If you are considering adding a sunroom or converting a garage to a family room, consider that adding more finished space adds value to the appraisal and almost every buyer would like a sunroom and/or a family room. There are, however, three categories of “but.” One is that if you need to sell within a short time, you might not get back the full cost of the work. (Nevertheless, if you do such major projects, don’t scrimp on the quality of the work: make sure the structural work is good and the materials are at least as good as those in the rest of the house. A bad addition can be more of a negative point than neutral!)

The second “but” is that at least in the case of the garage conversion, you are losing the garage space: most people would rather have the family room, if the house is otherwise small, but some potential buyers would rather have the garage. (And a sunroom addition might cut off light to existing rooms in the house - think about skylights or solar tubes, in that case.) The third “but” is that having extra space is good, but if the traffic pattern to get to it is not easy, it doesn’t add as much value as it otherwise would. The point of an addition should be to transform the rest of the house, as well as just adding square footage: then you really DO have enhanced value.

Anybody who spends any time with me has heard my soapbox speech about "somebody has to start remodeling these 60's ranch houses we have all over the area."

The ranch house are often on very nice pieces of land, in very convenient neighborhoods (especially given the future of gas prices), and usually very sturdy in basic construction. All they need is some style!

I'm also pretty obsessive about collecting house-design books, so to anyone looking for inspiration, I'd like to recommend a few.

• M. Caren Connolly and Louis Wasserman, Updating Ranches (Taunton Press, hardcover 2003, pb 2006)
• Jane Gitlin, Updating Capes (Taunton Press, hardcover 2003, maybe a pb by now)
• James Grayson Trulove, Great Houses on a Budget (Harper Design, 2005)
• Matthew Schoenherr, House Transformed: Getting the Home You Want with the House You Have (Taunton Press, 2005)
• John Connell, Creating the Inspired House: Discovering Your Place Called Home (Taunton Press, 2004)

And of course there is the enormously influential series of "Not-So-Big House" books by architect Sarah Susanka (also Taunton Press). (Think about gas prices and imagine what heating and cooling costs are going to be in a few years.)

Taunton Press (www.taunton.com-- you can order directly from them, and watch for good periodic sales) is obviously the leader in this field. For a few years (I think 2000-2005), they published a wonderful magazine called The Inspired House; they also publish Fine Homebuilding, Fine Woodworking, and Fine Gardening.

(By the way, let me also suggest that you use and support your local public library--they can probably find copies of all these things for you to borrow.)

On the tube, one of the more interesting of the silly design shows is "Hidden Potential" on HGTV.

Here's the standard plot: a couple looking to buy is shown three horrible houses, then a hunk arrives and on a big laptop shows them what can be accomplished by way of remodeling for a mere couple hundred grand. In the midst of all this, there are some good ideas, especially about how to open up the small-divided-rooms layout of older houses -- ideas which could be made to work on a much more modest budget.

Reposted from Showing the Love... on Handshake 2.0 :

Agents at Coldwell Banker Townside, REALTORS® frequently share fun stories about the "above and beyond" service and the "love" they share with their real estate clients.

One agent provided the car and served as driving instructor for an international buyer that needed help passing his driver's test. Three sessions later and a DMV road test with the agent's car, Virginia had a newly licensed driver!

Another agent retrieved a deceased pet from a home and preserved it in a cooler until the seller wasout of the hospital and could give the animal a proper burial.

I personally had the pleasure of accompanying another agent while driving the seller's black lab - fragrant with "eau de dog" - around the neighborhood for an hour while a prospective buyer viewed the property!

These are some extremes, but real estate agents often become pet sitters, baby sitters, bed and breakfast hosts, marriage counselors, housekeepers, plumbers, interior decorators, chauffeurs ("Hey, can you give me a ride to get my hair cut?"), and last, but not certainly not least, friends.

I am proud to be associated with a quality group of agents, like those at Coldwell Banker Townside, REALTORS® who understand that real estate service goes beyond showing property and scheduling home inspections.

Has a REALTOR "loved" you? I would love to hear your story. Feel free to e-mail me at mgalecki@cbtownside.com . And if you'd like to read more REALTOR tales, here are some amusing stories from REALTOR: The Business Tool for Real Estate Professionals .

For-Sale-By-Owner (FSBO) vs. Listing with a REALTOR®

Paperwork:  Where do I get all the right documents?  How do I know the contract is airtight so I don’t get taken advantage of?

There are a few sources you can use in obtaining the paperwork for a home sale:

• Online: there are a number of websites that offer state-specific real estate documents for a fee. You can just download the file and print the papers.
• Office Supply Stores: most office supply stores offer a basic real estate contract that you can fill in
• Real Estate Attorney: for a fee, an attorney will be glad to provide you with the relevant documents

Okay, so now you’ve got a buyer and a contract.  What comes next?  You’ll have to find out which attorney or settlement company will be handling the closing and provide them with various documents and details.  In most cases, you’ll need to have a pest inspection, order your deed, and provide your mortgage payoff information.

