Urban KC Living Real Estate Blog

Remodeling Do's and Don'ts

So you may be thinking "has my home lost value since I purchased it?" Should I invest anything into my home if I am planning on selling it within a year? According to the December issue or REALTOR magazine, exterior projects are the way to go.

Spend that hard earned dollar on the outside of the home to see the greatest return. When buyers pull up to your home to look at it when it's listed, they will make a decision in a matter of seconds as to if they wish to live there. Also, if you are not looking to sell your home for a while, wouldn't you like to make the exterior more inviting when you get home from a long days work? I believe if you are going to spend any money on your home before you sell it, you should also get to enjoy it for a while!!

Decks, siding and window's made the top of the list for exterior remodeling projects that pay off according to REALTOR.

Oh and don't forget, if you are looking to do interior remodeling, kitchens are #1 with bathrooms coming in at #2.

For more information on returns in your investments, contact me at aj@urbanKCliving.com.

Buyer's Market...What does this mean for you, the buyer?

A buyer's market can mean many things to different people. One things is for certain - inventory is high causing deep negotiations.

When I meet with a buyer for the initial consultiation, I like to give buyers a copy of the ABR Home Buyer ToolKit to utilize. Feel free to get a sneak peak from this example.

Buyer's have so many homes to choose from, it just makes things harder! It's like shopping for a new sofa at a very large store. There is one at the Legend's that offers this same problem (not to mention any names). Too many good choices!

My recommendations are to:

• First, pick an area you wish to live. I would suggest an area you like to spend your evenings or time away from work. Some people move closer to work, but what if you change jobs?
• Second, pick a style of home you like. This can include but not limited to Colonial, Contemporary, French, Spanish, Traditional, Tudor, etc. Some home styles are limited to the location the home is in Kansas City.
• Third, create your property "wish list". This is a list where you decide what's most important to you. For example:

                  Number of bedrooms?

                  Number of bathrooms?

                  Garage? How many spaces?

                  Fireplace?

                  Fenced Yard?

                  Are you willing to do updates?

                  Hardwoods?

                  Size of Yard?

                  Age of House?

                  Number of Floors?

                  Patio/Porch?

These are just a few things to get you started. You can create your own. Writing these down will really help you to know what you can live without

• Fourth, is to create your budget. When doing this, remember to include taxes and any HOA dues you may have. This is also the step to reach out to lenders to obtain your preapproval letter. Be sure to interview lenders until you find the lender and mortgage that fits your particular needs.
• Fifth, is to contact Urban KC Living to get your search started! The more information you bring, the better your search will be!

Should I update my home before I sell in the current Kansas City Real Estate market?

Many sellers ask me what they can do to get more bang for their buck when selling their home in a buyers market.

The first thing sellers approach me with is usually something like this:

"We are wanting to sell our house but do not know how much money we should invest in our home and what we should upgrade to get our house sold for more $$$".

In the current Kansas City Real Estate market, I would make sure the curb appeal is outstanding but forget upgrading the interior, too much. Adding some flowers to the front yard, making sure the light bulb on the front porch is working, and the yard is trimmed to perfection are just a few ways to spruce up your curb appeal. All of these items are inexpensive and will give you a return on your money.

I would definitely steer clear of making any major renovations to the interior of your home in the current market right before you sell.

What to do?

• Stage it - higher a professional stager. Let the experts do what they know best!
• Make sure your home is extremely clean - don't forget to wash the inside and outside of those windows
• Make it smell great - go for clean and warm smells, not "take my breath away" strong
• Paint your walls and ceilings
• Open up the curtains and show off the outside

What not to do?

• Major renovations to the kitchen, bathroom, etc.

Why not?

What you may like and what buyers like may be two totally different things. What you have done is invest money and in return have to raise the asking price.

However, the buyer may still have to change what you just renovated to fit their needs and cost them more money! If a home comes on the market that is priced lower than yours and in both homes the buyer will have to upgrade the kitchen to their taste and needs (for example), the buyer will probably be putting an offer on your neighbors property, not yours.

Buyers are not scared anymore in pooring some sweat equity into their new home. The days of "turn-key" buyers are leaving and buyers looking for a great deal are gaining in numbers.

Let the buyers do the work after they move in. Just focus on making your house the best it can be and keep your list price realistic!

How did the local Kansas City Real Estate Market hold out through the first half of 2008?

What are the two questions I get asked most, especially from relocation and out of town buyers?

How is the local real estate market? When is it going to be a seller's market?

I have heard many predictions, but no one can predict the future. I would steer clear of anyone that said they knew for certain!

On average, the sale price of homes in Jackson County the first half of 2008 was around 95% of list price.

How does this make Kansas City fare with the rest of the nation? I would say we are doing okay, but it's still a buyer's market.

With that being said, now is a great time to buy in the Kansas City area. Homes are selling at a great discount, but seller's are still making out okay compared to the rest of the nation. I would not listen to the national media in the current market. If you find a home that you love, you still need to move quickly!