How much does it cost to sell your home? Quincy, IL "The really real REALTOR®"

How Much Does It Cost to Sell a House?

 

If you’re selling a home, you’ll want to know how much it’s going to cost you to close the deal. That way you can make a plan for buying your next house.

In addition to what’s needed to pay off your mortgage, it’s smart to plan to spend about 10% of the home price in selling costs.

Selling your home: common costs

Real estate agent commissions: The seller’s agent usually charges 5% to 6% of the home purchase price when the deal closes. This is likely the biggest expense you’ll pay. Seller’s agents usually split commissions with buyer’s agents, who generally don’t charge their clients.
Commission fees are negotiable, however, and many real estate agents charge less. Some even accept a lower flat rate for their services, so it can pay to shop around. You can ask for recommendations from friends and neighbors, and search home shopping websites for local referrals. Whichever seller’s agent you choose, make sure you agree on commission terms in writing.


Taxes and neighborhood fees:

 You’ll owe a prorated share of property taxes when you sell your home. The amount could be close to zero if you’ve recently paid taxes, or several thousand dollars if the due date is around the corner.
In some states, you may also be charged a local transfer tax, which the seller pays in order to change the title from one person to another. Depending on location, the tax is generally 0.01% to 2% of the sales price. In addition to the local taxes, you may also face capital gains taxes if the profit you make from selling your home is more than $250,000 ($500,000 for married couples on joint tax returns).
If your neighborhood has a homeowners association, expect to pay prorated membership fees. You or the buyer may also need to pay an HOA transfer fee.

Title insurance for the buyer:

 This protects the buyer in case there’s an issue with the home’s ownership history.
Buyers also purchase a title policy if they apply for a mortgage, but that policy only protects the lender. Traditionally, the seller buys a separate policy for the new homeowner. The cost ranges from about $500 to $1,000.
The title company will run a title search on the property during the sale process. If a lien on your home is revealed, you’ll also need to settle it before you can sell the house.

Your current mortgage: 

 It’s no surprise you’ll need to pay off your mortgage when you sell your home. But the payoff amount is probably different from the balance due listed on your last mortgage statement, because of interest charges. You’ll want to know the payoff amount. If your mortgage has a prepayment penalty, that will be added to the amount due.


Home repairs:

 Your buyer will probably order a home inspection before closing. If the report reveals problems, you may be asked to pay for repairs.


Moving costs:  

Whether you buy boxes, pack and move them yourself or hire a company, you’ll want to budget money for the actual move.

Selling your home: optional costs

Depending on how competitive your local market is, it can be smart to pay for extra services to attract potential buyers. They’re not always necessary, but in a sluggish market they could help your home stand out.
Home warranty: 

 To ease potential worries about buying an older home, sellers can offer a home warranty that covers most of the repair costs if a major system breaks soon after the home is sold. A typical one-year warranty costs $350 to $500.

Home staging:

 It’s wise to remove clutter and give your home a good cleaning before you put it on the market. But your agent may suggest going a step further and hiring a home stager to make your home more visually appealing.
Stagers may rearrange furniture, change the interior design and even rent furniture to display while selling your house. Most stagers charge from $250 to $1,000, according to HomeAdvisor.com.

Portion of buyer’s closing costs:  

Buyers are usually responsible for mortgage fees, home inspections and appraisal expenses, which can add up to about 2% to 5% of the selling price. If you’re in a slow market, offering to pay some of those closing costs for the buyer could help close the deal.

 If you would like more information on the local real estate market and what your home is worth, please call me. It is a sellers market right now. This means your home will sell for top dollar. What are you waiting for? Let's get your home sold together! 


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Kitchen Countertops Quincy,Il "The really real REALTOR®"

Kitchen countertops can make an old kitchen look renewed. When I show homes to clients and we make it to the kitchen area the first thing the client does is rub their hands across the countertops. Countertops have come along way design wise. You can now buy laminate that look like granite and quartz that appear to have diamonds. Let's do a little run down of what each style is.

Laminate Countertops

Solid Surface Countertops

Granite Countertops

 

 

Quartz Countertops

  This local home (Payson, Il) had one of the best kitchens and countertops I have seen. I think it's safe to say this kitchen had realtors talking.   After showing this house, I went home and told my husband I think I found the countertops I wanted. We went to the store and priced these exact countertops and decided we would have to sell a kidney on the black market in order to buy these. 😆  None the less they are absolutely stunning. One day Stellar Snow Quartz you will be mine!

 I hope todays blog on countertops gives you and idea of what is available and the differences.If you need help finding a home with a stunning kitchen, call me!

