Remodelers across the country took a hit last summer as the cost of building materials spiked dramatically, and the picture for 2019 isn’t much rosier. The percentage of return on investment (ROI) is projected to trend downward for all the replacement projects listed in Remodeling magazine’s newly-released Cost vs. Value Report.

Larger indoor remodel projects took a hit as well, but weren’t impacted as greatly as replacement projects as they rely more on labor costs rather than material costs.

“With the increasing costs of building materials and labor, we urge remodelers to think like real estate professionals first,” says Clayton DeKorne, editor-in-chief of Remodeling magazine. “When you adjust your focus to think like a broker first, you can dull clients’ No. 1 pain point—cost—with a discussion of the amount that can be recouped.”

Nationally, here are the five projects with the greatest ROI in the report’s mid-range cost category:

Manufactured Stone Veneer (94.9% ROI)

  • Average Cost: $8,907
  • Average Resale Value: $8,449

Minor Kitchen Remodel (80.5% ROI)

  • Average Cost: $22,507
  • Average Resale Value: $18,123

Deck Addition (Wood) (75.6% ROI)

  • Average Cost: $13,333
  • Average Resale Value: $10,083

Siding Replacement (75.6% ROI)

  • Average Cost: $16,036
  • Average Resale Value: $12,119

Entry Door Replacement (Steel) (74.9% ROI)

  • Average Cost: $1,826
  • Average Resale Value: $1,368

And the five projects with the greatest ROI in the report’s upscale cost category are:

Garage Door Replacement (97.5% ROI)

  • Average Cost: $3,611
  • Average Resale Value: $3,520

Window Replacement (Vinyl) (73.4% ROI)

  • Average Cost: $16,802
  • Average Resale Value: $12,332

Grand Entrance (Fiberglass) (71.9% ROI)

  • Average Cost: $8,994
  • Average Resale Value: $6,469

Window Replacement (Wood) (70.8% ROI)

  • Average Cost: $20,526
  • Average Resale Value: $14,530

Bathroom Remodel (60.2% ROI)

  • Average Cost: $64,743
  • Average Resale Value: $38,952

Nationally—and on the other end of the spectrum—here are the five projects with the lowest ROI in the mid-range cost category:

Backyard Patio (55.2% ROI)

  • Average Cost: $56,906
  • Average Resale Value: $31,430

Master Suite Addition (59.4% ROI)

  • Average Cost: $130,986
  • Average Resale Value: $77,785

Bathroom Addition (60.6% ROI)

  • Average Cost: $47,427
  • Average Resale Value: $28,726

Roofing Replacement (Metal) (60.9% ROI)

  • Average Cost: $38,600
  • Average Resale Value: $23,526

Major Kitchen Remodel (62.1% ROI)

  • Average Cost: $66,196
  • Average Resale Value: $41,133

And the five projects with the lowest ROI in the upscale cost category are:

Master Suite Addition (50.4% ROI)

  • Average Cost: $271,470
  • Average Resale Value: $136,820

Bathroom Addition (58.1% ROI)

  • Average Cost: $87,704
  • Average Resale Value: $51,000

Major Kitchen Remodel (59.7% ROI)

  • Average Cost: $131,510
  • Average Resale Value: $78,524

Bathroom Remodel (60.2% ROI)

  • Average Cost: $64,743
  • Average Resale Value: $38,952

Window Replacement (Wood) (70.8% ROI)

  • Average Cost: $20,526
  • Average Resale Value: $14,530

Advice on the tradeoffs of cost vs value is an essential part of the real estate sales process. When you are ready to sell your house, contact us at Dupont Real Estate.

So you’ve decided to put your home on the market. Congratulations! Hopefully, you’ve brought a rockin’ REALTOR® on board to help you list your spot, and together you’ve done your due diligence on what to ask for. As you start checking things off your to-do list, it’s also important to pay mind of what not to do. Below are a handful of things to get you started.

Don’t over-improve.
As you ready your home for sale, you may realize you will get a great return on your investment if you make a couple of changes. Updating the appliances or replacing that cracked cabinet in the bathroom are all great ideas. However, it’s important not to over-improve, or make improvements that are hyper-specific to your tastes. For example, not everyone wants a pimped out finished basement equipped with a wet bar and lifted stage for their rock and roll buds to jam out on. (Okay, everyone should want that.) What if your buyers are family oriented and want a basement space for their kids to play in? That rock-and-roll room may look to them like a huge project to un-do. Make any needed fixes to your space, but don’t go above and beyond—you may lose money doing so.

