How Moving Into a New Home Can Help Heal After Loss

Nothing can prepare you for the emotional havoc that comes after losing someone near and dear to your heart. Soon after the initial shock, our minds race through the stages of grief in strange and unusual patterns. Positive memories of times spent with a loved one can even become painful reminders of the absence that now exists. The pictures that line your hall might even feel like ghosts of your past coming back to haunt you.

Grief can make us latch onto locations in strange ways, and it may be that continuing to dwell where the hurt is can make it seem as if the pain will never go away. Sometimes the best thing we can do after experiencing a traumatic loss is to refresh our lives in a new location. If you are considering moving into a new home, here are some things to think about.

Friends and Family Members Will Likely Understand

Initially, you might feel ashamed for wanting to leave your home. You might even think that it is a sign of shallowness or weakness. However, bear in mind the start of a new chapter always comes after another ends.  Communicate with friends and family members about your decision to move. Talking things through can help them understand your situation, help you feel at ease, and help you stay involved with those who care about you during your transition.  Buying and selling a home during an already challenging time can feel overwhelming, so keep communication flowing to allow loved ones to assist and support you.

Connect with good help

Everyone’s financial situation is unique, and your own circumstances will shape how the buying and selling process will work for you. Start by consulting with professionals, such as real estate agents, attorneys, and financial advisers. Your decisions could influence personal circumstances you might not even think about, such as your future taxes, so by covering all your bases you set yourself up for success. It’s also important to find an affordable property in the location of your choosing, sell your current home, and ensure you’re able to purchase your new home without hiccups. Those advisers can play a key role, especially your real estate agent.

To help your real estate agent find the perfect place, consider making some notes about your search criteria.  Categorize what property features are non-negotiable, what would be flexible, and what items are on your wish-list.  To help you get started, The Balance offers an extensive list of home amenities and features.

It’s Good to Have a Timeline

Once you find your new home, consider creating a timeline to help make the transition as smooth as possible. It’s a great way to ensure you stay on track and avoid getting waylaid.  Make sure you hire movers or arrange helpers well in advance, since the last thing you want is to have everything packed and no help for moving day.  If you do hire movers, be sure to adjust your budget accordingly. Most homeowners in Fort Lauderdale spend between $671 – $1,772 for a local move. While hiring movers gives you one less thing to worry about on moving day, having friends and family help can be a nice way to connect and keep your mind busy. Do what helps you the most during a challenging time.

Packing Is the Hardest Part

Another reason to have a timeline laid out is because there will likely be some emotional hurdles involved with sorting your household items.  This is especially true if you need to sort many things that belonged to or remind you of your special someone.

Allow yourself ample time to work through things and consider asking a close friend to help.  Having someone there who knew your loved one will give you a chance to sort your emotions while you sort tangible belongings, laughing and crying as those things trigger memories.  Shelly Frey explains that while it may be difficult to let go of something that belonged to your loved one, it can be an important part of the healing process. At the same time, allow yourself to keep some special things. You might like to create a memory album or some other tribute to your loved one, and revisit it as you wish.

Packing and moving after a major loss can be a highly emotional experience.  As you begin your new life, consider it a refresher instead of thinking of it as running away.  Embrace the promise of a new chapter and know your loved one would want you to be happy.

Top 6 Home Organization Upgrades that “Spark Joy” for Buyers

Thanks to Marie Kondo and her hit Netflix series “Tidying Up,” home organization is a hot topic right now. Marie encourages her viewers to minimize their possessions and keep only those items that “spark joy.” With spring in full bloom, now is the perfect time to do some spring cleaning and add organizational systems to your own home. Not only will you clear out clutter, your efforts can actually

increase the value of your home. Ready to give it a try? Here are six home organization ideas that will “spark joy” for you and your property value.

