Seller’s market

You may have heard the term and wondered exactly what it meant.  This is another way of saying, “If you are on the fence about selling, it’s time to jump off and put your house on the market!”  Sellers have the advantage with the continued streak of low inventory, meaning there are more buyers than there are houses available for sale.  Bidding wars are still in full force yielding over asking price on hot properties.  There are many agents working with buyers (myself included) and cannot find their dream home because there is just nothing available. Wouldn’t you rather sell your house now than wait until the spring when all the neighbors will be putting their houses on the market and the competition will be higher?  It just makes sense!

What is a seller’s market?

You may have heard realtors or other people who are “in the know” about real estate say, “It’s a seller’s market!”, but what does that really mean?  When the market favors the seller, it means that there are very few houses for sale from which the buyers may choose.  This is also referred to as “low inventory”, just like in a store if the shelves needed to be restocked.  In this situation, the buyers find themselves in bidding wars with other buyers for the most desirable properties.  This is great for the seller as they sit back and watch the buyers bid higher and higher, even receiving above asking price at times.   To determine if it is a buyer’s market, a seller’s market or a balanced market, real estate professionals look to see how many months worth of inventory are available.  In other words, how long would it take to sell all the homes that are currently available?  Six months worth of inventory is considered a balanced market.  Anything below six is considered a seller’s market (most recently the inventory has fallen as low as 1 1/2 months!) and anything above six months of inventory favors the buyers.  So there you have it!

What is radon and how does it affect me?

Radon is a naturally occurring gas that is oderless, tasteless and invisible. However, it can be a serious health and safety issue. It is a radioactive gas that can cause breathing and lung issues as well as causing cancer in some individuals. Everyone who is buying a home should request a radon test. The test is usually conducted by an inspector and consists of placing a radon detecting box in the basement or lowest level of the house for 48 hours. The results are read and a report is sent to the person who requested the test. Readings above a 4 are cause for concern, especially if the buyers will be spending a great deal of time in the basement or particularly if they have small children.

The most common way to correct a high radon issue is to have a radon mitigation system installed. This is usually at the expense of the seller. They range in price from $800 – $1200 for a standard system but can be more depending on the amount of work needed to install the system. The basic procedure involves drilling a hole into the foundation and installing a fan and pipe system to direct the radon out of the house. Most radon mitigation companies have a guarantee that their systems will correct the problem. You should always ask if their system comes with a guarantee. If it doesn’t, find another company.

So as you can see, radon is nothing to be taken lightly. However, the good news is that it is a relatively simple fix.

Here is a link to simple explanations and illustrated renderings about radon:
http://www.med.navy.mil/sites/nmcphc/Documents/environmental-programs/risk-communication/posters/radon2.pdf
teresayaw@kwrealty.com

Using paint in your home to make boring walls more interesting

Formal Dining niche

Formal Dining niche

 

As a real estate agent, I see a ton of homes.  Some could use a complete facelift, let’s be honest, but most could just be made more interesting with a few color additions.  My advice would be to choose colors that aren’t outrageous, especially if you are planning to sell in the near future.  Attached is an example of how I made some niches in my own home come to life using a deep maroon color that is in sharp contrast to the light color that surrounds them.  It really makes the niches “pop” and gives the rooms more dimension.  I did the work myself, so the only cost associated with it was the cost of the supplies!