Have Your Day in the Sun by Moving Up This Summer

 

Have Your Day in the Sun by Moving Up This Summer

Some Highlights

• Longer days and sunny weather mean summer is upon us, and what better conditions than right now to upgrade to the home of your dreams?
• If your needs have changed, it’s a great time to upgrade – there’s likely high demand for your current house, and today’s low mortgage rates can help you afford your dream home.
• If you’re ready to upgrade to a home that matches your changing needs, let’s connect today.

Listing Prices Are Like an Auction’s

 

In Today’s Market, Listing Prices Are Like an Auction’s Reserve Price

For generations, the process of buying and selling a home never really changed. A homeowner would try to estimate the market value of their house, then tack on a little extra to give themselves some negotiating room. That figure would become the listing price. Buyers would then try to determine how much less than the full price they could offer and still get the home. As a result, the listing price was generally the ceiling of the negotiation. The actual sales price would almost always be somewhat lower than what was listed. It was unthinkable to pay more than what the seller was asking.

Today is different.

The record-low supply of homes for sale coupled with very strong buyer demand is leading to a rise in bidding wars on many homes. Because of this, homes today often sell for more than the list price. In some cases, they sell for a lot more.

According to Lawrence Yun, Chief Economist at the National Association of Realtors (NAR):

“For every listing there are 5.1 offers. Half of the homes are being sold above list price.”

You may need to change the way you look at the asking price of a home.

In this market, you likely can’t shop for a home with the former approach of negotiating to a lower price.

Due to the low supply of houses for sale, many homes are now being offered in an auction-like atmosphere in which the highest bidder wins the home. In an actual auction, the seller of an item agrees to take the highest bid, and many sellers set a reserve price on the item they’re selling. A reserve price is the minimum amount a seller will accept as the winning bid.

When navigating a competitive housing market, think of the list price of the house as the reserve price at an auction. It’s the minimum the seller will accept in many cases. Today, the asking price is often becoming the floor of the negotiation rather than the ceiling. Therefore, if you really love a home, know that it may ultimately sell for more than the sellers are asking. So, as you’re navigating the homebuying process, make sure you know your budget, know what you can afford, and work with a trusted advisor who can help you make all the right moves as you buy a home.

Bottom Line

Someone who’s more familiar with the housing market of the past than that of today may think it’s foolish to offer more for a home than the listing price. However, frequent and competitive bidding wars are creating an auction-like atmosphere in many real estate transactions right now. Let’s connect today so you have a trusted real estate professional on your side to provide the best advice on how to make a competitive offer on a home.

Why You May Want To Cash in on Your Second Home

 

Why You May Want To Cash in on Your Second Home

When stay-at-home mandates were enforced last year, many households realized their homes didn’t really fulfill their new lifestyle needs. An office (in some cases two), a media room, space for children to learn, a gym, and a large yard are all examples of amenities that became highly desirable almost overnight.

Zelman & Associates recently reported that sales of primary residences grew by 9% in 2020. That increase in demand was met by the lowest supply of homes for sale in history. High demand and low supply caused prices to skyrocket over the past twelve months. Here are three home price indexes released most recently that show how home values have risen:

• FHFA Agency House Price Index shows a 13.9% increase
• CoreLogic Home Price Insights Report shows an 11.3% increase
• S&P Case-Shiller U.S. National Home Price Index shows a 13.2% increase

Prices increased by double digits in every region of the country and in 19 of 20 major metros. Chicago was the only exception, where prices still rose by 9%.

What does this mean to those who purchased a second home during the pandemic?

Many people didn’t want to give up a home in the city or close to their office. Instead, they purchased a larger second home farther away and moved there to stay safe and have more space. According to the same Zelman report, sales for second homes rose an astonishing 27% in 2020.

That large second-home retreat on a lake or in the mountains would demand a higher price than the average house. Let’s assume a buyer purchased such a home for $500,000. Assuming the middle 13.2% appreciation shown above, that home would now be worth about $566,000.

Those who bought second homes to improve their lifestyle during the height of the pandemic, or those who just wanted to be in a safer environment, also made a great investment.

What should these homeowners do now as the pandemic is receding, and the economy is reopening?

