2017 New Year Resolution

It's that time of year, to think of our resolutions. If selling your home or saving more money are on your list Savvy Lane can do both! Using our flat fee MLS service will save you thousands of dollars by eliminating the traditional 6% commission. By listing your property on the MLS and hundreds of real estate websites you will increases your exposure tenfold.

How to List Your Home on the MLS

You have decided on your listing price, have a sign in your front yard and decluttered your home to sell. However one thing is missing- you need to get listed on the MLS. If you have ever bought, sold or even just looking for a home you have heard of the three letters- MLS. Real Estate seems to start and end with the MLS. 

The MLS, which stands for Multiple Listing Service, is an agent only database. This database has many functions, the primary one being listing homes for sale that syndicate to third party sites. Once an agents lists a home on the MLS the listing will syndicate to all major website most buyers are searching. 

Traditionally, agents charge 3% of the sales price to list a home on the MLS. Rediculous, right?! Well Savvy Lane pioneering the technology enabled real estate brokerage and eliminating ridiculously high commissions for traditional real estate agents, all while putting excellent customer service at the forefront of their business model. Savvy Lane understands that commissions are not one size fits all, and all buyers and sellers have different needs. You can sit your home as little as $95 on the MLS with the technology Savvy Lane provides. 

How to Sell Your House Without A Realtor

Lets face it, you know your home better than any agent. Secondly, why pay someone 3% of YOUR equity?! You have all the resources any agent has to sell your home so why not sell yourself. These simple steps will help you sell like a pro.

Pricing: Pricing your home correctly is key. About 10 years ago the trend was to price your home about 10% over market value because buyers would always place an offer lower than list price. DO NOT do this. Today, those that over price will stay on the market longer eventually lowering the listing price and the listing gets stale. Price your home within the proper market range. Click here for creating your own CMA.

Exposure: You need to let buyers know you are selling, right? List your home with a flat fee listing service. They will list your home on the MLS for a small flat fee exposing your home on thousands of websites. They only change a one time fee, nothing at the time of closing getting your home on all the websites traditional agents list you on.

Professional Photos: This is one thing you cannot skimp on. Besides, this is the first impression of the home.  We live in a world where people start their new home shopping journey online and want to preview the home before actually driving out to see it. And people are extremely visual. If you give them dark and gloomy photos, it makes the house seem dark and gloomy.

Declutter Your Home: Limit the amount of photos and knick-knacks. DECLUTTER. Clean off the mess from your countertops and end tables. Think less is more, but make sure you still have it styled. And clean out the basement and garage while you’re at it.

Offer Assistance: Listing with Savvy Lane we offer an option for assistance in going over offers and negotiating counter offers, etc. Having support in negotiating offers may result with more money in your pocket.

Professional Listing Photographs Facts

Listing photos are a critical factor in the selling price of your home, how quickly it sells, and whether it sells at all. Savvy Lane offers professional photography to all listings. Our premium package has photography included however you can add photos to any of our listings. Our sellers have 130% greater chances in selling with professional photos. In addition, our sellers with professional photos sell in half the time. Don't skim out on photos, they are important.

Savvy Lane: Tech Enabled Real Estate Broakerage

Nominate Savvy Lane as your favorite Real Estate Tech Company. 

We are the leading tech in enabled real estate brokerage in Washington, Oregon and growing massively in California. #RETAS

You can nominate us here

Thank you for your support. 

Sell Your Home Free

Ok, maybe not free but next to free. $95 compared to 3% of the purchase price is as free as it gets. There isn't a such thing as free lunch. There are companies that advertise as free but read the fine print. Nothing is free. Savvy Lane is transparent in the fees and listing packages. All you have in a relationship is honesty, and that we are.

Start by filling out the online listing process. Once you fill out the listing documents you will get an automatic email to review the data you entered. If everything is correct, sign and return the docs. If you need to make changes log into your account, make the changes and revised documents will be emailed to you. If you have any questions during the listing process call our team at 800-915-9174, open 7 days a week, and we will be happy to help.

We offer all the tools to sit your home like a pro. Some of our listing packages include a post, sign, flyers and keybox. 

Once we get your signed listing forms you are ready to get listed on the MLS. We have the quickest turnaround time in the industry, listing you same day if needed. As soon as your listing is live on the MLS get ready for phone calls from agents and buyers to show your home. 

Agents and buyers will call you directly to ask questions, scedule showings and present offers. Essentially, listing with Savvy Lane eliminates the middle person(listing agent). Besides, who knows your home better that you? Might as well list and sell with Savvy Lane and pay yourself the commission. 

Call us today to get you listed on the MLS 800-915-9174. 

Pending Sales

We hear it all the time: Sellers call and say that traditional agents steer them away from listing with a service such as Savvy Lane because it won't sell. We beg to differ. Our sellers that price themselves right, etc will have the same result as listing with a traditional agent, besides you saving 3% in commissions.

Here is a small sample of our recent pending listings. We have helped save over $16,000,000 in listing commissions! 

Call us today to see how much you can save listing your home with Savvy Lane 800-915-9174

Customer Reviews

We revolutionize the way agents interact with sellers. Our success has been driven by our sellers' passion for great support. Here are success stories straight form our customers.

Say No To Commission

List on your local MLS for a flat fee rather than the traditional 3% with Savvy Lane. So NO to listing commissions. Call us 800-915-9174 to see how much you can save.

Fall Home Selling Tips

The fall real estate market is a great time to sell.   It is actually the second best time to sell for two reasons: time and inventory. We have about 75-80 days of normalcy in the fall. The holidays aren't quite upon us and the hustle of summer has ended. Having a period without the hectic summer schedule and the crazy holidays season gives both sellers and buyers time to list and buy homes.

In addition to having more tome to sell there aren't as many homes on the market to compete with. Your home will shine more if there isn't as much inventory. It is a win/win to sell this time of year.

Below are tips when selling in the fall:

Price: This applies to all seasons. We can't stress enough that pricing your home within market value will help your home faster. Follow these tips to help with pricing.

