Selling Your Home: 3 Must-Knows Before You List

Sometimes the hardest part of selling a home is making the decision to sell it. Our homes give us roots, provide sanctuary, house memories and, hopefully, give us some financial security. It's a huge decision to sell a home.

Once made, however, additional decisions will come fast and furious, so take some time now, before the frenzy, to understand three salient points about the successful sale of a home in today's real estate marketplace.

What is Market Value?

One of the most challenging aspects of selling a home is determining the list price. Many homeowners will go online to find homes nearby that are for sale and base their price assumption on those that are most similar.

The list price of a home, however, is a fantasy. It represents an amount of money the seller thinks, or hopes the home will bring. Until the home sells, he may be right or he may be wrong.

Buyers set market value for homes in Shreveport / Bossier. What a knowledgeable, willing, and unpressured buyer pays for a home is the home's true market value. Therefore, when pricing a home for the market, one must always look at the sold prices of similar homes nearby.

This is the method both real estate agents and appraisers use when determining a home's market value.

First Impressions Matter

Think back to when you were house hunting. Were there houses that you arrived at that you just couldn't bear to get out of the car to look at? Chipped or peeling paint, sagging window and door screens, and overgrown or dead landscaping do not make a good first impression.

Before you do anything else, clean your house, inside and out. Make cosmetic repairs, especially outdoors where the house makes its first impression. Even if it's merely a new coat of paint on the front door, shiny new house numbers and some fresh mulch in the planting beds, it may help folks want to see more.

Don't neglect the interior either. If you don't know where to start, take a look at some websites with ideas on how to declutter and stage the home.

Don't Attempt This on Your Own

I know what you're thinking: Of course a real estate agent is going to tell me not to take the for-sale-by-owner route. So, I won't ask you to take just my word for it. Let's look at the cold, hard numbers.

First, only 9 percent of homeowners attempt to sell their homes without the aid of an agent, according to the National Association of Realtors® (NAR). Of those, almost half said they took this route because they were selling their home to someone they knew.

The next most commonly stated reason that a homeowner gave for not using an agent was that he or she didn't want to pay the real estate commission. That's understandable when one isn't sure exactly what an agent does to get a home sold. Once you get a look at that list, you'll understand that you definitely get what you pay for.

You should also take into consideration the fact that a home that is for sale by the owner is considered a bargain to most homebuyers. Many will walk in expecting you to kick back some of that money you're saving by not using an agent. This is why, according to NAR, homes sold by agents sell for 16 percent more than those sold by owner.

Selling a home is a big deal and, thankfully, something we don't often do. When it's time to sell yours, start with the basics, as outlined above, and you'll be ready to list your home before you know it.

4 Common Roofing Choices for Your Home

Although often overlooked, a roof is one of the most critical elements of your home. If you're in the market to replace an old roof, or planning to build a new one, you have several common roofing types to choose from. Here's what you need to consider when comparing four popular roofing choices.

Asphalt Shingles

Easy to work with, modern asphalt shingles come in a wide variety of colors and styles. The traditional three-tab asphalt shingle – a form of strip asphalt shingles – still outsells newer architectural asphalt shingles, a thicker, heavier shingling that provides a rich, sculptured look to your roof. Premium asphalt shingles, sometimes referred to as laminated shingles, are distinctive in appearance. These shingles may look like "old world" shingles such as shake or slate. Premium shingles are generally more energy efficient and offer longer warranties (typically anywhere from 5 to 50 years depending on the asphalt shingle style).

Benefits: The advantages of asphalt shingles as a group include low initial cost, ease of installation and repair, fire resistance and the fact that they are DIY friendly. Additionally, if only one shingle is damaged or missing, you can generally perform a spot repair rather than replacing the entire roof. Some asphalt shingles offer mold, moss and algae resistance, and you can coat asphalt with treatments to seal and protect it.

Drawbacks: Asphalt is generally a short-lived roofing material. It also requires a lot of maintenance and is environmentally unfriendly, with premium asphalt shingles more efficient than the others.

Conclusion: While a good value, if you don't want to repair or replace shingles torn in storms or replace the roofing in the coming years, asphalt may not be the choice for you.

Metal Roofing

Benefits: With a typical life expectancy of at least 50 to 100 years, chances are good your metal roof will outlive most any other roof around. Metal is also fire retardant, so you'll never have to worry about any fire spreading to your home via the roof. Lightweight, with a variety of colors and styles, metal roofing is also environmentally friendly since it's energy efficient and recyclable. You can also install metal roofing over existing roofs, eliminating the need to tear off the existing material.