"The Really Real REALTOR®" Quincy, Il Writing a contract on the home you ♥

Writing a Real Estate purchase contract that can set you apart from other Buyers.

 
 #1  –What is earnest money? Why are there different amounts for different homes? What does an agent say to a seller about your offer?

 Keep in mind that, as a Buyer, an escrow deposit can clearly show a Seller how serious or committed you are in buying their home.  If you want the Seller to know that you really love their home and want to buy it, your escrow deposit is one thing that can let them know.  If you’re buying a $400,000 home and your Real Estate contract reveals a deposit of $1000, does this really show the Seller how serious you are about purchasing their home? That’s less than 1%, which screams; not too serious, not too committed.  A bit of seriousness begins at a minimum of 1% and as you go up from there, lets the Seller know of your intentions. Depending upon the type of financing you’re utilizing, your loan type can set forth the amount of your deposit.  There are a number of different options that will show the Seller of your good intentions. These options can be discussed with your trusted Realtor.  Just remember, that if you try to skimp on your deposit, there  could be another Buyer that comes by offering a more attractive deposit, which the Seller may read as a more interested Buyer. It’s a good time to put your money where your mouth is, so to speak.  You don’t want your offer to appear as being nonchalant.  Now is not the time to show you don’t care.

Before looking at homes your trusted REALTOR® will explain your price range and what amount of earnest money is typically expected in that price range when making an offer. Prepare yourself, don't be shocked when you find your perfect home and you are writing the offer and your agent asks for a earnest check. BE PREPARED! You should not be looking at homes if you haven't saved for earnest money. Let me explain... If you find your perfect home and 3 other buys think it's their perfect home, all 4 will write an offer. If you have a solid contract it will include earnest money. If your offer was up against the 3 other offers and they all had earnest money and your offer didn't , guess who's contract won't be chosen by the seller to buy that perfect home! 

Earnest money is typically due upon acceptance of the contract. When you write a contract you will be asked to provide a check. If the contract is accepted by the seller, your check will be deposited into an escrow account. Yes, your check will be CASHED. The funds will sit in the escrow account through the inspections and up to the closing date.  If a buyer backs out on a contract for an unjustified reason, the seller will get to keep the earnest money. Don't forget this money shows you are a serious buyer. Serious buyers don't walk away from a contract unless there is a justified reason such as something coming up on the home inspection and the seller refusing to fix it and it makes or breaks buying the home for you.

Sellers depend on their agent to explain to them when a contract comes in on their home if it is a good buyer. How I check for a good buyer contract is by first looking at the FINANCING, will this be a more strict inspection for a specific kind of loan like FHA, next is EARNEST money, are they serious about this home, did they show they were serious with the appropriate amount of earnest money. The next thing I go over with my seller is the buyers request for INSPECTIONS.  (Writing a good offer doesn't mean don't write in inspections.)  A good offer has a typical inspection time frame allowed. This means they have so many days to have inspections done. It is important that this time frame isn't left open to long. The typical amount of days allowed is 15-20 in our local market. If you have a large amount of days for inspections you are not allowing time for repairs and this can push back a closing date. I don't know about you but when I am a seller and moving, that closing date is pretty important to me! FYI- If you have a long inspection time that runs into another month as a seller you have to pay another mortgage payment! Yuck!
Make sure that you really want to purchase the home and then show that you agree to do what you have put in the contract.   
If you’re not serious, don’t present an offer.

*Your lender will explain to you how earnest money will A)Be applied to your loan or B) Given back to you at closing. 

#2 – Be prepared with your Financing commitment due date

 I’m sure it was recommended to you that you get Pre Approved from your Mortgage Lender regarding your financial ability to make a Real Estate purchase.  Your Lender should then be able to provide you with a date in which they can provide you with a financing commitment.  This should be a written commitment that indicates you have received a go ahead from your Lender for them to provide you with the financing needed to purchase your home.  This will typically come with a few conditions that must be met with the formality of gathering certain documentation.  On our standard Illinois Real Estate contract, the average commitment date is 30-45 days.  Of course, check with your Lender to confirm their capability to meet such a date.  Remember, that any date that you put forth in the Real Estate purchase contract, will need to be met, so as not to be in default.  If you state on the contract that you will provide commitment within 15 days and you provide a written commitment on the 18th day, you are now in default of the contract and any attempt by you, as a Buyer, to cancel the contract can result in you forfeiting your escrow deposit.

