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Tips for Getting Your Home Appraised

Tips for Getting Your Home Appraised

If you’ve decided to sell your home and get it appraised there are some things you should know to look out for to get a better appraisal price. Here’s a list of what to fix, organize and look out for.

Let your appraiser know about any home improvements you’ve done over the years. Don’t leave anything out that could potentially help increase the value of your home.

Simple updates can go a long way when you’re getting your home appraised. Try updating fixtures, like doorknobs, light fixtures, faucets, etc. Updating paint color and window coverings can also help a home to feel more updated.

Always be sure to keep your eye on the market in your area. Check out other homes that are for sale and see what they’re highlighting or updating. It’s best to stay competitive on these features. You may be able to figure out what cause problems in appraisals within your area. This information should be public record.

Make sure to have all of your safety equipment installed and working properly. Check all of your smoke alarms and carbon monoxide alarms to be sure the batteries are charged and working properly.

Clean! A clean home is always more attractive than a cluttered or dirty home. Clean counters, tables and other horizontal spaces that tend to gather junk and piles of mail or magazines.

Take care of your lawn. If you have brown patches get your sprinklers fixed, or invest in a bag of grass seed and get that portion of your lawn re-growing. Trim any bushes or trees that have gotten overgrown, and weed your flower beds. Make your home look like you take care of it regularly, and it will make the home’s value higher, to both an appraiser and potential buyers. Think about curb appeal.

A great tip from appraisers is to fix anything that cost less than $500 to fix. Even if they’re small fixes, and you think they won’t harm your appraisal or selling price, they could. A small fix that costs $150 could often cost you much more than that in value after an appraisal.

Be sure to familiarize your appraiser with attractions in your location. If there is a school or park nearby, or a small neighborhood café or grocery store. These things tend to increase the value of homes, as they offer convenience.

You can always talk to a local real estate broker and find out what their buyers are looking for in homes, and what they’ve seen prior appraisers focus on. Get some help in diagnosing what you want to focus on improving or fixing.

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September Real Estate Forecast Shows a Bigger Inventory Increase and a Slight Decline in Sales

September Real Estate Forecast Shows a Bigger Inventory Increase and a Slight Decline in Sales

The real estate market has slowed down slightly since we have rounded into the colder fall months. But even though things appear to have slowed down, September was a great month for listings, seeing one of the highest numbers in months. The Bend Real Estate market is still stronger than 4 to 5 years ago in the fall.

Benchmark Interest Rates

It was announced in September that the central bank would not raise its benchmark interest rate. The Federal Reserve chairwoman Janet Yellen made this announcement. This rate is used to set the rates of most bank loans. So how does this affect housing market in Central Oregon?

Fed Fund rates are currently at .50 percent, but they may not remain there much longer. Some economist polls have predicted that there will be an increase to .75 percentage points, sometime in the fourth quarter of the year.

The Federal Reserve hasn’t raised its benchmark rate since December 2015. Since then, conventional mortgage rates have fallen and are near three-year lows. So even if the Federal Reserve decides to increase their rate, it may not mean that mortgage interest rates will increase right away.

Some believe that the low interest rates have driven housing prices up. With a low interest rate, some homebuyers are able to afford higher priced houses, which could possibly be driving prices up.

There are so many variables associated with home buying and interest rates to accurately predict what will happen. Even with an expected rise to the Fed’s benchmark interest rate, it’s impossible to accurately predict what will happen to the housing market.

Number of Listings increases

In Central Oregon listings were up, even though there was a decline nationally. Building permits did see a rise nationally. This could indicate a growing trend of more home-building activity.

Locally listings continued to rise from August, going from 534 to 554 in the month of September. The number of listings has continued to grow even from July, with September coming in as the highest number of listings per month since before February.

Pending listings did see a slight decrease, but it’s expected that sales will continue to come through in October. Sales fell from August to September slightly, as was expected after the summer sales rush was ending. The market is still more active than prior years, and is expected to stay busier in the coming months.

Final Analysis

To keep track of the current real estate trends in Bend, Oregon, and the trends of fall as we head into colder months, keep in touch with Duke Warner Realty. We compile comprehensive market data that is available to home sellers and buyers. Learn about what we can do to help you with buying or selling real estate by visiting dukewarner.com, browsing our Facebook page, or calling us at (541) 382-8262.

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Upgrades on Homes that make them more attractive to prospective buyers

Upgrades on Homes that make them more attractive to prospective buyers

These days it’s a buyer’s market. They have plenty of homes to choose from, and they can narrow down top properties by the smallest details. If you have upgrades that are needed on your home, and you’re considering selling it in the near future, here’s what you should focus on.

To fix up or to leave as is

It can be hard to decide if fixing up your home will financially benefit you in the long run. Something to consider in today’s market is that some buyers are looking for fixer uppers. Some buyers want the challenge of doing small remodels on their new homes. Some major problems with your home, like foundation cracks or serious plumbing problems, might work as deterrents for prospective buyers. Smaller changes like an outdated bathroom, that could do with a smaller remodel and some newer tiling might not be seen as any issue to new buyers. You do need to consider if your house requires fixing in areas, that you will need to price it lower. If buyers are looking for a fixer upper, they are already expecting to put some money into the home, so they don’t want to be at the top of their budget when it comes to the listing price.

Fixing it up

Before you fix up your home, you need to consider what features or upgrades will earn you the most value when it comes time to sell your house. If the upgrade isn’t going to return the investment when you sell your house, it’s not worth it to do the upgrade.

It’s important to consider what other homes on the markets are offering. If you notice that most homes have upgraded kitchens, it may be a good idea to upgrade your kitchen. It’s up to you how minor or major you want to go with a remodel. It depends on the materials used, cost to you and what your market is like. You may not want to rip apart your kitchen, and invest in all new appliances. Maybe your kitchen would look infinitely better with a new coat of paint and new fixtures or faucets.

Replacing worn carpeting is a must. It’s one thing that sellers almost always notice and it can leave a bad taste in their mouth. If your carpet is severely worn, stained or ripped it can convey to the seller that you don’t take care of your home. They may wonder what else you’ve neglected in your home.

Damaged roofs need to be fixed as well. This is something that will harm you when it comes to home inspection time, and it will definitely turn buyers away.

Changing light fixtures and ceiling fans that are old or outdated can immediately change the feeling of a room or your home. This is a big one. It can make your home look updated without any hard work. It’s a simple fix. Fixtures can get spendy, but they will almost always return the investment.

It can be difficult to decide what you fix and what you leave, or if you even fix anything at all. Keep your eyes on the market to see what other sellers are doing. Talk to a real estate broker and see what they’re seeing more frequently. If you do minimal upgrades that guarantee a return on investment, it’s worth it to you.