What Do Buyers Look for in a Home?

You have more control in pleasing buyers than you may think. Before putting your home on the market, make sure to remember the three things buyers most often look for.

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Today, I’d like to discuss three major items homebuyers are looking for during their search.

If you are a seller, you have a lot more control pleasing buyers than you may think—so go into the process with an understanding of what buyers tend to look for. This knowledge will help you find success in today’s market.

Currently, there are three main things buyers tend to look for: curb appeal, space, and updates.

There are three main things buyers tend to look for: curb appeal, space, and updates.

First, let’s talk about curb appeal. A first impression can only be made once, and the same goes about making a good one. Buyers should be excited about your home at first sight. Start by making sure your driveway and sidewalks are swept. Additionally, consider power washing the front of your home for an extra touch. Clean windows and tidy landscaping are also a must.

You will also want to replace any outdated porch lights or front door hardware that could date your home’s appearance. The appeal of your front door is critical. Consider painting it a fresh, modern color to give your home an updated look.

The second big item buyers look for is space. In fact, space is a key factor in why many people move in the first place. Before showing buyers the interior of your home, be sure to declutter. Rent out a storage space for anything taking up extra space. A buyer should be able to imagine themselves living in your home. Even in cases where people are downsizing, a clear, open space will be more attractive.

Finally, don’t forget to update things around the house. Cabinet pulls, fixtures, appliances, and certain finishes should be replaced. Giving the rooms in your home a fresh coat of paint will also make a big difference. Neutral, yet modern colors will be your best choice. Buyers may not be expecting a mansion, but they are expecting you to have pride in your property.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Understanding Property Taxes and Assessments

Property taxes are a significant expense for homeowners. Not to mention Mello-Roos and special assessment taxes.

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In addition to your monthly mortgage payment, you also need to consider some other taxes and assessments to get a true picture of what homeownership will look like for you. Each of these components will empower you to accurately predict and control your monthly expenses.

There are three components to these taxes: property taxes, direct assessments, and special assessments or Mello-Roos assessments. Every year, the city, county, and state all charge taxes on every parcel of real estate located within their borders. For many homeowners, these property taxes are the 2nd-largest home owning expense after mortgage interest.

In most areas, property taxes are governed by state law.

In most areas, property taxes are governed by state law, but assessed and collected by the county on an ad valorem basis. Ad valorem is latin for “according to value.” These taxes are calculated annually. In addition to these direct assessments, you may also be located in a special assessment district or a Mello-Roos district.

In recent times, many cities have required developers to build and ensure long-term funding for parks, schools, and emergency services to directly benefit the subdivision. To prevent the influx of new homes from causing a drain on existing municipal services, special assessments are collected. A Mello-Roos district is an areas where a special tax is imposed on those property owners within a community facilities district. It is an area that has chosen to seek public financing through the sale of bonds for the purpose of financing certain public improvements and services.

Mello-Roos taxes are in turn used to make payments on principal interest on the bonds and is collected with the general property tax bill. It’s also subject to the same penalties that apply to regular property taxes. This stays in effect until the bonds and the costs incurred are paid off, but it won’t exceed 40 years.

Both special assessment districts and Mello-Roos districts allow raw land to be used as collateral for bonds that are sold to investors. Those proceeds are then used to pay for public facilities.

If you have any additional questions about anything I discussed in this post, give me a call or send me an email. I would love to hear from you.

What Motivates People to Buy Real Estate?

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Today we are going to talk about what motivates people to buy real estate. There are three main factors that bring people to the market, and we're going to talk about them each today in detail. Here they are:

1. Location
If someone is relocating to the area and wants to buy a home, that's an important motivator. It's also one of the few factors about a property that you can not change, or have any control over.

2. Market Conditions
When market conditions are tilted so that buyers have more inventory to choose from and sellers are desperate to sell, that's a huge motivating factor. Buyers have the upper hand in a buyer's market, and can get a lower price if conditions are right. People want to get ahead of market appreciation, and if they've been noticing that an area has consistently gone up in value, it will make them eager to pounce on an opportunity to buy there.

3. Financial Benefits
These include things like writing off your mortgage interest on your income taxes and being able to use your home as an investment. It's much smarter to be paying for something that you own, rather than paying rent on something you never will. Before you go out looking for that perfect home, however, we suggest you get a mortgage pre-approval. This way, you'll know exactly what you can afford. 

Finally, it's important to analyze your motivating factors and the specifics of why you want to move. It's a good idea to make a must-have/ nice-to-have list, where you can write down things that you require in your new home, and things you would like, but could live without. It's an exercise that doesn't take long, but is well worth it. We recommend keeping the must-have list as short as possible to give yourself better flexibility in finding the perfect place. 

If you have any questions for us, don't hesitate to reach out. Give us a call or send us an email, and we'll get right back to you. Talk to you soon!