Category Archives: selling your condo

Reasons People Sell Their Homes

People have many reasons for selling the home or investment property that they own. Often, buyers or other agents will ask, “why are the homeowners selling?” Unless the sellers want people to know their reason, this is confidential information.

Sometimes this question can be interpreted as “what’s wrong with the house?” Generally, if there are any issues with the house or land, it will be stated on the property disclosure statement. This disclosure answers all the questions the particular state’s laws require to be disclosed including (but not limited to), any past water damage, structural damage from natural disasters or termites, mold, lead paint, and age of roof and appliances. Many states do not require disclosure of rumored hauntings or previous death, but some do.

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If a buyer really needs to know these non-disclosure issues, they can research it themselves. Crime reports are available online or by calling the local police department. Paranormal activity and previous death in the house can be found in old newspapers or by other means of research.  Other non-disclosed items can be personal issues, for example, a dispute with a neighbor that makes it uncomfortable for the seller to stay in that neighborhood. The property might be near a commercial development and the seller no longer wants to deal with the heavy traffic it brings. A buyer might want it for the convenience.

If the planned development hasn’t started yet, you should know all you can about the plans. Ask your agent for information available about approved future plans that might affect your purchase.a-buy-me-a-coffee-987096_1920

Frankly, there are so many reasons to sell property that, unless it’s a required disclosed issue, it really shouldn’t be a concern to anyone. Often, the reason is a confidential one and it is their real estate agent’s job to sell the house, not gossip about the seller and their problems.

Here is a small list of possible reasons a seller is selling. There are plenty more, but this should give you, as a buyer, pause for thought that it really does not matter. If the house is desirable and you feel good about it, then you have a great reason to purchase it.

  • Downsizing
  • Retiring in another town/state/country
  • Job transfer
  • Need to put kids in a different school district (maybe for sports or arts program)
  • Need a larger house
  • Neighbors entertain often and are noisy
  • Neighbor children play musical instruments the seller can hear
  • Want a property to put in a pool
  • Wants a new house/new construction
  • Wants a one-level rather than a two-level house
  • Moving to assisted living
  • Moving in with family
  • Building the dream home
  • Death
  • Inherited land the recipient does not want
  • Long-held investment, time to sell
  • Illness
  • College children graduated and no longer need the condo
  • Rental property too much trouble to maintain
  • Divorce
  • Personal dispute with neighbor
  • Wants to move to a neighborhood without HOA restrictions
  • Wants a neighborhood with deed restrictions
  • Moving to the country
  • Moving closer to town
  • Land nearby is being developed and want to be away from the higher traffic it will bring

You can probably come up with more reasons to sell and move. If you are buying a house or land, you have your own reasons for doing so.  You are about to make one of the biggest purchases of your life, focus on what is great about it and how it fits into your life. Be thankful that property is available for you.

Mark Twain once said, “By land, they aren’t making it anymore.” If the opportunity for land or for the house on the land comes along and you want it, do your due diligence and then go for it if it fits your needs.

Eileen Saunders, SRES REALTOR with Tommy Morgan Realtors BOF-Oxford 2092 Old Taylor Road #101, Oxford, MS 38655  662-404-0816/662-234-5344 eileen@tmhomes.com

 

Repairs To Make Before Selling Your Home

When you were in the market to purchase a house, chances are you wanted one that was in really good shape; no…you wanted one that was perfect, right?  Now that you are selling, don’t you think a potential buyer wants to find your house in perfect shape?

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I suggest to all sellers, whose homes I list, that they make obvious repairs before putting the house on the market.

Some people choose to, and they either fix the things that they know are a problem, like a door that sticks or a faucet that leaks, or pay for an inspection and fix those recommended repairs before the seller sees them.  An inspection in Oxford will run approximately $350.00.