To avoid having a savvy buyer take advantage of you, I recommend that you always, always have an attorney review your contract before signing.

…by listing with a REALTOR®…the contract used will be a ready-written, attorney reviewed document with all the bases covered.  Your agent will explain, in layman’s terms, the terms of the contract and your obligations, as well as the buyer’s obligations.  Your agent will negotiate on your behalf to reach terms acceptable to you, and to prevent the pitfalls and loopholes that could enable a buyer to take advantage of you.  Your agent will coordinate all the closing activities and ensure that all parties involved are on the same page.

A REALTOR®’s goal is to sell your home for the most money possible in the least amount of time possible, and our daily activities are centered on this goal.  If you don’t have the time or energy to devote to another full-time job, it just makes more sense to let an informed, experienced real estate professional take on the task.  Your REALTOR® is armed with resources, information and knowledge of the current market, and most of all, your best interests in mind.

If you do decide to go it alone, I wish you success and invite you to contact me if you have questions along the way. GOOD LUCK!

Motivations From Financial Author and Speaker Dave Ramsey :

Think back to December 2007. Doesn't seem very long ago, does it?

Well, now we're finished with 2008. We're all making the new year's resolutions that will last to mid-January-lose 20 pounds, get out of debt or maybe even read a book. Statistics show that most of us will quit before we get anywhere close to those objectives.

This year, set a goal to not quit!

If you had stuck with the goals you made last year, then you would already be done. Wow! Last year went by quickly, and so will this year, so don't let the time get away from you. The sooner you make something part of your routine, the less you'll notice that you're doing it, and the quicker you'll be finished.

Don't make a goal and then look at it as something you have to do. That's the wrong attitude. Soon you'll come to resent doing the thing that is supposed to make you better. Remember that every time you pay off a debt, get on the treadmill, or do something else productive, you become stronger and get closer to your target.

Think about when you graduated from college. You were used to going to bed at midnight or later. But now that you have a job, you need to get up earlier. So you start going to bed at 10 or even 9:30 p.m. You didn't like it at first, and it took some adjusting. But now you've done it so much that you don't even notice. It's part of your routine.

Getting out of debt, losing weight, or anything else is the same way. Do it for a while, and it goes from being difficult to being a bother to just another thing. By the time beating debt becomes just another thing, you are reaping the rewards from it , which makes the process fun. And when it's fun, the year passes quickly.

For-Sale-By-Owner (FSBO) vs. Listing with a  REALTOR®,

Accurately Pricing Your Home – What’s my home worth?

The single most important aspect of selling your home is price.  Price it too low, and you’ve left thousand of dollars on the table; price it too high and you’ll run into problems with the appraisal and buyer’s financing (mortgage lenders require that the home appraise at or above the purchase price).  When determining the price at which you will offer your home, there are a few things to consider:

                Size (square footage of livable space, # bedrooms/bathrooms, yard)

                Age and condition

                Location, location, location

The best way to accurately price your home is to see what homes similar to yours in size, age, condition and location (comparable sales) have sold for in the past 3 months.  This is the means by which appraisers and real estate agents arrive at an opinion of value.

To determine the value of your home in today’s market, you can do one of two things:

                Hire an Appraiser ($300 - $500)

                Research recent sales data at the courthouse (time consuming!)

Keep in mind that a home is only worth what a buyer is willing to pay for it – that is why the concept of “comparable sales” is so important!

…by listing with a REALTOR®…you don’t have to hire an appraiser to get an accurate opinion of value – we use the same records as appraisers do to research comparable sales.  You also won’t be sitting in a courthouse vault sifting through real estate records.  You’ll be relying on the opinion of an informed professional who lives and breathes the NRV market every day.

Recently, I was working with some buyers who just couldn’t find the right house to fit their needs.  After 4 months of searching, I drove past a FSBO that had the exterior features my clients were looking for.  I suspected it would be out of my clients’ price range, but after speaking with the owner, I arranged a showing.  It turned out to be just the home they’d been searching for, and we quickly negotiated a purchase price.  As part of the mortgage process, an appraisal was ordered.  The appraisal revealed that the value of the home was $23,000 more than the purchase price!  This was great news for my buyers, but the seller left a ton of money on the table.  Moral of the story: if the seller had listed with a REALTOR®, 1) the home would have been priced accurately, leaving the seller with more money even after paying the REALTOR® fee 2) the home would have sold in 2 months instead of 7 months, and 3) the seller wouldn’t have dealt with phone calls from tire-kickers, low-ballers and agents trying to list the house.

Next Post:  Where do I get all the paperwork?

Reposted from from Coldwell Banker Townside, REALTORS® agent, Jeremy Hart: Want to Sell Your House? Don't Ignore These Details:

This has been making the rounds across the Web right now - it's a simple reminder of what sellers (and their agents) should be paying attention to. It doesn't matter if it's a home in Blacksburg, or Christiansburg, or Radford ... all of these things make a difference. The short list?