Pre-approval, Pre-approval, Pre-approval! I will not show a home to a buyer who is not pre-approved. Why would I mislead you to look at homes that may be way under your allowed budget or way over your allowed budget? Why would I show you a station wagon when you could own a Corvette? That's what pre approval is for. It let's you and your REALTOR® know what homes you qualify for and it let's a seller know when you are ready to write an offer that you are so serious, you have your financing in order and you can afford their home! 

Call me and I will give you lenders names who can typically pre-approve you the same day if you qualify!

I’ve listed a few of the important terms to speak about when presenting your offer to buy a home, so the Seller can see your a serious buyer! Perhaps you have other questions about buying a home – call me now!

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 This BLOG is not intended to provide legal advice, as you should hire a Real Estate Attorney to provide legal advice.

Quincy, Il "Really Real REALTOR®" Simple ideas for curb appeal! :)

More buyers will want to stop and look at your home if you have CURB APPEAL!

I have provided a few simple curb appeal ideas that can help you sell your home for more money and quickly!

Studies show that homes with great curb appeal take a shorter amount of time to sell — plus they fetch higher selling prices. Even if you’re not planning to sell in the near future, these 15 upgrades will make you happy every time you pull into your driveway.

1. Shutters

Decorate your home with attractive shutters or striking accent trim to add an interesting element of contrast to your façade. Pick from a range of styles, which may include cottage chic or French country to enhance the personality of your home.

2. Landscape Lighting

Virtually nothing creates more ambiance than mood lighting, especially at night. Install solar lighting in your yard for a great look without the need for electricity. Try using a spotlight to highlight a gorgeous tree, and don’t forget about path lights.

3. Front Door

Many homeowners are apprehensive when it comes to painting the front door. But, by choosing just the right shade that perfectly harmonizes with your home’s color palette and overall architectural style, it can really set the tone and grab everyone’s attention.


4. Walkway

Decorative bricks and pavers laid in an eye-catching pattern will draw the eye straight to your beautiful front door.

5. Landscaping

Adding bushes, trees, and shrubs that will complement and frame your home will add a huge dose of gorgeous curb appeal in addition to keeping a well-maintained yard. Here are some more landscaping ideas.

6. Potted Plants

Place big potted plants full of beautiful blooms to revitalize both your front entryway and welcome your visitors.

7. House Numbers

House numbers are a very important part of overall curb appeal and are literally one of the first elements that catch the eye, which is why they should be visually interesting and large enough to read from the curb.

8. Hardware

Replace your tired hardware with fresh new knockers, hinges, kick plates, and knobs to dramatically enhance your home’s style.

9. Window Boxes

Use window boxes to instantly add energy to your house with lush foliage and colorful plants and flowers.

10. Driveway

For a cost-saving, quick update, simply fill in the cracks of your driveway and re-coat the surface using a blacktop refinishing compound or perhaps install a unique border with paver stones or concrete to embellish the look.

11. Storm Door

If your front door is super attractive or highly unique, show it off by using a storm door that’s primarily made of glass to enhance your front entryway.

12. Paint

Is there anything paint can’t do or fix? If your entire home doesn’t actually need a coat of paint, then just repaint the trim in a fresh, lively color to add a splash of personality to your curb appeal.

13. Fences and Railings

Consider replacing or painting any railings or fences that lead to your front entryway in order to improve your lawn’s visual appeal.

14. Garage Door

A fresh garage door makes your whole property look more appealing. You can instantly breathe new life into a drab-looking garage door with a fresh coat of paint.

15. Mailbox

Why not turn your boring but functional mailbox into a work of art that turns heads? There are many unique options available today.

Unfortunately, many homeowners don’t put a lot of thought or time into their curb appeal until it’s time to actually sell their home and move. This, however, doesn’t make much sense. Take the time to optimize the look of your home as much as possible while you’re currently still living there. Don’t you deserve it? Doesn’t your home?

Quincy, Il "Really Real REALTOR®" Use your tax money to buy a home!

Tax refunds help so many become homeowners! Why aren't you taking advantage of this opportunity?

A down payment is one of the biggest obstacles that first time home buyers struggle with.
But, during tax return time, most tax payers have more funds than any other time of the year.  There is no better time to qualify for a a new home!   Your tax return may cover your entire down payment for a home loan.  There are also several programs that do not even require a down payment. Even if a down payment isn't required, assets (your tax money) help the strength of a borrower for a loan.  Tax refunds may be used as assets or a down payment right away.

IF YOU USE A NO MONEY DOWN HOME LOAN TO PURCHASE A HOME, CAN YOU SPEND YOUR TAX RETURN MONEY?   LET'S COVER THIS ...