Boost Bathroom Storage Capacity

When was the last time you cleaned out your bathroom cupboards? If it’s been awhile, remove everything and take a look at each

item. Toss any old or expired products—keep only what you actually use. If your vanity has drawers, add drawer organizers, so you have a dedicated space for smaller items, like makeup and jewelry. For deep cabinets, install roll-out shelves or baskets to maximize the use of space. And don’t forget about the walls! Mount open shelves to store towels. If you’re short on storage space, a cabinet over the toilet can offer additional room for supplies. These inexpensive additions can make your morning routine a little easier while giving your bathroom a more custom feel. And on average, minor bathroom remodeling projects like these see a 102% return at resale.1

Upgrade Your Laundry Room

Sort through the items in your laundry room and throw away or donate anything you no longer need or use. If you’ve been holding onto a collection of old washcloths and single socks, it’s time to say goodbye. Then give your laundry room an upgrade with some customized organizational features. A mix of open cubbies and cabinets with doors will give you plenty of options for storing detergents and supplies. If you have space, a divided hamper or set of laundry baskets can provide a place to sort your clothes before washing. Install a hanging rod or drying rack for delicates and a flat work surface for ironing and folding clothes. With a few simple tweaks, you can turn this chore into a score!

Fully Utilize Your Basement or Attic

Basements and attics can easily become a dumping ground for clutter. If that’s the case in your home, you know what to do! Once you’ve conducted a thorough clean out, think about how you can better utilize the space to meet your family’s needs. Install cabinets and a table so you can use the area as a craft room. Or you could turn it into a game room with a media center and ping-pong table. Investing in your basement will not only add function for your family, but also the average basement remodel can see up to a 70% return on investment when it’s time to sell.2

If you have an attic, consider adding a cedar closet to store your off-season clothing. The cedar lining will keep your clothes free from moths and smelling fresh year round.3 Turning your attic into a more usable space will pay off down the road, too. A finished attic sees an estimated 60% return on investment.2

Customize Your Closets

Cleaning out the closet is a chore most of us dread, but by now, you’re a pro! Get rid the clothes and shoes that don’t fit you, are uncomfortable to wear, or that no longer “spark joy.” Then it’s organizing time. So where do you start? You’ll want to create a designated space for each type of clothing: high hanging rods for dresses and long jackets, lower rods for skirts and shirts, and shelves for folded items like jeans. And accessories need a place to go, too. Add racks for your shoes, drawers for jewelry, hooks for hats, and shelves or racks for handbags.

A well-equipped closet can be a major draw for buyers—the average return on a closet remodel is 57%.4 But more importantly, it’ll improve your day-to-day life. Surveyed homeowners gave their closet remodel a “Joy Score” of 10 out of 10, higher than kitchen or bath upgrades.5

Install Built-in Bookcases and Cabinets

Built-in furniture adds functionality and storage to a room while giving your home a high-end look. Built-in bookcases can turn an empty room into an office. Custom cabinets can be used in a living room to display media equipment while providing hidden storage for DVDs, board games, and family albums. When designing any built-in feature, remember not to go too custom. A design that only fits your tastes or belongings could turn off future buyers. Instead, select standard sizes and classic finishes to appeal to a broad range of buyers when it comes time to sell.

Equip Your Garage

If you can no longer fit your car in your garage, it may be time for a clean out. Similar to an attic or basement, the garage can quickly become overrun with clutter. A thorough cleaning will help you assess which items are worth keeping. When adding organizational systems your garage, start with a small rack to store yard tools and larger racks for bikes and sports equipment. Overhead racks are a great place to put seasonal items and bulky luggage. A workbench against a wall lined with pegboard and hooks creates a dedicated space to use and store tools. If you have children or pets, add a cabinet with a lock. This will give you a place to securely store harsh chemicals and sharp tools. With a little effort, you’ll be pulling in your car (and buyers) in no time!

SPRING INTO ACTION

If you’re searching for service providers to help with your spring cleaning or home organization efforts, let us know! We can connect you with our trusted network of local home improvement professionals. We can also help you determine which organizational upgrades will add the most value to your home. Call us today, and let us know how we can help!