Clean Up The Yard: Curb appeal is the first impression your homes gives. Rake up leaves, clean up debris and make clean path to the front door. You want the home to look cozy and inviting from the outside. Cutting bushes and tree limbs will let the sun inside and showcase the exterior of your home. Cut away summer vines and cut down dead flowers. Make the most of autumn weather in the fall real estate market.

Lighting: It gets dark quicker in the fall. Make sure to turn on all lights including appliances and closets during showings. Pull open the blinds and curtains to bring in natural lights (if possible). This will help the home look more inviting.

Fireplace: If the fireplace is filled with cobwebs because it hasn't been used for months, vacuum it out and wash it down. Some home stagers arrange knickknacks in the fireplace in place of wood logs.

Seasonal Decor: Keep the seasonal decorating minimal. For Halloween for example it is fine to place pumpkins on the front porch and a few in the home. However spraying cob webs all over the front door isn't the best idea.

Photo Source 

How To Price Your Home To Sell

What's the perfect price when selling your home? Your house might be clean and the exterior painted, but none of that will matter if you list your home for sale at the wrong price. List too low and watch your investment slip away. List too high and drive potential buyers away. When selling your home, attractive pricing and packaging are arguably the two most basic essentials.

10-15 years ago the trend was to over-price your home by 10% because you knew you would get a lower than asking price offer. Today, if you start with a higher than market value price you will still longer on the market and end up lowering the price anyway. Overpricing is not a good strategy. When you price your home too high, potential buyers will likely ignore the listing.

Consider the following when pricing your home:

Past Sales: The best starting spot to successfully price your home is researching past sales. Look up homes within a mile of your listing. In most cases they will not be exact, however it will give you a great understanding of the true market value.

When searching past sales try to narrow the search to square footage that is +/- 200 of your home and year built +/- 7 years. You should be able to come up with at least a few good com parables to base your listing price on.

Activity: Base your price on recent sales but it is a great idea to know what the activity of pending and active listing are in the area. Remember that active listings haven't sold. These homes are your competition. It's very important knowing what your competition's pricing is.

Upgrades/Extras: The second component to selling your home is the condition your home is in. Your price should reflect the condition as well. If you have updated your kitchen and bathrooms, take that into consideration when pricing. On the other hand if you still have original 1970 shag carpets your price should reflect that as well.

Think like a buyer, if you have a great view or an amazing back yard to entertain make that a point in your marketing.

Savvy Lane can list your home on the MLS for a flat fee (starting at $95) saving you thousands. Our most popular package gets you a CMA to help with pricing. Call us and see what you can sell your home for and how much you can save listing with our service.

Important Steps In Getting A Mortgage

3 Financial Apps That Will Transform How You Manage Money

Whether you're saving up for your next big purchase or simply just a rainy day, money management is a key life skill many of us tend to neglect. No matter how carefully you plan for the future, unexpected costs and life events can pop up at any time, leaving you scrambling to figure out what to do.

Just last year the Bureau of Labor Statistics revealed a startling look into the financial lives of many Americans. Only 1 percent of American adults believe strengthening their emergency fund is essential to their financial success, and Bankrate.com found that 1 in every 10 Americans isn't saving for retirement. Crazy, right? Perhaps even more startling is that millennials are also less likely to save compared to older generations. But it's hard to blame them for their lack of savings when so many millennials are stuck living paycheck-to-paycheck because the median wage for millennials hovers below $30,000.

Sounds frightening. Money management is more than simply budgeting your day-to-day spending habits; it also takes into consideration your saving habits that will impact your future. Money management is something that is often in our control. While we may not be able to manage things like our job security or natural disasters that affect our living situations, we can control how we spend our money and how much we put into our savings account. Sixty-two percent of Americans in 2015 had less than $1,000 in their savings account; it's time we fixed that statistic.

Saving starts small and grows exponentially overtime. But with so many options available when it comes to saving, it can be difficult to figure out what methods are right for you. Luckily for us, techies and app developers are simplifying the way we manage money with easy-to-use tools and automated systems. If you have a smartphone, chances are you're aware of popular tools like Mint that track and analyze your personal finances. But there's a vast world of apps out there and each one contributes to your overall money management goals. Full Article

1. Digit  This handy little app connects with your bank account to analyze your income and spending habits while finding small amounts of cash to put aside for you. It's free, and Digit will subtly transfer a small amount of cash (from $5 to 50) from your checking account to your Digit savings account. Worried about saving more than you can afford? No sweat. Digit only sets aside an amount that you can save based on your income and your past spending habits. You can also access your savings account and withdraw from Digit at any time. Whether you're using that money for a big purchase or a small weekend vacation, all you need to do is send Digit a text message and the money will be back in your checking account the next day. An app like Digit helps you save money you didn't even realize you had, making savings a breeze.

2. Acorns  If you're not used to investing your money or even sure where to begin with the stock market, Acorns is a cool app that automatically invests your money into low-cost, exchange-traded funds. Portfolios on Acorns are optimized to obtain the highest expected return for a given level of risk, and savings from low-cost ETFs are given to users in the form of low management fees. Essentially, Acorns is a great app that you can "set up and forget about." Acorns takes each of your purchases, rounds them up to the nearest dollar and then invests the difference in an ETF of your choice. Of course, if you're interested in how your customizable portfolios are doing, you can always check in on your portfolio to see how it's performing over time. Unlike Digit, there is a monthly fee that ranges from $1 to 25 percent of your annual assets.

3. Level Money  Level Money likes to call itself the "mobile money meter." Once it connects to your bank accounts, Level Money helps you plan ahead for essential costs like rent and bills, then guides you toward a proposed weekly and monthly budget. The goal here is to increase consumers' awareness of their bank accounts so they can responsibly spend their assets. Level Money looks at your financial big picture to come up with the appropriate amount you should be saving each month to meet your money goals. It tracks your spending in real time, so you can see how much of your determined monthly budget is left for you to spend. A great feature on this app is the automatic save tool, which lets you dictate how much you'd like to save automatically per month. Cash that's leftover from your budget at the end of the month will also automatically be deposited into your savings account.