The buyers of those second homes now have a decision to make. Many will move back to the original home they still own (the one that’s closer to work, friends, and family). Should they keep the second home? That could depend on answers to questions like these:

• Now that you may have to go back to the office (at least a few days a week) and students are required to physically attend school, would you still use the second house enough to warrant the expenses of an additional home?
• Would you go to the second home on most weekends, or would you return to the movie theater, attend sporting events, eat out at fine restaurants, or spend your time traveling again?

Bottom Line

If you purchased a larger second home during the pandemic, you were able to make day-to-day life much easier for those important to you. You also made it much safer. However, with those goals already accomplished, you now need to decide whether to continue paying the extra expenses or sell the house and cash in your profit. If you decide selling makes sense, let’s connect today to discuss the value of your second home.

Top 5 Low Cost Alternatives to Hardwood Flooring

by TheFlooringGirl .com

Low Cost Alternatives to Hardwood Flooring

There are many reasons that hardwood may not work for you.  It could simply be that you need a less expensive alternative, or a product that you can install yourself so you can save money on installation.  Or, you may need a product that is waterproof or resistant to moisture.  Or, you may be installing in a location where solid hardwood isn’t approved for (e.g. below grade), or there may not be enough height for solid hardwood.  Or, you may have a concrete sub-floor and just want a product that can go directly on top of the concrete.

So, below are 5 alternative flooring options you can use.  And, best of all, almost all of them can look like hardwood, and most are less expensive.
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1.  Luxury vinyl plank flooring (or engineered vinyl planks)

This is one of the most innovative products this decade, and I absolutely love it as it’s looks so good and is so versatile.  Luxury vinyl planks (sometimes called Engineered vinyl planks or luxury vinyl) are planks that look and feel like real hardwood, but they are WATERPROOF!  Yes, waterproof!  So, they are great for areas that may get moisture or a bit wet (e.g. kitchens, basements, powder rooms).

US Floors invented the category and revolutionized flooring forever with their break-though product called Coretec Plus.  IIt’s an amazing product that looks like real wood and clicks together like a laminate, so it’s easy to install (and easy for do-it-yourselfers).  Unlike laminate (which absorbs moisture like a sponge), Coretec Plus holds up to water and moisture.

Coretec Plus has an attached cork underlayment, so it adds a bit of cushioning and insulation.  It can be installed directly on top of concrete, or even tile flooring.

  

2.  Wood look tiles

These have been around for a while and are a great option if you want a wood look, but also want soemthing waterproof.  They’ve become super popular, so they are now around in a variety of shades, textures and styles.  Some even look distressed or handscraped.

They are a favorite for many in kitchens, entryways, mudrooms, bathrooms and basements.  They are especially popular in warm climates as they keep your space cooler in the hotter months.  In cooler climates, they can be cold on your feet, so these tiles are usually installed in smaller areas or over radiant heat.

 If you’re looking for grays or white washes, these tiles provide great options as they start with a white base, so they can get a real clean white or gray look (compared to hardwood floors which are more challenging to refinish gray given the yellow and pinkish tones in real hardwood).  Check out this article to see my top picks for wood look tiles and where you can buy them online.

If you have a concrete sub-floor that’s even, tiles are relatively easy to install as they can go directly on top of concrete.  And, if you’re interested in installing radiant heat, tiles are the best flooring surface for this as they conduct the heat best (and therefore are most efficient).
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3.  Laminate flooring

Laminate floors are less expensive than hardwood, so if you’re really going for “cheap,” this is the way to go.  Laminate flooring is clickable (so it’s a floating floor) and can be installed easily on top of tile or concrete flooring (as long as you add an underlayment).

Please note that laminates are NOT waterproof.  In fact, they rapidly absorb moisture – like a sponge or cardboard.  Laminates range in quality and prices.  The more expensive ones look better and are more durable, but they do cost more…and at that point, you are probably better upgrade to a product like Coretec Plus which is waterproof…or real hardwood flooring.

But, most laminate that you’ll see, especially in Big Box stores, are on the lower end, and they do not hold up so well (they often delaminate), and they look and sound more fake.  But, as I said, if you’re looking for the cheapest option, this is the way to go.  If you’re looking for the best value option and can spend a bit more, I’d encourage you to consider some of the other options.
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4.  Bamboo flooring

Bamboo flooring is an alternative to hardwood flooring.  It’s often misclassified as hardwood, but it’s important to know that it’s actually a grass.  It’s certainly less expensive than solid hardwood, and it’s engineered and glued together.  Because of this, it acts like an engineered wood and can be glued directly to concrete floors, making it very versatile.