Sources:

  1. HGTV –
    https://www.hgtv.com/design/real-estate/top-home-updates-that-pay-off-pictures
  2. Nationwide –
    https://blog.nationwide.com/valuable-home-improvements/
  3. HGTV –
    https://www.hgtv.com/remodel/interior-remodel/maximum-home-value-storage-projects–attic
  4. The Closet Doctor – https://www.closet-doctor.com/news/what-is-the-return-on-investment-on-closet-organizers
  5. NAR Remodeling Impact Survey –
    https://www.nar.realtor/sites/default/files/documents/2017-remodeling-impact-09-28-2017.pdf

 

Buyers are you worried when your pre-approval letter says you are approved for more?

Money Money MoneyA colleague recently asked if he should get a new approval letter for his buyer. The reason was that he was negotiating on a house, and was planning on offering less than the approval amount that the buyer could afford. I’ve also been in a situation where my buyer has cash in the bank for a cash purchase, and the bank balance is far more than the purchase price.

The question is:  Are you giving away too much information by letting it be known that you CAN spend more than you want? Perhaps, but I don’t think this is a significant objection to overcome.

Let’s say a buyer has a mortgage approval for $400,000. A house is listed for $375,000 but is only worth $360,000.   Will it make negotiations more difficult if a seller sees a letter that says the buyer can spend $400,000? Not if I’m good at what I do.

There is absolutely no justification for a negotiation to include a dialog of “but he has the money.” What in the world does that have to do with the price of Tea in China? Nothing.

This reminds me of sellers that “need to get” to a particular price in order to buy a new property. How is that my problem? It’s not. The house is worth what the house is worth. If it’s like all the other houses on the block, it’s probably worth close to the other houses. If it’s unique, it’s worth what a buyer is willing to pay. It’s certainly not worth what my bank balance says I have. That’s like my other favorite saying “How can I be overdrawn? I still have checks left!”

Next thing out of my mouth when someone says that to me is: prove it. Show me some justification for your price. I’ve proved my client can buy it. Now you prove your worth. If you can’t? We’ll be on our way.

Could hurricane Harvey push Florida insurance rates higher?

Lynne McChristian, spokesperson for the Insurance Information Institute, an industry organization, said that Florida homeowner insurance rates shouldn’t be affected for one simple reason: rates are set at the state level and are based on what happens within the state. “What happens in Florida stays in Florida, what happens in Texas stays in Texas and that is the way it works in every state,” she said.

Check out the full article…

 

Can I use my condo in South Florida as a short-term rental or Vacation Rental By Owner?

Your Guru gets asked every now and again to help a buyer, who fancies himself/herself an investor, locate a condo that can make a little income (or perhaps a lot of income) on the side.  You should know that there are virtually NO condos in the area that allow AirBnB, VRBO or short term rentals.

Why can’t I rent my condo short term?

Here’s the reason:  The over-supply of condos in 2005 heralded the “beginning of the end’ of the condo building boom in South Florida.  We led the nation in the real estate “bust” and in turn, led the nation in the recovery.

Cash investors bought up the bargain-priced inventory and used those condos as rental properties – in any way they saw fit.  There were traditional long-term rentals, but those investors also treated their investments like short-term rentals and even as alternative to hotel rooms.

Lending on condominiums ground to a halt because so many condos had more tenants than owners.  Most lenders didn’t see condominiums as viable investment for their lending portfolios – they believed they’d lose money on every one of them.

Condominium boards also got an earful from angry residents as tranquil buildings turned into transient communities and party-pads.  Associations responded by enacting rules requiring anything from a year of ownership before an owner could rent their unit, to restrictions on lease length, and outright bans on short-term leases.  In most cases here in South Florida you’ll find a condominium association will have a minimum of a 6-month lease, or 12 month lease, or a restriction that a unit may only be leased once or twice per year.

Our marketplace and season has matured as well.  We don’t get as many snow-birds as in the past who drove the short-term rental demand.  The Fort Lauderdale and Miami metro areas are not as tranquil as they once were, contributing to the decline in demand for quiet short term housing.

Do You Really Need A Lockbox When Selling Your Home?

