Crystal Coast Real Estate Podcast with

There are three important factors to consider before you put your home on the market. Before you put your home on the market, there are three things you need to be aware of if you want to sell quickly and for top dollar.  The first is your competition. In other words, be aware of other properties on the market in your area. If you have a 3-bedroom/2-bathroom home that’s 1,800 square feet and you want to list it at $600,000, how it compares to other homes with similar features in the same price range will make a difference in your success. Location and whether a property is waterfront (as well as what kind of waterfront) also has a huge influence on price and desirability.  “As long as you price your home correctly in our market, you’ll have good results.” Second, pay attention to the amount of inventory on the market. Right now, homes under $600,000 average about three months on the market before they sell. When you get above $1 million, the average is closer to six months.  Finally, remember to price your home according to your circumstances. If you need to move quickly, for example, you need to be more aggressive in your pricing. If you are willing to wait longer and drop the price as needed to get action, you can price on the higher end of the comparables. As long as you price your home correctly in our market, you’ll have good results.  As always, if you have any questions about this or any other real estate topic, don’t hesitate to give me a call at (252) 723-1628. I’d be happy to help you. 

2019 has gotten off to an incredible start for the Crystal Coast real estate market. There has been a surge of buyer demand, which is great news for anyone thinking of selling this year. However, there is no time like the present. Experts like Nick Ron (CEO of Home Buyers of America) agree that selling this year will yield far better results than doing so in years to come.  “Delaying much longer could cost you dearly.” The opportunity to earn the best possible deal for your home has not yet passed so we need to get started with the process. Why? There are a couple of crucial reasons:  1. Mortgage rates are still historically low. Because of this, buyers are eager to lock in a low rate while they still can. This gives sellers an incredible amount of leverage. 2. Supply is down.There are more buyers than properties available on the market at this time. For any sellers savvy enough to see the “bigger picture,” this means just one (very important) thing: less competition. It’s simple supply and demand—the fewer competing sellers there are in our market, the better chance you’ll have at selling quickly and for top dollar. What does this all mean for you? It means that NOW is the time to act if you’re thinking of selling. Delaying much longer could cost you dearly. The good news, as I’ve already indicated, is that our market remains strong for now, but no one knows what the future may bring. I’d love the opportunity to give you an idea of what you could earn for your home. I’m very familiar with our market and would be happy to help you make the most of this opportune moment in real estate. If you’re ready to take advantage of current conditions as a seller or buyer, please give me a call or send me an email right away! I look forward to hearing from you soon!

Our team has been collecting and compiling real estate data for over 20 years. I’ve got some current information to share today for our Crystal Coast real estate market. I’ll start with some summary statistics for the first quarter of 2019, which we compared to what we saw in the first quarter of 2019: Total inventory is down 30% New listings are down 22% Total unit sales are down 20% The average sales price is up 16% We’re still in the strongest market we’ve been in since 2005, which is when the market last peaked. Then it declined until 2010, and we’ve seen steady increases since. Hurricane Florence caused 2018 to slightly underperform, and the lack of inventory in the first quarter of this year has constrained our unit sales compared to the previous year’s first quarter. Based on the first quarter sales and given the existing rate of new listings and inventory, our 2019 annual sales conceivably will not meet 2018’s despite a large demand. At 1:52 in the video above, you can see that the average sale price peaked in 2007 before decreasing through 2014. From 2015 on, the average price has been on a steady increase. For the first quarter of 2019, it ended up 10% higher than what we saw at the end of 2018. We believe this price will continue to rise as demand for inventory continues and we push toward a seller’s market. At 2:27, you’ll see that our months’ supply of inventory ballooned from a historic low of 5.4 in 2005 to its peak of 21.4 in 2009. We’ve seen a steady decline in inventory since. Historically, the industry has recognized a six-month inventory as balanced. This is a pivotal point because we’ve been under six months of inventory since October of last year, meaning we’re in a seller’s market.  Going forward, there are two big unknowns: the unmeasured impact that Florence has had on our inventory and the likelihood of increased interest rates. The 30-year fixed rate mortgage chart at 3:40 displays the steady run of recent historic low mortgage rates for the past 24 months. Rates bottomed out in the summer of 2016 at 3.44% and rose modestly but steadily in 2018 and ended at 4.64%. Surprisingly, rates have fallen each month in this first quarter. I still believe that modest rate increases will happen in 2019. This means that if you intend to sell, now is the time. You can take advantage of the buyer’s ability to do more with their real estate dollar and cash in on that demand. You can get our full report on starteamrealestatereport.com. If you have any questions for us in the meantime about the market or about anything else related to real estate, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.

