The Real Estate Browser Volume 10, Issue 4 - Page 42

42 — Say you saw it in The Real Estate Browser of Lynchburg — Volume 10 Number 4 should have reminded everyone that real estate prices can indeed fall, and fall a lot. Economist Robert Shiller created an infla- tion-adjusted index for home prices dating to 1890 and found that home prices have fallen a number of times over the years, including in the early 1990s, the early 1980s and the mid-1970s. You should renovate your kitchen and bathroom before you sell. If your kitchen and baths work, a major remodel could back- fire. Prospective buyers may not share your taste, but they don’t want to redo something that has just been renovated. “You’re better off adjusting your price accordingly,” says Kevin Brown Jr., president of Praedium Real Estate Services in Pittsburgh and a regional director of the NAEBA. “Most buyers want to put their own spin on things.” You’ll earn back what you spend on renovations. If you fix the heating and air conditioning system or roof, you will sell your house more quickly, but you probably won’t recoup what you spent. According to Remodeling magazine’s 2015 Cost vs. Value Report, the only renovation that is likely to net you as much as you spent is a new front door. You’re likely to recoup only 67.8 per- cent of what you spent on a major kitchen remodel and 70 percent of what you spent on a bathroom remodel on a mid-range home. “Very few things will bring you great returns,” says Sabrina Booth, an agent with Redfin in Seattle. “If you’re going to do these www.LynchburgRealEstateBrowser.com projects, it’s better to do them for your own enjoyment.” All the properties listed in the mul- tiple listing service show up online. Your agent must choose to let the listings show up online. Most do, but it never hurts to verify that yours will. Open houses sell properties. Homes rare- ly sell to buyers who visited them during an open house. Agents like open houses because it enables them to find additional custom- ers who are looking to buy or sell homes. If you or your agent choose not to have an open house, it probably doesn’t hurt your sale chances – although holding a broker’s open house for other agents may be worthwhile. The agent who shows you homes or lists your home represents your interests. Maybe and maybe not. In about half the states in the U.S., agents may be “transaction brokers” who don’t have a fiduciary duty to either the buyer or seller. In many states, a customer has the option of signing an agreement for the agent to represent him as a listing agent or as a buyer’s agent. Before you start work- ing with the agent, ask about your options and do some of your own research. Most bro- kerages require buyers and sellers to sign a form indicating that they understand whom the agent represents. http://www.lynchburgrealestatebrowser.com/index.php?/properties/price_reduced http://www.lynchburgrealestatebrowser.com/index.php?/properties/newest_listings