Don’t over-decorate.
Over-decorating is just as bad as over-improving. You may love the look of lace and lavender, but your potential buyer may enter your home and cringe. When prepping for sale, neutralize your decorating scheme so it’s more universally palatable.

Don’t hang around.
Your agent calls to let you know they will be bringing buyers by this afternoon. Great! You rally your whole family, Fluffy the dog included, to be waiting at the door with fresh baked cookies and big smiles. Right? Wrong. Buyers want to imagine themselves in your space, not be confronted by you in your space. Trust, it’s awkward for them to go about judging your home while you stand in the corner smiling like a maniac. Get out of the house, take the kids with you, and if you can’t leave for whatever reason, at least go sit in the backyard. (On the other hand, if you’re buying a home and not selling, then making it personal is the way to go, especially when writing your offer letter. Pull those heart strings!)

Don’t take things personally.
Real estate is a business, but buying and selling homes is very, very emotional. However, when selling your homes, try your very best not to take things personally. When a buyer lowballs you or says they will need to replace your prized 1970s vintage shag carpet with something “more modern,” try not to raise your hackles.

Posted on Dec 29 2016 – 10:27am by Zoe Eisenberg

Call Dupont Real Estate for more simple advice on successfully selling your home!

There are many questions homeowners ask themselves during the selling process. “How much will my home sell for?”  “How much should I list my home for?”  “Who should I select as a real estate agent to sell my home?”  “What if the real estate agent overprices my home?”  Last but not least, “Is this a good time to be selling a home?” is also a very common question that real estate agents are asked.

As with every decision in life, there are pros and cons, and choosing when to sell a home is no different. There are many factors that need to be taken into consideration before deciding when to sell a home. Many homeowners believe selling a home during the fall or winter months is not a good idea and that the spring is the only time a house should be sold. This is the furthest from the truth. Certainly most real estate markets across the United States experience a “spring market rush” every year. There is no doubt that the “spring market” is a great time to be selling and buying real estate, however, the fall and winter seasons may be the best fit for you for many reasons.

Here are several reasons why choosing to sell your home now may be a better decision than waiting until the spring:

Less Competition
One way that you can tell the spring real estate market has arrived is by driving down a street in your local community. In all likelihood there will be For Sale signs up all over the neighborhood! One great reason to sell your home now and not wait until the spring market is there is sure to be less competition.  The fewer number of comparable homes for sale, the greater the probability that a buyer will look at your home.

Simply put, it’s the supply and demand theory. If there are less homes for sale, there are less homes that a potential buyer can choose from, therefore increasing the demand for your home. Not only will less competition increase the probability for showings, but it will also increase the probability that an offer will be received and you will get the maximum amount of money for your home.

Serious Buyers Are Out There
Homes are sold and bought 365 days a year, period!  Many homeowners believe that buyers aren’t out there during the fall and winter months. This simply is not the case. Serious buyers are always out there!  Some buyers may stop their home search because it is the fall or winter, but serious buyers will continue to look at homes, no matter what time of year it is.

The fall and winter months are also a great time for a potential buyer to see what a specific neighborhood is like.  Do your neighbors have pumpkins on their front step?  Are there lots of Trick-or-Treaters wandering the neighborhood on Halloween?  Do any of your neighbors have any light displays for the holidays?  There are buyers out there who will look at these types of things when determining whether your home is in the right neighborhood for them or not.

The Best Agents Are Always Up To The Challenge
Any real estate agent who tells you that the fall or winter months are a bad time to sell is not someone you want selling your home! A great real estate agent will know how to adapt to the current season and market their listings to reflect that.  A great real estate agent can make suggestions and give some of their tips on how to sell a home during the fall or winter seasons. If a real estate agent doesn’t have any suggestions on making your home more desirable for the current season, you should be concerned about the creativity they are going to use when marketing your home.

Staging For The Holiday Season
Many sellers believe staging a home is the main reason a home sells.  While staging certainly helps sell homes, some buyers have a difficult time envisioning themselves in a home no matter what you do. However, there are some buyers who can easily be “sold” on a home because it is staged.  Simple “seasonal” staging such as adjusting the color of the decor or having an aroma in the air that is relative to the time of year can go a long way with some potential buyers and possibly be the difference between a home selling or not.