People often ask me if it’s possible for them to time the market. The answer is yes, and here’s the time frame you need to follow in order to do so. I’m sure you’ve heard that trying to time the stock market is not a good idea. When it comes to the real estate market, however, that’s far from the truth. From the day you list your property to the day of closing, selling a house typically takes anywhere from 60 to 80 days. If you take into account the few weeks you’ll need to prepare your property for the market, you’ll need to start the process two to six months before your desired closing day to properly time the market. “Now is the time to get the ball rolling.” Contacting an agent earlier will allow you to put the pieces together with the least amount of stress. If you contact me and my team right now, for instance, we can walk you through the process and pinpoint the exact time frame that it will take for your home to sell. We’ll also discuss improvements you can make to your home and what price you can expect to sell for. If you’re thinking about taking advantage of the spring or summer market conditions, now is the time to get the ball rolling. If you have any questions for me or want our assistance to help you begin the home selling process, don’t hesitate to reach out to me via phone or email. I look forward to hearing from you soon.

The Star Team has been collecting data and compiling local market statistics for the last 20 years. Now, the complete report is available online at www.StarTeamRealEstateReport.com. Feel free to check it out! Here are some summary statistics from 2018 that you need to know about: 1. Total unit sales were down 3% from 2017. Our market peaked in 2005, but steadily declined through 2009. In 2010, we saw our first increase, which continued for eight consecutive years. 2. Total dollar sales were down 2%. 3. The average sales price was almost flat year over year. The average sales price peaked in 2007, then took a dive for three straight years. Since 2014, the average has steadily increased. At the end of 2018, it was slightly higher even than 2017. We believe that the price will continue to move upward as inventory continues to decrease. “Both rate increases and lack of inventory are of great concern to the industry in 2019.”It’s important to understand that Hurricane Florence had a significant—but unmeasured—negative impact on our fourth quarter sales and our resulting total performance in 2018. 4. Pending contracts were down 5%. 5. Total inventory was down 12% Our months’ supply of inventory has expanded over time from 5.4 months in 2005 to 21.4 months in 2009. Since then, we’ve seen a steady decline in inventory over the past nine years. Historically, six months of inventory has been declared as a balanced market which favors neither buyer nor seller. 2018 ended at 4.9 months of inventory, which suggests that we are in a seller’s market. 6. 30-year fixed mortgage rates climbed from 3.95% to 4.64% by the end of 2018. Over the past 24 months, rates hit their lowest point in the summer of 2016 at 3.44%. Since then, rates have risen steadily. 2018 ended with rates at 4.64%. We expect a modest upward trend to continue in 2019. So far, there has been no measurable loss of sales due to rate increases. However, both rate increases and lack of inventory are of great concern to the industry in 2019. If you intend to sell in the near future, right now is probably the time to do so. 2018 was a great year for us here at the Star Team, and 2019 is going to be even better. If you have any questions or need any help buying or selling in the meantime, don’t hesitate to reach out to us. We look forward to hearing from you.

Happy holidays to you! The holiday season has officially arrived. We hope you enjoy this wonderful time of year and make some fantastic memories with your family and friends. We just wanted to take a moment to thank you for your continued support. We love helping people make their real estate dreams come true, so thank you for working with us. This may be a busy time of year, but we are always here to help you and answer any questions you may have. Just give us a call or reply to this email. And in case we don’t hear from you, have a happy New Year as well! If you’ve spotted the Christmas Mouse, click the link below to fill out your information.  Let us know in the comments where you found the mouse and enter to win a 200$ gift card! https://starteamrealestate.com/contact

Here we are in the holiday season, with just a few days remaining in 2018. During this season, it’s the perfect time to look back and recognize our many blessings. Here on the Crystal Coast, we had the wind knocked out of our sails when we were hit by Hurricane Florence. Currently, homes and businesses are slowly, but surely, being put back together. Despite this year’s earlier hardship, our area is still an awesome place to live, work, and visit. “Thank you for giving us the opportunity to serve you” On behalf of my fellow agents here at the Star Team, I want to say thank you for giving us the opportunity to serve you. We look forward to continuing to do so for many years to come. If you are interested in learning more about current market conditions or are in need of representation during your next home sale or home purchase here on the Crystal Coast, give me call at (252) 241-9210. We hope you have a Merry Christmas, a Happy Holiday season and a happy 2019.

