SELLING YOUR HOME TO BABY BOOMERS

Is it time for you to move to a bigger home? Well, good news: Baby Boomers are often looking for smaller homes with features to make living more comfortable as they age. 

Here are some tips for marketing your listing to Boomer generation buyers.

Baby Boomers all over are downsizing to properties where they can age in place. Often these buyers are well-qualified, meaning they have no problem getting a mortgage or they may not even need one. (An all-cash buyer can truly speed along the closing process!) 

So how do you make your listing more appealing to Boomer buyers? Here are some tips for giving your home an edge:

1. Market the low-maintenance aspects of your home. Small yard? No yard? Stain-resistant countertops (like quartz)? The last thing your Boomer buyers want are long weekend to-do lists full of maintenance chores they would rather not hassle with or pay someone else to do. If there’s any way you can make your home easier to maintain, consider doing it as part of your curb appeal tune-up. 

2. Lighten it up and brighten it up. It’s a fact of life: The older you get, the more you need brighter lights to see clearly. This might mean adding lighting in places where you seldom think about it, such as cabinets and large drawers.

3. Be accessible, but not clinical. There are subtle ways to make your home more friendly to those with mobility issues. Removing thresholds, adding easy-pull drawers, and upgrading door handles are just a few ways. But whatever you do, don’t make the rooms look like nursing homes. There are tasteful design decisions you can make when embracing universal access.

4. Look for “single-level living.” Is there a way to present your house so the ground floor contains everything the buyers could possibly need to live there? While stairs aren’t necessarily a deal-breaker, consider how often your Boomer buyers will need to use them. If you can pitch the second floor as guest space, and prove they can get along on one floor, don’t miss the opportunity to point this out.

Your home may be perfectly suitable for first-time buyers or small families, but don’t neglect ways to help market your property to other segments like Boomer buyers.

Is your home Boomer-friendly? 

Get in touch and let’s connect you to well-qualified buyers: www.valeriemcconville.com

BUYERS BEWARE OF THESE EARNEST MONEY MISTAKES

Including earnest money with your offer? Be careful about how you proceed. 

There are mistakes you won’t want to make when it comes to betting part of your bankroll that everything will go as planned.

Earnest money is a great way to show a seller you’re serious about the offer you’re making on their home. 

By placing a portion of what amounts to your down payment on the table to demonstrate your commitment to follow-through on the contract, you’re saying “I love this home and I’m ready to go.” But there’s a real risk involved: If you make a mistake, you might just be out a chunk of cash.

Here are some ways to avoid burning your home-buying bankroll in lost earnest money:

1. Make sure it’s the home you really want. Seem obvious? Sure. But it’s easy to get swept up in the moment. Recognize that you’re about to enter into a legally binding contract and that the money you’re risking will hurt if you change your mind. While you may not be able to drag your feet on the decision, check your gut to see if there are any reservations lurking there before you go all in.

2. Don’t sacrifice contract contingencies. Don’t let your desire for a home cause you to blindly remove contingencies which are built into contracts to protect buyers. Common ones include loan contingencies, title search issues, appraisal, and insurance obstacles. Waive these at your own peril. 

3. Avoid committing to a home “as is.” If you’re putting earnest money on an offer for a foreclosed home, don’t be too eager to accept any problem the home may have. Take the time to understand the home’s issues before you write the offer.

4. Read the contract timelines. Look at closing dates and other dates related to the process leading up to closing. Violating the timeline could cost you your earnest money as well.

5. Ensure you have recourse to get some or all of your earnest money back. If the sale doesn’t gel, you and the buyer will need to sign a document voiding the agreement. Don’t sign this until you understand how it will impact your earnest money refund. The seller’s title can be negatively impacted if you don’t sign off, so keep your leverage handy until you’re sure you’ve been fairly treated.

Protect yourself and your down payment by playing smart with your earnest money. If you have questions or concerns, ask your agent to help you understand everything in plain language!

Ready to buy? Let me help you find the right home and protect your interests along the way: www.valeriemcconville.com

IMPORTANT THINGS TO "FIX UP" BEFORE SELLING

When you’re preparing your home for sale, it’s not unusual to need to fix up a few things around the property. 

After all, you want your home to look its best to buyers, so that you get good offers, quickly. What do you need to fix?

Here are three categories that will help you create and prioritize your list.

Anything that squeaks or creaks. Is there something in your home that makes a noise it shouldn’t be making? Perhaps it’s a rattling closet door or a creaking floor board? You may be so used to it you no longer notice the sound. But buyers will. Be sure to get those items fixed.

Anything that’s unsightly. You don’t have to make your home look perfect. However, things that are unsightly will likely get buyers’ attention. You want them to focus on the terrific features of your property, not the scuff on the wall.

Take a walk through your property, including the yard. Pretend you’re the buyer. Do you notice anything that doesn’t look good? If so, tidy it up, fix it up or replace it.

Anything that’s broken. If there’s anything that needs repair — an outside tap that’s not working, or a sliding door that regularly careens off its runner — call the contractor or fix it yourself.

Getting these items fixed will go a long way toward making your home appealing to buyers. Want more tips on preparing your home for sale? Call today.

THE TRUTH BEHIND RENTING VS. BUYING A HOME

Thinking about buying? You’ve probably used one of those rent vs. buy calculators to help you decide. Well, here’s one giant fact those calculators often ignore…

Are you doing the math these days around renting versus buying a home? Trying to decide if you can afford to buy? 

If so, you’ve probably Googled one of the many “rent versus buy” calculators out there to help you get a handle on your budget.

True, they’re helpful, and they can also help clue you in to things like insurance expenses and property taxes, but they overlook a number of key factors in the decision.

A mortgage is a surefire way to build wealth. Provided you don’t buy more home than you can truly afford, your mortgage is like a mandatory savings account. A portion of your payment each month is going straight into your equity in your home. With renting, it’s your landlord who is building equity, not you. 

• The tax situation has profound implications, especially in expensive markets. Until the laws change (and there’s little probability they will any time soon), your mortgage interest and property taxes are deductible on your income taxes. (Of course these tax allowances are only valid in the United States.) In expensive markets, this can represent  massive deduction. (Also remember: Early on in a traditional mortgage you pay the most in interest and your deduction is the highest.)

• Renting puts your wallet at the mercy of the market more often than buying. If you have a year-long lease on an apartment, your rent could go up significantly should the rental market heat up. Your rent isn’t likely to stay the same over a long period of time. In most cities, in fact, it will steadily go up. With a standard mortgage, however, your payments are fixed and predictable. It might seem like a lot at first, but if you buy within your means, it’ll seem like less and less of an expense as the years go on. 

• A mortgage gives you more future financial flexibility. The longer you have a mortgage, the more equity you build. The more equity you build, the more options you have to borrow against that equity or use it in ways which may be advantageous for debt and tax purposes. With renting, no such long-term benefit exists.

The key here, of course, is accepting the fact that you must buy a home you can afford which is priced in accordance with the market. Even if you’re not ready today, having a conversation with a REALTOR® will help you prepare for tomorrow.

How does renting look now? Should we have a conversation? 

Visit my website: www.valeriemcconville.com