Quicker Transactions
Right now, there are fewer real estate transactions than there will be in the spring.  The fewer number of transactions means the mortgage lenders have less loans to process, attorneys have less closings to do, and home inspectors have fewer inspections to do.  All of these factors should lead to a quicker transaction and closing for all the parties involved.  One of the most frustrating things for a seller to deal with while selling their home is not getting answers in a reasonable amount of time. A quicker transaction is going to be less stress for you.

By considering all of the reasons above, you will be able to determine whether now is a good time to sell or if you should wait until the spring.

Dupont Real Estate understands the seasonal nature of the real estate market. Give us a call!

By Charles Muotoh

When you first put your house on the market, you might be hopeful for a quick sale—especially if you’ve put a lot of money into improving the house over the years and if the neighborhood is one that has historically attracted a lot of buyers. While you shouldn’t panic if the house doesn’t sell the moment you list it, you should begin to worry if the months start flying by without any real offers. If this is the case, here are 11 reasons why your house may not be selling.

  1. You overvalued your property. If your house is overpriced, it’s simply not going to sell. Compare your property to similar properties that recently sold within your area to get a better idea of its true value. An experienced real estate agent can give you an accurate value of your home. Additionally, don’t make the mistake of tacking on the cost of any renovations you made. You can’t just assume that the cost of a renovation translates to added value.
  1. Your listing is poor. If the listing of your home includes a poorly written description without any images, a lot of buyers are going to skip over it. Make sure you and your REALTOR® put an effort into creating a listing that attracts the attention of buyers. Make sure to add high quality photographs of both the interior and exterior of your home. Don’t forget to highlight unique features as well.
  1. You’re always present at showings. Let your agent handle your showings. Buyers don’t want to have the seller lurking over their shoulder during showings, especially during an open house. This puts unwanted pressure on the buyer, which will make them uncomfortable and likely chase them away.
  1. You’re too attached. If you refuse to negotiate even a penny off your price, then there’s a good chance that you’ve become too attached to your home. If a part of you doesn’t want to sell it, or you think your house is the best house in the world, odds are you’re going to have a lot of difficulties coming to an agreement with a potential buyer.
  1. You haven’t had your home professionally cleaned. A dirty house is going to leave a bad impression on buyers. Make sure you have a professional clean your carpeting and windows before you begin showing your house.
  1. You haven’t staged your home. If you’ve already moved out, then don’t show an empty house. This makes it difficult for buyers to imagine living in it. Stage your house with furniture and decor to give buyers a better idea of how big every room is and how it can be used. You want the buyer to feel at home when they are taking the tour.
  1. You kept up all of your personal décor. Buyers are going to feel uncomfortable touring your house if you keep all of your family portraits up. Take down your personal décor so that buyers can have an easier time imagining themselves living there.
  1. Your home improvements are too personalized. You might think that the comic book mural you painted for your child’s room is absolutely incredible, but that doesn’t mean potential buyers will agree. If your home improvements are too personalized, it can scare off buyers who don’t want to pay for features they don’t want.
  1. Your home is too cluttered. Even if your home is clean, clutter can still be an issue. For example, maybe you simply have too much furniture in one of your rooms. This can make the house feel smaller than it is.
  1. Your home is in need of too many repairs. The more repairs that are needed, the less likely a buyer will want your house. Many buyers simply don’t want to deal with the cost or effort of doing repair work, even if it’s just a bunch of small repairs, such as tightening a handrail or replacing a broken tile.
  1. You chose the wrong real agent. In my opinion, choosing the right real estate is simply the most important decision you make in selling your home.  A good REALTOR® makes all the difference in selling your home within a reasonable time.

All these things can be fixed once you realize your mistake; however, the longer your property stays on the market, the less likely it will sell at listing price. One of the best ways to avoid making these common mistakes is by working with a professional real estate agent.

At Dupont Real Estate, we help you navigate these obstacles and get your home sold! We look forward to hearing from you.

What is the difference between a short sale and a foreclosure?

Short Sales and Foreclosures are two financial options available to homeowners who are late on their mortgage payments. There are different reason why homeowner would choose for a short sale versus a foreclosure. In both cases, the owner is forced to part with the home but the timeline and other consequences are different in each situation. Regardless of which approach you choose, always get legal and tax advice before deciding between a short sale and a foreclosure.

