high-end landscaping projects can increase your bottom-line and draw attention from buyers looking for upgrades. Extra living area outside of your home is a huge attention grabber that attracts buyers. This could range from simple patios staged with outdoor furniture, to screened in porches, to full outdoor kitchen areas. Depending on your location, these upgrades may or may not be worth the investment, so do your research before proceeding. 8. Replace or Update Fencing Fences provide a safe place for children and pets and also give homeowners a feeling of privacy, so they are highly sought after. Fencing is also one of the first things people see when coming to your home. If your fence is an eyesore, it will be worth it to make the effort to have it replaced or fixed up. A new fence is quite an investment, so first determine if your fence can be spruced up with some nails and a new coat of paint. 9. Hire a Professional Landscaper If you are serious about creating a stunning yard, a professional landscaper can add massive amounts of curb appeal to make your home one of a kind. A landscaper can help you add impressive things like paving stone walkways, decorative retaining walls, and water features. Outdoor improvements definitely increase house values, but it is always good to know what the market will support in your area before moving forward. No matter how much money you have to invest in your home's landscaping, there are projects you can do this Spring to improve your home's curb appeal and get it noticed by buyers. Protest, protest, protest. Front Range homeowners may have that reaction when they first see how much county assessors increased the value of their homes over the past two years amid worries that next year’s property taxes will shoot up as well. Neighborhoods throughout metro Denver have recorded double-digit price increases, which reflects the region’s hot real estate market. The biggest percentage gains are coming in lower-income neighborhoods that lagged in past cycles. The first steps for those who disagree with value placed on their home is to figure out how much the value should be adjusted and whether a protest has a chance of winning. And with a June 1 deadline for protests, homeowners need to act fast. Should I protest? While a big jump in property value may come as a shock, in most cases it is probably justified. But county assessors can have basic information about a property wrong, and they won’t know details about a home’s condition versus others in the neighborhood. A key calculation to make upfront is whether any potential savings are worth the time and effort. Spending $700 for an outside home appraisal, assuming one can be obtained on short notice, won’t justify saving $50 or $100 in extra property taxes. And it isn’t necessary. How do I research a protest? Researching home price trends in the neighborhood is key to understanding whether a lower valuation is justified and will stand up. For a typical home, assessors say, property owners can do the legwork themselves, perhaps with information on recent sales from a friendly real estate agent. And staff at the county assessor’s office can answer basic questions. Just make sure to say the call is informational and not a protest. If you get a higher value than what’s on your valuation, quit while you’re ahead. If you get a lower value, then it’s time to do some math. To get a ballpark figure on your 2018 property taxes, first, take the new “actual” value in the statements you recently received and multiply it by 7.2 percent. That’s your assessed value. To get a rough estimate of how much lower your 2018 bill might be, do the same math but this time plug in the lower home valuation you came up with. What can I do to improve my odds of winning a protest? Property owners will have a stronger case if they make an argument based on the characteristics or condition of a property. For example, county records may overstate the square footage or number of rooms or show a basement is finished when it isn’t. Your home’s condition can also help you contest a valuation. County appraisers rely on automated models and don’t go inside a home when they set a value. A home with deferred maintenance and no upgrades since the day it was built decades ago is worth less than one that has been remodeled and maintained. Homeowners who’ve had a professional appraisal recently may also have a leg up. Assessors rely on the sales of comparable homes in the surrounding area to determine what a given home is worth. For this last valuation cycle, they looked at sales between July 1, 2014 and June 30, 2016. Given how many borrowers refinanced their mortgages in 2015 and 2016, a homeowner may have a professional appraisal in hand that could support a lower value than what the county determined. Some assessors, like Arapahoe County’s, provide a list of sales they used to support the valuation. A property owner might feel there are other sales that match up better and support a lower value. A real estate agent with access to the multiple listing service can help track down those sales. But again, any sales must be before June 30, 2016, and the closer the better. If I think I’ve got a shot, now what? If you’ve decided that a protest is worth your while, you can either file in person at your assessor’s office, by mail or, in most metro-Denver counties, online, at your assessor’s website. Regardless of how you do it, remember that your protest is due by June 1. My protest didn’t get me what I wanted. What are my next steps? If a protest is turned down, or the property value not adjusted as much as the owner requested, those decisions can be appealed before a County Board of Equalization. In most counties, assessors must rule on a protest by the end of June and property owners can appeal to the CBOE by July 15. In more populated counties like Denver, Boulder, Douglas and Jefferson, assessors have until the end of August to rule on protests, with appeals due by Sept. 15. There are two venues for another level of appeal beyond the county boards, and those are the district courts or the state Board of Assessment Appeals. Not many homeowners, however, go that far. What else can I do to reduce my tax burden? Homeowners age 65 or older who have lived in a home for 10 years or longer only have to pay half of the property taxes on the first $200,000 in value. A similar exemption is also available for permanently disabled veterans. Also, some local governments and school districts can help some homeowners who want relief with their tax burden. If you’re disabled or age 60 or older, you can trade volunteer hours in lieu of taxes in what are called property tax work-off programs. By: Aldo Svaldi If you’re considering selling your home, one of the most important decisions you’ll need to make is how to price your home. Price too high, you may miss out on potential buyers or sit too long on the market. Price too low, you may leave money on the table.