Drawbacks: Metal roofing is expensive. A low-end metal roofing product is at least twice as expensive as asphalt and most other roofing choices, and at the top end it may be four times as much – generally more expensive than any other selection but slate stone. Metal is also more difficult to install, which may discourage DIY homeowners. Some metal roofs may require periodic painting.

Conclusion: Because it is wind, storm and damage resistant, metal roofing is superior to most roofing products in terms of protection and energy savings. While more expensive initially, it will save money over time.

Wood Roofing

Typically made of cedar, wood roofing includes both wood shakes and wood shingles. What's the difference? A shake is rougher, thicker, and generally lasts longer. A shingle, on the other hand, is smoother, thinner, and more vulnerable to damage.

Benefits: In addition to a fairly good life expectancy, wood roofing is generally considered easy to maintain and repair. Wood roofing also allows you to choose nontraditional patterns such as V-cut and fish-scale patterns.

Drawbacks: Wood roofing costs more than asphalt, although less than some other choices. Wood shakes and shingles can also be time-consuming. Plan to inspect your roof at least once a year and to apply a preservative every few years to maintain your roof in the best condition. Wood is not fire resistant and it's vulnerable to storm damage.

Conclusion: Nothing beats wood in appearance, and a wood roof will age beautifully. If you live in a very humid area, such as Shreveport / Bossier, where mold is likely to grow on the wood or in an area vulnerable to fires, wood may not be the best choice. Some areas even ban wood roofs.

Concrete Tile

You may have seen a concrete tile roof and never even realized it. With a variety of colors and styles, a concrete tile roof (sometimes called cement tile) may even look like it was made from slate or clay, without the weight those choices entail.

Benefits: No doubt about it, concrete roofs are tough. Hail won't dent it, and winds won't blow the concrete away. Concrete tile also helps insulate the roof and may last longer than 30 years. During its life you can expect little to no maintenance.

Drawbacks: Concrete tiles are expensive – at least three times greater than the cost of asphalt and comparable to the more expensive metal choices – and difficult to install. Professional installation is recommended.

Conclusion: If the cost isn't prohibitive, a concrete tile roof may be the best choice for you.

When comparing roofing options, balance the cost, vulnerabilities and desirable features of each in order to select the roofing material that best suits your home and situation.

Understand Your Credit Report

What is Your Credit Score?

Credit card companies and lenders rely on credit scores, which determine someone's chances to borrow money - and how favorable the terms will be. Scores range from 200 to above 800. Scores below 620 are considered risky; 720 and over are excellent.

There are five categories of scoring:

• payment history (35%); 
• amount owed (30%); 
• length of credit history (15%); 
• new credit (10%); 
• and types of credit (10%). 

Lenders receive your score and "reason codes," which are the keys to improving your score.

It is a good idea to check your own score yearly by ordering reports from the three major credit scoring companies: Equifax (www.equifax.com), Experian (www.experian.com), and TransUnion (www.tuc.com).

And be sure to notify the credit bureau of any inaccuracies you find on your report, along with copies of documents that dispute incorrect entries. Close accounts not in use and request that late payments older than seven years be removed. Verify and update accounts and account numbers as well as your address and Social Security number.

To improve your score:

• Pay your bills on time. 
• Reduce outstanding debt. 
• Build up your savings. 
• Don't fall for illegal schemes that help create a new credit identity.

Click Here To Download a Flyer

Wondering if it is the right time for you to buy that new home?  I would be glad to discuss your options with you.  Give me a call today to learn more about the current market in Shreveport / Bossier City or visit my website for more information.

Are You Ready to Buy a House?

Let's take a look at a few ways to get prepared to purchase a house.

Check Your Credit

The highest credit scores garner the lowest down payment requirements and lower house payments. Homebuyers with scores under 620 will find it a challenge to obtain financing and, if they do, they'll pay a higher rate.

You are entitled to a free copy of your credit report once a year. Make sure you order the reports at AnnualCreditReport.com, the only site authorized by the federal government.

When you get your reports, either online or in the mail, go over them, looking for mistakes or anything else you can challenge. It is not at all unusual to move your score up dramatically by disputing and having the agency remove even one negative entry from your credit report.