Communication in real estate has changed dramatically over the last 20 years. 20 years ago fax machines were king. As real estate agents, we had to wait for faxes to come through before a deal could be signed and ratified. However, today, we’re hyper-communicators. Agreements can be sent in the blink of an eye via text, and contracts can be signed on cell phones. Electronic signatures are making the process much easier and faster. “If you don’t have a tech savvy agent backing you up as a seller or buyer, you could miss out on a sale or purchase.” If you don’t have a tech-savvy agent backing you up as a seller or buyer, you could miss out on a sale or purchase. When choosing an agent to help you, it is important to understand how they communicate so you don’t miss out. If you have any questions about communication in real estate or are interested in buying or selling, please feel free to reach out to me. I look forward to speaking with you soon.

Homebuyers in the $200,000 to $600,000 price range have been experiencing many difficulties in the current market. There’s not much inventory available for them, which has caused some struggles. If you’re a buyer in this price range, what can you do to quickly capture homes in this price range when they come on the market? The most important factor is communication with your agent. The first step should be to talk with your agent and confirm your criteria for a property. Then, we’ll set up a drip campaign that will automatically send properties to you that match that criteria. This ensures you’ll see each new listing as soon as it hits the market. “We ensure our buyers know about each home that matches their criteria.” In addition to having clear communication with your agent, your agent should also have good communication with other Realtors. Those Realtors may be aware of other listings that match your criteria, but haven’t hit the market yet. This way, you can be prepared to submit an offer on a property that matches your criteria as soon as it’s listed. If a home is priced correctly, it should have no issues selling in the current climate. It will likely have multiple offers as well. Buyers should be ready with contracts in place to make an immediate offer if they’re looking for a good home right now. If you have any questions about this market or are interested in buying or selling a home any time soon, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.

You might think that 2019 is a long way off and there’s no need to start planning for next year, but you’d be wrong. If you’re thinking of selling your home next year, you need to begin your planning process now; this time of year is when our savvy clients start to prepare for the 2019 selling season. Instead of rushing into it when you only have a couple weeks to get ready, why not spend the next few months fine-tuning your strategy with our team? We would love to work with you. If you’re interested in hiring us for your transaction or have any other questions, visit our latest blog post for more information or give us a call at (252)723-1628. Hope to hear from you soon.

Summer is here and it is a great time to buy or sell a property, but partnering with the right agent will be crucial to your success. If you want great results, you will need to consider the education, experience, reputation, and expertise of your agent. There are a few key attributes that indicate the quality of an agent, 1. An educated agent focuses on the solution, not the problem. The ability to anticipate, resolve, and handle problems quickly and professionally defines a high-quality agent. “From the smallest details to the most significant aspects of the transaction, I would be happy to fulfill any and all of your real estate needs.” 2. A high-quality agent has exceptional communication and negotiation skills. These skills will enable an agent to work effectively with buyers and sellers. 3. Agents should stay on the cutting edge of technology and marketing. This demonstrates dedication and commitment to providing top-level service. 4. Agents must have respect from their professional peers, the real estate community, and local homeowners. My goal is to become your preferred Realtor of choice. By working with the most innovative real estate brokerage on the Crystal Coast, the Star Team will be able to raise the marketing of your listing to a new level.Selling homes today is as much an art as it is a science, so please entrust me with the duty of taking care of your real estate goals. From the smallest details to the most significant aspects of the transaction, I would be happy to fulfill any and all of your real estate needs. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Check out the Star Team Radio Show! On This Episode, we discuss the things to ignore while house hunting. Check it out here: https://s3.amazonaws.com/vyralmarketing/OK+Hogan+(Star+Team)/Star1%2BStar+Team+Pre+recorded+show%2BSeg+1%2Bs.mp3