Managing your money requires a healthy balance. It's important to save and be frugal, but you also want to live a little. While you shouldn't blow your entire paycheck on that one night out, you also deserve to treat yourself from time to time. Simplify the process of saving money so you can focus on other aspects of your day. With apps launching online seemingly left and right, there's no shortage of tools to help you effectively reach your financial goals.

Why Do Some Homes Sell Faster Than Others?

Have you ever wondered why some homes sell in only a few days, but it takes other homes weeks or months to sell? Years of real estate experience has provided us with key insight as to why some homes sell quicker than others. If you want your home to sell quickly at the price you want, follow these nine real estate secrets! Full Article

Turn-Key (Move-In) Condition When you list your home, it is likely to sell quicker if it considered move-in ready. This covers repairs big or small - from a leaky faucet or chipped paint, to major eyesores. The minor repairs that are often overlooked can leave a bad taste in the mouth of buyers, making them question if other more important areas of the home have been neglected. If anything in your home doesn’t meet code, be sure to replace or fix these items before listing your home. Often, buyers are willing to spend a little more on a home that does not require repairs or updates before they can move in. Buyers can also be pushed to other properties if they are worried about the time and effort required before move in. 

Curb Appeal The importance of a quality first impression is critical when selling a home. When buyers first view a home, they are comparing how your home fits in within the neighborhood and judging it according to their expectations. The first and last thing individuals see when touring a home is the exterior, so it sets expectations and is the final impression of the property. Additionally, if the exterior of your home is in good shape, potential buyers see this as one less area of the house that would require repairs or updating. Discover more information on cheap and easy ways to enhance curb appeal.  

Quality Photos Most potential buyers now start their search for a new home online. From there, they decide which homes they want to spend more time on based on the photos available. For this reason, it is important to have high-quality photos that help your home put its best foot forward. A good rule of thumb is to have at least six photos.

Ample Storage Space The bottom line is that storage space sells. No one has ever complained about having too much closet space, so be sure to highlight the storage space available and show all the potential uses. You can partially empty closets (hint, remove seasonal clothing) allowing the closets to give the illusion of having more space available. At a minimum, you should organize and declutter your closets, so they do not look cramped.  

Energy Efficiency With energy efficiency being a hot topic, upgrading or installing energy-efficient features can increase the appeal of your home to buyers. From small updates like installing energy efficient light bulbs and a remote thermostat to larger updates like upgrading the insulation or putting in energy efficient windows, every energy efficient feature can be another plus in the mind of a buyer. Discover other ways you can make your home more energy efficient here.  

Proper Pricing It is a common misconception that the listing price should start high and then lower as time goes on. This method often increases time on market for multiple reasons. First, if the price is too high people will automatically rule it out. You do not want to discourage buyers with an unreasonable price tag. An irrational price tag can also lead buyers and agents to avoid your listing because they are concerned you are not serious about selling or that you are unwilling to negotiate. Lastly, if an agent or buyer sees that the price has been lowered multiple times while the house is on the market, they can infer that you are desperate to sell. This can lower their offer price even further.   All of that being said, your home does not need to be the lowest priced home in the neighborhood to sell. If your house has differentiating factors from other homes nearby, use those as selling points for the additional cost.

Use Enticing Adjectives The verbiage you use when listing your home also plays an important role in its sale. Language like move-in condition, beautiful, gorgeous, spacious, new and upgraded will peak a buyer's interest. Wording to avoid includes motivated buyers, must sell and other adjectives that make you seem desperate to sell. The purpose of your listing is to get the potential customers in the door of your home where you and your realtor can sell them on its features. Reread your listing and double check that it is encouraging and accurately displays the benefits of your home.  

Proper Staging Everyone knows they need to stage their home, but most people do not know what this entails. Extra or unused areas should be staged with a purpose. For example, if you have an alcove, stage it as a reading nook, or stage an extra closet as a pantry. Staging also requires depersonalizing a home. You want to portray how easy it would be for another family to make memories in your home, so remove clutter and personal belongings.   Proper staging also involves deep cleaning and arranging the furniture in a way that makes your home desirable. If a room is on the small side, remove excess furniture to give it the appearance of being larger. Staging is a complicated process, so here are ten additional staging tips to help your home sell fast.  

An Exceptional Agent Even if you follow all of these tips, it can still be challenging to sell your home quickly if the proper audience is not seeing your listing. Be sure you have an experienced agent who is willing to go above and beyond to meet your needs. Houses listed with Space Simply have an average time on the market of 34 days, with a median of only seven days!

Leading Flat Fee Brokerage

In a short period of time we've proven a successful formula for helping sellers achieve their goal: selling their home without a high cost of real estate commission. We are the NUMBER 1 Flat Fee listing brokers in the Northwest. Our sellers love us, as we provide all the tools and services as a traditional agent for the fraction of the cost. 

Real Estate Humor

Tips on Hosting an Open House

Many sellers ask if open houses are crucial to selling a home. While it may be not be the most vital it does give the public an opportunity to take a look at your home that will lead to someone buying. Many buyers will dedicate a Saturday/Sunday to driving around the neighborhood they are looking to buy in. The open house will attract real buyers.

Savvy Lane has a dedicated list of ways to prepare your home for sale and an open house.

Here are some steps in hosting a successful open house:

Advertise
The best way to advertise the open house is on the MLS. When an open house is added to the MLS it will syndicate to third party sites, where most buyers are searching for open houses. Another great place is social media. The day of the open house place open house signs leading to your listing from the major street with balloons attached to the top.

When listing with Savvy Lane we offer open house signs and all marketing materials to successfully sell your home.

Prepare
First impression is everything. Make sure to clean up the front lawn giving your home the best curb appeal. A home with great curb appeal will not only maximize the property's value but it will attract buyers to come into the home to take a look inside. Now that the buyer is inside it is important to declutter and clean. Make the home inviting by rearranging furniture to make the space more open and functional. It is best if a friend/neighbor/relative will walk through your home with a new perspective on the space to give you an unbias option on decluttering and/or rearranging furniture.

Have more questions on preparing your home for an open house? Call our licenses staff 7 days a week and we will be happy to advise you on your open house.