Pay Your Bills

Lenders determine how much they will loan by using what is known as a debt-to-income ratio (DTI). To determine where you are right now, add up all your monthly payments, including auto loans, credit card payments and any other debt. Don't forget to add in your current mortgage or rent payment.

Divide the sum of your monthly debt payments by your monthly gross (before tax) income and then multiply that result by 100. This is your DTI, expressed as a percent.

What is considered an acceptable DTI varies by lender, but they typically want to see it no higher than 36 percent.

If you find that your DTI is on the high side, pay off some bills or increase the amount you pay each month to bring down the balances. Also, don't take on new debt as this will negatively impact both your DTI and, possibly, your credit score.

Save Your Money

Loans from the Veterans Administration and USDA have no down payment requirements. FHA, on the other

hand, requires 3.5 percent of the purchase price as a down payment, unless your credit score is between 500 and 579, in which case expect to put 10 percent down.

For a conventional loan, you'll need at least 20 percent of the purchase price as a down payment on the house. Again, more is better – the more cash you put down, the better the interest rate. The amount of the down payment may also determine whether or not you'll have to pay for private mortgage insurance.

Don't forget about closing costs as you save – those are all those fees that can pack quite a wallop at the closing table. Some of the fees are negotiable, and the total varies. Use 3 to 4 percent of the loan amount as a ballpark figure

Arrange Your Financing

In many parts of the country investors are snatching up any house that's in decent condition and reasonably priced. Because they typically offer cash, their offers are the cream of the crop to home sellers looking for a clean transaction and a quick close.

Investor offers are mighty hard to compete against – especially if you go into the process unprepared.

When you look over a standard purchase agreement you'll notice a section regarding financing. It will typically state that the buyer has so many days to obtain a mortgage at specified rates and terms. If the buyer hasn't been pre-approved by a lender for a mortgage, there is always a chance that he won't qualify for a loan.

A savvy home seller knows this. Faced with multiple offers on his home, he isn't about to go under contract with a buyer who is a gamble.

Rule number one, then, when considering the purchase of a home, is to see a lender to get your mortgage preapproved. No, this doesn't put you ahead of an investor with cash, but it puts you in front of other buyers who don't have their financing arranged.

Make up Your Mind

As you get closer to finalizing the first steps toward buying a home, it's time to determine just what it is you want. One story or two? Condo or single-family home? Urban or rural? Determine how many bedrooms and bathrooms you simply must have and any other features that you can't live without.

Hire a Real Estate Agent

There is absolutely no reason to not hire an agent when purchasing a home. The commission is paid by the seller at the close of escrow, so the services cost you nothing. Not a bad price to pay for expert representation by someone who is legally required to protect your interests.

A good real estate agent is, overall, available to show you homes at your convenience. He or she is also familiar with the areas you've chosen for your house hunt. The right agent will follow your wish list to the letter, not wasting your time showing you homes that don't fit your criteria.

Congratulations on your decision to buy a home.

      

                  www.ComeHomeToShreveport.com

Picture Perfect

Picture Perfect

Preparing for a Virtual Tour

Getting your home ready for photographing is very important when choosing to market property online. Remember that a 360 interactive virtual tour will be like an open house 24/7, so a little time spent preparing now will certainly pay off in the end.

A virtual tour will make your property look amazing online with a little advance preparation from you.

Here are some tips to get your property ready and looking its best:

Outdoors

• Spruce up your lawn and garden. Trim shrubbery and replace or remove dead plants if necessary.
• Yard and patio/porch should be neat and tidy. Outdoor furniture should be clean and neat.
• Mow the lawn and water if it has turned brown in the summertime.
• Clear clutter - toys, bikes, brooms, etc.
• Winter - keep the pool clear and clean.

Living Areas

Stuff under the bed is bad

• Remove clutter and tidy up tables, furniture and shelves
• Move excess furniture out of the room (pet crates, tray tables, etc.). A clean, open, clutter free space is best.
• Replace burnt out light bulbs! These really stick out in the photos.
• Don't tuck things behind doors or under furniture. The camera catches it every time!

Kitchen

• Clear any clutter from the counters. Move the basket of mail, meds, brown bananas, etc.
• Make sure dishes are put away. Don't leave them in the sink or on the drainboard.
• Empty or put away the garbage can.
• Clear the magnets, artwork, photos, etc from the refrigerator.

Bathrooms

• Put essential toiletries in a small box that can be tucked away.
• Close the toilet lid and empty the garbage can.
• Clean the mirror and glass surfaces. The flash really highlights those smudges and water marks.
• Hang towels neatly from the towel rack. Remove clothing from hooks or the back of the door.

