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Displaying blog entries 1-10 of 74

To Stage...or Not to Stage? That Is the Question!

by Melissa Thompson

Some Highlights:

  • The National Association of Realtors surveyed their members & released the findings of their Annual Profile of Home Staging.
  • 50% of staged homes saw a 1-10% increase in dollar value offers from buyers.
  • 77% of buyer’s agents said staging made it easier for buyers to visualize the home as their own.
  • The top rooms to stage to attract more buyers are the living room, master bedroom, kitchen, and dining room.

If you are debating listing your home for sale, contact your local expert’s at The Melissa Thompson Team 901-729-9526 or Melissa@YourKeyTomemphis.com

By: KCM Crew

Home Maintenance - Projects You Should Start Now

by Melissa Thompson

Summer is winding down and the kids are back in school. Before you know it, crisp Fall weather will be here.   Don’t wait to start preparing your home for the colder seasons.  Take advantage of warm weather and longer days to get the jobs done now.  Here are five home projects you can do now to prepare for Fall and Winter:

  • Get your heating system serviced.  Now is the time to have a technician come out to inspect your heating system and make sure it is clean and in good repair.  You will be glad you did this when that first cold night arrives.  Try to find a heating/air conditioning contractor that belongs to the Air Conditioning Contractors of America and employs certified technicians.
  • Caulk and weather-strip windows and doors.  Caulking is an inexpensive and simple way to save energy and improve comfort in your home. Be sure to seal any areas where water and air can slip into your home.  The prime places where this can happen are gaps between the foundation and siding, cutouts for electrical conduits and pipes and all around windows and door frames. Replace any damaged weather stripping at the base of doors and windows to make sure they are effectively sealed. 
  • Make sure your roof is in good shape. Trust me, you are not going to want to go up on the roof in cold weather.  Take the time now to inspect it and make any repairs necessary.  It will serve you well to deal with roof issues now so that you’re not scrambling to get things fixed before the first big winter storm.
  • Make sure your fireplace is in good working order.  There’s nothing better on that first, cold Fall day than curling up in front of a warm fire.  And there would be nothing worse than trying to light that fire and discover that something is not right.  Make sure your fireplace is safe and ready to go.
  • Seal your driveway.  Check it for cracks and use driveway filler to repair any damage. Then coat it with a commercial sealer.  Sealing your driveway will protect it from the elements of cold-weather and extend the life of the asphalt.

Getting these projects done before the weather changes and the days get shorter will allow you to enjoy all the fun that Fall brings with it rather than spending every weekend doing chores!

 

http://www.yourkeytomemphis.com/Blog/5-Important-Things-to-Fix-Before-Putting-Your-House-on-the-Market

http://www.yourkeytomemphis.com/Blog/Quick-Fix-Tricks-to-Make-Your-House-Sparkling-Clean

http://www.yourkeytomemphis.com/Blog/Top-Home-Renovations-for-Maximum-ROI

Hey, Millennial Homeowners!! It May Be Time to Sell

by Melissa Thompson

Contrary to what many believe, Millennials are not the ‘renter’ generation. Millennials purchased a larger percentage (34%) of homes in the U.S. than any other age group in 2017 and the most recent Census Bureau report shows that the homeownership rate among Millennials is finally on the rise.

Many Millennials took advantage of post housing crash prices and the First-Time Homebuyers’ Tax Creditand jumped into homeownership in 2010. If you are one of these buyers, now may be the time to sell for many reasons. Here are a few:

1. Equity Build-Up

Home prices have been on the rise since the beginning of 2012 and your house may have appreciated by more than you think. ATTOM Data Solutions, in their Q2 2017 U.S. Home Sales Report revealed that:

“…homeowners who sold in the second quarter realized an average price gain of $51,000 since purchase — the highest average price gain for home sellers since Q2 2007, when it was $57,000.

The average home seller price gain of $51,000 in Q2 2017 represented an average return of 26 percent on the previous purchase price of the home, the highest average home seller return since Q3 2007, when it was 27 percent.”