1. De-clutter
2. De-pet
3. Leave during showings
4. Your first offer is often your best offer
5. Lowball offers are simply starting points - they're not insults
6. Update, clean and paint
7. Curb appeal matter
8. De-personalize
9. Lighten up the house
10. Fix broken stuff

And Jim Duncan adds #11 - "Price to the market; what you owe does not matter to the buyers or the market."

H/t to Lani for the link.

For-Sale-By-Owner (FSBO) vs. Listing with a REALTOR®

You may be thinking of going it alone and selling your home as a FSBO.  If so, you’re probably wondering how the whole process works…how do I find potential buyers?  How do I accurately price my home?  Where can I get all the paperwork involved with a sale?  How can I be sure the contract is airtight and a savvy buyer won’t take advantage of me?  All good questions – you should be sure to have these answers before you navigate the waters by yourself.

Of course I am biased, but I always recommend that sellers list their home with a licensed Virginia REALTOR®, but if you are brave enough to do this on your own, I hope you will find this series helpful.

Finding potential buyers:  Advertising a FSBO

Online services

Print Publications – Roanoke Times, other local papers

Signs – yard signs and directional signs

Word of Mouth – tell your friends/family/coworkers (over 56% of FSBOs are sold to friends/family)

Public Bulletin Boards – create a flyer and post copies anywhere you can

The more buyers that know your home is for sale, the better chance you have of selling quickly!

…by listing with a REALTOR®…more buyers (and I mean MANY more) will know that your home is for sale.  The MLS (Multiple Listing Service) is a database used exclusively by real estate agents 1) to share pictures, virtual tours and detailed information about the property they are listing with other agents and potential buyers, and 2) to search available properties for their buyer clients.  Over 80% of home buyers start their search on the internet using websites that pull data from the local MLS (Multiple Listing Service) every night.  Over 90% of buyers use a real estate agent to purchase their home. Bottom line: if you’re not listed in the MLS, you’re not in front of the majority of buyers who start their search on the internet, or in front of the REALTORS who help those buyers.

…by listing with a REALTOR®…you don’t have to coordinate and pay for the marketing of your home.  As a matter of fact, you pay NOTHING until your home sells.  You also do not have to field information calls from “tire-kickers” or agents who just want to list your home.

Finally, …by listing with a REALTOR®…the potential buyers who will see your home are generally serious, qualified buyers.  One of my duties as an agent when showing homes to my buyer clients is to verify that they are qualified to purchase a home in that price range.  FSBO buyers may not have even spoken with a mortgage lender yet. Why test drive a Porsche when you can only qualify for a Hyundai?

Next post:  Accurately Pricing Your Home  

I just helped out with a local Radford “Meals on Wheels” organization. The experience is a pretty awesome thing. It really doesn’t take very long at all. I usually partner up with someone in my office. Today, it was fellow REALTOR®, Diane Boon, who faithfully gives to the organization. After picking up and organizing the meals in order of homes, one person drives while the other takes the meals inside the home to the recipient.

The reaction and smiles you get from these folks is pretty special. They are all so very thankful and appreciative. They enjoy seeing and talking to someone even for only a few minutes. This makes you feel good.

I am thankful that occasionally I can give back a little something. I am the one blessed in this!

New Years Resolution: Give more often – What you receive is more than you give.

Someone recently asked me how important curb appeal and home staging is when getting ready to list a property. If you have plans to sell your home, over the next few months is a great time to do so. This important process involves careful and honest evaluation of the interior and exterior. Increasing your home’s appeal, often referred to as staging, should be included in your plans.

Here are great ideas to get you started:

Your Home’s Interior-

The fewer personal items, such as family photos, souvenirs, keepsakes, awards, etc. displayed, the better. You want the prospective buyers to view your home as their home. This also applies to closets and storage areas. Painting dark or scuffed walls and cleaning your carpet and window coverings will also increase the appeal of the interior. Set out nice towels and new soap in the bathroom and create a pleasant aroma in your home with vanilla airfreshners. This scent appeals to a broader audience.

Your Home’s Entry-

The look of the entry is especially important during this time. Because it is advantageous for prospective buyers to feel welcome when entering your home, make certain this area is clean and beautiful. Paint where needed and repair any chips. Consider replacing doorknobs and hardware and add a nice doormat. Add lighting to increase the existing wattage for evening showings. Your Home’s Exterior- Since the lawn and exterior of your home is the first thing a buyer will see, it is important to make sure your lawn is well-maintained and manicured and your walkway is mended of any cracks or chips as well as swept. Invest in some attractive foliage (make sure to follow seasonal planting directions.)When preparing your home, be sure to view your property as you think someone else will. Take a good look at both the exterior and interior features and make a list of areas of concern.

I am here to help you by offering honest advice regarding your home’s condition. A successful sale starts with increasing your home’s appeal. Contact me for home enhancement ideas.