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Buyers will touch everything in your house: they’ll open the refrigerator, open and close cabinet doors to see how well they are made, turn on faucets, look under cabinets checking for leaks or damage from previous leaks.  They’ll turn on the fireplace, ceiling fans and lights.  Buyers will test the locks on the doors, the garage door, and look for cracks in tile floors and counters.  A serious buyer will check everything…at least that’s what I’ve experienced with buyers I’ve worked with.

So, if something is leaking or off its hinge, fix it before a potential buyer sees it. Enough problems will leave buyers shaking their heads and moving on to see a house that they consider less of a project.

It’s so simple to do many of these pre-selling fixes, so take the time to do it.  These can include the following, although depending on your house, there could be a few more items:

  • plumbing (leaks, “running” toilet)
  • electrical/light bulbs (if a socket doesn’t work you’ll need to fix it anyway)
  • change a/c air filter
  • clean/purge/box-up items (you are moving anyway so declutter now)
  • cosmetic paint issues
  • front and back door lock that sticks
  • damaged screens on a screened porch
  • clean out gutters

I also suggest, that before you list your house, you have it deep cleaned. There are many detail-oriented professional house cleaning businesses in Oxford. Hire one to deep clean: wipe down doors, windows, kitchen and bathroom cabinets, behind washer/dryer and refrigerator, baseboards, windowsills and frames, ceiling fans, fireplace, oven/microwave, floors, sink faucets (that crusty stuff around the base of faucets), dust around all light fixtures and crown molding.  They will surely find more to clean, but you get the idea.  Make your interior sparkle.

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Outside, trim your bushes, remove anything dead, cut and edge the lawn, replace a missing fence board (a fenced yard with a missing post is not a fenced yard if Fido can escape). Plant some in-season annuals for extra color and wow.

I understand you may not be able to do all of this. Job relocations require you to move fast but if you are in the running for a transfer or a new job elsewhere, I’d get the house ready now just in case.  A good looking house, in great condition will sell faster.

Another reason that you might not be able to make repairs ahead of time is due to something major.  If you plan to fix a large issue but cannot before the house sells (price or having to move out to have it repaired), you’ll be disclosing it anyway so offer to have it fixed before the closing date or offer to pay some of the buyer’s closing costs in lieu of making the repair.

By making repairs pre-listing, you aren’t covering up problems. You’ll need to disclose the fixed leak, the screen repair and the replaced window, but you’ll be passing along, to a new homeowner, a house that is in good condition…one that is perfect, like when you bought it.

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Eileen Saunders, SRES  REALTOR with Tommy Morgan, Inc., Realtors BOF  2092 Old Taylor Road, Oxford, MS 38655  662-404-0816/662-234-5344  eileen@tmhomes.com Equal housing
All rights reserved (c) 2018

 

Oxford Home Market Trends

Here’s an overview of what’s going on in Oxford, MS housing.  Every 6 months I put together a summary of stats on condo sales and single-family-home sales for Lafayette County which includes the city of Oxford.  Since I found the numbers to be close when looking separately at Lafayette school district properties vs Oxford school district properties, I have combined the two and the report below reflects condo and SFH sales trends for Lafayette County MS.

Questions? Feel free to call or email me.

2011 to mid-2018 Oxford Condo Sales Trends BOF-12011 to mid 2018 Oxford Real Estate Sales Trends SFH LSD and OSD-1

Eileen Saunders, SRES  REALTOR with Tommy Morgan, Inc., Realtors BOF  2092 Old Taylor Road, Oxford, MS 38655  662-404-0816/662-234-5344  eileen@tmhomes.com Equal housing
All rights reserved (c) 2018

Getting Your Condo Ready to Sell… While Your Student Still Lives There

College-town residents come from a variety of backgrounds and parts of the world. While these unique towns are home to full-time, year-round residents, college towns also host part-time residents who own second homes for retirement vacations or to have a place to stay for college, conference or other cultural events. There are, of course, the short-term residents as well. These are the college students whose parents bought a condo for them to live in during their studies at the college or university. The condo purchase serves many functions: student housing, a place for parents, family and friends to stay when they visit and provides an investment. An extra bedroom can be rented to another student for income. Mortgaged condos provide tax benefits and the condo or house can possibly earn equity income when market values rise.