2. Projected Home Price Increases

If you just got married or just found out you are about to become a parent, you may have plans to move up a bigger home or perhaps move to a different area. Waiting to buy a more expensive home in this market probably doesn’t make sense. The experts contacted for the Home Price Expectation Survey are projecting home prices to increase by nearly 5% over the next year. Yes, your house’s price will increase but not as much as a home currently valued higher than yours.

3. Projected Interest Rate Increases

The Mortgage Bankers’ AssociationFreddie Mac, Fannie Mae and the National Association of Realtors are each projecting mortgage rates to increase over the next year.

Higher PRICES + Higher INTEREST RATES = LARGER MORTGAGE PAYMENTS.

Bottom Line

If you are lucky enough to be one of those Millennials who purchased a house in 2010 (or even later), now might be the perfect time to move up to the home of your dreams! 

Contact your local expert’s at The Melissa Thompson Team 901-729-9526 to find out how much your current home is worth! 

By: KCM Crew

20 Tips for Preparing Your House for Sale

by Melissa Thompson

Some Highlights:

  • When listing your house for sale your top goal will be to get the home sold for the best price possible!
  • There are many small projects that you can do to ensure this happens!
  • Your real estate agent will have a list of specific suggestions for getting your house ready for market and is a great resource for finding local contractors who can help!

​​Contact your local expert’s at The Melissa Thompson Team 901-729-9526 to find out how much your current home is worth! 

By: KCM Crew

What Does Downsizing Mean for You?

by Melissa Thompson

People downsize to smaller homes for many reasons:

  • Your children have grown up and moved out leaving you with an empty nest.
  • You have retired or you are planning to retire soon.
  • You are tired of the upkeep it takes to maintain a large house.
  • You would rather spend your free time traveling or on your hobbies rather than cleaning your house.
  • Increased taxes and upkeep have made your current home too expensive.
  • You’ve lost a spouse or partner and you’re living alone.
  • You’ve always wanted to live at the beach, in the mountains, on a lake, etc. and want a smaller dream house in one of those locales.
  • You’ve built up a lot of equity in your current home and want to start using it for other things.

    Whatever the reason, downsizing is a good move that will likely bring you more joy.  Here are the reasons why:
     
  • Your house will be easier to maintain and you will spend less time cleaning.
  • You will spend less money on everything from your mortgage, taxes and insurance to your heating, cooling, and electricity. 
  • Having less debt will eliminate the financial stress that comes with a huge mortgage payment.
  • A home that doesn’t drain your resources and energy will give you peace of mind.  And that is priceless.
  • A smaller home has a positive impact on the environment because it requires less resources to build and maintain.
  • You will have more free time for living the life you want.
  • It will force you to cut back on your belongings and keep you from buying more.
  • If decorating is not your thing, a smaller house will make it less overwhelming for you.
  • When the time comes to sell, a smaller, more affordable home will appeal to a larger percentage of the population.

Downsizing doesn’t mean you should move into one of the tiny houses that are trendy right now.  It might be just going from four bedrooms/three baths to three bedrooms/two baths.  A professional Realtor can assist you in finding a smaller home that will suit all your needs and provide you with a happier, more peaceful lifestyle.

 

http://www.yourkeytomemphis.com/Blog/Why-Americans-Consider-Moving-to-Another-State

http://www.yourkeytomemphis.com/Blog/Four-Reasons-to-Buy-a-Home-Now

http://www.yourkeytomemphis.com/Blog/5-Important-Things-to-Fix-Before-Putting-Your-House-on-the-Market

Inventory Drops Again, Sales Slow

by Melissa Thompson

Highlights:

  • Existing Home Sales are now at an annual pace of 5.52 million.
  • Inventory of existing homes for sale dropped to a 4.3-month supply, marking the 25th month in a row of declines.
  • The median price of homes sold in June was $263,800. This is the 64th consecutive month of year-over-year price gains.

By: KCM Crew

Contact your local expert’s at The Melissa Thompson Team 901-729-9526 for all your real estate needs! 