You can see the complete Crystal Coast 2018 1st Quarter Real Estate Market Results and our Charts by clicking this link: StarTeamRealEstateReport.com Here on the Crystal Coast, spring is one of the hottest seasons in real estate to list your home to sell. And spring 2018 is shaping up to be important for someone looking to sell. Here are a few points I’d like you to consider: 1. Demand continues to outstrip our supply here in the Crystal Coast. The months’ supply of inventory in our market is at the lowest point today since the red-hot market peak back in 2005. Months’ supply of inventory is the measure of how many months it would take for the current inventory of homes on the market to sell out, given the present pace of home sales. New listings of existing homes are just not keeping pace with demand. 2. Home prices are moving upwards. In our market, home prices were up 7% in 2017 and we expect that trend to continue. It’s not just our Crystal Coast that’s doing well—areas around the country keep posting record highs for home values. 3. Mortgage rates are finally rising. The Fed increased rate several times over the past year, and mortgage rates finally do seem to be responding. and the 30-year fixed rate is now hovering around 4.5%. While this is a four-year high, it’s still near historic lows and continues for now to make mortgages affordable to would-be buyers. What does all this mean for you as a home seller? First off, right now is a very good time to sell. “If you have been thinking about selling your home, consider selling now. The current market is very favorable, but it won’t last forever.” In other words, if you were to put your home on the market right now, you could get top dollar, and likely be able to sell quickly and with less hassle. Second, it’s not clear how long this favorable situation will last. I mentioned mortgage rates are on the rise and if rates continue to rise, it can drive buyers out of the market and eventually push price down. Another thing to consider is the effects of the new tax plan. It’s not entirely clear how it will affect the real estate market, but odds are good it will make purchasing a home more expensive. That’s because of a new cap on state and local tax deductions, which could combine with higher mortgage rates to push more buyers out of the market. To sum up, if you have been thinking about selling your home, consider selling now. The current market is very favorable, but it won’t last forever. Here’s how to get started. You can get a quick estimate of the current value of your home, based on recent  sales: Enter your address here to find out what your home is worth And if you want a more detailed estimate, or you want to get the ball rolling on selling your home while this boom lasts, give me a call at 252-422-2205. I’m here to help. You can see the complete Crystal Coast 2018 1st Quarter Real Estate Market Results and our Charts by clicking this link: StarTeamRealEstateReport.com

Whether you’re shopping on the internet or in a local store, you’ll agree that customer service is very important. One of my first jobs was at a sanitary restaurant, so I learned a lot about good customer service. Here are a few things to think about in terms of how customer service relates to the real estate business. Quick response. In this day and age, cell phones, internet, email, and texting make it easy to follow up with a customer quickly. I personally try to do that within 24 hours of the initial message. “Forming a friendship and a working relationship with clients lasts forever.” Know your customer’s goals and objectives. Going the extra mile in this business tells the customer that you’re in this for life. Forming a friendship and a working relationship with clients lasts forever. If you have any questions about customer service in real estate, please feel free to reach out to me.

Today I have some really good information to share about the Crystal Coast real estate market. Many of you already know that The Star Team has been collecting data and compiling local market statistics for the last 20 years. Traditionally, we snail mail and email our quarterly reports that are included in our newsletters and we frequently highlight this data on our weekly radio shows. Each quarter, we’ll be adding this very important data to our real estate videos and blogs. In addition, we’re making this summary data and the complete report available online at http://www.starteamrealestatereport.com/. Here are some important statistics from the last year that you need to know now: •    Total unit sales for all properties were up 16.2% from 2016.•    Average selling price was up 6.9% compared to 2016.•    Total dollar sales were up 24.2% compared to 2016.•    Total inventory was down 4.6% compared to 2016.•    Pending contracts for all properties were up 14.4% over 2016. “You can get the full report right here on this page.”This is the strongest market we have seen since the peak in 2005. This first chart in the video above illustrates the unit sales trends for all residential properties in Carteret County since the last peak in 2005. As you can see, our market peaked in 2005 and was in steady decline through 2009. Finally, we saw our first overall increase in 2010 and this has continued for eight straight years. Sales have been strong through the end of 2017, and we believe this trend will continue and that the number of total sales will pass our 2005 peak within the next couple of years. The next chart is for the average sale price for residential properties. This second chart shows the average sale prices for the past 12 years. You can see the average price peaked in 2007, then took a dive for three straight years. Beginning in 2010, we observed fluctuating prices through 2014. Since 2014, the average has been on a steady rise and ended the year close to $300,000. As our inventory continues to decrease, we believe we will continue to see increases in prices as we enter into a more balanced market. The final chart demonstrates that our inventory has grown from a low of 5.4 months in 2005 to its peak of 21.4 months in 2009. We have seen a steady decline in inventory for the past eight years since that 2009 high. We currently have a 7.6-month supply, which is moving toward a balanced market. We are seeing many areas in residential property that are now in short supply and as a result, prices are increasing. 2017 was a great year for us at The Star Team and 2018 is going to be even better. If you have any questions for us in the meantime, or if you need any help buying or selling real estate, don’t hesitate to reach out and give us a call or send us an email. We look forward to hearing from you soon.