Day Of
It is important to give buyers their space during the showing. Greet them with a flyer in hand and give them a general overview of the home but let them take a look without hovering. In addition to the the flyer play to the senses, walking into a home smelling like fresh cookies gives an inviting feeling to the home.

Savvy Lane offers PDF flyers to our Full and Premium packages, or you can add it to any of the listing packages.

Follow Up
Have all parties sign in giving basic contact info, some may not want to sign in, that is fine but try your best to get as many as you can. This way you can call them that evening to get feedback on the home.

Savvy Lane offers all sellers with an open house sign in sheet. Once you list you will have access to this sheet.

Sell With Savvy Lane

We know that selling "For Sale By Owner" seems complicated, it's not with Savvy Lane. We have licensed agents here to assist you 7 days week. With our easy step by step process we can list you on the MLS for a flat fee rather than a traditional 3%. Our license staff can answer all your questions along the way.

Now that you realized you know your home better than any agent and you can save 3% listing your home it is time to start the listing process. Savvy Lane has the quickest turnaround time in the industry on listing your home on the MLS. As quick as same day!

Once you decide on one of the four listing packages that works best for you it is time to start the process of submitting the detailed info to your listing. Once this is completed documents are emailed to you automatically for you to review and sign.

Once Savvy Lane has your signed documents and you have uploaded photos you are ready to get listing on the MLS. After this point agents and buyers will be calling you to schedule showings, ask questions and submit offers. Once you get an offer you may send it into the Savvy Lane office and we will help you go over it.

See, that isn't so complicated. Savvy Lane makes selling your home "For Sale By Owner" easy giving you the support your would get from a traditional agent. Don't take our word for it, here are all the amazing reviews from our sellers that have sold via Savvy Lane.

9 Helpful Tools for Fixing Your Credit

You know you have a problem — a credit score problem — but you don't know how to fix it.  There are so many different possibilities that could be the source of your credit problems that it's hard to know where to start. Here are some tools to help you understand, diagnose and manage your credit problems so you can fix your credit once and for all. Full Article 

1. Spending Alerts:

One of the biggest factors impacting your credit score is how much debt you have. Setting up spending alerts on your credit cards can help you make sure you don't let your balances wreck your credit. Spending more than 30% of your credit limits on revolving accounts, like credit cards, can do major credit score damage. In fact, people with the best scores spend less than 10% of their limits. Some credit card companies let you set spending alerts for when you've charged more than a certain dollar amount or a certain percentage of your credit line. These alerts can help you make sure you keep that major credit scoring factor in check.

2. A Credit Card Payoff Calculator

The easiest way to hurt that "amount of debt" credit scoring factor is by carrying a balance on your credit cards. When interest charges accrue, they can quickly add to an already-high balance, doing double damage — you're in credit card debt and your credit score is taking a hit. You can use a credit card payoff calculator to get a handle on your debt and make a plan for paying it down.

3. Free Annual Credit Reports

If you don't know what the problem is, how can you fix it? That's why your free, federally-mandated annual credit reports are so important. Your credit reports have the raw data your credit scores are based on. You can get a free annual credit report from AnnualCreditReport.com from each of the three major credit reporting agencies.

4. Free Credit Scores

There are a lot of places where you can get your credit scores for free nowadays and many credit card issuers and banks offer a monthly credit score for customers as well. Checking your credit scores regularly can help you track your progress as you work to improve your scores.

5. Disputes

By law, every major credit reporting agency must have a dispute process in place for correcting errors on consumers' reports. Just one late payment reported in error can drop your credit score significantly, so a dispute can be a powerful tool. Here's an in-depth guide to disputing credit report errors.

6. Credit Repair

For people with many errors on their credit reports, the dispute process may not be sufficient to get everything fixed with all the credit bureaus. Some people want to hit the easy button and not have to file all the disputes and track whether the errors are removed. Those people may want to consider a credit repair company — here are tips for picking a reputable one.

7. Credit Freezes & Fraud Alerts

If you're a victim of identity theft, fixing your credit can be incredibly difficult. Someone took your personal information, like your Social Security number, old addresses, maiden name, etc. It's one thing to dispute incorrectly reported information on your credit report when you hold all the information, but it's another thing entirely once those details are out of your hands. In fact, you run the risk of being victimized over and over and over again — your Social Security number doesn't expire, after all. That's where filing for a credit freeze or fraud alert can come in handy. These are tools the major credit reporting agencies provide to help fraud victims protect their credit.

 Fraud alerts require a lender or creditor to further verify your information when anyone applies for credit in your name. This helps ensure it is actually you who is applying for credit and not your identity thief. A freeze goes one step further and essentially shuts down access to your credit file until you unfreeze it. Depending on where you live, a credit freeze may be free or come with a fee.

8. Cash

A credit problem is often a cash problem as well, but sometimes it isn't. For example, if you're recovering from bankruptcy, short sale or other credit disaster, it can be hard to get new credit because your credit score is so low. But, you can get a secured credit card and start rebuilding your credit if you have some cash you can use to "secure" the card. These cards require a cash deposit that generally serves as your credit limit. Treating that account right, paying your bill on time and managing your credit usage, can help you build credit quickly and allow you to eventually access a standard credit card.

9. Lifetime Cost of Debt Calculator

Sometimes the key to building good credit is simply to stay motivated. That's where this lifetime cost of debt calculator can come in handy. Plug in your age, where you live and a few other details and you can see just how much a good credit score can cost you in a lifetime vs. how much a bad credit score will cost you. The price tag alone will keep you focused on a better credit score.

© Hero Images/Getty Images Worker swiping credit card reader in shop

3 Things That Won’t Ding Your Credit Score

Many consumers understand the basic circumstances that can negatively affect a credit score. But there are a few concerns on the list that actually won’t damage your credit. This Bankrate article by Mike Cetera highlights the results of a recent Financial Literacy Survey by Equifax, pointing out some common misperceptions we have about credit.  Full Article

The 2016 Equifax Financial Literacy Survey showed 3 key things consumers think will damage their credit that won’t:

Being denied credit. When you apply for a mortgage or an auto loan and are rejected, that negative mark doesn’t get placed on your credit report, so it won’t damage your credit, as 58% of the survey respondents believed. But FICO says asking for new credit can temporarily damage your score. If you get rejected, your score may fall, but it’s not because you didn’t get the loan; it’s because you tried to get the loan.

