The National Association of Realtors (NAR) has recently reached a settlement agreement aimed at resolving litigation regarding claims on broker commissions brought forth on behalf of home sellers. This agreement addresses all claims against over one million NAR members, NAR itself, state and local REALTOR associations, Multiple Listing [...]
For those who pay attention to the real estate sector, particularly within their local neighborhood, the notion of a "hot market" might seem elusive. The house on your street has been on the market for what seems like an [...]
This winter has given Colorado its fair share of snowfall, even before Colorado's traditionally snowiest months. With almost guaranteed more on the way, how can you safeguard your sidewalk, driveway, and pedestrian traffic without incurring exorbitant costs for ice-melt damage repairs? Educate yourself on the different ice [...]
Shania/Swift Tribute Concert- Celebrating the music of Taylor Swift and Shania Twain plus an open set of the music of Eric Church
Grizzly Rose Denver, CO
02/09/24
8pm MST
Tickets are sold here - https://grizzlyrose.com/.../shania-taylor-swift-tribute/
Parker Arts Presents, School of Rock- Rock got no reason, rock got no rhyme... You better get me to school on [...]
Have you considered investing in a home warranty?
Before you dismiss this post, please know that I am not attempting to extend your vehicle’s warranty. A home warranty can be a valuable asset!
Picture this scenario: you've recently closed on your new home, and as you start to move in, you realize that your air conditioner is not working. If you were left to deal with this situation on your own, would you know who to contact? Would you be able to afford a repair or replacement if necessary? A home warranty is similar to a service contract that covers the cost of repair or replacement of any covered items, typically the major functions and appliances of your home. Your warranty provider may also recommend vendors and guide you through the repair process, saving you thousands of dollars if you purchase from a reputable company.
Home warranties have garnered a negative reputation because those in the industry have failed to explain them correctly to homeowners. Are home warranties a catch-all solution that covers everything? No, that would be a poor business model. Instead, think of a home warranty as similar to a builder's warranty for a new construction home. If you call the builder and say your window is broken because your child threw a baseball through it, the builder will likely tell you that it's not their problem. However, if you call the builder and say your furnace isn't working, and you have no idea why even though you've followed the owner's manual, chances are you will be covered. Another example is your automobile warranty. If you call the dealership and say your car broke down, but you've never changed the oil, the manufacturer will likely tell you to pay up or get lost. The same applies here: as long as your home is well-maintained and cared for, you will be covered.
What isn't covered by a home warranty? Depending on the package you choose, items such as flooring, furniture, doors, and small appliances may not be covered.
So, how much does a home warranty cost? Prices vary depending on the service provider and the coverage you select. At WH Realty Company, we have partnered with 2-10 Home Warranty for years and recommend their Supreme package. This package includes supreme coverage for AC and heat pumps, appliances, electricals, heating, and plumbing, as well as lock and hardware replacements under the "Happy Home" plan. All service calls under this plan are $100, and it costs $625 for 12 months of coverage.
The age-old question of whether to stage your home or has garnered significant attention in recent times. In January 2021, the National Association of Realtors (NAR) conducted a survey that involved 58,300 active Realtors throughout the US, focusing on home staging. The survey revealed that 82% of buyers' agents found it easier for buyers to visualize a property as their future home when the house was staged. Additionally, 41% of buyers were more willing to see a home in person after viewing beautifully designed online images of the property.
Despite our best efforts to make logical home purchases, buyers are often swayed by emotional factors. As a seller, your goal is to create an emotional connection that will make negotiating inspection resolution items, appraisal gap issues, and any other potential problems that might arise much easier on your sanity.
If you are worried about the cost of staging your home, fear not! Staging doesn't always require a professional designer to furnish your entire home. The most commonly staged rooms include living rooms, kitchens, primary bedrooms, dining rooms, and home office spaces. In most cases, you only need to stage the high-impact areas that attract buyers' eyes.
While your home can sell without staging, according to NAR's survey, not staging your home could mean leaving anywhere from 1%-5% of potential profit on the table. On a $650k house, that's as much as $32,000. If money is tight, you can work with an agent who offers a concierge package or seek the assistance of a designer who can help you lay out your current furniture in the most favorable layout.
Another factor to consider is the risk of contract termination, with anywhere from 30%-35% of all contracts terminating before getting to closing. Buyers falling out of love with the home due to buyer's remorse is one of the significant reasons for contract termination. In most cases, buyers include a significant amount of cash to bring to closing, which is great until they realize they have to come up with that considerable amount of cash to close. Helping them create an emotional connection with the home early can help soften that blow and lower your risk of termination as the contract goes through the various steps to get to closing.
Appraisers are not technically looking at the interior design of your home, but they are human. A perfectly presented home is likely to have a higher appraised value. Spending less than $2k to furnish and professionally design your home can prevent a buyer from terminating the contract due to a significant appraisal gap, which costs more than $2,000 to go back on the market and find another buyer.
Just like preparing for a first date, you shower, shave, and style your hair to present the best version of yourself. The same applies when listing your home. Builders stage their model homes to show as a "perfect 10." When possible, repeat and duplicate what has already been proven to work.
Congratulations! You did it! As you walk back to your car after closing, you realize that your dream home is finally yours. However, the excitement is quickly replaced with panic as you wonder where to begin with homeownership?! Don't worry, we've got you covered with this simple reference list to keep you on [...]
Selling your home quickly is sometimes a given, but did you know that the agent you choose can affect the cash you walk away with? Here are five reasons why interviewing multiple agents and selecting a local expert is crucial when putting your home on the [...]
