Most people know that closing on a new home can be equally as exciting as it can be stressful. There are important steps to take for the process where things can go not as planned while the stakes are high. Here are some potential issues that can arise so you can try to avoid them in the first place. 

Buyer Side Potential Issues

Job – It can potentially happen that you lose your job in the middle of the home buying process. If you can find a new job relatively soon then you might be able to get a cosigner to keep the deal together. 

Credit – Your credit may have been perfect when you got pre-approved, but it could change later when you put a home under agreement. One of the reasons this could happen is if you take on additional larger debts like buying a new car. Avoid larger purchases during this time so you don’t have any problems.

Down Payment – Make sure you have this ready and easily accessible meaning that you have the money ready to easily transfer (and not in a place where it takes several days), and know the exact amount needed.

Closing Disclosure – You should receive this three days before the closing so make sure you review it and double check for anything that is incorrect. Alert your agent if there is one immediately.

Closing Costs – These are separate funds from your down payment, so make sure you have your closing costs ready and even add a little padding to the amount just in case. Your lender should provide you with a good faith estimate of what will be due. 

Insurance – As soon as you have a contract on a home then start collecting some insurance quotes for it. That goes for both homeowner’s insurance as well as flood insurance depending on your location and if it is needed. This will give you ample time to shop around if necessary.

Seller Side Potential Issues

Title – There could be a problem if your title company finds any outstanding liens on the property. Your title will need to be free and clear of any issues or “clouds” so get a copy from your lender as soon as you can and review it thoroughly.

Final Walkthrough Issues – Homes should always be completely empty of the seller’s belongings at the walkthrough and everything that was supposed to remain with the home should still be there. If either of these things are not the case or if there is damage to the home then this could delay the closing unless an alternate arrangement is made.

Either Side Issues

Move Coordination – It should be common sense that a buyer would move in after closing and the seller would be out before. However, sometimes wires get crossed and one of these parties is misguided or a moving mishap takes place and causes issues. It might be a good idea to share plans to avoid this so all are on the same page.

Death – You can avoid this potential issue with the contract stating that the obligations go to the heirs in the event of death of one of the parties.

Cold Feet – It can happen that one party for whatever reasons decides to not buy or sell the home. If a buyer does this, most agreements are written where they will forfeit their deposit as a result. If a seller does this, they will need to return the buyer’s deposit. The buyer could potentially sue the seller, but it is unlikely that they would. 

Natural Disasters – If any natural disasters happen and the home is severely damaged then most contracts will give buyers an out. If it is only a small amount of damage, appraisers may want to confirm that this damage is repaired so that buyers can proceed with the purchase as normally would have happened.  

Most everyone knows that as expensive and exciting as a kitchen renovation can be, we know this overhaul can be quite a large project. Given the time invested and price-tag that is associated, it is important to not only inject your own personal style, but you will also want it to stand the test of time. Here are 6 kitchen trends that will last for years to come. 

Open Shelving

Colored and glass front cabinets have been around for years now, but open shelving offers the benefit of being cost effective as well as eye-catching. It does take some thought to strategically plan so that it is accommodating for your needs, but the install is simple and it will motivate you to keep organized storage. 

Classic Tiles

It is hard to go wrong with classic subway tile as it can be installed in several ways. Choose stacked joints instead of alternating or even do a horizontal install. There are lots of other shapes that won’t be outdated soon too like classic penny or even mosaic tiles. 

Zoned lighting

Lighting is important in any room of the home. However, zoned lighting in the kitchen is especially crucial as you will want good overall lighting, but also the assistance of some task lighting. Choosing things from pendants to under cabinet lighting are great things to add to accomplish this. Best of all you can easily change the fixtures down the road so long as the wiring is in place.  

Limited upper cabinetry

This is a concept that can work for everyone as far as aesthetics go, but understandably not for all with respect to space. The open shelving concept with limited upper cabinetry will provide more of an open, larger and stylish look. Depending on space and needs the amount of open shelving can vary per home. 

Large sink

While years ago a larger sink with a sprayer may have been a luxury, today it has become a standard. Even if you don’t do a lot of dishwashing by hand these sinks are great for your larger pots and pans that don’t fit in the dishwasher. These sinks can also be quite useful with meal prep as well!

Colored appliances

If you are tired of stainless steel appliances that have been around for a while now, consider colorful models instead. These are becoming more popular as an alternative to the stainless, white or black options that have been around for decades. The colorful options are equipped with today’s necessities while they are a nod to the vintage models which are sure to add timeless character to your home.

As your trusted real estate resource, I know that if you are currently a homeowner, you know how to think like a buyer. When it comes time to sell you will have a good understanding of what buyers will be looking for as you went through the very same thing. While you probably know your home’s strengths and weaknesses, here are several key things you can audit it for when looking to make it more valuable to buyers.

Kitchen Upgrades

Without going crazy there are some creative ways to add value to your kitchen. New cabinet hardware can help uplift the look along with resurfacing the cabinets with a brighter color. Adding or replacing a dated or darker backsplash is also a great trick for a lower cost. Combine that with a modern faucet for better look and function. 

Bathroom Upgrades

Most importantly bathrooms must always be fresh and free of any mildew, mold or water damage so be sure to repair and paint if necessary. Next, for older bathrooms consider replacing the vanity and faucet for one that brings it into current times. Finish it off by adding some new shelving for towels or regularly used items that are nice enough to display.

