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Mortgage News Matters

10 Curb Appeal Tips to Sell Your House Faster

white house from the street view

When preparing your home to sell, it is important to think about how to best appeal to potential buyers. How can you make them feel like they’re already home before they’ve even stepped in the front door?

From simple landscaping to touch-ups and essential upgrades, we’ve compiled a list of curb appeal tips anyone can follow before placing their home on the market.

  1. Trim shrubs, add greenery with planters and window boxes and add lights to landscaping. One of the easiest ways to add to your home’s curb appeal is by adding landscaping. This can be by trimming the shrubs, adding planters and window boxes, and lighting up your front lawn. Overgrown greenery can look uncared for and distract from the appearance of your home. Use your landscaping to create a beautiful showcase.
  2. Pressure wash EVERYTHING. A simple way to clean up the appearance of your home, walkway, porch, driveway, or balcony is to use a pressure washer. Think about it – it’s like giving your home a good wash before dressing it up. Pressure washers remove algae, grime, and mold from pretty much any surface on the outside of your home.
  3. Paint door or any spots on your house that need to be touched up and replace hardware. Some homeowners think they must repaint their entire house before putting it on the market, but it can be helpful to know that a few touch-ups go a long way. You can simply scrape a piece from the siding of your front door and bring it to any home improvement store for a color match.

    While you’re at it, make sure all the hardware around your home, from doors or windows, is polished and looking good. Though seemingly small, these simple touch-ups can change the entire look of your home.
  4. Redo/Fix up the walkway with new stones and pull weeds. Wear and tear are normal when it comes to all aspects of your home – especially when it comes to your front walkway. Over time, stones may get cracked or broken and will most likely require some repair. Another important step to grooming your front walkway is to pull up any weeds and pressure wash, if necessary.
  5. Create a welcoming entryway, upgrade the front porch light, add seating to the front porch. You want potential buyers to feel like they’re standing in front of their new home. A great way to do that is by creating a welcoming entryway that brings people together and makes them feel comfortable. Adding warm lighting, potted plants, or furniture to a front porch or entryway is a great way to create a pleasant environment.
  6. Use bold, bright colors for both painting and planting. You want to get potential buyer’s attention by making them take a closer look. A great way to do this is by bringing in bright, bold colors to your home, in the form of plants or greenery. You can also achieve this by painting your shutters, mailbox, or front door. The goal is to make your home as memorable as it is welcoming.
  7. Repair or replace your fence or mailbox. Some homeowners will tend to focus their attention on the physical house and may forget to consider other important elements of the property, which are often things potential buyers will see first. If you have a free-standing mailbox in front of your home, or a fence that needs repair, make sure to spend time attending to these special details. They are often the buyer’s first impression.
  8. Update siding; add shutters. If you haven’t done so in a while, it may be time to update your siding to create a more modern look. In addition, it can be a good idea to add shutters to your windows, which adds another small, thoughtful touch.
  9. Clean roof and gutters. It certainly isn’t glamorous work, but the time spent cleaning your roof and gutters will be well worth it when you start showing your home. Like a power wash and a good coat of paint, attending to these important areas will showcase your home in the best light possible.
  10. Fix driveway and upgrade garage doors. Another important element to focus on is your driveway. Like your walkway, it is only normal to have wear and tear to your driveway from years of use. This can be easily fixed through power washing, patching, or completely relaying. Likewise, make sure to repair or even repaint your garage doors, as these are just as important as the appearance of the front of your house.
Categories
Mortgage News Matters

How Much is Your Home Worth?

man typing on computer

Understanding how much your home is worth is extremely valuable information for any homeowner. It can help you to better make decisions when pricing to sell or deciding whether or not to refinance.

Though some may assume you need to seek professional guidance, there are many steps you can take on your own before doing so.

To help you take these steps and determine the value of your home, we’ve put together 5 useful tools that can give you all the information you need!

  1. Use automated valuation model or AVM. An automated value model is a tool that helps determine the value of your property by looking at public records, such as local market information, price trends, and tax assessments. Leading AVM providers, such as FreddieMac, Equifax, and VeroValue can deliver this information extremely quickly and can be a major reason many homeowners choose to utilize their services.

    Keep in mind that these results are mostly accurate, however, they do not account for the property’s current condition and can be slightly off. If you’re considering using the AVM, it is important to talk with a real estate expert for more information.
  2. Get a CMA, competitive market analysis. Though not as accurate as getting an appraisal, a competitive market analysis is a great way to get a good estimation of your home’s value. Homeowners can perform their own market analysis by researching comparable properties in their area or areas like theirs. Homeowners can also receive this information easily through a real estate agent.
  3. Use the FHFA House Price Index Calculator. The FHFA House Price Index Calculator projects the value of a home in today’s market that was purchased at a specific time, based on the average appreciation of homes in the area.