Bamboo is substantially less durable than hardwood floors, and there is a LOT of misleading information about this product online (and in stores).  It’s softer than oak flooring (even though some claim it’s harder…the tests are very misleading and so are the marketing claims…soon I will need to write a whole post about this).

 It scratches more easily than oak and it shows the scratches more.  And, it does not hold up well to water.  (and, yes, we’ve had to replace/repair many of these floors from minor water damage from everyday use (e.g. water spilled from dog bowls, water seepage at doorways or windows).  And, it’s more challenging to sand and refinish bamboo floors, and they do not absorb the polyurethane very well.

This would not be my first choice for a hardwood alternative, but it can work in some apartments, especially if you don’t have pets and you don’t wear shoes in the house.  There are different types of bamboo, so I’m over simplifying a bit, but still, it would not be my first choice.  The lighter/natural ones hold up better; the darker ones (i.e. light brown) are made that way by carmelizing the wood, and that weakens the sugars and wood through the heating process.  Also, the strand woven ones hold up much better (but they are more expensive).
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5.  Cork flooring

Cork flooring is another great option.  It feels amazing on your feet and it has a bit of shock absorption, so it’s easier to stand longer (an important feature for kitchens).  And, cork has some insulation as well as sound absorption properties.

Cork is also environmentally friendly, and many love this aspect.  The downside to cork is that it doesn’t come in as many color options, and some people love the look, but others don’t.

  

Conclusion:

So those are my top 5 alternative flooring options if hardwood floors aren’t right for you.  As you can see, no flooring is perfect.  They all have trade-offs (even hardwood does).  The key is to find the flooring that’s best for you, your space, your needs and your budget.

Give Jinks Realty a Call for All your Real Estate Needs (956) 429-3232 or visit our website www.JinksRealty.com

Give Your Home A Pedigree - Document Your Homes Maintenance and Improvements

by Kevin Vitali a Massachusetts REALTOR located in Tewksbury MA.

One thing a home buyer loves is a well maintained home.  A great habit of any homeowner is to document the work you have done on the home.  It helps give your home a pedigree.

So what is the definition of a pedigree?  “The background or history of a person or thing, especially as conferring distinction or quality.”

Doesn’t that sound great?  Of course it does and what home buyer wouldn’t love that.

Over the years I have had homeowners that have saved and organized everything they have ever done to their house.  Boy, it is awesome and it impresses buyers. 

On the other hand I have had sellers save nothing and in some cases they don’t even know if permits were pulled, when certain work was done, etc… and that can sometimes work against a seller.

As a home buyer, would you rather buy the house that is a pig with lipstick slapped on it or the pedigreed show home where everything is documented?

How To Give Your Home A Pedigree

When it comes time to give your home a pedigree, document every major repair or home renovation you have done with paperwork and neatly organize it.  A great way is to get a big 3 ring binder with clear sheet protectors to organize your home’s information.

Don’t put in every little receipt in your book.  Replacing a washer in a faucet it not something I would document.  Use the book for significant repairs and improvement that give your home value.

Remember buyers want to know everything about your house.  By creating a binder of home maintenance and improvements you help give buyers confidence.

What Types of Paperwork Gives Your Home a Pedigree

Plans-  Save any house plans, plot plans and land survey.  It helps a buyer give a perspective on what they are buying.

Receipts of work completed-  Whether it is a roof replacement, major furnace repair, a home renovation etc…. A receipt does a few things.

It gives value as they see the receipts and the money you spent.

A receipt also reinforces the work was properly done by the appropriate, licensed professional.

Even if you did the work yourself show the receipt for the materials you used.  Materials on a DIY job can be significant cost of any home improvement project.

The receipt will also give an accurate date of when the work was completed.

Permits-  You pulled the permit, you got it signed off by the town, throw it in your home binder.  Permits give a home buyer confidence that the work was done to code in a safe manner.

No home buyer wants to get stuck with inferior work on home improvements that should have been permitted but wasn’t.  It can cost them dearly down the road.

Warranties-  A lot of warranties can be passed on in part or full to a new home owner.  Others might need to be transferred by the new home owner.  Warranties can certainly help give a buyer peace of mind when buying your home.

If a repair or product has a warranty that can be transferred make sure you get it into your book.

Many warranties are predicated on registering the product in the first place. So don’t forget to register them.