The interest rate on your loans. About one-third (30%) of the survey respondents indicated that the interest rate on their loans could hurt their score. Not true. But if your interest rates are so high that you can’t pay your bills on time or you build your balances too high, that could damage your credit.

Checking your credit report. Experts recommend you check your credit report often. It won’t hurt your credit as 30% of respondents believe; in fact it may help. If you find mistakes or unauthorized accounts, report them to the bureaus.

What is Your Sign? This is Ours

7 Day a Week Customer Suport

We pride ourselves on amazing customer service 7 days a week. Can others say that?

Savvy Lane  a leading brokerage for a reason. We believe in empowering our sellers to sell with help and keep the commission.

We are available by phone (800-915-9174), email or chat.

Spring Landscaping Checklist

Ah – finally! After a long, dark winter, spring’s bright sun and warmer weather lends a sigh of relief. With the nicer weather just around the corner, it’s the perfect time to declutter and spruce up the inside and outside of your home. From assessing your home for winter weather damage, to decluttering your office of old paperwork, there are a lot of tasks on homeowners’ to-do lists.

Comparative Market Analysis: A Do-It-Yourself Guide

As a prospective home seller (or home buyer), you’ve probably heard of comparative market analysis. This tool has long been used by realtors and homeowners to gauge the value of their properties. This tutorial will teach you how to carry out a competitive market analysis of your home.

  For more detailed lessons on real estate analysis, check out this course on the fundamentals of real estate valuation.

What is Comparative Market Analysis?

A comparative market analysis – simply called ‘CMA’ in industry parlance – is an analysis of active and recently sold homes similar to yours within a region. This is a very subjective analysis that can range from a couple of pages to a 50-page guide detailing each and every aspect of a home. Keep in mind that a CMA is not an appraisal. The value assigned to a home in a CMA is purely subjective and based on what a realtor believes he can sell a home for. It doesn’t have any legal or financial value.  Full Article 

CMAs have long been used by realtors as a marketing tool to win listings. If your home has been on the market for a while, you may have already received letters and pamphlets from real estate agents offering a free CMA report to gauge the prospective value of your home. Depending on the realtor, these reports may be extraordinarily detailed or be just a couple of pages of comparable home sales within the region. The objective remains the same: to compare your home to recently sold and active listings in the surrounding area and give you a better idea of your home value.

How to Conduct a Comparative Market Analysis

As mentioned before, a CMA is a very subjective exercise. You (or your realtor) may look at ten or ten dozen sales. Your analysis may be limited to homes with the same block, or may expand to a couple of miles. The CMA might be entirely objective with a focus on square footage, number of bedrooms/bathrooms, key amenities, etc., or it may include subjective features as well such as design, construction, and style into account.

Which is to say: there are no hard and fast rules to conducting a CMA.

Having said that, any effective CMA should analyze the following things:

Home Analysis

The first step in conducting a CMA is to analyze your home. Ideally, this should include both objective and subjective elements, such as:

Square footage
Number of bedrooms and bathrooms
Land area
Number of floors
Construction age A comprehensive list of amenities and features such as swimming pool, fireplace, etc.
Location, including proximity to major roads, marketplaces, schools, etc.
Subjective features such as views, design, style, etc.
Recent improvements, if any.

Investing in real estate? Master the basics of real estate investment analysis in this course.

Listing Analysis

A CMA will always consider recently sold homes. It may also consider active, pending and withdrawn listings for an even better idea of prospective value.

1. Recently sold homes: Homes within the same region and with similar size, construction, amenities and location will often sell within the same price range. A long, hard look at recently sold listings will often tell you everything you need to know about your home’s prospective value. In fact, professional appraisers also use these listings to assign a value to a home.  Most realtors consider sold listings from the past six months. Depending on the circumstances, they may expand their analysis to a year if there are very few comparable sales, or reduce it to the last few weeks in busy real estate markets.  Realtors usually call similar recently sold homes comparables.

2. Active listings: This includes homes currently on the market. Understand that a home still waiting for a buyer represents prospective, not real value. Some sellers have high expectations and list their homes for far higher than their actual value. Others may reduce prices in hope for a quick sale.  Market conditions also affect values of unsold homes. A sellers’ market tends to inflate values, while a buyer’s market tends to deflate values. Therefore, always consider active listings as an adjunct to recently sold home values.

3. Pending listings: This includes recently finalized deals that haven’t fully closed yet. You most likely won’t have access to actual selling price of these listings, but it does give you a general idea of the state of the market at the moment, at least in terms of the number of days a property spends on the market (called ‘DOM’ in realtor parlance).

4. Expired listings: These are listings that expired because they couldn’t find any buyers. Listings mostly expire when prices are too high. If homes similar to yours find their way into the expired listings, it might be an indication that you may have to price your home a bit more aggressively.

Getting Data on Home Pricing Trends

Getting access to MLS data is difficult for the average homeowner. This limits your ability to gather data on recently sold and active listings. However, thanks to the internet and FHFA, you can still learn a lot about home sales within your region.

Here are a few sources of data on home pricing trends:

1. Federal Housing Finance Agency: The FHFA website is an incredible source of data on recently concluded sales within a region. This includes all home mortgages backed by Fannie Mae, Freddie Mac and the Federal Housing Administration.

2. FNC Residential Price Index: FNC is an organization that specializes in conducting home appraisals. Over the years, it has conducted millions of home appraisals across multiple metro areas. It offers a Residential Price Index for over 20 metropolitan areas. Use it to understand pricing trends if you reside in any of the covered cities.

3. Real Estate Websites: Zillow.com, Redfin.com, Trulia.com, etc. are great for checking prices of recently sold and active listings. Although not entirely accurate, these tools can give you a fair idea of home prices within your region.