Here are some tips to consider as you work with your agent to price your home for sale. Ask for a CMA Ask your REALTOR® to provide a Comparative Market Analysis or CMA. In this analysis, your agent will compare your home with other similar homes that have recently sold. They can also weigh in unique features of your home, housing market trends, and desirability of your neighborhood for a comprehensive home valuation. All these factors are used to determine the best list price for your home. While online home value calculators can provide initial insight, they should not be used to price your home for sale. These calculators are only as good as the data provided. They cannot weigh unique factors, like special features of your home or neighborhood, nor trends in the housing market. An agent’s CMA is the best method to determine the list price for your home. Your agent will consider many important factors, from the housing market to home features, to list your home for sale at the price that will bring the best offer from buyers. Don’t get Personal Selling your home is an emotional task. As the owner and occupier of the home for years, your value of the home may differ from that of an outsider. If you watched your kids grow up in the home, celebrated birthdays, hosted family gatherings, and painted the walls your favorite colors, you have value in the home that cannot be expressed in dollars. That value, while priceless to you, has no worth to a prospective buyer. That is why you should never attempt to price your own home. Agents are not emotionally or personally attached to your home. That means they can see it as a prospective buyer might. While they won’t see the bird-egg blue walls as a memory from 10 years ago, they will see the in-demand crown molding, desirable floor plan, and staging potential. Let someone who has no attachment to your property take on the task of pricing your home. A more objective viewpoint can lead to a more strategic price and a higher offer. If you’re not currently working with a REALTOR, connect with a local real estate agent. Understand the Local Housing Market The best price for your home depends on demand from buyers. Understanding the current housing market in your area, including trends and seasonality, can help you when listing your home for sale. Your local REALTOR can provide useful statistics and analysis for your city. They also consider factors like your neighborhood desirability and micro-trends in your local area. They’ll even help you determine the best time to list your home for sale. Talk to your real estate agent about housing market trends that could impact your home sale. When it comes to pricing your home for sale, a REALTOR provides valuable insight. Your agent provides a comprehensive valuation, detached perspective, and real estate experience that is incredibly valuable for home sellers. Curb appeal can be the most important aspect when trying to attract buyers. As
temperatures rise and spring begins to waltz in, take advantage of the warmth and set yourself and your family to work in the yard to improve your home’s curb appeal. Some ideas: 1. Create an immaculate space – During the winter, things can get out of hand in your yard. Plants and trees can look overgrown or decrepit, so cut them back and prune them to perfection. This will allow your plants and trees to grow beautifully during the warm spring season. Rake up or blow away dead leaves throughout your lawn and flowerbeds, since they can create a cluttered look. Be diligent about general upkeep in your yard. Mow the lawn and put down some fresh pine straw or mulch to clearly mark spaces in your yard, creating a clean and manicured look. 2. Introduce some color – Visit your local nursery to purchase some colorful, healthy looking flowers, trees, or shrubs. This is where you get to have fun and be creative with the color palette you want to present to your buyers. Some good choices to consider are roses, tulips, daffodils, peonies, or crepe myrtles. Get several different colors of the same kind of flower to keep it simple, yet vibrant. Overall, you want buyers to drive through your neighborhood and stop in front of your home to ooh and ahhhs at the beauty of your yard. They will only want to see more of your home. 3. Don’t neglect your backyard – The state of your backyard can be an important selling point of your home. You want to create an illusion of privacy, comfort, and fun all at once. You want your buyers to imagine relaxing in the backyard, or hosting a barbecue for friends. At the same time, you want the backyard to bring your buyers a sense of being at one with nature. Introduce some lush greenery to this space, to really create an atmosphere of health and serenity. Place some lawn or deck furniture in the backyard as well to allow buyers to imagine sitting outside on a warm summer evening with their family and friends. You may even want to designate areas in your backyard for different kinds of gardening. Create a space for a vegetable or herb garden to give it more character and allow buyers to imagine themselves getting creative in the backyard gardening as well. Overall, you want your yard to help sell your home by creating a healthy and colorful look during the spring and summer seasons |
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