If you’re buying a home in 2018 and would like to have a smooth, successful transition, here are a few tips you might want to consider. 1. Check your credit often. There could be items on your credit report that you may not know about. 2. Don’t open new credit cards or make big purchases. It’s good to have great credit card history showing timely payments and no late fees. 3. Have a savings account. 4. Ask family for cash gifts on special occasions. A big-screen TV for your birthday might be great, but having a home to put it in is even better. This extra cash can also be put towards home inspections, closing costs, and furnishings. “A big-screen TV for your birthday might be great, but having a home to put it in is even better” 5. Keep tabs on the interest rates. Whether rates are going up or down, remember that you may not qualify for the very best interest rate; it depends on your credit history, job history, and who your lender is. 6. Work with a lender. It’s never too early to begin working with a lender. You need to find out your purchasing power before you start calling the Realtor to visit potential properties. Do this by getting pre-approved early in the process. The lender will also be able to advise you on special programs that could help you with the loan. 7. Give me a call. I’ll be able to help you through the process of searching for properties, getting to the closing table, and owning your own home. The Star Team at Bluewater Real Estate has a buyer’s guide that is very helpful with the entire process from start to finish. If have any questions or need any assistance with buying a home, feel free to reach out to me by phone or email. I’d love to help.

How did the 2017 real estate market do and what can you expect from our market in 2018? Merry Christmas and happy New Year! As 2017 draws to a close, we’re looking back to see how the real estate market did this year and what to expect next year. In our local area, the number of sales for vacant land, condos, and single-family homes increased by 17% over 2016. The average sales price is up 8%, and the total dollar amount of sales is up 26%. Inventory is down 3% compared to 2016. We simply need more properties to sell. Despite the low inventory, pending contracts are up 18% over 2016, so this is the best market we have seen since 2005. Looking forward to 2018, many anticipate that housing costs will go up as a result of the hurricanes in Florida and Texas and the fires in California. These natural disasters impact the whole country, and they have affected the cost of housing a little bit. My husband is a local builder and he says that he has seen price increases from different vendors he works with in the area. In addition, interest rates are still low right now but they may go up a little bit in the future. Overall, the market looks good for 2018. I want to thank my coworkers for their work in 2017 and my friends and clients for their support. 2017 was a good year, and 2018 certainly looks promising. “2018 looks like another good year for real estate.” If you have any questions about real estate, just give me a call or send me an email. I would be happy to help you. Have a happy holiday season!

We want to share a few client testimonials we recorded from a viewing party of our guest feature on HGTV’s “Beachfront Bargain Hunt.” We recently had the pleasure of working with HGTV to film an episode of “Beachfront Bargain Hunt” right here in Atlantic Beach. We had a great time filming the show, and we’d love for you to tune into episode 13 of season 15 to see us on TV. Here are a few client testimonials from our recent viewing party of this experience: From Bill and Fossie Latham: “Lugean closed three properties with us in the course of about 60 days—one we bought, and two we sold. The thing I appreciated the most was, you know, whether you’re buying or selling can be a bit frustrating and emotional. I mean, there’s a lot of money involved, and Lugean, through the whole process, was very calm. She didn’t let you get too optimistic; she didn’t let you get too pessimistic. She kept everything on an even keel and things worked out wonderfully. We really appreciate what she did for us.” From Mahilda Barbee: “I worked with Lugean to buy my house when I was transferred here to open the state police credit union four years ago. She was so gracious to sell me a house in her neighborhood that not only did she sell me a house, but now I’m her neighbor.” From Dale and Norma Coley: “Lugean helped us find the absolute perfect condo in Atlantic Beach. She showed us at least 40 different condos and was very patient with us, and we ended up with the perfect condo. Lugean is the best.” From Sharon Pietzrak: “My husband and I met Lugean in August of 2014. She helped us buy our home, which was a foreclosure and was the first one she had done. She was just tenacious and got it done. Even after we lost it in an auction, she put in a backup bid, which we didn’t know she did, but it was a good thing because the deal fell through and she saved the day with that backup bid, and we’re so happy.” “It was great having the support of our friends, family, and many of my clients.” To see a few clips and photos from this viewing party, watch the video above. It was great having the support of Bluewater Real Estate, our friends, family, and many of my clients. If you have any questions or you’re thinking of buying or selling a home here in paradise, don’t hesitate to give me a call. I’d love to help you.

