Don't let the rush and excitement of the holiday season make you careless in protecting your home from potential criminals. The holiday season is a time when busy people can become careless and vulnerable to theft and other holiday crime. The following tips from the Los Angeles Police Department Crime Prevention Section can help you be more careful, prepared and aware during the holiday season.

• Be extra cautious about locking doors and windows when you leave the house, even for a few minutes.
• When leaving home for an extended time, have a neighbor or family member watch your house and pick up your newspapers and mail.
• Indoor and outdoor lights should be on an automatic timer.
• Leave a radio or television on so the house looks and sounds occupied.
• Large displays of holiday gifts should not be visible through the windows and doors of your home.
• When setting up a Christmas tree or other holiday display, make sure doors and passageways are clear inside your home.
• Be sure your Christmas tree (Or Hanukkah bush) is mounted on a sturdy base so children, elderly persons or family pets cannot pull it over on themselves.
• If you use lights on your tree ensure the wiring is not damaged or frayed. Frayed or damaged wiring can cause a fire.
• Place your Christmas tree in water or wet sand to keep it green.
• Never place wrapping paper in your fireplace.

Happy holidays and be safe!

Someone lives in their house many years and decides it is time to sell.  But before they do they feel the need to add granite to the kitchen, or add a pool, or some other big ticket remodel item.  Why?

Well according to this article from CNN Money,  this expense is most likely not the way to go because it will rarely return any kind of investment for a seller.  A Realtor worth anything would not advise you to take this kind of project on because in many cases you are trying to "predict" what a potential buyer may want. And in many cases, you would be wrong.

Just to be clear, I am not suggesting that you do not do minor cosmetic surgery to get your home "show ready".  Before putting a home on the market for a client, I go through a house and put together a comprehensive list of things that need to be done so that the home will be shown in the best possible light.  But I am referring to painting, de-cluttering, and smaller repairs- not the big renovation.   Pictured is the kitchen from a house I have listed at 1790 Greenwich Ave in Winter Park.  This is a one story house that is one block away from Winter Park Hospital in a very desirable neighborhood with Winter Park Schools.  It is competitively priced at $239,000 and might be perfect for an empty-nester, or a younger family looking for an entry into the area.  All the major "bones" of the house are strong- newer roof, air conditioning etc.  And the kitchen looks great! In this case, I determined with my sellers that a very attractive price point would be most important to potential buyers.


Now take the example of a high ticket granite kitchen update.   First off, a seller may be making a bunch of incorrect assumptions.  Granite isn't the "only game in town" as far as counter surfaces are concerned.  Is everyone a chef? Maybe a potential buyer has no interest in a high end kitchen and does not want to feel like he is paying a premium for one that has recently been installed.  There are all kind of buyers out there- some who want "turn key" homes, others who want to feel they are getting a good deal and enjoy "fixer-uppers".

Oh, and by the way, what are the chances that the seller is going to pick the granite color the buyer has his/her heart set on.....?

Wouldn't a credit be a smarter way to go if a granite kitchen became a negotiating issue with a buyer?  This way, the buyer can get exactly what they want.....and the seller doesn't have to go through the remodeling hassle playing "interior designer" or predict what a buyer wants.

Bottomw line- if a Realtor suggests a big remodel project before listing your home....get a second opinion from another Realtor.
If your Realtor suggests "don't spend your money on a remodel project to prepare your home for sale" -listen up and be happy!

He probably just saved you a lot of money.

But while Zillow's track record is bad, it isn't the worst.

Why are these websites so inaccurate?  The MSN article explains some of this well- but an automated valuation site usually doesn't take "location", into account.  And what about upgrades?  Do you think an automated site will know that you just put granite counter tops in your kitchen?  The answer is no...and an upgrade like this would certainly raise the value of your property.

So you may be asking yourself....do I need to spend $350 (the basic rate for an appraisal) prior to listing my home?  My answer is probably not.  First off, there are hundreds of appraisers out there in the Orlando area and predicting what is in the mind of a particular appraiser that may be assigned to evaluate your home after executed contract is next to impossible. What you need is a Realtor who has a track record of pricing his homes competitively, accurately....and aggressively.  If you are listing, you should definitely ask your Realtor how he/she is determining the value of  your home.....a good Realtor will use a number of different methods.  Most importantly, you should ask your Realtor what he/she does when and if a buyer puts a contract in on your home, and it comes up short on appraisal.  How does he/she present the "case" to the appraiser?  Many Realtors simply do not do this at all unfortunately.


The bottom line- These online sites do have a purpose.  When I list a property, I want to know what these valuation sites say about the home.....because this is what many prospective buyers look at when they are evaluating a home purchase.  Hey when I am putting an offer in for a buyer I will use these sites to try to negotiate the best possible price for my buyer. But as a sellers agent, a good Realtor should be able to make a "case" for his listed property for future discussions with possibly buyers and appraisers who might look at some of these sites.

I do not dismiss online home evaluation sites because buyers (in many cases) are using them to their advantage to negotiate a lower price for homes I have listed.  Instead, I am very aware of how these sites have my listed homes valued.....because I believe it is better to "know thy enemy".

I dissuade my sellers from having me present verbal offers to them. On our Coldwell Banker listing agreements a seller must "check" to have these offers presented.  I say "don't check" even though a seller may find it tempting to do so.
First off, a verbal offer is not binding in any way shape or form.  So why have it presented?  Second, usually a verbal offer is basically a "drive by" who barks out a price with absolutely no conditions attached.  A verbal offer can look one way, but it can turn out to something different with many details omitted.   Examples- will there be a home inspection? Is this a cash deal? Closing date?
Third, writing up an offer takes time and effort. If someone from the buyer's side doesn't want to take the time to put together an offer for an important investment like a home purchase...how serious are they? When I am representing a buyer I will always write up my offer on behalf of my client because I want the seller to know that we mean business....even if the offer price is way off the list price.
Finally, a verbal offer is way too murky. It can result in a game of "he said/she said" that will lead to frustration and end up going no where.

So listen to the "King" (Elvis that is)..... because......talk is cheap.   :)



 

Well for the most part,  as with the other areas of Orlando we have reviewed recently, Colonialtown and the rest of zip code 32803 are showing positive signs that real estate trends are moving in the right direction. Sold properties are up 47% from last year, and homes pending are up 89% over the same period.  With June being the final month to close on properties utilizing the $8,000 tax credit, as well as the continuation of lower interest rates, buyers who may have been sitting on the fence seem to making their move.

Any questions, or if I can be of any assistance in buying or selling real estate please do not hesitate to get in touch with me.

Looks like a promising trend in the College Park area as homes for sale are at the lowest level since we started keeping these trending reports back in April of 2009.  At the same time both homes sold and pended are up compared to a month ago, a year ago and 15 months ago.   Below you will see that although the "for sale" prices for single family homes in College Park are staying consistent, the "Sold at" prices are creeping up (+15% a year ago).  As I have said in previous posts, the home buyers credit has something to do with this...but consistent lower interest rates are also a big factor- thus a window of opportunity perhaps for those who are thinking about listing in zip 32804.



Make sense?  Questions?  As always, if I can be of assistance to you do not hesitate to contact me at michael@michaelgonick.com.

This article from ABC News which points out that a one point decline of interest rate can represent a $200 savings on a mortgage payment for a $400,000 home.  This is equally good news for sellers if you think about it- there will be greater demand for homes as buyers try to take advantage of these low rates.  Questions?  Give a call or drop a line.