    It is important to keep in mind other factors that will affect the actual value of the home, like its condition or whether major renovations need to be made, just to name a few. The calculator just provides a projection of the home’s value.
  4. Get an appraisal. One of the best ways to determine the value of your home is to get an appraisal. One thing that many homeowners might not realize is that you don’t have to be associated with a lender before ordering an appraisal on your home – you can get one at any time. Professional appraisers evaluate the market, your property, and comparable properties to create an official report.
  5. Look at comps in your neighborhood. Comps are comparable properties for houses in similar markets to yours. Homes are compared by certain factors, such as size, location, conditions, and upgrades.

    Keep in mind that you may have to adjust your findings when it comes to the major differences in homes, such as the number of bedrooms or renovations that have been made. Experts suggest finding at least three valid comps to most accurately determine your home’s market value.
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Mortgage News Matters

5 Reasons to Refinance

man standing in front of white board with money signs on it

Refinancing can be beneficial to homeowners who are hoping to get cash out for a home project, or those who are simply looking to lower their interest rate.

Though a borrower’s reason to refinance is unique to them, it may be helpful to look at a few common reasons one might want to consider refinancing their current home loan.

  1. Finance home improvements and upgrades. Whether you’re looking to increase the value of your property through a home addition or you’re finally ready to make that much-needed upgrade, cash-out refinancing can help you fund these goals.
  2. Lower your interest rate. If refinancing can reduce your interest rate by even 1%, it can ultimately save you money in the long run, while also allowing you to build equity at a faster rate.
  3. Consolidate high-interest debt, such as credit cards or other personal loans. When consolidating, it is important to be mindful of how much equity you currently have in your home. This way, you can avoid paying private mortgage insurance, if your equity dips lower than 20%.
  4. Reduce or eliminate mortgage insurance. If your property value has increased, you may find yourself currently with 20% equity in your home. In this case, you could reduce or eliminate your PMI.
  5. Purchase an investment property. Like financing improvements and upgrades, a cash-out refi will give you the capital to invest in other projects, such as the purchase of an investment property.

If you’re considering refinancing your home and want to find out more about the benefits that come along with it, email us at servicemyloan@vandykmortgage.com or give us a call today!

Categories
Mortgage News Matters

8 Reasons that Could Delay Closing on a New Home

man and woman holding keys to new home

At VanDyk Mortgage, we are determined to provide you with a seamless and efficient experience, from the moment you apply for your loan until you close on your new home.

Though we work tirelessly to make sure you close on time, want wanted to share some common reasons that could cause a delay.

  1. Pest Inspection. Ideally, these issues are resolved before escrow closes, but sometimes there are issues and further action may need to be taken by either the buyer or the seller.
  2. Low Appraisal. In the case of a lower-than-expected appraisal, the seller may have to lower the selling price, or the buyer will have to pay the difference in cash. In this case, we always think it is a good idea to get a second opinion before moving forward.
  3. Claims to the Title. Title insurance protects both the buyer and lender against claims on the property. If there is in fact a lien or a claim, this will have to be resolved before the transaction can move forward. By simply performing a title search, you can ensure that no party – including the IRS, state, or relative of the seller – has any legal claim to the property.
  4. Home Inspection Defects. Most individuals sign a home inspection contingency, which allows the purchaser to back out of a deal without penalty in the case that there is a major defect in the home inspection. If a contingency is not put in place, the purchaser could lose the entirety of their earnest money down. If the sale proceeds, there may be a delay due to the time it took to go through negotiations.
  5. Buyer or Seller Doubt. Having cold feet is very real, and something that can certainly delay the closing of a new home. Unless there is a legitimate reason to back out of the purchase, i.e., not waiving a contingency or a deadline not being met, the buyer will be at risk of losing their earnest money, should they decide not to go through with the sale.

    This money is used to compensate the seller for the time that the property was taken off the market, missing out on other possible offers. Likewise, in the case of a seller having cold feet, the buyer is eligible for damages from the seller.
  6. Financing Falls Through. It is best practice to get pre-approved, at the very beginning of your homebuying journey, in order to secure the best mortgage loan program for you. However, there are cases, such as a drastic increase in interest rates, a change or loss in employment, or a decrease in credit score, when financing falls through. If this happens, the homebuying process can be delayed or even stopped altogether.
  7. High-Risk Location. In some locations, homes may require Hazard Insurance. To determine if you will need this type of insurance for your new home, you can request a National Hazard Disclosure Report, and see if any national hazards in the area could affect you.

    Hazard Insurance is often greater than homeowner’s insurance and can cause a delay in the closing process. To avoid this, you can ask your agent or city planner about national hazards in your area.
  8. Survey Issue. Before closing on your home, a qualified land surveyor will draw up the boundary lines for your property. In the case of an infringement, either by a neighboring tree or fence, you may have to hire an attorney to facilitate a lot-line agreement.