I had a conversation with a colleague this week about using lock boxes.  She hadn’t been able to convince her seller that using a lock box was advantageous and whether having a lockbox on her door was even necessary to sell her home. Those of you that don’t know, a lockbox is an apparatus that usually holds your front door key securely inside; your listing agent will attach it (the lockbox) in a convenient location somewhere on or near your home, making it very easy for the buyer’s agent who wants to show your home to gain access.  To get the key out of the lockbox, a Realtor would use an electronic key or an app on their smart-phone to access the lockbox.

 

In the South Florida market, Real estate agents have become very accustomed to lockboxes and almost expect them for the convenience they afford.  Often agents will schedule several homes to show with their buyer and will want to have the ability to quickly go from one property to another without having to worry about keys. If your home is one of the few properties without a lockbox, it puts a monkey wrench in the flow of things.  Homes without lockboxes run the risk be tagged “Difficult to Show.”

Without a key on site (in a lockbox) there are usually only few other ways to gain access to your home; none of which agents care for:

  • Seller has to be home to let you in
  • The buyer’s agent has to go to (listing) agent’s office to get and later return the key
  • Listing agent has to go to your property to unlock the door and wait at the property with the showing agent until done

Agents don’t have time to worry about keys nor do they like having to schedule around other people’s time such as the home owner or listing agent.  Thinking you will always be home or that your listing agent will always be available to accommodate another Realtor’s showing schedule is not realistic.  A showing can happen at anytime and arrival time to your home is usually within a broad time-frame which fluctuates within a half hour to an hour.  It is usually inconvenient for the listing agent to sit around your home waiting for a showing, and it’s often challenging for a buyer agent to keep a precise schedule.

Agents are like water, they follow the course of least resistance.  If your home is difficult to get inside an agent may drop it from their showing schedule.

What would be your objection to a lockbox anyways: Safety? Security? Someone coming in your home unannounced?  The South Florida MLS uses a lockbox system call Supra. It is very secure and affords Realtors many options controlling the lockbox functions.  Once you see the lockbox firsthand and understand how secure it is (holding your key inside) and all the control you and your listing agent have over others having access to the key inside. The box itself is virtually indestructible and it would be far easier for a nefarious intruder to break down your door instead of trying to gain access to a lockbox.  Going that extra step to assure your home accessible at any given time will go along way in helping you sell your home.

Realtors in South Florida using the Supra system can:

  • Block-out showing times;
  • Provide you (the seller) with online access where you can restrict showings;
  • Require all showings to be confirmed by you, by me, by both of us, or completely automatically;
  • Know exactly when any Realtor accesses the lock box in real-time;
  • Post all showings and agent feedback in real time online.
Block-Out Showing Times Feature:

You can ask your agent to automatically block off showings (and disable your lockbox) for any specific time or recurring time frames.  Unless otherwise objected, I like to restrict home showing times to fit between: 9AM to 7PM daily; before or after that time-frame Realtors can not automatically schedule a showing online and the lock-box goes into complete lock down – The lockbox is completely disabled and no one has access.  It’s also good to know for example, when when an owner has a vacation home and wants to “use” it for the weekend they can block out times days or weeks in advance.  It’s simple to block out those days and time they plan on being at the property.  Scheduling block-out times is very easy. Another option is the do not disturb feature. This gives a seller the ability to disable the lockbox ANYTIME desired.

Do Not Disturb (DND) Feature:

You have total control when someone can use the lockbox. You can disable the lockbox on your property at any time – from the comfort of your home.  Say for instance you are feeling a little under the weather, took the day off from work and are at home bedridden; you called your listing agent and asked them not to schedule any showings for the day but … you keep thinking about the key in the box outside.  Not to worry, all you have to do is enter a simple code (provided by your agent) and that code will completely disable/lockout anyone that tries to get access until you turn off the DND function.  You can keep it off for minutes, hours or days – you have total control over that lockbox.

Showing Record:

Every Time your lockbox is accessed by a Realtor their unique electronic key instantly embeds their personal identification, date and time of access and the information is then transmitted wireless to Supra which can be accessed online. We always know who was at your property and when.

Sellers’ Gateway:

In addition to documenting who has accessed the lockbox, the Sellers’ Gateway also solicits agents’ feedback about your home, keeps a tally of all the showings you had, and will even show future showings.  Our sellers love this feature and it’s only possible when using both the Supra lockbox and our ShowingTime scheduling system.