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Comparing Your Home Against Recently Sold Listings

Once you’ve gathered enough data on your home and recently sold, active and expired listings, you can start performing a comparative market analysis. Depending on how deep you want to go, this exercise might take you anywhere from few hours to a weekend.

There are a few things you must look out for when comparing homes:

1. Square Footage: Square footage and home values don’t necessarily follow a linear relationship. After a certain size, larger homes are actually worth less per square foot than smaller homes. When comparing homes, you ideally want to look at houses that fall within +- 200-400 square feet of your home size.

2. Amenities: Amenities such as a swimming pool, fireplace or large garage can go a long way in increasing home value. Make sure to consider these when comparing homes.

3. Location: Location, as any realtor would tell you, is one of the biggest factors in determining a home’s value. However, since you will likely consider sales within the same region, this shouldn’t be a big concern. What you do need to look at are whether your comparables face a quiet street or a busy intersection (quiet = higher price), whether the bedrooms face a stunning view or a back alley, and whether schools, marketplaces and public transport are nearby.

4. Construction Age: Construction age plays a big role in determining the price of a home. Older homes tend to have historic value and character, while newer homes are often perceived as bland and boring. At the same time, old homes might require extensive upgrades and renovations, which can be a significant financial drain. Ideally, you want to consider houses constructed within +-10 years of your home, especially if the home was constructed after 1950s (since such homes would have little historic value).

5. Upgrades and Renovations, if Any: Make sure to consider upgrades and renovations while conducting a CMA. A kitchen or bathroom remodel can often add a few thousand dollars to your home value.

6. Subjective Features: Buying a home is an emotional decision. Something as simple as a tree in the backyard or a quirky window can make a home appear more charming and desirable. Subjective features such as design, style, landscaping and even color can affect home prices. Even if your comparables don’t have the same subjective features as your home, it is important to include them in your analysis.

Conducting a comparative market analysis by yourself is a daunting task. Depending on your circumstances, you may choose to go with your own analysis or hire a realtor to do the same. In either case, a self-conducted CMA will give you considerable insight into the valuation process and may reflect a price more rooted in reality (especially considering how realtors aren’t immune to inflating statistics).

Keywords That Can Sell Your Home Faster

When listing your home for sale, there are some keywords that can be more influential than others for describing your home’s features. This article by Daniel Goldstein of MarketWatch highlights a Zillow analysis of the most effective keywords and phrases, and how they can impact the sales value of your home and the length of time on the market.

When it comes to listing your home, choose your words carefully. Zillow analyzed more than 60 keywords used in 2 million real estate listings between January 2014 and March 2016 and concluded that buyers jumped at certain features more than others. For example, home listings that contained the words “barn door” (a rustic-style sliding door often found in kitchen pantries and bedroom closets) sold for more than 13% above the expected value and 57 days faster. Other keywords that helped sell homes faster and at higher values included the terms “Shaker cabinet” and “subway tile,” as well as “farmhouse sink” and “Craftsman-style.”

Zillow noted that there were regional differences, too. “Craftsman” proved popular in Seattle, helping move homes off the market 14 days faster and with a 5.4% price premium.

Skylar Olsen, a senior economist with Zillow, noted that phrases like “new carpet” or “new paint” had no significant effect on listing price and days on market, as they may be regarded as a last-minute (and low-cost) effort by a seller to make the home more desirable prior to putting it on the market, but homes with “hardwood floors” in their listings sold for 2% more, on average. Full Article

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Weekly Round-Up

Another busy dat in the office/ Here are a few homes we listed this week. Here is a link of all homes we have listed 

14612 NE Mahnke Dr Brush Prairie WA 98606

$489,000 

5 Bedroom/ 2 Bath

2140 square feet

Located in private rural subdivision of 5 acre homes. Within 2 miles of 2 golf courses, about 1 mile to HS and shopping. Beautiful 400 sq ft covered back porch overlooking fenced in back yard with firepit and fenced 50 X 60 garden. Horse property with 2 stalls, fenced. 50 X 36 outbuilding with 2 car garage. Stainless steel appliances.

17433 Sylvester Rd SW Burien WA 98166

$999,900

4 Bedroom/ 3.5 Bathroom

3060 square feet

This ultra-private residence is meticulously crafted to the highest standards & uniquely situated well above its neighbors. Large windows and over-sized decks surrounding the house create a dramatic visual experience from every room with spectacular 180◦ views of the Puget Sound & Mt. Rainier! This spacious, modern style home is filled with ocean breeze and natural light. Spotless interior features beautiful hardwood floors, over-sized ceramic tiles, and top of the line appliances.

416 SE 63rd Ave Portland OR 97215

$748,900

5 Bedroom/ 3.5 Bath

2440 square feet

This beautiful spacious Mt Tabor home features 5 bedrooms, 3.5 baths, hardwood, tile & city view! Built in 2008, double car garage, air conditioning, gas heat & fireplace. Luxurious master bath features granite & claw foot slipper tub. Loads of storage, back patio and garden.

4355 Summerlinn Dr West Linn OR 97068

$199,000

1 Bedroom/ 1 Bath

871 square feet

This impeccable updated condo features open floor plan, vaulted ceilings, granite, computer center,gas fireplace, tiled bathroom floors, covered balcony w/ gas hookup for your grill, storage galore, stack-able washer and dryer and much more located in quiet gated community. Nicest place in West Linn for under 200K, looks like a model home, close to freeway, shopping, restaurants. 

5111 Sunrise Beach Rd NW Olympia WA 98502

$199,000

1 Bedroom/ 1 Bath

871 square feet

This is the first time in over 40 years that this home is being listed. Exceptional schools. Abundant wildlife - seals, eagles, occassional dolphins & whales! Easy maintenance and move-in ready. This has been an active VRBO since 2006 so provides a good cash flow while giving owner access when needed if you are not ready to move in full-time. Offshore boat mooring, close to Olympia. Fee Simple property/home with tideland ownership. 