General

Remove clutter

• Check both indoors and out for clutter. Make sure everything is neat and tidy.
• Try not to be in the room where the photographer is photographing so you don't end up in the photo.
• Do not schedule other workers to be in the home at the same time. We just end up in each other's way and it makes it difficult for everyone to do their job appropriately.
• Make arrangements for pets. They should be kenneled or at doggie day care, so the photographer can access all areas of the home for photographing.

The photographer will NOT

• Move furniture
• Clean or dust
• Pick up clutter (toys, dishes, pet beds etc.)
• Wait for areas to be cleaned.

The photographer will

• Make small adjustments for a better photo composition
• Work with you to find a time that is convenient for photographing

If you have questions feel free to visit my web site: www.ComeHometoShreveport.com or feel free to contact me.

Shreveport Real Estate Market Tops Charts

A recent article from Realtor.com sites Shreveport / Bossier as the best real estate market for first time home buyers.  In a national market where housing inventories are feeling the crunch, Shreveport / Bossier is booming.  Check out their article below.

Top Five Easiest Real Estate Markets To Crack

Real Estate News 

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Apr 24, 2013 

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By: Scott Garner

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Though recent signs have pointed to a lessening of the  housing inventory crunch,  many markets are still experiencing shortages of homes for sale, with inventory overall declining 15.22% in March year over year. Still, there are some bright spots across the nation where the number of listings are growing, enabling first-time home buyers in particular to enter the market more easily than in cities where inventory remains low.

By looking at realtor.com site listing data, we were able to identify the top five markets in inventory growth – and the five easiest markets to crack – over the past year:

5) Ocala, FL
This Florida city experienced the fifth-highest growth in listings since 2012, with an increase of 3.09% year over year. Median listing prices have remained relatively stable at $129,900, with a slight 1.01% increase in the past 12 months.

4) Huntsville, AL
Listings in the fourth-largest city in Alabama increased 3.94% year or year, while median listing prices actually declined 2.66% to $179,964, making Huntsville a good entry market for first time buyers.

3) El Paso, TX
Inventory in this West Texas city grew 4.79% over the last 12 months while prices declined by 1.34% to their current median level of $149,950, landing El Paso the number three slot in our list.

2) Springfield, IL
With listings climbing 5.67% since last year and median prices falling by 7.69% to $119,900, the capital of Illinois is a prime entry market for first time buyers looking for affordable starter homes.

1) Shreveport-Bossier City, LA
Coming in at number one on our list of top easiest markets to crack is tourism, energy, and film production hub Shreveport, Louisiana. Listings shot up over 17% year over year, by far the highest increase on our list. Prices have eased up 4% to a median of $182,000, making this city on the Red River our top easiest market to crack.

Way to go Shreveport / Bossier!  

If you have been considering purchasing a home, now may be the right time.  The market is going strong and interest rates are still low.  Visit www.ShreveportRealEstate.biz to learn more or give me a call if you have questions about finding a new home.

Spacious Broadmoor Home for Sale

Just Listed!

This wonderful Broadmoor home is great for entertaining!  It offers a media room, huge kitchen with a large island with sink, ceramic tile floors, fresh paint throughout, a large utility room, and a fully fenced backyard with a patio.  This home is convenient to just about everything: restaurants, shopping, doctors, Barksdale AFB, Youree Drive, I-20 and I-49.   Located in Shreveport's Broadmoor subdivision, this home is spacious at 2972 SF with 4 bedrooms and 3 baths.  Check out the virtual tour below or visit this home's website to learn more!



Get more information and photos about this home or shop for homes in the Shreveport / Bossier City area at my website, www.ShreveportRealEstate.biz.

Home Prices on the Rise

Wanted to share this great article from the Times this week.  It looks like home prices are on the rise nationwide and the market is on the rebound.