Today I’m bringing you a quick look at our market’s latest numbers as well as some key listing tips. We’ve had a good hot summer this year in Crystal Coast, and the real estate market in our area is seeing that same heat. Now that the summer has come to a close, it’s time for a market update. First of all, it’s interesting to note that the total number of sold properties is up from last year by 217 homes. The average list price and average sold price are both also up, each having risen by $9,000. Another factor we’re seeing is a shorter number of days on market. The average days on market has actually gone down since last year by about 47 days. “The summer has been hot, and the real estate market in our area is seeing that same heat.” If you’re thinking about putting your house on the market, it’s a great time to do so. Inventory is very low right now, so the market is in need of properties. Whether you plan to list this month or a year from now, there are a few key things you can do to prepare. For one thing, upgrading your countertops is always a great idea. Another area that buyers look at closely is flooring. I would wait to change out carpet until you’re close to listing, but vinyl and hardwood can be put in any time. If you have any other questions, would like more information, or want more listing tips, feel free to give me a call or send me an email. I look forward to hearing from you soon.

We wanted to give you a quick refresher on some of the most important things you can do to prepare yourself for this hurricane. Today I wanted to lay out a plan and offer a few tips for you to consider as Hurricane Irma continues to bear down and has us all guessing where and when it might land. This is currently a category 4 storm and potentially one of the worst storms ever recorded. I just wanted to offer some reminders to help you get ready for anything Mother Nature might throw at us. 1. Stay tuned to the local weather station. They’re going to keep you updated on the critical info from the National Weather Service. 2. Check your disaster supply now. Your supply kit should be ready to go with a gallon of water per person, non-perishable food for three days, flashlights, batteries, and candles. 3. Remove or tie down objects in the yard. Make sure things like patio furniture are stowed away or secured so they can’t blow away or cause damage. 4. Take inventory of your property. We haven’t had a ton of hurricane wind damage in a long time here on the Crystal Coast, but we’re very susceptible to flooding. Take pictures, do a walkthrough, and write down everything. That way, if you ever have a flood or wind insurance claim to make, you’ll have something to fall back on. 5. It’s a good idea to turn the fridge and freezer all the way down. Setting the fridge and freezer to the coldest setting will help you keep it cool if the power goes out, and your food will stay fresh longer. Keep the doors closed as much as possible if you lose power. 6. Don’t forget to turn off the gas. If you have propane or other small appliances, make sure they’re turned off. 7. Keep your gasoline tank in your vehicles full. If there’s flooding and you need to get out of town, be prepared to exit with a full tank. “Have an evacuation plan in place.” 8. Have an evacuation plan in place. This way everyone in your family will know what to do and you won’t be scrambling at the last minute. As always, if you have any more questions, don’t hesitate to reach out to us at the Star Team. We would be happy to help you. We wish you all good luck and safety through this big storm.