Most condos are bought and sold on an average of a 4-year cycle. Families that choose to keep a home in the college town after their student graduates may move up to a bigger or newer property, although some choose to stay with the property they’ve owned for years.living-room-2155376_1920

Each spring offers a market demand for condo sales in a college town. Buyers of this type of property generally do not need to move in right away, like a single-family house would. This allows condo sellers to put their property on the market early with a closing date after the graduation date.  The student can stay in the house through that time and the family has a place to stay during graduation weekend to save on hotel costs.

So, when is the best time to put the condo on the market?  Buyers start looking after the first of the year for their student’s fall-semester housing needs. The season can pick up in February.  Benefits of early listings include getting sold quicker and alleviating your student from having to deal with showings during exam week.  Later listings may get a higher price due to perceived lack of inventory, but showings may hassle the student during exam time.  Waiting until after graduation means the house is cleaned out and showings do not necessarily need appointments. However, buyers might not be as plentiful at the end of this selling season.  Any way you look at it, when to sell completely up to you, the seller.

Here’s how to get your condo ready to sell.

  1. Professionally clean carpets. If they are very nasty and stained, replace them.
  2. Pack up and send home the extra stuff to eliminate clutter. You want to show how big the closets are, not how much stuff you can force into them. Remove kitchen counter appliances that aren’t used and décor that collects dust. Minimal is best for staging.
  3. Whether your condo is a stand-alone, a townhouse or multi-unit building, meet with your condo association to look at any exterior surfaces that condo fees cover and are in need of repair: these could be soffits, railings, paint on doors, missing screens, non-functioning lamps, broken roof shingles, fences surrounding your patio, etc. You’ve been paying condo fees so these items should be cared for. A buyer wants to know they are purchasing into an association that utilizes its fees to properly care for its properties.
  4. Have the HVAC unit serviced and change the filters. In my experience, this is usually an item an inspector finds issues with so unless you have an annual service contract, make sure the system is working properly.
  5. Look to see if the walls look fresh. If not, paint them or at least the one that looks bad. If you need to paint the entire interior, use a popular, neutral color.
  6. Check for leaks in any faucet and have these fixed.
  7. Professionally clean the interior and the windows
  8. Declutter patios and porches. Remove any broken chairs and tables. If you have use of a garden hose, roll it up out of the way.
  9. Find out if your association allows REALTOR signs. Some do not.
  10. Find a great real estate agent and put the house on the market

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Reasons you should not sell your student condo by yourself.

  1. The student is inconvenienced to make time to be at the house to show it each time.
  2. It limits the available time for potential buyers to view it. If they cannot get in when they want, they might move on to a property they can see on their time. Most condo buyers are parents who are in town for a short time to view what is on the market with their real estate agent.
  3. FSBO properties are not represented by a real estate agent so legally in Mississippi, an agent needs a signed One-Time-Showing Agreement in order to enter the condo with one client. A FSBO owner would have to sign a new one for each agent that wants to show it and for each new client. Arrangements must be made to pick up a key.
  4. There may be several showings in one day. Your student should be spending the day in class or at the library rather than showing the house.
  5. It may also put your student in danger since an unrepresented buyer will know your student lives alone.
  6. Your student would have to let inspectors and contractors into the condo.

The most your student should worry about is keeping the condo clean until it is sold.  By hiring a real estate agent your student should be a student and work toward graduation day.

For more tips and to learn my point of difference, contact me for an appointment.

Eileen Saunders, SRES REALTOR with Tommy Morgan Realtors 2092 Old Taylor Road, Oxford, MS 38655  662-404-0816 | 662-234-5344 | eileen@tmhomes.com |   equal housing