Evansville House Sales Fall into Two Categories

Every homeowner can have all sorts of reasons for selling their Evansville house. Those in the boomer generation can be in one of the traditional phases of retirement (planning, transitioning, initiating) or perhaps in one of the newly-popular phases (postponing, rejecting).

For them and everyone else, the decision about whether to sell the house falls into one of two categories: those triggered by economic pressures -- or all the other reasons. In all cases, being in control of the timing of your house sale will put you in control of the process. That pays off.

Even if the money factor doesn’t rule, it’s vital to first do some hard-nosed dollars-and-cents calculations before putting your house on the market. Find out what a realistic listing price range will be. I or anotherexperienced real estate professional can be a major asset in establishing this: you can count on a complimentary consultation that will offer comparable current values for our area’s house sales.

Then consider current rental rates for a house like yours. Sometimes you will be surprised to find that the most beneficial course would be to rent your house for an interim period, especially in light of some evidence that a market rise is just beginning. When you are penciling out these factors, be sure to include realistic maintenance expenses and, if you are moving out of the area, property management fees. I can help here, too.

If financial pressure is the key motivating factor, make sure you have weighed the alternatives before sealing the decision to sell your house. If you haven’t done so already, find out if refinancing is an option. The first answer isn’t necessarily the final one: check with other financial sources as well as your current mortgage holder. Mortgage rates are lower than ever, and if unmanageable mortgage payments are at issue, this could be the most direct route to reducing that outflow and giving you time to sell on your own timetable.

Being methodical and patient when deciding about any house sale can make a big difference in the bottom line. I’m here to provide current Evansville information and guidance that will help make that possible. You can reach me on my cell phone at 812-499-9234.

Sticky Subject: Wallpaper Removal

Look to the walls! Homeowners preparing Evansville houses for sale can hesitate when they suspect the overall look and feel of the interior has grown dated. With good reason, they may fear that prospective buyers will be drawn to newer, fresher-looking competitors…yet the cost and delay of all-out remodel is unattractive.

One alternative is to ‘look to the walls’ for an easy and budget-friendly alternative to a complete remodel. Few things can date a home the way old wallpaper does. Unfortunately, just painting over it is not a solution that usually works very well. Let’s face it: the old paper has to go!

While many newer types come off with ease, it can be downright difficult to remove old wallpaper. Those paisley daisies can be stubborn! Furthermore, many old homes have several layers, making the process even more daunting. Like any of the other processes involved in prepping houses for sale, this one will go considerably faster if you keep the end goal – the major increase in value – in mind.

If the offending wallpaper is a non-porous material like vinyl, start by making holes in it with a puncturing roller, handsaw blade, or even just rough sand paper. The holes will allow steam or chemicals to get through to the glue – it’s what you are working to neutralize. A wallpaper steamer helps ease wallpaper away by melting the glue that bonds it to the wall. You can usually find this specialty equipment for sale or rent at one of our Evansville hardware stores or home centers.

Another method is to spray or sponge on one of the several chemical solutions that dissolve the old bonding glue. Most of these preparations soak for about 15 minutes before removal. Alternatively, there is the least expensive option -- one that I find is usually just as effective. This is a one-to-one solution of fabric softener and hot water (the ‘hot’ is important). Combine the ingredients in a spray bottle, then spray directly onto the wall. This mixture works best when made in small batches that keep the water hot enough to melt the glue.

Once the bond is loosened, starting in a bottom corner, pull upward, using a putty knife as needed to ease the paper away from the wall surface. After the paper is down, the best cleaning solution is regular dish detergent preceding a water rinse and towel dry. (In case I forgot to mention it, work clothes are a requirement for this project: old work clothes!)

Do-it-yourself projects like this considerably lower the cost of updating Evansville houses for sale…especially when compared with the alternative of hiring a pro. If you’re looking for more ideas on how to modernize and refresh your home before listing it for sale, don’t hesitate to give me a call. Together, we can develop a pre-marketing plan that works for you! You can reach me at 812-499-9234.

Mortgage Rates Hit All-Time Low

About this time a year ago, I was pointing out that with Evansville mortgage rates at near historic lows, the opportunities for first time home ownership had seldom been better. Although, as always, there is a lot more to a family’s decision than the cash flow dimension, it’s undeniable that those who took advantage of low mortgage rates in 1993 could look forward to spending the next 30 years making the their friends and neighbors feel like they’d missed the boat. When you are paying 6.8% for your home while yournext door neighbor -- who bought just one year later -- is struggling at 9.2% every month, it’s no wonder your car looks a lot newer. And why you’re always jetting off to exotic vacations while they check out the latest “staycation” bargains.