A recent lawsuit filed against Zillow by a homeowner in Illinois demonstrates why you can’t quite trust their Zestimate tool. Whether you’re a buyer or seller in our market, you should be wary of Zillow’s Zestimates. In case you didn’t know, Zillow is the largest online search engine for homebuyers. The Zestimate is their version of an estimated value for a property. A recent development in the real estate industry illustrates why you can’t quite trust Zestimates. A woman in Illinois has filed a lawsuit against Zillow, claiming that her Zestimate undervalued her house and created a roadblock for its sale. Despite Zillow’s denial that they offer appraisals, the fact that they’re promoted as a tool for potential buyers to use in assessing the market value of a property shows that the definition of an appraisal under Illinois state law was met. The lawsuit argues that Zillow should be licensed to perform appraisals and that they should also obtain the consent of a homeowner before they go online. The Zestimate in question is for a townhome that was bought for $626,000 in 2009 and recently listed on the market for roughly what it was bought. However, the home’s most recent Zestimate was only $562,000. The homeowner is suing Zillow to either remove the Zestimate or amend it. “Zestimates supposedly have a median error rate of 5%.” Zillow has a different take on the situation. They don’t see their Zestimates as an appraisal, but rather as a tool that utilizes a proprietary algorithm to assess value. According to some, they have a median error rate of over 5%. That can mean a lot of money on the table. Zillow is now offering a $1 million prize to anyone who can improve their algorithm. Until the Zestimate can be improved, my advice to you is to not allow Zillow to dictate your buying or selling choices. If you’re curious what your home is really worth, give me a call or send me an email and I’d be happy to perform a real analysis on it. In the meantime, if you have any other questions about this or any other real estate topic, don’t hesitate to reach out to me. Talk to you soon!

If you want to maximize your ROI on your rental properties, you need to be sure that you’re charging market rate for rent to your tenants. If you’re an investor with a rental property and have had the same tenants for a long time, I wanted to share a few things that you might want to look out for. You always want to maximize your ROI on rental properties, and what we’re seeing currently is that there are a lot of investors who just aren’t charging market rate for rent. This is happening in commercial real estate, long-term residential rentals, and even vacation rentals. “You always want to maximize your ROI on your rental properties.” A classic example is an investor who bought a property many years back and continued to charge the same rental rate to his tenants year after year. He runs into a serious problem when he goes to sell the property, and his tenants are unable to afford the current market rate that the new owner will charge them. The problem is further deepened when he realizes that they can’t leave either due to various reasons, like working in the area or being unable to afford to move anywhere else. If you’ve dealt with investment properties in the past, then you know that getting rid of a tenant is expensive, time consuming, and often requires hiring an attorney. Many times during this period, they aren’t even paying rent. If you have any questions about how you can maximize your ROI and avoid the pitfalls of a messy tenant removal situation, please give me a call. I’d be happy to help.

Home selling is a complicated process. Here are six things you need to avoid doing. Selling your home can be a stressful process, but avoiding these six common mistakes will make that process a lot easier and smoother: 1. Picking the wrong agent. It’s really easy to pick the wrong agent if you don’t do your research on them. The right agent is going to answer the phone when you call, get back to you in a timely manner, and be a market expert. They will be honest and straightforward with you rather than agreeing with everything you say and telling you what you want to hear. 2. Overpricing your home. Price is everything when marketing your home. Even a well-priced home with a bad marketing plan will sell. It will just take a little longer. 3. Failing to make simple repairs. If the dog chewed something up or there are minor dents or scratches in the paint, buyers will notice that. It’s better to get these things fixed before listing the home. “Avoiding these mistakes will make sure your home sells for the most money possible.” 4. Neglecting the decluttering. Buyers start their home searches online these days and if the pictures of your home show off your stuff instead of the home itself, there’s a good chance buyers won’t even come out to look at the home in person. Store your excess “stuff” in the garage or a storage pod so it doesn’t get in the way. 5. Not allowing adequate access to your home. Your home should be show-ready at all times and you should be able to accommodate agents and their buyers when they want to see it. If a seller tells a buyer or their agent they can’t see a home at a certain time or they have to reschedule, most won’t come back. 6. Getting too emotional about your house. Sellers can be very attached to their homes, which is understandable. However, when you are selling your home you have to look at it as an investment, not as your home. If you get a lowball offer or someone wants to remodel a part of the home, don’t take it personally as long as they pay the price you want them to. Avoiding these mistakes will make sure your home sells for the most amount of money possible in the least amount of time. If you have any questions in the meantime, don’t hesitate to give me a call or send me an email. I look forward to hearing from you.