-You can use the money for furniture, curtains, or an emergency fund  (Yes, emergencies come up as a homeowner)

- Pay off debts to help qualify for a loan.   (Talk with a lender before paying off a debt or collection. Lenders can give you the best advice on what will improve your chances to get a home loan.)

- Keep the refund in the bank.  More money in the bank equals a better chance for loan approval.

-Pay down credit card balances to raise credit scores!

-  Use the tax money to pay closing costs    (Your lender can give you an estimated closing costs for your price range of home)

There is this big fear out there in buyers regarding banks.  You don't need to be ashamed if you have credit issues, you need to be educated so you can ultimately reach your goals of owning a home.  I have spoke with so many buyers who instantly say " I don't think I can qualify for a loan".
   Let's turn that around. Example: If you were thinking about putting a pool in your yard, you would look into how you set a pool up, what is the monthly cost for maintenance and how will you budget the new pool?  You look for a way to make something you want happen. Why wouldn't you do that with a home loan?
 It costs nothing to be educated by a lender on where you stand to purchase a home and what you need to do if you don't qualify now. In fact, it literally takes a couple of hours for a lender to run your information and explain to you where you stand.   This is a completely confidential process.  Just like you would educate and prepare yourself for anything else, you can do this for a home loan.

Home ownership is something to be proud of. All of your hard work shows when you buy a home. You aren't throwing away your money anymore on rent. You are investing in your future.  The number one financial investment you can make is buying real estate. What are you waiting for? Call a lender today and get yourself educated. If you don't know where to start, call your REALTOR®.  REALTORS® do this every day. We are trained and EDUCATED on the home buying process.  The best part is a buyers agent is completely free! You don't pay a REALTOR® a dime to work with them if you are a buyer.   Did I have you at FREE? Good.... I should, it makes sense.

A few mortgage products available to First Time Buyer offering low or no down payment:

USDA- No down payment required 

VA- Usually no down payment required. Depends on the entitlement amount and purchase price. 

FHA- Low down payment

Conventional- 3% or more down payment 

FIRST TIME HOME BUYERS can even get up to an additional $2,000 tax credit each year!!! 

IF YOU ARE SICK OF RENTING AND READY TO USE THAT TAX MONEY TO BUY A HOME OR YOU ARE READY TO BE EDUCATED, LETS TALK! 

  

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Quincy, Il REALTOR® "Really Real REALTOR®" Why do you need inspections? Let me break it down for you...

Why do you need inspections and what inspections are most common in a residential real estate transaction?



As you write your contract on your dream home you have a few big decisions that you have to make!  What inspections do you need to have?    The main inspections for residential real estate are 

Radon: 


Home Inspection:







Termite Inspection:





If you are looking at an older home you may also consider lead and or mold inspections. 


Let me explain why it makes sense to have all three of the above inspections (FYI AT BUYERS COST)


So you have saved every penny for your down payment on your dream home and you have found the perfect house.   It's now time to decide if you want these inspections your REALTOR® is telling you that you should have.   Let's start with Radon.

The Radon test costs you estimated $150. You have the test and find out that you have a high Radon test.  Your REALTOR® can now negotiate with the seller to have the seller pay the estimated $1,000 for the Radon Mitigation system to be installed. You see where I am going? You spent $150 and saved yourself $1,000!!!  If the Radon would have came back as acceptable, you would only be out the estimated $150 for the test. It's worth it!


Home Inspections: Would you buy a car without having someone look at it? Umm, no!  You can look at a home by walking through it but you are not trained to see what a Home Inspector can see in a home.  Home Inspections can save you thousands. I would not recommend buying a home without an inspection.  Home Inspections are estimated around $400. I would spend $400 on the possibility of saving thousands. You are not familiar with this new home. You want someone to tell you not only if there is an issue but also what future maintenance you can expect. Yes, Home Inspectors do that!  I have learned so much about homes from home inspections.  Please have a home inspection so you don't have future surprises.


Termite......
Again you spend estimated $70 for a termite inspection and there are termites. Treatment is recommended, your REALTOR® can now negotiate the termite treatment estimated around $900 to be paid by the seller.  You saved money again!


This is why REALTORS® are a value to you. We can explain why you should have an inspection and how it will save you money.  REALTORS® have experience in negotiations and I can promise you they have experience in odd ball issues that do and will come up in a real estate transaction.  I could go into great detail on each of these inspections or you could just hire me to be your REALTOR® and I will take care of it all.