Luxurious Laundry Rooms

by Melissa Thompson

The laundry room is probably not the first space you think of when you hear the word luxurious.  But it is a room you spend a lot of time in.  Doing laundry is a necessary part of life, so why not make it more appealing by creating a comfortable, practical and pretty environment that will make it feel less like a chore and more like a pleasant task. You don’t have to spend a lot of money to make your laundry room a calm and soothing work space.  There are opulent touches you can add that will improve your disposition while performing the essential duties of washing, drying, folding and ironing.

 
  • Paint the room in a soft, neutral color - choose from greens, blues or yellow.
  • Hang some art on the walls.  Pick pieces that you love or are meaningful to you. You don’t have to spend a lot of money…just choose paintings or pictures that bring 
  • you joy.
  • If you lack storage in your laundry room, add some simple shelves with clean lines.  Get some clear containers for your detergent, fabric softener sheets, clothes pins etc. so you can dispose of the unsightly bags and boxes they come in. 
  • Use baskets or bins to pre-sort clothes into whites, colors, sheets, towels etc.
  • If your laundry room is spacious, create a folding area.  You can have a table or if you are using front loading machines, design a counter to go on top of them.  Add a small, wall-mounted television and a comfy chair, and folding clothes won’t seem so boring anymore.
  • Add a small vase with fresh flowers.  Being amidst the beauty of nature will make you feel better about being stuck indoors doing laundry!
  • Remember, guests are not likely to see your laundry room, so make it all about YOU.  Be funky and unique with your décor and have fun with it!  Before you know it, you will look forward to doing all that washing, drying and folding.  Ok…maybe you won’t look forward to it, but at least you won’t dread it! 

http://www.yourkeytomemphis.com/Blog/Quick-Fix-Tricks-to-Make-Your-House-Sparkling-Clean

http://www.yourkeytomemphis.com/Blog/Top-Home-Renovations-for-Maximum-ROI

http://www.yourkeytomemphis.com/Blog/Clearing-the-Clutter

5 Important Things to Fix Before Putting Your House on the Market

by Melissa Thompson

If you want the best price for your house, you may have to do some repairs before selling it. Potential buyers will be willing to spend more for a home that doesn’t need a lot of work.  Here are 5 important things to fix before selling:

  1. Exterior - When was the last time the exterior of your house was painted?  Is the paint faded and chipping?  Is wood rotting around the windows?  Is your front door dingy?  First impressions matter when it comes to selling your home and buyers will get their first impression when they see the outside of your house whether in pictures or in person.  Don’t forget the landscaping.  A well-kept lawn and simple, but clean flower beds will go a long way toward creating an enticing aesthetic for your property.
  2. Interior Paint - If the walls are looking a bit shabby and the trim a bit grimy, painting is a quick and easy fix.  The same applies if you went through a crazy color phase a few years back and decorated with hues that might not appeal to everyone.  Choose neutral colors that will allow buyers to focus on the spaces without being distracted.
  3. Kitchen - The kitchen is one of the most important rooms that buyers focus on when looking at a house.  So, if yours is looking run-down you will want to update it.  It will be worth the investment to replace appliances that are on their last legs or putting in a new granite counter.  Or it might be as simple as repainting cabinets and adding shiny, new handles.
  4. Bathroom - Nothing turns buyers off faster than an unsightly bathroom.  Sparkling, clean fixtures and a fresh coat of paint will go a long way toward impressing someone searching for their dream home.  Inexpensive touches like a decorative mirror or a lovely picture on the wall will add to the ambiance without breaking the bank.
  5. Flooring - If your carpets are stained or thread bare, it is worth your while to replace them.  Otherwise, buyers may ask for a carpet allowance when they make an offer on your house.  The same applies if your vinyl floors are in bad shape.  Hardwoods are always popular, but you may want to consider getting them refinished if they are looking old and scruffy.

