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buying

Love It or List it?

October 29, 2013 by Dargan

Have you questioned if it’s time to sell your home? Do you wonder if it would be beneficial to buy a new home more suitable for your growing family or if you should stay put and make a few minor adjustments instead?

There comes a time in nearly every homeowner’s life when he or she begins to wonder if they should sell their home. Many different life events can result in this line of questioning–a new marriage, a recent divorce, a growing family, a loss of income.  In fact, there are so many homeowners who are unsure if they should stay put or move on that HGTV created a show about it!

Love It or List It is a show on HGTV about families who find themselves faced with a financial and emotional decision: Should they renovate the home that no longer meets their needs or should they sell it and buy one that does? In each episode, a Realtor and an interior designer compete to win over homeowners. The Realtor shows the family an array of homes that better fit their needs, while the interior designer renovates the home to make it more suitable for them. At the end of each episode, the owners decide if they are going to list their home and purchase one of the properties shown by the Realtor or if they are going to love the newly renovated home and stay.

If you aren’t planning to appear on Love It or List It anytime soon, don’t worry! Here are four signs that can help you decide.

Sign you should sell: You hate your neighborhood.

Many homeowners start out loving their neighborhood, but after time, it becomes obvious they aren’t happy there. The owner’s lack of love could be due to a lack of growth in the area or perhaps a new school or highway was constructed nearby. The reason could even be as simple as a new job with a longer commute.

Regardless of the reason, living in a specific neighborhood is not something you can change if you stay in your current home, and it can become a serious source of dissatisfaction and resentment over time. This is a strong reason to sell your home, if you are financially able to do so, and move into a new neighborhood that will better serve your life.

Sign you should stay: Your problems with the home can be easily fixed.

If the main reason you are considering a move is because things don’t function well or because the look of your home isn’t really your style, you can easily take on the task of updating it and adding new decor. You might be able to resolve the issue by spending less money than you would on the costs of selling and buying a new home by undertaking projects on your current home instead. If you choose to stay and make some changes, painting, landscaping, exterior trim and hardware, and kitchen appliances will likely give you the most bang for your buck.

With that said–if you consider the amount you would spend on commissions and closing costs, you might be able to justify a larger budget for upgrades and remodeling projects. If you have a little more money to spend, consider a kitchen or bathroom remodel or new hardwood floors. You might be surprised how much you love your new home with a few small changes!

Sign you should sell: Your family has no room to breathe.

If you have young children and your family is starting to trip over each other, changes are that your space needs to grow as they do. Once children start school and become teenagers, they develop their own hobbies and need extra space. If you’re struggling to find a space for everything and everyone, consider the amount of space you’ll need in five years. If it looks like you’ll need more space than the amount you need now, that’s a good indicator that it would be financially responsible to move along.

Sign you should stay: You simply can’t afford it.

Our country has an addiction to buying bigger and better things (and often with financial recklessness). It’s important to be sure that “the grass is greener” mentality is not what is prompting you to make a potentially unwise decision to sell. Do your home work: look over your budget, income, and expense reports to understand if your finances can afford an increased obligation. Consider if you want to save, invest, or eliminate debt before you move. Be sure you fully understand the financial implications (short-term and long-term) before you put that For Sale sign in the yard.

 

OF COURSE, if you decide to sell and search for a new home, call us at Dargan Real Estate!

843-712-2585

Filed Under: Myrtle Beach real estate, Myrtle Beach SC real estate Tagged With: buying, decisions, moving, selling

How To… Spot An Overpriced Home

September 29, 2013 by Dargan

Homeowners have a tendency to overprice their homes because their opinion of its true value is clouded with personal memories. Buyers have a lot of choices. If you’re selling your home, it’s important to list it with a fair and competitive price. Just as equally important, buyers need to know how to spot overpriced homes.

How To Spot An Overpriced Home

1. The home has been on the market for a high number of days.

A home is probably overpriced if it has been sitting on the market for a long time. Competitively priced homes bring in multiple offers and sell quickly.

2. Location, location, location.

Location is EVERYTHING.  A home is generally worth less if it’s located on a busy street, schools are poorly rated, and/or the neighborhood is filled with older residents. A home is generally worth more if it’s located on the water or has water views, schools are highly rated, and/or the neighborhood is associated with newer homes.

3. A home without updates has less value.

An outdated or unkempt property usually means money will be spent on updates and/or repairs. A home should be priced less if the house was built by a lower-end builder, fixtures are outdated, fence is rotted, paint is older or faded, cabinets are scratched, wallpaper is peeling or outdated, floor plan is awkward, lacks desirable traits (granite countertops, stainless steel appliances, energy efficient, great landscaping), or needs any known repairs.

4. Price is significantly higher than other homes in the same neighborhood.

Just because a home is a luxury estate located in a modest neighborhood doesn’t mean it’s worth more money. A home is only worth what buyers are willing to pay for it. Customized or unique amenities aren’t always clear indicators of the home’s value either. The previous owner may have spent a fortune installing a bowling alley, but that doesn’t mean every buyer wants or is willing to pay more to have one. The best indicator of a home’s value is to look at the listing price of other homes in the neighborhood or look at homes that have recently sold and for how much.

There’s an informative summary of a research project conducted on the value of housing characteristics on realtor.org. Listed below are some of the conclusions that were determined about property characteristics and the effect they have on the value of a home.

  • each full bath adds approximately 24 percent to the selling price
  • nine foot ceilings add approximately 6 percent to the selling price
  • a sitting area in the master bedroom adds approximately 8 percent to the selling price
  • each additional bedroom adds approximately 4 percent to the selling price
  • the negative effects of age are most noticeable for homes 21-30 years old
  • vinyl and aluminum exteriors sell for approximately 4 percent less than those with brick; stucco and wood exteriors sell for approximately 9 percent more
  • houses with flat roofs sell for approximately 10 percent less than those with pitched roofs
  • contemporary and Dutch styled homes sell for the highest prices
  • internal characteristics that add the most value: family room, dining room, whirlpool, and security system
  • a fireplace adds approximately 12 percent to the selling price
  • a garage adds approximately 13 percent to the selling price
  • in-ground pools add approximately 8 percent to the selling price but over-ground pools add no value
  • the most valued kitchen features: built-in refrigerator, an island, and a double oven
  • the most valued exterior features: sprinkler system, patio, paddock, and tennis courts
  • situated within close proximity to a golf course adds approximately 8 percent to the selling price
  • homes considered “fixer-uppers” sell for approximately 24 percent less than others

 

Still unsure if a home is overpriced?

Consult your real estate agent. He/she is familiar with the current market analysis and the value of homes in the area. He/she wants you to be happy with his/her service and should steer you away from overpriced homes.

Filed Under: Myrtle Beach real estate, Myrtle Beach SC real estate Tagged With: advice, buying, tips

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