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The Times 05/08/2013, Page B02

Survey: U.S. home prices are up over last year By Christopher S. Rugaber Associated Press WASHINGTON — A survey shows U.S. home prices rose 10.5 percent in March compared with a year ago, the biggest gain since March 2006. Core Logic, a real estate data provider, said Tuesday that annual home prices have now increased for 13 straight months. Prices are rising in part because more buyers are bidding on a limited supply of homes for sale. Prices increased in 46 states over the past year — 11 of them posting double-digit gains. And when excluding distressed sales, which include foreclosures and short sales, prices rose in every state. A short sale is when a home sells for less than what is owed on the mortgage. Nevada led all states with a 22.2 percent annual gain. It was followed by California (17.2 percent), Arizona (16.8 percent), Idaho (14.5 percent) and Oregon (14.3 percent). Home prices also rose 1.9 percent in March from February, signaling a solid start to the spring buying season. And 88 of the 100 largest cities reported price gains compared with a year earlier, down slightly from 92 in February. Prices in Phoenix rose 18.8 percent in March from a year earlier, the largest gain of any city. Los Angeles, Riverside, California, Atlanta and Houston posted the next largest gains. Steady job creation and record-low mortgage rates have boosted home sales and construction in the past year. More demand, along with a limited supply of homes for sale, has pushed prices higher. The number of homes for sale fell nearly 17 percent in March compared with a year ago. That supply would be exhausted in about 4.7 months at the current sales pace. That’s below the 6 months of supply that is typical in a healthy market. Rising home prices can help sustain the housing rebound and lift the economy. More potential homebuyers may seek to purchase a house before prices rise further. And homeowners are more likely to put their houses on the market once they expect a good price. Higher home values also boost Americans’ overall net worth.

April 2013 Real Estate Market Stats

The following are figures for the month of April 2013 for the entire Shreveport / Bossier MLS market for single family dwellings.  These stats will give a seller a good idea of how many homes are out there in their price range and how quickly they are selling.  Basically, it's a look at the competition.  Here's what happened last month...

EXISTING HOMES AND NEW CONSTRUCTION STATISTICS:

Total Current listings 2876 with 586 Pending 2290 Available

Homes sold 384

New Listings 724

Listed and Sold 13

Listed & Pending 88

Total that listed and pending within the same month 14%

That’s over a 7.5 month supply of homes if no more homes come on the market.

Listings above $400k

191 with 19 Pending 172 Available

Homes Sold 8

New Listings 63

Listed and Sold 0

Listed & Pending 6

Total that listed and pending within the same month 10%

That’s almost a 21.5 month supply of homes if no more homes come on the market.

Listings from $250k-$400k

505 with 78 Pending 427 Available

Homes sold 61

New Listings 128

Listed and Sold 2

Listed & Pending 13

Total that listed and pending within the same month 12%

That’s a 7 month supply of homes if no more homes come on the market.

Listings from $150k-$250k

1007 with 210 Pending 797 Available

Homes sold 123

New Listings 268

Listed and Sold 2

Listed & Pending 33

Total that listed and pending within the same month  13%

That’s a 6.5 month supply of homes if no more homes come on the market.

Listings up to $150k

1189 with 283 Pending 906 Available

Homes Sold 194

New Listings 223

Listed and Sold 8

Listed & Pending 37

Total that listed and pending within the same month 20%

That’s over a 4.7 month supply of homes if no more homes come on the market.

Information provide by MLS believed to be accurate, but not guaranteed.

Got questions about pricing your home for sale?  Contact me today.  I would enjoy the opportunity to answer your questions.

New Listing - Home For Sale in Broadmoor

I am so excited to be able to bring you this new listing in Broadmoor.  This is a spacious home with new carpet, ceramic tile floors in the living and kitchen, ceramic tile counters in the kitchen, a den with a fireplace and an office area.  There are 2 bedrooms downstairs and an additional 2 bedrooms upstairs along with a large bonus room that could be used as a fifth bedroom or media room.  You will enjoy relaxing on the patio next to this sparkling pool this summer!  The patio is covered by a large pergola offering lots of shade and landscaping options.  Take a look at the virtual tour below or visit this home's single property website to learn more!




Contact me today to schedule your private showing of this home.  Or, if you have questions about buying or selling a home, give me a call!  I would enjoy the opportunity to speak with you about your available options.

Welcome to My Web Site

Hi!  I'm Gary the Realtor.

I'm a Realtor with River Cities Realty SB.

My desire is to help sellers and buyers connect and fulfill their real estate needs. I utilize real estate photography professionals and cutting edge High Definition full screen virtual tour technology. Our effective internet and traditional marketing techniques result in maximum high end exposure of your property. Not only does our technology look the best, it also ports to the most number of websites that feature real estate properties for sale. We will also attach a special sign rider to your yard sign leading people to a website dedicated to your property.

Contact me, and together we will find the perfect home for you.