Short Sale

foreclosure or short sale

Short sale, also known as a pre-foreclosure, is a sale of a property for an amount that is less than is owed on the loan secured by that property. It is often used as an alternative to foreclosure because it mitigates additional fees and cost to both creditor and borrower. If your mortgage company agrees to a short sale, you can sell your home and pay off all your mortgage balance with the proceeds. In lieu of a foreclosure, banks will often settle for a short sale, because from a lenders perspective, it’s better to recover a portion of a mortgage loan than to absorb a total loss. Allowing both the lender and thehomeowner to end up in a better position. The negative impact on the borrower’s credit score is typically

smaller in a short sale than in a foreclosure, however, a short sale usually involves a lot more paperwork for all parties.

Advantages of a short sale:

• You no longer have a mortgage payment

• You are in control of the sale, not the bank or lender.

• You will spare yourself the social stigma of the “F” word, foreclosure.

• You can buy another home in 2 years, rather than 5-7 years, if you foreclose

• You save yourself the costs and fees usually associated with foreclosure.

• Your home sale will be handled like any other home sale, with respect and dignity.

Foreclosure

7Foreclosures are initiated by lenders only. The lender takes possession of the property, which was guaranteed as collateral for the loan. Many foreclosure takes place when the homeowner has abandoned the home. If the occupants have yet to leave the home, they are evicted by the lender in the foreclosure process. After the property is foreclosed upon, the lender puts it up for sale and uses the proceeds to recover the mortgage balance. Foreclosure takes shorter time to complete than Short Sale, because the lender is concerned with liquidating the asset quickly. Foreclosed homes are auctioned off, where buyers bid on homes in a public process.

 

Consequences of a Foreclosure:

• Stress and uncertainty of not knowing exactly when you will have to leave your home

• Eviction from your home, you will lose your home and any equity that you may have established

• It will damage your credit, affecting your ability to get credit, new housing and maybe even potential employment for a couple of years.

• You will lose any relocation assistance or leasing opportunities.

• The foreclosure is kept on a person’s credit report, forfeiting your ability to get a Fannie Mae mortgage to purchase another home for at least 7 years.

If you are having trouble making your mortgage payments, you should discuss these options with your lender as soon as possible. Be ready to outline your current hardship and explain the reason and why this is a long-term problem. Your mortgage company will need to understand the reason you are having difficulty in order for them to find the right solution for you.

You may have some great feedback, we always love to hear from our readers.
We are also able to give you a FREE analysis of the current value of your home.
Please CLICK HERE to request or call 704-510-0099.

Advertising to sell my house can come in many different forms. Advertising is a communication intended to inform, educate, influence and remind individuals of your product. Effective advertising should capture the prospective customers’ attention and entice them to use your product. It should be catchy and interruptive, it should make people stop whatever they are doing at the moment, long enough to read, hear or watch the ad. Regardless of the method, advertising must be unique, credible, memorable, clear and consistently reflect the unique positioning statement of your business.

Marketing and advertising is an investment, not an expense. Enough money must be spent to provide a media schedule for ad frequency, the most important element for ad memorability.

Word Of Mouth

The most effective form of marketing is the word of mouth, the one that consumers trust above all others and the one that is most likely to drive sales for your company. Word-of-mouth advertising has existed as long as mankind has communicated and traded goods and services. People trust what their friends and family recommends several fold over any other form of marketing.

Social Media

Advertising to sell my house with social media. Another form of effective marketing is Social Media Advertising. It can be through Facebook Ads, Twitter and Instagram among others. Using these tools for advertising gives you the option of being able to target specific demographics. You can target people you have not reached yet and try to engage them. Users don’t always make a purchase through these mediums, however, they can still end up liking your business which gives you the opportunity to create a database of potential customer.

Many other forms of advertising exist, such as televisions, direct mail, billboards, newspapers and magazine. You can try out a few different forms to see which works best for you. The most important thing is for you as the Marketer to focus on engaging your consumer/customer, listen to what they have to say, be part of the conversation about your product. You will have to understand your consumer/customer, what they like about your product and to provide whatever it is they need from you. Let them know that they are important to you and that sharing their opinion is important to you. At the end of the day if the product is good, customers will come and they will keep coming back. So making sure that the customer has a great experience is always the first priority.

Advertising to sell my house

Dupont Real Estate would love to hear from you. If you have any comments or ideas we can share with our clients, please get in touch. If you have a question for our Real Estate Team, please email us at francine@dupontrealestate.com. Your answer may be part of our next blog article.