What is an appraisal and why is it important? I’ll answer those questions for you today. Appraisals have become a hot topic in today’s market. An appraisal is what the bank uses to determine what they consider the true value of a home that’s being bought and sold. It’s done by a certified home appraiser who is an independent third party in the transaction. Essentially, the appraiser will take the property you’re buying or selling and look at homes in the area with similar amenities, features, and square footage in order to compare them. They will use that information, based on recent past sales, to validate the price of the property. Appraisals have become more relevant recently because we have seen some appreciation in the market. However, we frequently see homes that fail to appraise at what we expect, which is not good. If an appraiser takes information from a home that sold six months ago, the home might not appraise at the price it’s listed for today. If you’re a buyer, an appraisal is meant to protect you so you don’t overpay for a home. However, it can also have a negative effect on buyers. If you fall in love with a house and agree to a certain price, your bank will only lend you money based on the appraisal. If the home doesn’t appraise, you’d have to come up with the cash to make up the difference between the appraised value and the list price of the home or walk away if the seller won’t renegotiate. “As a seller, if your home doesn’t appraise, you may have to lower the price or risk losing your buyer.” As a seller, the appraisal may affect you more than anything else in the selling process. If your home doesn’t appraise, you may have to lower your price or risk your buyer walking away. At the Star Team, we provide our friends and clients with a comprehensive market analysis, or CMA. It uses a similar approach to determining a home’s value that an appraiser does. If you have any questions about this topic or any other real estate topics, please give us a call or send us an email. We look forward to hearing from you!

Large numbers of buyers have already entered the spring market to search for their dream homes. To make sure your home is ready to list, you need to do these four things. Today I want to give you some tips on preparing your home for the spring market, which is happening right now. To ensure your home is ready, there are four things you need to do to prepare. The first is to figure out what your home is worth. Homes sell much quicker when they are priced correctly from the start. Some people choose to get an independent appraisal done to figure out the best price for the market, but you can also consult an agent who will look at comparable homes with similar features to give you a good idea of what you should list at. Second, you need to decide when the right time to list is. March through May is the peak time to list your home. The good news is that you don’t necessarily need to pick a specific time during peak season. It’s always prime time at the beach. “It’s always prime time at the beach.” Next, you need to maximize your curb appeal. 63% of buyers drop by homes they’ve seen online, which means you’ll need to make a good first impression. Get rid of signs of winter by power washing, trimming bushes, putting out pine straw or mulch, and cleaning the windows. Finally, make sure you’re prepared for showings. This means tidying up and decluttering, along with packing away non-essentials. If you have any questions about pricing your house or the best time to sell, feel free to give me a call or send me an email. I’m always happy to help!

Landscaping is one way to increase your home’s value before you sell. We have six tips to get you started today. Whether you’re looking to sell your home or simply want to improve its appearance, you might want to consider upgrading the landscaping. Landscaping can be a real game-changer. Your home’s curb appeal will look much better if you follow these six steps. 1. Freshen your mulch. It’s only about $4 per bag for mulch or pine straw, so it’s an inexpensive way to improve your yard’s appearance. 2. Add some potted plants. Pops of color here and there can make a huge difference and make your home seem warm and welcoming. 3. Plant some shrubs. Adding shrubs in those sparse areas can give your home a lush look. 4. Spruce up your porch. Power wash the porch and consider staging it with outdoor furniture so it looks more inviting. 5. Landscape lighting. Light makes a dramatic difference at night. Not only will your home seem warmer at night with the right lighting, but lights are a great security and safety feature as well. 6. Paint your front door. A fresh coat of paint on the front door definitely boosts curb appeal. “It’s a simple way to upgrade your home’s value.” Landscaping can be a simple way to upgrade your home and improve value. If you have any questions or any suggestions for topics for a future video, give us a call or send us an email. We look forward to hearing from you soon!

We’ve got some great info for you today on home inspections: what they are, who does them, and what they accomplish. If you are getting ready to purchase a home, I always recommend a home inspection during the due diligence period, after your offer is accepted but before closing. I can recommend several reputable inspectors that I have used in the past that will do a good job for you. Home inspections are intended to point out adverse conditions in a home, not cosmetic flaws. At the end of the inspection, you should meet with the inspector so they can review a summary of their findings in the home. There will be flaws in every home, but it’s important to pay special attention to health and safety issues. “Home inspectors are only looking for adverse conditions.” A home inspection report just includes the basics. During an average inspection, the inspector will consider hundreds of items in and around the interior and exterior of the home. The foundation, purchases, deck, chimney, and roof will all be inspected. So will the electrical, plumbing, heating and air, attic, and garage inside the home. Having a detailed report will help make you more comfortable with the home you’re buying. The buyer hires and pays for the home inspection because you want the inspector to be working for you and alerting you to any potential problems in the home. If you have any questions about home inspections or are looking to buy or sell a home, give us a call or send us an email. We would love to hear from you.