Going back to the question at hand – Should you use a lockbox when selling your home? Of course I feel strongly that it is in your best interest as a seller to use a lock box.  A lockbox makes a home much more accessible to buyers and their agents and  provides you with a complete and accurate record of showings.  The key inside is safe and secure and you always have total control.  When I visit for a listing presentation I will bring a sample lockbox with me.  I will show you all the features of the lockbox firsthand and how we interact with it.

Having a lockbox at your home increases the number of showings and foot traffic through your property. The buyer’s agent still needs to make an appointment with the listing agent to show the house and no one can gain access to your home without your knowledge.

What is the difference between a fee simple home and a condominium

Searching for town homes and row homes can be confusing to buyers with FHA or other low down payment mortgages

Low down payment buyers are often surprised to learn that a condominium might not be a good fit for their loan program. Single family homes are not always affordable in areas where buyers are looking, so looking for town-homes might work – if you can find the right one.  Some townhomes are just like single family homes as far as ownership is concerned; and others behave more like condominiums.  Learn about the differences in the video:

Mortgage interest rates don’t vary much between lenders like they can with credit cards or car loans

Mortgage interest is consistent among various lenders

A client asked me about shopping around for mortgage rates this week.  She thought that mortgages were similar to car loans or credit cards and that they could vary greatly depending on your credit score and credit blemishes.  In reality, mortgage interest rates among lenders are pretty similar.  However other features of the mortgage can change such as mortgage insurance, down payment and other terms.  Check out the full video:

Hesitant to sell in today’s market because you’d also have to buy? Not so fast…

Conventional wisdom has it that when you sell, and might buy in the same market, you’ll be buying in the same market conditions as well. You’d be mostly right, but not always. It pays to have a grasp of what’s happening in different segments of the market and take advantage when conditions are right.

At the moment, the South Florida market is pretty hot. Single family home inventory is low and good inventory sells quickly – often with multiple bidders. If you’re trying to buy in the “Sweet Spot” right now – between $300,000 and $500,000 – you’re probably having challenging time. It’s even more competitive if you’re shopping for a single family home below $300,000 – the market is best described as “insane.”

But what if you’re in a position to “move up?”

You bought your current home a few years ago or more, and you’ve taken great care of it. Today you find yourself seeking more space, perhaps a pool, or more bedrooms? Your current home that you bought for $250,000 is now in that magical sweet spot and should sell for $400,000 – that would be amazing, wouldn’t it? Except you’re worried that selling at the top of the market means that you’ll also be buying at the top of the market? Maybe not so. This is why having an expert in in the market can pay big dividends for you.

That new home priced between $500,00 and $700,000 might be a pretty good deal right now. The market for homes priced higher than yours is not as hot. Sluggish even? Check out the stats…stats1

 

Your current home priced between $300,000 and $500,000 is clearly in the heart of “Seller’s Market” territory.  However take a look a that $500,000 to $700,000.   Almost into “Buyer’s Market” territory.

 

 

 

 

stats2

Check out the next slide.  Non-distressed homes priced between $500,000 to $700,000 are even further into the “Buyer’s Market” territory.  See what I mean?  There’s opportunity here for a buyer in just the right situation.  Could that be you?

 

 

 

 

Check out the last slide:   Current market conditions are favorable in several price ranges to take advantage stats3of a hot market to sell in, and a sluggish market to buy in.  Despite the lower total number of sales in the $200,000 to $300,000 price range, the number is primarily due to lack of decent inventory.  Price increases in the same range are steep.  So if you’re ready for a leap into the $500,000 to $700,000 price range, moving up from nearly any price point is advantageous.

The same can be said for moving from $750,000 into any price point over $1-million.  If you might be interested in a condominium priced over $1-million the market is truly your oyster.  Sluggishness in the new-construction market has caused developers to offer a slew of new incentives to capture a dwindling number of buyers that are interested in luxury condos.

I have more information available and if there’s a particular segment of the market that you are interested in, please reach out.  I’d be pleased to share what I have.

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