Certifications- Work such as lead paint removal and asbestos removal provide a certification from a licensed professional that the work was done according to certain standards and was disposed of properly. 

Lead paint and asbestos can very harmful and the fact you had it removed is a big deal.  Ont op of it you can show you do it safely and properly.

Test Results- Sometimes a homeowner runs into issues that might require the home to be tested.  Issues like radon, arsenic in the water and mold will have an final test done showing the corrective measures have resolved the problem.

Homes have problems that need to be taken care of, it just happens.  A home buyer wants to see the problem has been taken car of properly.

Product sheets of materials used- The product sheets describe the materials used and the benefit of the product.  If it’s an upscale product even better. Many times a buyer might not know the full benefit of a particular product or brand and the product sheet gives value.

Look at our culture you can buy a sweatshirt for 15 bucks but if you slap a logo that says Ralph Lauren on it and the price jumps drastically.

Instruction Manuals-  Instruction manuals provide valuable information for the owner and wouldn’t it be great to have it all organized in one area.  Instruction manuals can show a new homeowner something as simple as how to replace a filter in a furnace.  Or, the best way to clean a laminate floor.

Benefits of Giving Your Home a Pedigree When It Comes Time to Sell

When it comes time to sell your home, taking that little bit of extra time can give your home a pedigree over the years can have many benefits.

Gives value- Money you spent on repairs and renovations can give your home actual value or perceived value to a home buyer. 

Take two home in the same neighborhood and all things relatively equal.  One spent 10k on the roof and one is looking at an expensive roof repair with in the year which would you choose?

Fully informs the buyer- Imagine leaving this book at the house for showings.  A home buyer can peruse it and see the care you have put into your home.  But not only that, if you have upgraded your home with a high velocity ac or a tankless water heater it informs the buyer on the benefits of the upgraded product.

Highlights Low Visibility, Big Impact Repairs and Renovations-  There are just some repairs and improvements that have very low “eye candy” appeal but have a major, positive impact on a home.  For example, a perimeter drain in the the basement is a prime example.  You don’t really see it, but if installed correctly with back up sump pump and battery backup it guarantees you will never have water in your basement again.

Gives confidence- If a home seller had been meticulous about organizing their maintenance and projects it is going to give a home buyer confidence they are buying a good house.

Save time and decreases stress-  Imagine having the answer to all your buyers questions at your finger tips, instead of sorting thru tons of paperwork trying to find an answer.  Because, guess what, they are going to want details.

Better Offers-  The less that is left to question about a home certainly boosts home buyer confidence.  When a home buyer is confident that your home is a good one, that leads to better offers.

What buyers want is to know they are not going to experience major problems shortly after buying a home.  They have sunk all their money into a down payment and closing costs.  And, they certainly don’t want to face major repairs.  

Home buyers also want to know the work on their new home is properly and safely performed so that when they pay for that recent kitchen remodel they will enjoy it for years to come.

Compiling your homes paper work over the years will definitely help in telling the story your house has to tell.

Give Jinks Realty a Call for All your Real Estate Needs (956) 429-3232 or visit our website www.JinksRealty.com

 

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Lets Shop For A Home! www.JinksRealty.com

Lets Shop For A Home! www.JinksRealty.com

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Staging your home results in a higher sales price and less time on the market. YOU WIN!

Staging your home results in a higher sales price and less time on the market. YOU WIN!

 

Give US a Call Jinks Realty (956) 429-3232

or

Visit our Website: www.JinksRealty.com

 

Home For Sale 3315 Water Oak Drive Edinburg, TX 78542

 

 

Home For Sale 3315 Water Oak Drive Edinburg, TX 78542

 

BEDROOMS: 3

BATHS: 2

1/2 BATHS: 0

YEAR BUILT: 2005

EST SQFT: 1713

# STORIES: 1

AREA: Edinburg

SUBDIVISION: Oakland Village

COUNTY: Hidalgo

SCHOOL DISTRICT: Edinburg

ELEMENTARY SCHOOL: Escandon

MIDDLE SCHOOL: Barrientes

HIGH SCHOOL: Economedes H.S.

 

Beautiful 3 Bedroom, 2 Bath, 2 Car Garage Brick Home in Edinburg, Open concept and high vaulted ceiling with indirect lighting, Granite countertops, tile floors and carpet in bedrooms,

 

List Price: $149,000

 

Visit our Website: www.mcallenhomeforsale.com

 

 

 

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