7Bogey Lane Bellingham WA 98229

$404,900

4 Bedroom/ 2 Bath

2243 square feet

Custom built 4 bdrm, 2 bath on sunny lot in Gate 1 on golf course. Lake and Mtn. views, huge 2-car and golf cart heated garage, tile roof w/leaf guard gutters, hot tub, lrg. front/back decks and vaulted ceilings. Natural gas cooking and BBQ. Gourmet kitchen w/granite countertops, SS appliances, 2 pantries, wine cooler. New toilets, water heater, furnace, skylights. Amenities: PGA golf course, clubhouse/restaurant, marina/swim beaches, library, YMCA gym, pools, tennis, dog park, 24/7 security

2585 Jamestown St Woodburn OR 97071

$249,500

3 Bedroom/ 2 Bath

1477 square feet

Newly remodeled. Open floor plan with vaulted ceilings. Large RV/Boat Parking. Neighborhood park directly across the street. One block from Tukwila golf course. Easy access to I-5 freeway and easy commute to Canby and other outlying areas. Covered porch and patio. Fenced yard. Large cement patio in back yard. Laminate floor throughout. Appliances and window coverings included.

7123 286th St NW Stanwood WA 98292

$439,900

5 Bedroom/ 2.5 Bath

2942 square feet

Pride of ownership home located in desirable Kylie Park neighborhood. Home boasts extensive upgrades and attention to detail including slab granite counters, hardwoods, custom covered deck, wrought-iron staircase, custom closet organizers, built in wine refrigerator, full irrigation, home automation with cameras, mature landscaping, playground, fruit trees and plants, organic planting beds, outdoor lighting, remodeled laundry room with concrete counter, leaded glass entry door.

How to buy and sell a home at the same time—without losing your mind

Ah, to be a first-time home buyer again: How easy it was to buy a home when you weren’t carrying another mortgage on your back!

If you’re looking to graduate from first-timer to repeat buyer, you know things are about to get much trickier. Unless you’re a bona fide house collector, you’ll have to sell your home in order to buy anew—adding a whole separate layer of anxiety to what you already know is a stressful home-buying process.

n an ideal world, you’d buy a new home, move, and then, and when all the dust settles, deal with the turmoil of selling. But for most people, that’s totally unrealistic. Not only does it cost significantly more, since you’ll be paying two mortgages, but sellers might be quick to judge if you’re holding on to your current home.

Drew Snyder, a Realtor® with Snyder Sutton Real Estate in Topanga, CA, says one of his clients had difficulty getting sellers to “take them seriously unless the house was on the market or in escrow. As soon as we put it on [the market], they were considered as serious buyers.”

You can do this! If selling and buying simultaneously is the only way to go, here’s what you need to know to make sure both processes go as smoothly as possible.  Full Article

Know the market first  Before you start seriously searching for a new home—or put your current home on the market—make sure you have a solid understanding of the housing market in your area (and the area where you’re planning to buy). Is the market weighted toward buyers or sellers?

Only then will you be able to fully strategize. As is so often the case, the best plan of action may differ depending on exactly who has the power.  That doesn’t mean to find one house you like and call it a day: Find multiple suitable options.

That way, you’re less likely to find yourself in trouble if your purchase falls through—your newly sold home won’t leave you stranded.

Similarly, make sure to hire an appraiser and price your old home fairly. Now is decidedly not the time for delusions of grandeur: Two extra months on the market because you couldn’t humble yourself to lower the price means two months you’ll be paying double mortgages. Two very long months…

Plan your schedule carefully…  Should you buy first, then sell—or vice versa? Both have their risks and rewards. Selling first makes getting a mortgage easier, but it also means you’ll need to find a temporary place to live. Buying first means moving will be easier, but it also skews your debt-to-income ratio, making it harder to qualify for a new mortgage—not to mention the difficulty of juggling two monthly house payments.

“It’s walking a tightrope,” says Gary DiMauro, a Realtor in New York’s Hudson Valley. And he’s not just talking about scheduling: Your finances will be on the highwire, too. When determining whether you should sell or buy first, think beyond “How can I make the move as easy as possible?” Instead ask: “Can I handle two mortgages? What if my home sells for less than its listing?”

Whichever option you choose, make sure you’re prepared to accept the consequences: having to store your stuff and rent temporarily, or undergoing the financial burdens of dual mortgages.

… but don’t rely on timing  When buying and selling a home simultaneously, “there are so many external circumstances,” says DiMauro. “I’ve yet to see it really work smoothly and efficiently.”

Remember: You’re not the only party in this equation. For every seller there’s a buyer, for every buyer a seller. While things might appear to be working smoothly when viewing your master plan from above, that doesn’t take into account the variabilities of other people. Closings are rife with delays. Your buyers might have difficulty securing their mortgage; your home inspector may bring up issues that need to be fixed before you can move in.

“You’re relying on the seller of the place that you’re buying to be ready to move in concert with the buyer of your house,” DiMauro says.

So even if you’ve planned to sell your home first and are prepared to rent while buying, know that even the best-laid plans go awry—and you might end up juggling both mortgages. Preparing yourself for this (however remote) possibility ahead of time will ensure a smooth transition.

Know your financial solutions  For those who choose to sell first, the process is relatively straightforward other than the additional cost of a rental between homes. However, there is the option of a rent-back agreement, where you negotiate with the lenders and buyers to be able to remain in the property for a maximum of 60 to 90 days—often in exchange for a lower selling price or rent paid to the buyers. This can relieve some of the pressure of finding a new home, giving you additional time to house hunt.

But if you’re buying first, talk to your Realtor about ways to decrease your financial burden and risk. Here are the two most popular options for buyers:

Contract contingency: Buyers can request that their new home purchase be dependent on the successful sale of their old home. If you’re looking in a competitive market, this may not be a good option; however, if the seller of your intended home has had difficulty attracting interest, this may be a good deal for all parties involved—assuming you can convince them that your home will sell quickly.

Bridge loans: Bridge financing allows you to own two homes simultaneously if you don’t have deep pockets for a second down payment. This option is especially attractive if you’d planned to sell your home first and use the proceeds to buy the second. It functions as a short-term loan, intended to be repaid upon the sale of your original house.