It may seem counter intuitive to spend money on repairing or fixing up a house you are getting ready to sell, but at the end of the day, it will not only help you sell your house faster, but you will get a better price for it too.

http://www.yourkeytomemphis.com/Blog/75-of-Homeowners-Think-Now-is-a-Good-Time-to-Sell

http://www.yourkeytomemphis.com/Blog/Quick-Fix-Tricks-to-Make-Your-House-Sparkling-Clean

http://www.yourkeytomemphis.com/Blog/Tips-for-Showing-Your-Home-to-Potential-Buyers

The 5 Greatest Benefits of Homeownership

by Melissa Thompson

Recently, Freddie Mac reported on the benefits of homeownership. According to their report, here are the five benefits that “should be at the top of everyone’s list.”

  1. Homeownership can help you build equity over time.
  2. Your monthly payments will remain stable.
  3. You may have some tax benefits.
  4. You can take pride in ownership.
  5. Homeownership improves your community.

Let’s expand on each of Freddie Mac’s points:

Homeownership can help you build equity over time.

Every three years, the Federal Reserve conducts a Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, reports that a homeowner’s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400).

In a Forbes article, the National Association of Realtors’ (NAR) Chief Economist Lawrence Yun reported that now the net worth gap is 45 times greater.

Your monthly payments will remain stable.

When you purchase a home with a fixed rate mortgage, the majority of the payment (principle and interest) remain constant. On the other hand, rents continue to skyrocket. Your housing expense is much more stable if you own instead of rent.

You may have some tax benefits.

According to the Tax Policy Center’s Briefing Book -“A citizen’s guide to the fascinating (though often complex) elements of the federal Tax System” – there are several tax advantages to homeownership.

Here are four items from the Briefing Book:

  • Mortgage Interest Deduction
  • Property Tax Deduction
  • Imputed Rent
  • Profits from Home Sale

You can take pride in ownership.

Most surveys show that a major factor in purchasing a home is the freedom you have to design the home the way you want. From paint colors to yard accessories, you don’t need a landlord’s permission to make the house feel like a home.

Homeownership improves your community.

The National Association of Realtors recently released a study titled ‘Social Benefits of Homeownership and Stable Housing.’ The study explained:

“Homeownership does create social capital and provide residents with a platform from which to connect and interact with neighbors…Owning a home means owning part of a neighborhood, and a homeowner’s feelings of commitment to the home can arouse feelings of commitment to the neighborhood, which, in turn, can produce interactions with neighbors.”

Bottom Line

There are many benefits to homeownership. That is why it is still a critical piece of the American Dream.

Contact your local expert’s at The Melissa Thompson Team 901-729-9526 for all your home buying needs. 

By: KCM Crew

Epic Housing Shortage Being Reported

by Melissa Thompson
Epic Housing Shortage Being Reported | MyKCM

The Joint Center of Housing Studies (JCHS) at Harvard University recently released their 2017 State of the Nation’s Housing Study, and a recent blog from JCHS revealed some of the more surprising aspects of the study.

The first two revelations centered around the shortage of housing inventory currently available in both existing homes and new construction.

Regarding Existing Home Inventory:

“For the fourth year in a row, the inventory of homes for sale across the US not only failed to recover, but dropped yet again. At the end of 2016 there were historically low 1.65 million homes for sale nationwide, which at the current sales rate was just 3.6 months of supply - almost half of the 6.0 months level that is considered a balanced market.”

Regarding New Home Inventory:

“Markets nationwide are still feeling the effects of the deep and extended decline in housing construction. Over the past 10 years, just 9 million new housing units were completed and added to the housing stock. This was the lowest 10-year period on records dating back to the 1970s, and far below the 14 and 15 million units averaged over the 1980s and 1990s.”

Bottom Line

The biggest challenge in today’s market is getting current homeowners and builders to realize the opportunity they have to maximize profit by selling and/or building NOW!!

Call your local expert’s at The Melissa Thompson Team 901-729-9526 for all your Real Estate needs!

By: KCM Crew

Displaying blog entries 1-10 of 74