That was what was happening a year ago, but this year is different. I can no longer tell you that mortgage rates are at near historic lows.

That’s because last week, mortgage rates hit absolute historic lows!

According to Freddie Mac’sPrimary Mortgage Market Survey, 30-year fixed-rate mortgage rates (FRM) averaged 3.62%. There were other bottom-scraping stats in the same report, including the average of 0.8 point (with an asterisk that points out that closing costs vary); but the real headline-maker was that further drop in mortgage rates. Down from 4.6% a year ago. That’s an all-time low in Freddie Mac records – and they go back to 1971.

"Recent economic data releases of less consumer spending and a contraction in the manufacturing industry drove long-term Treasury bond yields lower over the week and allowed fixed mortgage rates to hit new all-time record lows," said Freddie Mac's chief economist, Frank Nothaft, quoted in the July 5 release.

You can bet that Evanville buyers and sellers are listening. If previous talks of a housing recovery haven’t been enough to motivate first-time buyers or investors to jump into the market, mortgage rates like these often do the trick. And if you are on the oppositie side of the home-selling equation, weighing the best time to sell your Evansville home, this might be the signal you’ve been waiting for. Record-breaking low mortgage rates (and corresponding headlines) can help breathe life back into any market, including Evansville home sales. Properties that are properly priced and well-marketed stand the best chance of taking advantage of an invigorated market.

Every market is different, and often vary from neighborhood to neighborhood. Call me if you want to chat about market updates and how they might affect your individual outlook. You can reach me at 812-499-9234.

Lowering the Relocation Stress Meter

As moving time approaches, most internal stress meters start twitching around the time we have to figure out how many cartons it’s going to take. A cross-town move is one thing -- sometimes you can even handle it yourself (with the help of bribable friends and relatives, of course).

But suppose you have just accepted a new job promotion in Evansville area. Of course, you’re immediately excited by the adventurous prospect of the summer’s relocation. But suppose ourtown is located in a new zip code – and maybe even a new state. Your move up the professional ladder could also mean spending a lot more time and money on the move itself…and once here, the demands of your new position will double your need to pay attention to business.

Fear not: yourlocal real estate agent has seen how clients achieve a smooth transition with a minimum of stress. And we are happy to share some of the strategies that work best:

1. Lighten the load. The more belongings you and your movers have to pack, carry, and unpack again, the more costly the move will be. You can significantly lower the cost by getting rid of all the possessions you no longer use on a regular basis (there are probably more than you think!). Hold a yard sale, donate to charity, or just give those items to friends and family. We real estate agents are forever advising clients to de-clutter, but this holds doubly true when you are relocating. When you’re done, you’ll feel like a huge burden has been lifted from your shoulders! Stress meter: down.

2. Plan in advance. Real estate agents and relocation pros will always stress advance planning. As soon as possible, sit down and list the steps you need to take, then put them in order. You will find this gives you more time to make decisions, and more time to shop (and save money). For example, if you are buying anEvansville home and are working under a strict deadline, you could back yourself into a hurried decision instead of allowing time for your agent to expose you to all the additional options. By planning ahead -- meeting with your local real estate agent as far in advance as possible -- you can allot enough time to establish a relationship that allows your agent to introduce the full range of neighborhood options. Stress meter: down.

3. Consider using professionals. Before dismissing the idea of hiring professional movers because of cost, spend a day obtaining estimates from at least two or three companies, then compare with do-it-yourself moving costs. You can often obtain a binding estimate that is valid for about 60 days. Compare those figures with the cost of renting a truck, driving the distance, and hiring moving help on one or both ends. Hiring professionals is a one-time cost that will relieve you of the hassle – not to mention the emotional toll – at a time when your attention should be directed to your profession. Stress meter: way down!

The move to a new town can be anywhere from nerve-jangling to serene. If your future could include relocating to our area, please feel free to contact me for some practical local advice. We have many excellent neighborhoods here in Evansville that I’d love you to see!

Unexpected Rise Could Encourage Evansville Home Sales

The housing industry recovery has been underway for a while now, but for the most part, the upward movement has been moving at a snail’s pace. Experts are in broad agreement that the trend is there -- but the turnaround rate has been tepid. For those of us watching from ourEvansville perspective, it’s been a pretty unexciting rebound.