 

Mistakes Sellers Make

Mistakes sellers make can be avoided. When choosing a Realtor to sell your home, take time to pick one with an excellent reputation for listing homes. Choosing the wrong one will undoubtedly lead to financial and emotional headaches.

Here are several things to consider when choosing a Realtor so that mistakes can be avoided:

1. Hiring a Friend or Family

Choosing a Realtor, simply because she is your neighbor or family can be a very bad idea. Your top priority should be to sell your home for the best price as quickly as possible. By contracting with someone based on a relationship without scrutinizing out their credentials or references, the seller could be tied up in a contract that is not beneficial to them. If something goes awry during the process, it can cause conflict and can ruin or damage the relationship.

2. Listing with an agent who gives you the highest selling price

Choosing a Realtor because they suggest the highest price is a common mistake made by the home seller. You should hire someone who can give a strong market analysis to help you determine a reasonable price for your home and to avoid overpricing. It is important that your home is priced right to attract potential buyers.

3. Choose a Realtor based on Commission

Agents and real estate companies put up their own funds to market and advertise your home. Marketing and advertising will cost them money. So the lower the commission, the less incentive for an agent. A full service agent earning a full commission will often drop everything to handle any challenges that come along.  If a Realtor agrees to a lower commission with very little or no resistance at all, imagine how strong their negotiations will be on your behalf when you receive an offer. The seller needs to have more information about the Realtor’s experience and success and not rely solely on the fact of lower commission.

4. Hiring the so-called “neighborhood expert”

An agent living in the neighborhood doesn’t necessarily mean that they are better equipped to sell your home than someone who does not. Knowledge of the local market isn’t only acquired by living in the immediate neighborhood. A full-time realtor can get up to speed on a neighborhood fairly quickly by extensive research. Remember, selling a home is not location dependent it is about having the business skills.

5. Picking from an Open House

Open houses basic function is to connect the Realtor to other prospective clients. Yes, open houses can sell homes, but the percentage is so low. It is more of a way for the listing agent to advertise and to pick additional clients. Good agents know better than to pin all their selling effort on an open house. They should use their time in more effective marketing methods, not directly to the public but to other agents. By getting other agents interested in your home, your listing agent multiplies your sales force beyond just one individual.

Final Thought:

When choosing a Realtor, find out about their experience and success rate. Check their references and their satisfaction rate from their previous customer. As a seller, you have the right to choose the best person to fit your individual needs. Selling a home can be challenging, but with the help of a reliable Realtor, you can avoid making mistakes and reap the rewards of your sale.

We welcome your feedback and comments. We are also able to give you a FREE analysis of the current value of your home. Please CLICK HERE to request or call 704-510-0099

 


paint matters
One of the easiest and least costly ways to make a dramatic change in your interior décor, repainting a room is often just what’s needed to change your home’s look and feel. However, your great design inspiration can be shortchanged if you choose low-quality paint. Here are five compelling reasons to spring for the best quality coating, courtesy of the experts at the Paint Quality Institute:

Better color retention. If you’re painting to change the color of a room, then you surely want your new hue to last. Top quality, 100-percent acrylic latex paint helps keep your colors true to their day-one appearance. Bargain paints? They tend to pale by comparison.
Better stain resistance. Nothing can ruin a new paint job quicker than a nasty stain – whether it’s due to a careless spill, dirty fingerprints, or something totally unforeseen. If you spend a little more for a quality acrylic latex paint, think of it as buying some insurance against these color calamities. This type of paint is highly resistant to many of the most common stains, especially in higher sheen levels, such as semi-gloss or high-gloss paint.
Paint and primer in one. Top-quality, 100-percent acrylic latex paint offers an important performance advantage over all lower quality, non-acrylic coatings: Many are “self-priming” – in other words, they do double-duty as both primer and paint. Just think how much time and effort you’ll save by having to apply fewer coats!

Good adhesion to various surfaces. Should your painting project involve several different materials, such as wallboard, wood, vinyl, or metal (think not just walls, but doors and trim, too), you’ll be able to paint them all with high-end acrylic latex paint. Go with lower-grade paint and you might have to buy several different kinds of coatings, complicating your decision-making and possibly adding to the cost of the job.
Best overall durability. Let’s face it, while interior painting can be a fun project, most of us are more than happy to put away the brushes and rollers, sit back, and enjoy the new colors. Quality acrylic paint offers exceptional durability, which will keep your room looking great until the next paint inspiration takes hold!

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