Don’t let fear rush you  If your home has sold but you haven’t found a new place to live, don’t let anxiety push you toward a bad decision. DiMauro usually recommends that his clients pre-emptively plan on a short-term rental “so they don’t feel stressed or pushed into something that they would not normally be interested in,” he says. “They shouldn’t make a purchase because they felt like they were pressured from the time constraints.”

Found the perfect home right on schedule? That’s great. But don’t feel like you have to compromise on things that are important to you just because you need to find a home. Conversely, don’t accept a bid that you feel is too low just because your finances are strained by two mortgages. If you have a temporary apartment set up, you’re less likely to compromise.

Certainly, selling and buying a house simultaneously will be stressful—but carefully considering and planning for the risks and hurdles can mitigate the stress.

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3 Things That Can Speed Up Your Home Sale

Listing a home only to have it sit on the market day after day can be a very frustrating experience for sellers. Being unable to close the deal quickly can leave home and property owners with limited options, and may even increase the risk that future market volatility may have a negative impact on the sale price.  Full Article

Here are just a few insider tips that can help ensure you are able to attract the interest of the right buyer, sooner rather than later.  

ENHANCE THE CURB APPEAL  First impressions are very important. A shabby exterior or unattractive lawn can be a significant liability when it comes to a quick and successful sale. Landscaping upgrades, new exterior siding, or paint and other simple cosmetic upgrades that will enhance the curb appeal of a property are a proven and effective way to minimize the amount of time a home will sit on the market. Creating and maintaining a more attractive exterior environment may even allow owners to increase the sale price of their home.  

DEPERSONALIZE THE PROPERTY  Prospective buyers often have difficulty getting the right feel for a home when interior environments are cluttered with personal belongings. In addition to a thorough cleaning, minimizing clutter, and removing decorations and furnishings that may be too distinctive or eclectic can ensure that potential buyers are presented with a blank canvas, one that they may be better able to picture themselves transforming into the home of their dreams.  

NAIL DOWN A MARKETING STRATEGY FIRST  Effective marketing is crucial to close the deal as quickly as possible. Relaying on conventional or ineffective marketing methods can make it difficult to capture the attention of prospective buyers in greater number. In addition to open house signs, flyers, advertisements, and marketing app like Homecodec, working with a professional who has a tried and true business plan can ensure that property owners are able to enjoy greater success.  

The right strategy is important so when you're looking for a real estate agent, make sure you understand specifically what they can bring to the table. Our strategy is called the New Rules of Real Estate. Contact an agent or check them out for yourself hereon our site to learn how best to tackle your home sale so that things go swiftly and smoothly.

9 Surprising Things That Add Value to Your House

A home’s value is dependent on many things. Here are nine factors you might not have thought about.  Full Article 

1. Surf Breaks Being within a mile of a surf break (a spot where surf-able waves happen) adds about $106,000 to a home’s value, according to surfonomics experts at the Monterey Institute of International Studies.

Reality check: Mother Nature makes surf breaks, so it’s not like you could build your own DIY break to boost your home’s value.

2. Parks and Open Spaces A desirable public park or other recreational open space boosts the property value of nearby homes by 8%-20%.

One study looked at 16,400 home sales within 1,500 feet of 193 public parks in Portland, Ore., and found these boosts to home values:

• Natural areas: $10,648 
• Golf courses: $8,849 
• Specialty parks: $5,657 
• Urban parks: $1,214

 Reality check: A park that’s not maintained and overcrowded can drag down nearby home values.

3. Living Near a Walmart Along with making it easier to run out for a gallon of milk at midnight, researchers at the University of Chicago concluded that living within a mile of a Walmart store could raise your home’s value by 1%-2%, and living within half a mile could boost your property value by an additional 1%.

For an average-size home, that’s an uptick of $4,000-$7,000.

Realty check: What you gain in home value, you may end up spending at Walmart  

4. Solar Photovoltaic Systems California homes with solar photovoltaic (PV) systems sell for a $17,000 premium over homes without solar systems, according to research from the U.S. Department of Energy’s Lawrence Berkeley National Laboratory.

Reality check: Although costs for residential solar power systems are falling, they’re still rather pricey at $15,000-$40,000, depending on the size of your house.

5. Walkability Being able to stroll to schools, parks, stores, and restaurants will raise your property value anywhere from $4,000-$34,000, says a 2009 study from CEOs for Cities.

Reality check: The biggest boost in walkability values occurred in large, dense cities.

6. Accessory Dwelling Units Whether it’s a granny flat, an in-law apartment, or a carriage house, having a separate unit can increase your home’s value by 25%-34%, according to a study of 14 properties with accessory dwelling units in Portland, Ore. You can also get a steady stream of income from a second unit.

Reality check: Local governments often ban accessory dwelling units, so check zoning laws, building codes, and homeowners association rules before you add a unit.

7. Professional Sports Arenas A new pro sports stadium can raise property values in a 2.5-mile radius by an average of $2,214. The closer you are to the new facility, the larger the increase in home value. Researchers from the University of Illinois at Urbana-Champaign and the University of Alberta examined house sales in Columbus, Ohio, before and after the city added two sports stadiums.

Reality check: If a stadium is proposed, home values can decline a bit until the project is complete. And if you live really close to a stadium, you may encounter traffic and parking issues.

8. Community Gardens Planting a community garden raises the value of homes within a 1,000-foot radius by 9.4% within five years, according to research by the Office of the Comptroller of the Currency and New York University School of Law.

The impact increases over time, and high-quality community gardens have the greatest positive influence. Poor neighborhoods saw the biggest gains in home values.

Reality check: Gardens on privately owned land and in higher-income neighborhoods don’t have the same beneficial influence.

9. Trees No real surprise here — whether trees are in your yard or just on your street, they’re a valuable asset you should be aware of. Here’s a gauge of how much trees are worth to your home value according to a University of Washington research survey:

• Mature trees anywhere in your yard: 2%. 
• Mature trees on your street: 3%. 
• Trees in your front yard: 3%-5%. 
• Mature trees in high income neighborhoods: 10%-15%. 

Reality check: Trees usually mean work — raking leaves, trimming branches, and keeping roots out of sewer lines.