Murray Real Estate & West Jordan Real Estate | Buying a Home, Selling a Home, First Time Home Buyers, Real Estate Market, Homes for Sale, Home Listings, Foreclosures » Homes for Sale

WHAT SHOULD I REMODEL IN MY HOME?, RECOUPING COSTS

Taylor Nelson — Tue, 22 Dec 2009 18:53:13 +0000

So what is the best thing to remodel in your home??? If you are planning on staying in your home then you should remodel based on individual need. If you are remodeling with the intent to sell and trying to see which project will recoup the greatest value financially, below are a few good idea.

The National Association of Realtors did a study for 2009 in 80 markets across the country showing remodeling cost vs. value report. Interestingly 8 of the top 10 projects done in terms of costs recouped exterior replacements that cost less that $14,000. What this tells me is that curb appeal is very important.

The National Association of Realtors reports, “ On a national level, the project with the biggest improvement from 2008 was the attic bedroom addition, recouping 83.1 percent of remodeling costs compared to 73.8 percent in 2008. The only other interior project that landed in the top 10 was a minor kitchen remodel with 78.3 percent costs recouped.”

From my personal experience I would say remodeling kitchens and master bedrooms/bathrooms would be a great idea in terms of what people are looking for in a home. If you are looking for cheaper ideas to make a home more presentable I would suggest painting, replacing flooring/carpet, and keeping things looking clean and tidy. First impressions go a long way.

Below is a link to the NAR article which is very interested and insightful. http://www.realtor.org/press_room/news_releases/2009/12/exterior_proves

WHAT IS MY HOME WORTH????

Taylor Nelson — Fri, 11 Dec 2009 18:32:19 +0000

Many people ask themselves “What is my home Worth?” There are actually a few ways to determine this. The two main ways to figure out the value of your home is to 1) order an appraisal or 2) have a real estate agent do a comparative market analysis (CMA).

Whether you have a home in Murray, a home in West Jordan, or a home anywhere in Utah you can always order an appraisal. An appraisal will cost you several hundred of dollars, but is a very accurate way to find out what your home is worth. When you are going to buy a home in Murray, buy a home in West Jordan, or buy a home anywhere in Utah you will required to have an appraisal done. If you do pay cash for your home you are not required to order an appraisal.

Another great way to find out the value of your home is to have a real estate agent do a comparative market analysis, otherwise known as a CMA. The good part about this is that it is usually free!!! Real estate agents are able to pull up homes that have sold in your neighborhood and use computer software to figure out what your home is worth.

If you are looking to get your home sold or just looking to see what your home is worth I would be more than happy to help you with that. It is typically an easy process and yes it is absolutely free. For a more accurate market analysis I would prefer to come take a look at your home, but I am also able to pull up the information I need on my computer from county records.

HOME SALES REBOUND

Taylor Nelson — Fri, 06 Nov 2009 16:35:20 +0000

I always hear the question Is the market rebounding??? We still have a ways to go, but the short answer is YES!!!! The National Association Reports Existing-home sales bounced back strongly in September with first-time buyers driving much of the activity, marking five gains in the past six months. To read the entire article click here http://www.realtor.org/press_room/news_releases/2009/10/rebound_shows

WHAT IS A SHORT SALE?? SHORT SALES IN MURRAY AND WEST JORDAN

Taylor Nelson — Tue, 11 Aug 2009 17:48:41 +0000

A short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. For example, if you were selling a home in Murray or West Jordan and you owed $200,000, but could only sell it for $150,000 you may have to do a short sale. Before doing a short sale there are a few things you need to look into. #1 you need to find out if the bank will allow you to do a short sale since they have to give the final approval. #2 you need to look into how a short sale will affect your credit as well as other implications. If you are selling this home in Murray or West Jordan where you owe $200,000 and you don’t want to do a short sale you would have to bring in the difference at closing of what you owe on that $200,000 mortgage.

One positive in buying a short sale is that sometimes you can get a killer deal on the home. Now although buying a short sale home can be advantagous it can also have its downfalls. In a normal transaction you would put in an offer and hear back within a day or two. With a short sale, although the seller will respond to your offer sometimes it can take weeks or even months to hear back from the bank. One other downfall is that in a short sale the property is sold in As-Is condition. This means that if there is a problem with the home most likely the bank will not fix it. For those buyers who are looking to be in a home within 30 days or so a short sale is most likely not the route for you. If you do have a few months to wait then maybe a short sale is the way to go.