Upgrade Appliances

Most buyers will first consider your home for its price, then when they tour it will be making notes about costs associated with not only what they want to do, but will have to do. Old, inefficient systems or appliances will certainly be on the list as they have both replacement and operating costs. If any of yours are on their last legs, it may be worth replacing for models that are energy efficient.

Audit The Exterior

Being the first and last thing all buyers will see, make sure nothing stands out as being neglected or needing repair. Trees and shrubs should be well pruned, paint should be in good condition and your front entrance should be nice and welcoming. A fresh coat of paint on the front door along with a new doormat and pot of flowers typically do the trick to set the stage for a clean and updated home. 

If you are in the market to buy a home soon, one thing to consider is what experts project home prices will do in the future and how that might affect affordability and your investment. While you may have seen some negative headlines over the past year about home prices, they’re doing much better than expected and are in fact rising across the country. The data shows that experts predict home prices will keep appreciating.

A recent survey, the Home Price Expectation Survey (HPES) which polls over 100 economists, investment strategists and housing market analysis, showed projections from the panelists over the next 5 years through 2027. Estimated increases as forecasted in Q3 of 2023 from December to December are as follows. The year 2023 at 3.32%, 2024 at 2.17%, 2025 at 3.24%, 2026 at 3.79% and 2027 at 4.18%. So if you are one who has been worried that prices would fall based on some headlines you have read, here’s the bottom line. Even though prices can and do vary in each market, experts predict prices will continue to rise over the next handful of years but also at a more normal appreciation rate. 

Despite the projected increase of real estate prices in 2024 not being as great as say 2023 or 2025, the result is cumulative and that is how you will grow equity. For example, if you bought a $400,000 home at the beginning of this year. If you factor in the forecast from the HPES, you could potentially accumulate more than $71,000 in household wealth over the course of the next five years. In the end what this does tell us is that now is still a good time to buy real estate and start building wealth as it can grow substantially in the long run. Contact me today and let’s discuss your plans in your specific market of choice. 

When the time has come that you have finally closed on your new home and gotten the keys, then it is important to consider some next steps. Before you start redecorating and planning your future housewarming parties, make sure you get down to some essential business first. Here are some things you will want to be sure you take care of.

Insurance

For anyone that has a mortgage, homeowners insurance (and possibly flood insurance) will be required. However, make sure you don’t forget about your contents too. Discuss this with your agent and see if you can even do a bundle with your automobiles too and save.

Change The Locks

You never know who the previous owner has handed keys out to. Possibly friends, old tenants, repairmen, etc. Have some peace of mind and change the locks so you know only you have access to your new home. The same goes for any keypads or door codes as well – give those an update too.

Change Your Address

You may have thought ahead to change your address at the post office, but you will still need to manually update all of your other important information too such as credit cards, drivers license, etc. Make a checklist and run through everything so there are no hiccups down the road.

Clean and Fix

As soon as you get the keys, do a thorough cleaning and take the opportunity to repair anything that may need fixing. Moving into a clean and turnkey home will make things go so much smoother.

Create a Maintenance Plan

Create a plan with dates for all of your important maintenance items. This can include things like HVAC filters, smoke detector batteries, pool filters and the like.

Check Security

Does the new home have a security system to activate? Doorbell and property cameras? Figure out what is there and what you may want to add. Pro tip: check with your insurance company on potential savings as monitored security systems can potentially save you on homeowner’s insurance.

Go Meet The Neighbors

It is always best to know who is living around you. This way you and them both can keep an eye on each other’s homes for any suspicious activity. 

Get Familiarized

Take some time to get to know the new home. Make sure you see where the electrical panel is for any potential problems, check out the HVAC system and how to operate all appliances and the like. Figure this all out from the get go and avoid any future headaches.

Most everyone knows that nearly every time someone is going to list their home for sale there will be a punch list of things to do to get it in the right physical shape. While you may be thinking about the bigger items, it is important to not forget all of the little things as well. Here are 4 things that you should pay attention to before you place your home on the market for sale. 

Fresh Paint

A little paint goes a long way. If you have the time and ability to handle this yourself, it can be an inexpensive way to really make a great impression. Old and worn paint can really make your home look dated and neglected. If you don’t have the funds to paint everything inside and out, pick the areas that have seen the most significant wear and tear. A good tip is to keep all colors neutral. 

Flooring

Nothing says neglect or is even as off putting as a dirty and worn carpet. Consider replacing rooms with worn carpet with either fresh carpeting or better yet, upgrade to a new tile or laminate. Laminate flooring has become widely popular and in some cases can be installed right over your older tile floors. These surfaces can be more sanitary, neutral and won’t trap in any foul odors like carpeting can.

Locks and Handles

Does your home have any broken door locks, handles or latches that don’t function properly? These can be problematic on their own but especially for any new owners making them feel unsafe. Replacing them will also avoid any potential issues with showings to prospective buyers.

Decking/Patio

Same goes for the exterior areas of your home. Do any of your outdoor spaces such as a front stoop or rear deck need any TLC? Aside from eliminating any safety concerns, replacing decking or broken masonry will also provide buyers with the feeling that the home has been well maintained.