So last week’s good national news on existing home sales was especially welcome, because the report indicated that the 5.9% increase was more than three times greater than economists expected. According to the National Association of Realtors in Washington, the index of pending home resales climbed 5.9% to 101.1. This matches the two-year high reached in March.

“This improvement adds to the recent flow of good news on the housing sector, reinforcing our view that this beleaguered sector is finally on the mend” was what Millan Mulraine, a senior U.S. strategist at TD Securities in New York, wrote to his firm’s clients. Bloomberg News’ 39-economist survey had called for a 1.5% gain in May. Tripling that -- and more -- was wholly unexpected, especially in light of recent reports of weakening consumer sentiment.

Continued low mortgage rates, first-time buyer affordability, and a general sentiment that we have reached the bottom in home sales continue to contribute to the home sales rebound. Additional good news came specifically for developers and builders: a Commerce Department report showed in June that new home sales climbed to 7.6%. New dwellings accounted for almost 7% of the market last year, compared to a high of 15% during the market peak.

So what does such national home sales data mean to home sales here in our area? Good news is good news as far as I’m concerned, but real estate – as we all know – is nothing if not local. If you are considering selling your home and want the latest local information on prices and market activity, contact me to discuss thosetrends and how they are affecting our own Evansville home sales. You can reach me on my cell phone at 812-499-9234.

How Safe From Break-ins is Your Home?

Ahhhh! At the end of a busy day, who doesn’t look forward to the surge of well being that comes with closing the door behind you, finally able to relax now that the world is at bay. Whether living in apartments or homes, everyone deserves that feeling of safety and security. Yet, like most everything else, real security has to be earned.

In the area of home security, we’ve come across both good and bad news. The good: the most recent FBI report shows that the number of burglaries is decreasing across the nation. The bad: burglaries are still responsible for 23% of property crimes, and total losses for those were estimated at more than $15,000,000,000. That’s billion. Fortunately, a few very simple actions can reduce the chances that any of our Evansvillehomes will become one of those statistics.

Close and Lock Doors and Windows

This may seem obvious, but the FBI reports that burglars don't use force in about a third of homes hit by burglaries. If a criminal can gain easy access through an open or unlocked window or door -- including the garage door -- his job becomes that much easier…and, from his point of view, that much safer (yes, burglars are safety-conscious!). Since most burglaries take place during the day, Evansville homes will be significantly more secure if their owners remember to check the windows and doors whenever they leave.

Opt For Deadbolt Locks

Most people don’t realize how flimsy most front door locks actually are. While no lock is impenetrable, deadbolts take longer to break. Since burglars look for the easiest way to enter homes, most will give up and find homes with more vulnerable locks. This seems a small detail, but thoughtful protection like this can be a selling point for Evansville homes whenever their owners decide to put them up for sale.

Install a Home Security System

Whether a simple burglar alarm or a complex system with motion sensors, window and door sensors, surveillance cameras and even 24/7 off-site monitoring, burglars who find that they are expected know they will be risking arrest. It’s why statistics show that just having a security sign out front can help deter break-ins. The cost of security systems can be partially offset by a discount (usually 5% - 10%) from your home’s insurer.

An important part of owning homes is protecting them -- and ‘the buck stops’ with you, the owner. I hope you will consider me a trusted resource forEvansville home maintenance and security-related referrals anytime!

Vacation-Home Buyers are Back

Real estate practitioners in vacation spots across the country say the market for second homes is picking up steam as buyers grow more confident given signs of growth in small businesses.

The National Association of REALTORS® reports a 7 percent jump in vacation sales to 502,000 last year, accounting for 11 percent of all volume. The median vacation home price was $121,000 last year, down from a peak of $204,100 in 2005, but agents in some locales say prices are beginning to creep up as the distressed inventory is moved out.

Vacation-home buyers are snapping up higher-priced properties, although Jennifer Calenda of Michael Saunders & Co. in Southwest Florida says prices are not necessarily on the rise. With inventory hitting a seven-year low of 4.7 months in Sarasota, Manatee, and Charlotte counties, she says buyers "are saying 'we better hurry up.'"

Inventory is so scarce in some markets that some real estate professionals report multiple offers; and with prices probably at the bottom, Trulia economist Jed Kolko says people ready to make a cash purchase or who can qualify for low mortgage rates should strongly consider buying now.

Source: "Vacation Home Buyers Return, Pick Pricier Properties," Investor's Business Daily